Document:

Exhibit
      10.2

     

     

    SEQUOIA
      MORTGAGE TRUST 2007-4 

    Mortgage
      Pass-Through Certificates

     

     

    UNDERWRITING
      AGREEMENT

     

     

    August
      28, 2007

     

    The
      Firm
      or Firms

    of
      Underwriters named

    on
      the
      signature page hereof

     

    Ladies
      and Gentlemen:

     

    Sequoia
      Residential Funding, Inc., a Delaware corporation (the “Depositor”) and an
      indirect wholly-owned limited purpose subsidiary of Redwood Trust, Inc., a
      Maryland corporation (“Redwood Trust”), proposes to cause Sequoia Mortgage Trust
      2007-4 (the “Issuing Entity”), a common law trust governed by New York law, to
      issue and sell to you (each, an “Underwriter”) its Mortgage Pass-Through
      Certificates, Class 1-A1, Class 1-A2, Class 1-AR, Class 1-XA, Class 2-A1, Class
      2-A2, Class 3-A1, Class 3-A2, Class
      4-A1, Class 4-A2,
      Class
      5-A1, Class 5-A2, Class B-1, Class B-2 and Class B-3 Certificates (collectively,
      the “Publicly-Offered Certificates”) having the characteristics set forth in the
      Final Prospectus, evidencing beneficial ownership interests in the Issuing
      Entity, the assets of which will consist primarily of five pools of fully
      amortizing mortgage loans secured by first liens on one-to- four family
      residential properties, including one pool of adjustable rate mortgage loans
      and
      four pools of hybrid mortgage loans generally providing for fixed interest
      during an initial period of three, five, seven or ten years from their
      origination and at an adjustable rate thereafter (collectively, the “Mortgage
      Loans”). Simultaneously with the issuance and sale of the Publicly-Offered
      Certificates, the Class B-4, Class B-5, Class B-6 and Class LT-R Certificates
      (together with the Publicly-Offered Certificates, the “Certificates”) are being
      issued. The Mortgage Loans will have the characteristics described in the Final
      Prospectus, subject to the variances, ranges, minimums and maximums set forth
      in
      the Final Prospectus.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    The
      Issuing Entity will be formed, and the Certificates will be issued, pursuant
      to
      a pooling and servicing agreement (the “Pooling and Servicing Agreement”) dated
      as of August 1, 2007, by and among the Depositor, HSBC Bank USA, National
      Association, as trustee (the “Trustee”), Wells Fargo Bank, N.A., in the
      capacities of master servicer (in such capacity, the “Master Servicer”),
      securities administrator (in such capacity, the “Securities Administrator”), and
      acknowledged by RWT Holdings, Inc., a Delaware corporation and wholly-owned
      subsidiary of Redwood Trust, as seller (the “Seller”). On or about August 30,
      2007 (the “Closing Date”), the Seller will assign all of its right, title and
      interest in the Mortgage Loans to the Depositor pursuant to a mortgage loan
      purchase and sale agreement, dated as of August 1, 2007 (the “Mortgage Loan
      Purchase Agreement”), between the Seller, as seller, and the Depositor, as
      purchaser. Pursuant to the Pooling and Servicing Agreement, the Mortgage Loans
      will, in turn, be assigned by the Depositor to the Trustee for the benefit
      of
      the Certificateholders, together with all principal and interest collections
      received with respect to the Mortgage Loans after August 1, 2007 (the “Cut-off
      Date”). The Trustee will concurrently with such assignment, authenticate and
      deliver the Certificates to the Depositor, and the Depositor will sell the
      Publicly-Offered Certificates to the Underwriters. In addition, pursuant to
      various assignment, assumption and recognition agreements (collectively, the
      “Assignment Agreements”), (i) the Seller will assign its rights under various
      underlying mortgage loan purchase and servicing agreements relating to the
      Mortgage Loans entered into by the Seller (collectively, the “Underlying
      Purchase and Servicing Agreements”), to the Depositor and (ii) the
      Depositor will, in turn, assign its rights under the Underlying Purchase and
      Servicing Agreements to the Trustee for the benefit of the Certificateholders.
      The Master Servicer will monitor the servicing of the Mortgage Loans by the
      servicers pursuant to the provisions of the Pooling and Servicing
      Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    The
      Pooling and Servicing Agreement, the Mortgage Loan Purchase Agreement, the
      Assignment Agreements and this Agreement are sometimes referred to herein
      collectively as the “Transaction Documents.” Capitalized terms shall have the
      respective meanings set forth in this Agreement (or by reference to Section
      10
      hereof) or, if not defined therein, as set forth in the Pooling and Servicing
      Agreement.

    1. Representations
      and Warranties.
      The
      Seller, the Depositor and Redwood Trust, jointly and severally represent and
      warrant to, and agree with, each Underwriter that:

    (i) A
      registration statement on Form S-3 (File No. 333-132123) relating to mortgage
      pass-through certificates has been filed with the Securities and Exchange
      Commission (the “Commission”) and has become effective under the Securities Act
      of 1933, as amended (the “Securities Act”). Such registration statement as of
      its effective date, and each amendment thereto and any document incorporated
      by
      reference therein and any prospectus included or deemed or retroactively deemed
      to be a part thereof pursuant to Rule 430A or Rule 430B, as of the date of
      this
      Agreement, is hereinafter referred to as the “Registration Statement.” The
      Registration Statement meets the requirements set forth in Rule 415(a)(1)(x)
      under the Securities Act. As of the Closing Date, no stop order suspending
      the
      effectiveness of such Registration Statement has been issued and no proceedings
      for that purpose have been initiated or, to the knowledge of the Seller, the
      Depositor or Redwood Trust, threatened by the Commission. The Depositor

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    proposes
      to prepare and file with the Commission pursuant to Rule 424 under the
      Securities Act a final prospectus dated July 26, 2006 (the “Base Prospectus”) to
      be supplemented by a prospectus supplement dated the date hereof relating to
      the
      Publicly-Offered Certificates in the form filed after the date of this Agreement
      pursuant to Section 424(b) that discloses the public offering price and other
      final terms of the Publicly-Offered Certificates (together with any revision,
      amendment or supplement, the “Prospectus Supplement”). The Prospectus
      Supplement, together with the Base Prospectus, including the documents
      incorporated therein as of the time of such filing is hereinafter referred
      to as
      the “Final Prospectus.” In connection with the offering of the Publicly-Offered
      Certificates, the Depositor has also prepared a preliminary prospectus
      supplement dated August 16, 2007, which constitutes a statutory prospectus
      to be
      retroactively included in the Registration Statement and has been or will be
      filed with the Commission pursuant to Rule 424(b) under the Securities Act
      (the
“Preliminary Prospectus Supplement” and together with the Base Prospectus, the
“Preliminary Prospectus”). The Preliminary Prospectus and the Final Prospectus
      separately, are referred to herein as a “Prospectus.” Any reference herein to
      the Registration Statement or a Prospectus shall be deemed to refer to and
      include the documents incorporated by reference therein pursuant to Item 12
      of
      Form S-3 which were filed under the Securities Exchange Act of 1934, as amended
      (the “Exchange Act”), on or before the date on which the Registration Statement,
      as amended, became effective, or the issue date of the Preliminary Prospectus,
      or the date on which the Final Prospectus is filed pursuant to Rule 424(b)
      under
      the Securities Act, as the case may be; and any reference herein to the terms
      “amend,” “amendment” or “supplement” with respect to the Registration Statement
      and each Prospectus shall be deemed to refer to and include any document
      incorporated by reference therein which is filed under the Exchange Act after
      the date on which the Registration Statement became effective, the issue date
      of
      the Preliminary Prospectus or the date on which a Final Prospectus is filed
      pursuant to Rule 424(b) under the Securities Act, as the case may
      be.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (ii) Each
      of
      (A) The Registration Statement, as of its effective date, (B) the Preliminary
      Prospectus, taken together with the static pool information set forth in or
      referred to under the caption “Static Pool Information” in the Preliminary
      Prospectus but deemed to be excluded from the Registration Statement and the
      Preliminary Prospectus pursuant to Item 1105(d) of Regulation AB (the
“Designated Static Pool Information”), as of its issue date, and (C) the Final
      Prospectus, taken together with the Designated Static Pool Information set
      forth
      in or referred to under the caption “Static Pool Information” in such Final
      Prospectus, as of its issue date, as revised, amended or supplemented and filed
      with the Commission prior to the termination of the offering of the
      Publicly-Offered Certificates, will conform in all material respects to the
      requirements of the Securities Act and the rules and regulations (the
“Regulations”) of the Commission thereunder applicable to such documents as of
      their respective dates, and the Registration Statement, the Designated Static
      Pool Information and the Final Prospectus as revised, amended or supplemented
      and filed with the Commission as of the Closing Date will conform in all
      material respects to the requirements of the Securities Act and the Regulations
      of the Commission applicable to such documents as of the Closing Date. None
      of
      (A) the Registration Statement, at
      the
      time it became effective and as of the Closing Date, (B) the Preliminary
      Prospectus, taken together with the Designated Static Pool Information, as
      of
      its issue date, or (C) the Final Prospectus, taken together with the Designated
      Static Pool Information, as of its issue date, as of the date of any Contract
      of
      Sale, and as of the Closing Date, contained or will contain any untrue statement
      of a material fact or omit to state a material fact required to be stated
      therein or necessary to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; provided,
      however,
      that
      the Seller, the Depositor and Redwood Trust make no representations, warranties
      or agreements as to the information contained in a Prospectus or any revision
      or
      amendment thereof or supplement thereto (in the case of the Final Prospectus)
      in
      reliance upon and in conformity with information furnished in writing to the
      Depositor by or on behalf of any Underwriter specifically for use in connection
      with the preparation of a Prospectus or any revision or amendment thereof or
      supplement thereto (in the case of the Final Prospectus), such information
      being
      defined as the “Underwriter Information” in Section 10 hereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    If,
      subsequent to the date of this Agreement, the Depositor and the Underwriters
      determine that such information included an untrue statement of material fact
      or
      omitted to state a material fact necessary in order to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading and terminate their old Contracts of Sale and enter into new
      Contracts of Sale with investors in the Publicly-Offered Certificates, then
      the
      Preliminary Prospectus and the Designated Static Pool Information will refer
      to
      the information agreed upon in writing by the Depositor and the Underwriters
      and
      conveyed to purchasers at the time of entry into the first such new Contract
      of
      Sale, including any information that corrects such material misstatements or
      omissions (“Corrective Information”) and the date of each affected Contract of
      Sale will refer to the time and date agreed upon by the Depositor and the
      Underwriters.

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (iii) The
      conditions to the use by the Depositor of a registration statement on Form
      S-3
      under the Securities Act, as set forth in the General Instructions to Form
      S-3,
      have been satisfied with respect to the Registration Statement. There are no
      contracts or documents of the Depositor which are required to be filed as
      exhibits to the Registration Statement pursuant to the Securities Act or the
      Regulations of the Commission thereunder which have not been so
      filed.

    (iv) (A)
      At
      the time of the filing of the Registration Statement and (B) at the date of
      this
      Agreement, the Depositor was not and is not an “ineligible issuer,” as defined
      in Rule 405 under the Securities Act.

    (v) As
      of the
      date hereof, as of the date of any Contract of Sale (if dated prior to the
      date
      hereof) and at all subsequent times through the completion of the public offer
      and sale of the Publicly-Offered Certificates, the Preliminary Prospectus issued
      at or prior to the date hereof, any Issuer Information or the Seller Mortgage
      Loan Information (each as defined below) contained in a Free Writing Prospectus
      did not include any untrue statement of a material fact or omit to state any
      material fact necessary in order to make the statements therein, in the light
      of
      the circumstances under which they were made, not misleading. 

    (vi) The
      Publicly-Offered Certificates conform in all material respects to the
      description thereof contained in the Final Prospectus. The issuance of the
      Publicly-Offered Certificates has been authorized, and on the Closing Date
      the
      Publicly-Offered Certificates will have been duly and validly executed,
      authenticated and delivered in accordance with the Pooling and Servicing
      Agreement and delivered to the Underwriters for the account of the Underwriters
      against payment therefor as provided herein, and such Certificates will be
      duly
      and validly issued and outstanding and entitled to the benefits afforded by
      the
      Pooling and Servicing Agreement. Each Publicly-Offered Certificate of the Class
      (or if applicable, Classes) or type indicated to be “mortgage related
      securities” under the heading “Summary of Terms — Legal Investment” in the
      Prospectus Supplement will, when issued, be a “mortgage related security” as
      such term is defined in Section 3(a)(41) of the Exchange Act.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    (vii) This
      Agreement has been duly authorized, executed and delivered by each of the
      Seller, the Depositor and Redwood Trust, and as of the Closing Date, each of
      the
      other Transaction Documents to which the Seller, the Depositor or Redwood Trust
      is a party will have been, duly authorized, executed and delivered by the
      Seller, the Depositor or Redwood Trust, as applicable, and will conform in
      all
      material respects to the descriptions thereof contained in the Final Prospectus
      and, assuming the valid execution and delivery thereof by the other parties
      thereto, each Transaction Document to which Redwood Trust, the Seller or the
      Depositor is a party will constitute a legal, valid and binding agreement of
      the
      Seller, the Depositor or Redwood Trust, as applicable, enforceable in accordance
      with its terms, except as the same may be limited by bankruptcy, insolvency,
      reorganization or other similar laws affecting creditors’ rights generally and
      by general principles of equity.

    (viii) Each
      of
      the Seller, the Depositor and Redwood Trust has been duly incorporated and
      is
      validly existing as a corporation in good standing under the laws of its
      respective State of incorporation, and each of the Seller, the Depositor and
      Redwood Trust is duly qualified to do business as a foreign corporation and
      is
      in good standing under the laws of each jurisdiction where the character of
      its
      respective properties or the nature of its respective activities makes such
      qualification necessary, except such jurisdictions, if any, in which the failure
      to be so qualified will not have a material adverse effect on the condition
      (financial or otherwise), earnings, regulatory affairs, business affairs,
      business prospects or properties of Redwood Trust, the Seller or the Depositor;
      each of Redwood Trust, the Seller and the Depositor holds all material licenses,
      certificates and permits from all governmental authorities necessary for the
      conduct of its respective business as described in the Final Prospectus; and
      each of the Seller, the Depositor and Redwood Trust has the corporate power
      and
      authority to own its respective properties and conduct its respective business
      as described in the Final Prospectus and to enter into and perform its
      respective obligations under each Transaction Document to which it is a
      party.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (ix) Neither
      the issuance, delivery or sale of the Publicly-Offered Certificates, nor the
      consummation of any other of the transactions contemplated herein, nor the
      execution and delivery of the Transaction Documents by the Seller, the Depositor
      or Redwood Trust, as applicable, and compliance with the provisions of the
      Transaction Documents, does or will conflict with or result in the breach of
      any
      material term or provision of the certificate of incorporation or by-laws of
      the
      Seller, the Depositor, or Redwood Trust, and none of the Seller, the Depositor
      or Redwood Trust is in breach or violation of or in default (nor has an event
      occurred which with notice or lapse of time or both would constitute a default)
      under the terms of (i) any indenture, contract, lease, mortgage, deed of trust,
      note, agreement or other evidence of indebtedness or other agreement, obligation
      or instrument to which the Seller, the Depositor or Redwood Trust is a party
      or
      by which it or its respective properties are bound, or (ii) any law, decree,
      order, rule or regulation applicable to the Seller, the Depositor or Redwood
      Trust of any court or supervisory, regulatory, administrative or governmental
      agency, body or authority, or arbitrator having jurisdiction over the Seller,
      the Depositor or Redwood Trust, or its respective properties, the default,
      breach or violation of which would have a material adverse effect on the
      Depositor, Redwood Trust, the Issuing Entity or the Certificates or on the
      ability of the Seller, the Depositor or Redwood Trust to perform its respective
      obligations under the Transaction Documents to which it is a party; and none
      of
      the delivery of the Certificates, the consummation of any other of the
      transactions contemplated herein, or the compliance with the provisions of
      the
      Transaction Documents will result in such a default, breach or violation or
      which would have such a material adverse effect.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    (x) No
      filing
      or registration with, notice to, or consent, approval, authorization or order
      or
      other action of any court or governmental authority or agency is required for
      the consummation by the Seller, the Depositor or Redwood Trust of the
      transactions contemplated by the Transaction Documents to which it is a party
      (other than as required under “blue sky” or state securities laws, as to which
      no representations and warranties are made by the Seller, the Depositor or
      Redwood Trust), except such as have been, or will have been prior to the Closing
      Date, obtained under the Securities Act, and such recordations of the assignment
      of the Mortgage Loans to the Trustee (to the extent such recordations are
      required pursuant to the Pooling and Servicing Agreement) that have not yet
      been
      completed.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (xi) There
      is
      no action, order, suit or proceeding before or by any court, administrative
      or
      governmental agency now pending to which the Seller, the Depositor or Redwood
      Trust is a party, or to the best knowledge of each of the Seller, the Depositor
      or Redwood Trust, threatened against the Seller, the Depositor or Redwood Trust,
      which could reasonably result individually or in the aggregate in any material
      adverse change in the condition (financial or otherwise), earnings, regulatory
      affairs, business affairs, business prospects or properties of the Seller,
      the
      Depositor or Redwood Trust or could reasonably interfere with or materially
      and
      adversely affect the consummation of the transactions contemplated by the
      Transaction Documents.

    (xii) At
      the
      time of execution and delivery of the Mortgage Loan Purchase Agreement between
      the Seller and the Depositor, the Seller will own the Mortgage Loans being
      sold
      to the Depositor pursuant thereto, free and clear of any lien, mortgage, pledge,
      charge, encumbrance, adverse claim or other security interest (collectively
      “Liens”), except to the extent permitted by the Mortgage Loan Purchase
      Agreement, and will not have assigned to any person other than the Depositor
      any
      of its right, title or interest in the Mortgage Loans.

    (xiii) Immediately
      prior to the assignment of the Mortgage Loans by the Depositor to the Trustee
      as
      contemplated by the Pooling and Servicing Agreement, the Depositor (i) will
      have good title to and be the sole owner of, each such Mortgage Loan free and
      clear of any Lien, (ii) will not have assigned to any Person any of its
      rights, title or interest in and to such Mortgage Loans or in the Underlying
      Purchase and Servicing Agreements and (iii) will have the power and
      authority to sell such Mortgage Loans to the Trustee, and upon execution and
      delivery of the Pooling and Servicing Agreement by the Trustee, the Trustee
      will
      have acquired all of the Depositor’s right, title and interest in and to such
      Mortgage Loans.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    (xiv) Any
      taxes, fees and other governmental charges in connection with the execution,
      delivery and issuance of the Transaction Documents and the Certificates have
      been or will be paid by the Seller, the Depositor or Redwood Trust at or prior
      to the Closing Date, except (if applicable) for fees for recording assignments
      of the Mortgage Loans to the Trustee pursuant to the Pooling and Servicing
      Agreement that have not yet been completed, which fees will be paid by or on
      behalf of Redwood Trust.

    (xv) The
      Mortgage Loans conform in all material respects to the description thereof
      contained in the Final Prospectus.

    (xvi) Neither
      the Depositor nor the Issuing Entity is, and neither the issuance and sale
      of
      the Certificates nor the activities of the Issuing Entity pursuant to the
      Pooling and Servicing Agreement will cause the Depositor or the Issuing Entity
      to be, an “investment company” or under the interest of an “investment company”
as such terms are defined in the Investment Company Act of 1940, as amended
      (the
“Investment Company Act”).

    (xvii) None
      of
      the Seller, the Depositor or Redwood Trust is doing business with
      Cuba.

    (xviii) As
      of the
      date of delivery, any Seller Mortgage Loan Information provided to the
      Underwriters is true and correct in all material respects, or if there is any
      material error in any Seller Mortgage Loan Information, the Depositor or the
      Seller has promptly provided corrected information to the Underwriters.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    2. Purchase
      and Sale.
      Subject
      to the terms and conditions and in reliance upon the representations and
      warranties set forth herein, the Depositor agrees to sell, and each Underwriter
      agrees, severally and not jointly, to purchase from the Depositor, each Class
      of
      Publicly-Offered Certificates to be purchased by such Underwriter, in the
      respective initial Class Principal Amounts, and at the respective purchase
      price
      for each Underwriter, as set forth on Schedule 1 annexed hereto (including
      accrued interest from and including the Cut-off Date to, but not including,
      the
      Closing Date, except in the case of the Class 1-A1 and Class 1-A2
      Certificates).

    3. Delivery
      and Payment.
      The
      Publicly-Offered Certificates shall be delivered at the office, on the date
      and
      at the time specified in the Final Prospectus, which place, date and time may
      be
      changed by agreement between the Underwriters and the Depositor. Delivery of
      the
      Publicly-Offered Certificates shall be made to each of the Underwriters as
      against their respective payment of the purchase price therefor to or upon
      the
      order of the Issuing Entity in immediately available federal funds. The
      Publicly-Offered Certificates shall be registered in such names and in such
      denominations as required by book-entry registration not less than two full
      business days prior to the Closing Date. The Depositor agrees to cause the
      Publicly-Offered Certificates to be made available for inspection, checking
      and
      packaging in New York, New York on the business day prior to the Closing
      Date.

    4. Offering
      Procedures.
      It is
      understood that the Underwriters propose to offer the Publicly-Offered
      Certificates for sale as set forth in the Final Prospectus and that you will
      not
      offer, sell or otherwise distribute the Publicly-Offered Certificates (except
      for the sale thereof in exempt transactions) in any state in which the
      Publicly-Offered Certificates are not exempt from registration under “blue sky”
or state securities laws (except where the Publicly-Offered Certificates will
      have been qualified for offering and sale at your direction under such “blue
      sky” or state securities laws).

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    Neither
      the Depositor nor any Underwriter will disseminate to any potential investor
      information relating to the Publicly-Offered Certificates that constitutes
      a
“written communication” within the meaning of Rule 405 under the Securities Act,
      other than the Preliminary Term Sheet, each Prospectus and, in the case of
      the
      Underwriters, Derived Information or Custom Loan Information, unless (i) if
      an
      Underwriter seeks to disseminate such information, such Underwriter has obtained
      the prior consent of the Depositor, or (ii) if the Depositor seeks to
      disseminate such information, the Depositor has notified the
      Underwriters.

    An
      Underwriter may convey Derived Information or Custom Loan Information to a
      potential investor prior to entering into a Contract of Sale with such investor;
      provided,
      however,
      that
      Derived Information shall not be distributed in a manner reasonably designed
      to
      lead to its broad unrestricted dissemination within the meaning of Rule 433(d)
      under the Securities Act. Each Underwriter shall deliver to the Depositor and
      its counsel a copy, in electronic form, of each Free Writing Prospectus
      disseminated by such Underwriter that is required to be filed with the
      Commission, not later than one business day prior to the date on which such
      Free
      Writing Prospectus is required under the Regulations to be so filed. Each
      Underwriter will comply with the requirements of Rule 433(g) applicable to
      any
      Free Writing Prospectus, including document retention and
      record-keeping.

    The
      Depositor represents that it has treated and agrees that it will treat each
      Free
      Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule
      433, and has complied and will comply with the requirements of Rule 433
      applicable to any Free Writing Prospectus, including timely Commission filing
      where required, legending and record-keeping.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    Neither
      the Depositor nor any Underwriter shall disseminate or file with the Commission
      any information relating to Publicly-Offered Certificates in reliance on Rule
      167 or 426 under the Securities Act, nor shall any Underwriter disseminate
      any
      Free Writing Prospectus in a manner reasonably designed to lead to its broad
      unrestricted dissemination within the meaning of Rule 433(d) under the
      Securities Act.

    Prior
      to
      or simultaneously with entering into a Contract of Sale, each Underwriter shall
      deliver to the related purchaser a copy of the Final Prospectus, or if prior
      to
      the date hereof, a copy of the Preliminary Prospectus, in the form that such
      Underwriter and the Depositor have agreed most recently prior thereto shall
      be
      used for offers and sales of the Publicly-Offered Certificates. Each
      confirmation of sale with respect to the Publicly-Offered Certificates delivered
      by an Underwriter shall, if such confirmation of sale is not preceded or
      accompanied by delivery of the Final Prospectus, include a legend to the
      following effect, or a similar legend, in compliance with Rule 173 under the
      Securities Act:

    Rule
      173 notice: This security was sold pursuant to an effective registration
      statement that is on file with the SEC. You may request a copy of the Prospectus
      at www.sec.gov,
      or by calling 1-800-323-5678.

    5. Agreements.

    The
      Depositor agrees with each Underwriter that:

    (i) The
      Depositor will cause the Preliminary Prospectus and the Final Prospectus to
      be
      filed with the Commission pursuant to Rule 424(b) under the Securities Act
      not
      later than 9:00 a.m. (New York time) on the Closing Date, will promptly advise
      each Underwriter when such Prospectus has been so filed, and, prior to the
      termination of the offering of the Publicly-Offered Certificates, will also
      promptly advise each Underwriter (i) when any amendment to the Registration
      Statement has become effective or any revision of or supplement to the Final
      Prospectus has been so filed (unless such amendment, revision or supplement
      does
      not relate to the Publicly-Offered Certificates or the Issuing Entity), (ii)
      of
      any request by the Commission for any amendment of the Registration Statement
      or
      any Final Prospectus or for any additional information (unless such amendment
      or
      request for additional information does not relate to the Publicly-Offered
      Certificates or the Issuing Entity), (iii) of any written notification received
      by the Depositor of the suspension of qualification of the Publicly-Offered
      Certificates for sale in any jurisdiction or the initiation or threatening
      of
      any proceeding for such purpose and (iv) of the issuance by the Commission
      of
      any stop order suspending the effectiveness of the Registration Statement or
      the
      institution or, to the knowledge of the Depositor, the threatening of any
      proceeding for that purpose. The Depositor will use its best efforts to prevent
      the issuance of any such stop order and, if issued, to obtain as soon as
      possible the withdrawal thereof. The Depositor will not file prior to the
      termination of such offering any amendment to the Registration Statement or
      any
      revision of or supplement to the Final Prospectus (other than any such
      amendment, revision or supplement which does not relate to Publicly-Offered
      Certificates or the Issuing Entity) which shall be disapproved by the
      Underwriters after reasonable notice and review of such filing.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    (ii) If,
      at
      any time when a prospectus relating to the Publicly-Offered Certificates is
      required to be delivered under the Securities Act, (i) any event occurs as
      a
      result of which the Final Prospectus (including in each case, the Designated
      Static Pool Information) or the Preliminary Prospectus (if used by the
      Underwriters to enter into a Contract of Sale) as then amended or supplemented
      would include any untrue statement of a material fact or omit to state a
      material fact necessary to make the statements therein in the light of the
      circumstances under which they were made not misleading, or (ii) it shall be
      necessary to revise, amend or supplement the Final Prospectus to comply with
      the
      Securities Act or the Regulations of the Commission thereunder, the Depositor
      promptly will notify each Underwriter and will, upon the request of any
      Underwriter, or may, after consultation with each Underwriter, prepare and
      file
      with the Commission a revision, amendment or supplement which will correct
      such
      statement or omission or effect such compliance, and furnish without charge
      to
      each Underwriter as many copies as such Underwriter may from time to time
      reasonably request of an amended Final Prospectus or the Preliminary Prospectus
      (if used by the Underwriters to enter into a Contract of Sale) or a supplement
      to the Final Prospectus or the Preliminary Prospectus (if used by the
      Underwriters to enter into a Contract of Sale) which will correct such statement
      or omission or effect such compliance.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    (iii) The
      Depositor will furnish to each Underwriter and counsel to the Underwriters,
      without charge, conformed copies of the Registration Statement (including
      exhibits thereto) and, so long as delivery of a prospectus relating to the
      Publicly-Offered Certificates is required under the Securities Act, as many
      copies of the Preliminary Prospectus, the Final Prospectus and any revisions
      or
      amendments thereof or supplements thereto as may be reasonably
      requested.

    (iv) The
      Depositor will, as between itself and the Underwriters, pay all expenses
      incidental to the performance of the obligations of the Depositor, the Seller
      or
      Redwood Trust under this Agreement, including without limitation (i) expenses
      of
      preparing, printing and reproducing the Registration Statement, the Preliminary
      Prospectus, the Final Prospectus, any Free Writing Prospectuses, the Transaction
      Documents and the Certificates, (ii) the cost of delivering the Publicly-Offered
      Certificates to the Underwriters, (iii) the fees charged by securities rating
      agencies for rating the Publicly-Offered Certificates, (iv) all transfer taxes,
      if any, with respect to the sale and delivery of the Publicly-Offered
      Certificates to the Underwriters, (v) any expenses for the qualification of
      the
      Publicly-Offered Certificates under
      “blue sky” or state securities laws, including filing fees and the fees and
      disbursements of counsel for such Underwriter in connection therewith and in
      connection with the preparation of any Blue Sky Survey, (vi) all other
      costs and expenses incidental to the performance by the Depositor, the Seller
      or
      Redwood Trust of their respective obligations hereunder which are not otherwise
      specifically provided for in this subsection, (vii) the fees of any counsel
      to
      the Underwriters, including the fees incurred in connection with the review
      of
      the Transaction Documents and the preparation of the Underwriting Agreement
      and
      the legal opinions and (viii) the fees of any accountants in connection with
      preparation of any comfort letters in connection with a Prospectus or with
      respect to Designated Static Pool Information. In addition, it is understood
      that, except as provided in this paragraph (iv) and in Section 9 hereof, the
      Underwriters will pay all the following additional expenses: (i) any transfer
      taxes on resale of any of the Publicly-Offered Certificates by them and (ii)
      any
      advertising expenses connected with any offers that such Underwriters may
      make.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

       

    

    (v) So
      long
      as any Publicly-Offered Certificates are outstanding, upon request of any
      Underwriter, the Depositor will furnish, or will cause to be furnished, to
      such
      Underwriter, as soon as available, a copy of (i) the annual statement of
      compliance prepared by the Master Servicer and the servicers pursuant to the
      Pooling and Servicing Agreement or the Assignment Agreements, respectively,
      (ii)
      each report regarding the Publicly-Offered Certificates filed with the
      Commission under the Exchange Act or mailed to the holders of the
      Publicly-Offered Certificates and (iii) from time to time, such other
      information concerning the Publicly-Offered Certificates which may be furnished
      by the Depositor or the Trustee without undue expense and without violation
      of
      applicable law.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

       

    

    (vi) [Reserved]

    (vii) For
      a
      period ending on the Closing Date, the Depositor shall not offer or sell, or
      announce the offering of, or cause any trust created by the Depositor to offer
      or sell, or announce the offering of, any mortgage pass-through certificates
      or
      other similar mortgage-related securities, without the prior written consent
      of
      the Underwriters.

    (viii) The
      Depositor has prepared the Preliminary Prospectus described in Section 1(i)
      relating to the Publicly-Offered Certificates, in a form consented to by the
      Underwriters, and has filed or will file the Preliminary Prospectus within
      the
      period required by Rule 424(b). 

    (ix) All
      written and graphic communications relating to the Publicly-Offered Certificates
      used prior to the availability of a Prospectus will comply with the requirements
      of Rule 433, including the inclusion of the legend required by Rule
      433(c)(2).

    Redwood
      Trust covenants with each Underwriter and with the Depositor that it shall
      notify you and the Depositor of the occurrence of any material events respecting
      the activities, affairs or condition, financial or otherwise, of Redwood Trust
      and its subsidiaries and, if as a result of any such event it is necessary
      to
      amend or supplement any Prospectus in order to make such Prospectus not
      misleading in the light of the circumstances existing at the time it is
      delivered to a purchaser, Redwood Trust will forthwith supply such information
      to the Depositor as shall be necessary for the Depositor to prepare an amendment
      or supplement to such Prospectus so that, as so amended or supplemented, such
      Prospectus (including in each case, the Designated Static Pool Information)
      will
      not contain an untrue statement of a material fact or omit to state a material
      fact necessary in order to make the statements therein, in the light of the
      circumstances existing at the time it is delivered to a purchaser, not
      misleading.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

    

    6. Conditions
      to the Obligations of Underwriters.
      The
      obligation of each Underwriter to purchase the Publicly-Offered Certificates
      to
      be purchased by it as set forth on Schedule 1 annexed hereto shall be subject
      to
      the accuracy in all material respects of the representations and warranties
      on
      the part of the Seller, the Depositor and Redwood Trust contained herein as
      of
      the date hereof and as of the Closing Date, to the accuracy of the statements
      of
      the Seller, the Depositor and Redwood Trust made in any officer’s certificate
      pursuant to the provisions hereof, to the performance in all material respects
      by the Seller, the Depositor and Redwood Trust of its obligations hereunder
      and
      to the following additional conditions:

    No
      stop
      order suspending the effectiveness of the Registration Statement shall have
      been
      issued and no proceedings for that purpose shall have been instituted and be
      pending or shall have been threatened, any requests for additional information
      on the part of the Commission (to be included in the Registration Statement
      or
      in a Prospectus or otherwise) shall have been complied with to the reasonable
      satisfaction of the Underwriters, and the Preliminary Prospectus and the Final
      Prospectus shall have been filed or transmitted for filing with the Commission
      not later than the time the same is required to be filed or transmitted for
      filing pursuant to the Regulations of the Commission.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

       

    

    Each
      of
      the Depositor and the Seller shall have furnished to the Underwriters a
      certificate, dated the Closing Date, signed by the Chairman of the Board or
      the
      President and the principal financial or accounting officer of such entity,
      to
      the effect that each signer of such certificate has carefully examined the
      Registration Statement, the Final Prospectus, the Preliminary Prospectus, the
      Designated Static Pool Information and this Agreement and that:

    (i) The
      representations and warranties made by such entity herein are true and correct
      in all material respects on and as of the Closing Date with the same effect
      as
      if made on the Closing Date, and such entity has complied with all agreements
      and satisfied all the conditions on its part to be performed or satisfied at
      or
      prior to the Closing Date;

    (ii) No
      stop
      order suspending the effectiveness of the Registration Statement has been
      issued, and no proceedings for that purpose have been instituted and are pending
      or, to the knowledge of such officer, have been threatened as of the Closing
      Date; 

    (iii) Nothing
      has come to the attention of such officer that would lead such officer to
      believe that the Preliminary Prospectus or the Final Prospectus (including
      in
      each case, the Designated Static Pool Information) contains any untrue statement
      of a material fact or omits to state any material fact necessary in order to
      make the statements therein, in the light of the circumstances under which
      they
      were made, not misleading; and

    (iv) Nothing
      has come to the attention of such officer that would lead such officer to
      believe that any Seller Mortgage Loan Information contains any untrue statement
      of a material fact or, in conjunction with the Preliminary Prospectus or the
      Final Prospectus (including in each case, the Designated Static Pool
      Information), omits any material fact necessary in order to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading. 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

       

    

    Redwood
      Trust shall have furnished to the Underwriters a certificate, dated the Closing
      Date, of Redwood Trust, signed by the Chairman of the Board or President and
      the
      principal financial or accounting officer of Redwood Trust, to the effect that
      each signer of such certificate has carefully examined the Registration
      Statement, the Preliminary Prospectus, the Final Prospectus, the Designated
      Static Pool Information and this Agreement and that:

    (v) The
      representations and warranties of Redwood Trust herein are true and correct
      in
      all material respects on and as of the Closing Date with the same effect as
      if
      made on the Closing Date, and Redwood Trust has complied with all agreements
      and
      satisfied all the conditions on its part to be performed or satisfied at or
      prior to the Closing Date;

    (vi) No
      stop
      order suspending the effectiveness of the Registration Statement has been
      issued, and no proceedings for that purpose have been instituted and are pending
      or, to the knowledge of such officer, have been threatened as of the Closing
      Date; and

    (vii) Nothing
      has come to the attention of such officer that would lead such officer to
      believe that the Preliminary Prospectus or the Final Prospectus (including
      in
      each case, the Designated Static Pool Information) contains any untrue statement
      of a material fact or omits to state any material fact necessary in order to
      make the statements therein, in the light of the circumstances under which
      they
      were made, not misleading.

    Each
      of
      the Depositor and the Seller shall have furnished to you an opinion, dated
      the
      Closing Date, of Tobin & Tobin, special counsel to the Depositor and the
      Seller, in form and substance satisfactory to the Underwriters and counsel
      to
      the Underwriters, to the effect that:

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

       

    

    (viii) Such
      entity has been duly incorporated, is validly existing as a corporation in
      good
      standing under the laws of the State of its incorporation and is duly qualified
      to do business in, and is in good standing as a foreign corporation under the
      laws of, each jurisdiction where the character of its properties or the nature
      of its activities makes such qualification necessary, except such jurisdictions,
      if any, in which the failure to be so qualified will not have a material adverse
      effect on the condition (financial or otherwise), earnings, regulatory affairs,
      business affairs, business prospects or properties of such entity; and such
      entity holds all material licenses, certificates and permits from all
      governmental authorities necessary for the conduct of its business as described
      in the Final Prospectus;

    (ix) No
      filing
      or registration with, notice to, or consent, approval, authorization, order
      or
      other action of any governmental agency or body or any court is required for
      the
      consummation by such entity of the transactions contemplated by the terms of
      the
      Transaction Documents to which it is a party except such as may be required
      under the “blue sky” or state securities laws of any jurisdiction in connection
      with the offering, sale or acquisition of the Publicly-Offered Certificates,
      any
      recordations of the Mortgage Loans to the Trustee (to the extent such
      recordations are required pursuant to the Pooling and Servicing Agreement)
      that
      have not yet been completed and such other approvals as have been
      obtained;

    (x) The
      issuance, delivery and sale of the Publicly-Offered Certificates to be purchased
      by the Underwriters pursuant to this Agreement, the execution and delivery
      of
      the Transaction Documents by such entity and the consummation of any of the
      transactions contemplated by the terms of the Transaction Documents do not
      conflict with or result in a breach or violation of any material term or
      provision of, or constitute a default under, the certificate of incorporation
      or
      by-laws of such entity, or any indenture, contract, lease, mortgage, deed of
      trust, note, agreement or other evidence of indebtedness or other agreement,
      obligation or instrument to which such entity is a party or by which it or
      its
      property is bound, or any statute or any law, decree, order, rule or regulation
      applicable to such entity of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over such entity or its
      properties;

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

       

    

    (xi) There
      are
      no legal or governmental actions, investigations or proceedings pending to
      which
      such entity is a party, or, to the best knowledge of such counsel, threatened
      against the such entity, (A) asserting the invalidity of any Transaction
      Document or the Certificates, (B) seeking to prevent the issuance of the
      Certificates or the consummation of any of the transactions contemplated by
      any
      Transaction Document, (C) which might materially and adversely affect the
      performance by such entity of its respective obligations under, or the validity
      or enforceability of, any Transaction Document or the Certificates or (D)
      seeking to affect adversely the Federal income tax attributes of the
      Publicly-Offered Certificates as described in the Final Prospectus under the
      heading “Material Federal Income Tax Consequences” or the state income tax
      attributes of the Publicly-Offered Certificates as described in the Final
      Prospectus under the heading “State Tax Considerations;”

    (xii) The
      Registration Statement and any amendments thereto have become effective under
      the Securities Act; to the best knowledge of such counsel, no stop order
      suspending the effectiveness of the Registration Statement has been issued
      and
      not withdrawn, no proceedings for that purpose have been instituted or
      threatened and not terminated; and the Registration Statement and each
      Prospectus and each amendment or supplement thereto (in the case of the
      Registration Statement and the Final Prospectus), as of their respective
      effective or issue dates (other than the financial and statistical information
      contained therein as to which such counsel need express no opinion), complied
      as
      to form in all material respects with the applicable requirements of the
      Securities Act and the respective rules and regulations thereunder;

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

       

    

    (xiii) To
      the
      best knowledge of such counsel, there are no material contracts, indentures
      or
      other documents of a character required to be described or referred to in the
      Registration Statement or any Prospectus or to be filed as exhibits to the
      Registration Statement other than those described or referred to therein or
      filed or incorporated by reference as exhibits thereto;

    (xiv) Each
      Transaction Document to which such entity is a party has been duly authorized,
      executed and delivered by such entity and constitutes a valid, legal and binding
      agreement of such entity enforceable against such entity in accordance with
      its
      terms, subject, as to enforceability to bankruptcy, insolvency, reorganization,
      moratorium or other similar laws affecting creditors’ rights generally and to
      general principles of equity regardless of whether enforcement is sought in
      a
      proceeding in equity or at law;

    (xv) The
      direction by the Depositor to the Trustee to execute, authenticate and deliver
      the Publicly-Offered Certificates has been duly authorized by the Depositor,
      and
      the Publicly-Offered Certificates, when authenticated by the Trustee in the
      manner anticipated by the Pooling and Servicing Agreement and delivered and
      paid
      for by you as provided in this Agreement, will be validly issued and outstanding
      and entitled to the benefits of the Pooling and Servicing
      Agreement;

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

       

    

    (xvi) The
      Publicly-Offered Certificates and the Transaction Documents conform in all
      material respects to the descriptions thereof contained in the Final
      Prospectus;

    (xvii) The
      statements in the Final Prospectus under the headings “Certain Legal Aspects of
      the Loans” and “Legal Investment,” to the extent that they constitute matters of
      law or legal conclusions with respect thereto, have been reviewed by such
      counsel and are correct in all material respects;

    (xviii) The
      Publicly-Offered Certificates indicated under the heading “Summary of Terms —
Legal Investment” in the Final Prospectus to be “mortgage related securities”
will be mortgage related securities, as defined in Section 3(a)(41) of the
      Exchange Act, so long as such Publicly-Offered Certificates are rated in one
      of
      the two highest rating categories by at least one nationally recognized
      statistical rating organization; and

    (xix) The
      Pooling and Servicing Agreement is not required to be qualified under the Trust
      Indenture Act of 1939, as amended, and neither the Depositor nor the Issuing
      Entity is required to be registered as an “investment company” under the 1940
      Act.

    Such
      opinion of counsel shall also include negative assurances with respect to the
      Preliminary Prospectus and the Final Prospectus. Such
      opinion may express its reliance as to factual matters on the representations
      and warranties made by, and on certificates or other documents furnished by
      officers of, the parties to the Transaction Documents. Such opinion may assume
      the due authorization, execution and delivery of the instruments and documents
      referred to therein by the parties thereto other than the Seller, the Depositor
      and Redwood Trust. Such opinion may be qualified as an opinion only on the
      laws
      of the States of New York, California and Delaware and the federal law of the
      United States. To the extent that such firm relies upon the opinion of other
      counsel in rendering any portion of its opinion, the opinion of such other
      counsel shall be attached to and delivered with the opinion of such firm that
      is
      delivered to you.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

       

    

    The
      Depositor shall have furnished to the Underwriters an opinion, dated the Closing
      Date, of Chapman and Cutler LLP, special tax counsel to the Depositor, in form
      and substance satisfactory to the Underwriters and counsel to the Underwriters,
      to the effect that:

    (xx) the
      statements in the Final Prospectus under the heading “Material Federal Income
      Tax Consequences,” as supplemented or modified by the statements in the
      Prospectus Supplement under the heading “Federal Income Tax Consequences,” to
      the extent that they constitute matters of law or legal conclusions with respect
      to Federal income tax matters, are correct in all material
      respects;

    (xxi) each
      segregated asset pool for which the Pooling and Servicing Agreement directs
      the
      Trustee to make a REMIC election will qualify as a REMIC within the meaning
      of
      Section 860D of the Code;

    (xxii) the
      Reserve Fund is an “outside reserve fund” that is beneficially owned by the
      owners of the Class 1-XA Certificates, as applicable; and

    (xxiii) the
      rights of the owners of the Class 1-A1 and Class 1-A2 Certificates with respect
      to the Reserve Fund represent, for federal income tax purposes, contractual
      rights that are separate from their regular interests within the meaning of
      Treasury Regulations Section 1.860G-2(i).

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

       

    

    Redwood
      Trust shall have furnished to the Underwriters an opinion, dated the Closing
      Date, of Tobin & Tobin, special counsel to Redwood Trust, in form and
      substance satisfactory to the Underwriters and counsel to the Underwriters,
      to
      the effect that:

    (xxiv) Redwood
      Trust has been duly incorporated and is validly existing as a corporation in
      good standing under the laws of the State of Maryland and is duly qualified
      to
      do business in, and is in good standing as a foreign corporation under the
      laws
      of, each jurisdiction where the character of its properties or the nature of
      its
      activities makes such qualification necessary, except such jurisdictions, if
      any, in which the failure to be so qualified will not have a material adverse
      effect on the condition (financial or otherwise), earnings, regulatory affairs,
      business affairs, business prospects or properties of Redwood Trust; and Redwood
      Trust holds all material licenses, certificates and permits from all
      governmental authorities necessary for the conduct of its business as described
      in the Final Prospectus;

    (xxv) Each
      Transaction Document to which Redwood Trust is a party has been duly authorized,
      executed and delivered by Redwood Trust and constitutes a valid, legal and
      binding agreement of Redwood Trust, enforceable against Redwood Trust in
      accordance with its terms, subject, as to enforceability to bankruptcy,
      insolvency, reorganization, moratorium or other similar laws affecting
      creditors’ rights generally and to general principles of equity regardless of
      whether enforcement is sought in a proceeding in equity or at law; 

    (xxvi) No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the consummation by Redwood Trust of the transactions
      contemplated by the terms of the Transaction Documents to which Redwood Trust
      is
      a party except such as may be required under the “blue sky” or state securities
      laws of any jurisdiction in connection with the offering, sale or acquisition
      of
      the Publicly-Offered Certificates, any recordations of the assignment of the
      Mortgage Loans to the Trustee (to the extent such recordations are required
      pursuant to the Pooling and Servicing Agreement) that have not yet been
      completed and such other approvals as have been obtained;

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

       

    

    (xxvii) The
      consummation of any of the transactions contemplated by the terms of the
      Transaction Documents to which Redwood Trust is a party do not conflict with
      or
      result in a breach or violation of any material term or provision of, or
      constitute a default under, the charter or by-laws of Redwood Trust, or, to
      the
      best knowledge of such counsel, any indenture or other agreement or instrument
      to which Redwood Trust is a party or by which it is bound, or any statute or
      regulation applicable to Redwood Trust or any order of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over
      Redwood Trust; and 

    (xxviii) There
      are
      no legal or governmental actions, investigations or proceedings pending to
      which
      Redwood Trust is a party, or, to the best knowledge of such counsel, threatened
      against Redwood Trust, (A) asserting the invalidity of any Transaction Document
      to which Redwood Trust is a party or (B) which might materially and adversely
      affect the performance by Redwood Trust of its obligations under, or the
      validity or enforceability of any Transaction Document to which Redwood Trust
      is
      a party.

    Such
      opinion may express its reliance as to factual matters on the representations
      and warranties made by, and on certificates or other documents furnished by
      officers of, the parties to the Transaction Documents. Such opinion may assume
      the due authorization, execution and delivery of the instruments and documents
      referred to therein by the parties thereto other than Redwood Trust, the Seller
      and the Depositor. Such opinion may be qualified as an opinion only on the
      laws
      of the States of Maryland, New York and California and the federal law of the
      United States. To the extent that such counsel relies upon the opinion of other
      counsel in rendering any portion of its opinion, the opinion of such other
      counsel shall be attached to and delivered with the opinion of such counsel
      that
      is delivered to the Underwriters.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

       

    

    The
      Trustee shall have furnished to the Underwriters an opinion, dated the Closing
      Date, of Pryor Cashman Sherman & Flynn LLP, counsel to the Trustee, in form
      and substance satisfactory to the Underwriters and counsel to the Underwriters,
      to the effect that:

    (xxix) The
      Trustee has been duly organized and is validly existing as a national banking
      association duly organized under the laws of the United States of America,
      and
      is duly qualified to do business in each jurisdiction where the character of
      its
      properties or the nature of its activities makes such qualification necessary,
      except such jurisdictions, if any, in which the failure to be so qualified
      will
      not have a material adverse effect on the condition (financial or otherwise),
      earnings, regulatory affairs, business affairs, business prospects or properties
      of the Trustee; and the Trustee holds all material licenses, certificates and
      permits from all governmental authorities necessary for the conduct of its
      business as described in the Final Prospectus;

    (xxx) The
      Pooling and Servicing Agreement has been duly authorized, executed and delivered
      by the Trustee and constitutes a valid, legal and binding agreement of the
      Trustee, enforceable against the Trustee in accordance with its terms, subject,
      as to enforceability to bankruptcy, insolvency, reorganization, moratorium
      or
      other similar laws affecting creditors’ rights generally and to general
      principles of equity regardless of whether enforcement is sought in a proceeding
      in equity or at law;

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

       

    

    (xxxi) No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the consummation by the Trustee of the transactions
      contemplated by the terms of the Pooling and Servicing Agreement, except any
      such as may be required under the “blue sky” or state securities laws of any
      jurisdiction in connection with the offering, sale or acquisition of the
      Publicly-Offered Certificates, any recordations of the assignment of the
      Mortgage Loans to the Trustee (to the extent such recordations are required
      pursuant to the Pooling and Servicing Agreement) that have not yet been
      completed and such other approvals as have been obtained; and

    (xxxii) The
      consummation of any of the transactions contemplated by the Pooling and
      Servicing Agreement do not conflict with or result in a breach or violation
      of
      any material term or provision of, or constitute a default under, the charter
      or
      by-laws of the Trustee, or, to the best knowledge of such counsel, any indenture
      or other agreement or instrument to which the Trustee is a party or by which
      it
      is bound, or any statute or regulation applicable to the Trustee or any order
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over the Trustee.

    Such
      opinion may express its reliance as to factual matters on the representations
      and warranties made by, and on certificates or other documents furnished by
      officers of, the parties to the Transaction Documents. Such opinion may assume
      the due authorization, execution and delivery of the instruments and documents
      referred to therein by the parties thereto other than the Trustee. Such opinion
      may be qualified as an opinion only on the laws of the States of New York and
      Delaware and the federal law of the United States. To the extent that such
      counsel relies upon the opinion of other counsel in rendering any portion of
      its
      opinion, the opinion of such other counsel shall be attached to and delivered
      with the opinion of such counsel that is delivered to the
      Underwriters.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

       

    

    The
      Master Servicer and the Securities Administrator shall have furnished to the
      Underwriters an opinion, dated the Closing Date, of in-house counsel to the
      Master Servicer and Hunton & Williams LLP, counsel to such parties, in form
      and substance satisfactory to the Underwriters and counsel to the Underwriters,
      to the effect that:

    (xxxiii) Each
      of
      the Master Servicer and the Securities Administrator has been duly organized
      and
      is validly existing as a national banking association under the laws of the
      United States of America, and is duly qualified to do business in each
      jurisdiction where the character of its properties or the nature of its
      activities makes such qualification necessary, except such jurisdictions, if
      any, in which the failure to be so qualified will not have a material adverse
      effect on the condition (financial or otherwise), earnings, regulatory affairs,
      business affairs, business prospects or properties of the such party; and such
      party holds all material licenses, certificates and permits from all
      governmental authorities necessary for the conduct of its business as described
      in the Final Prospectus;

    (xxxiv) The
      Pooling and Servicing Agreement has been duly authorized, executed and delivered
      by each of the Master Servicer and the Securities Administrator and constitutes
      a valid, legal and binding agreement of the such party, enforceable against
      such
      party in accordance with its terms, subject, as to enforceability to bankruptcy,
      insolvency, reorganization, moratorium or other similar laws affecting
      creditors’ rights generally and to general principles of equity regardless of
      whether enforcement is sought in a proceeding in equity or at law;

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

       

    

    (xxxv) No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the consummation by any of the Master Servicer or the
      Securities Administrator of the transactions contemplated by the terms of the
      Pooling and Servicing Agreement; 

    (xxxvi) The
      consummation of any of the transactions contemplated by the terms of the Pooling
      and Servicing Agreement do not conflict with or result in a breach or violation
      of any material term or provision of, or constitute a default under, the charter
      or by-laws of any of the Master Servicer or the Securities Administrator or,
      to
      the best knowledge of such counsel, any indenture or other agreement or
      instrument to which such party is a party or by which it is bound, or any
      statute or regulation applicable to such party or any order of any court,
      regulatory body, administrative agency or governmental body having jurisdiction
      over such party; and

    (xxxvii) There
      are
      no legal or governmental actions, investigations or proceedings pending to
      which
      any of the Master Servicer or the Securities Administrator is a party, or,
      to
      the best knowledge of such counsel, threatened against the such party, (A)
      asserting the invalidity of the Pooling and Servicing Agreement or (B) which
      might materially and adversely affect the performance by such party of its
      obligations under, or the validity or enforceability of, the Pooling and
      Servicing Agreement.

    Such
      opinion may express its reliance as to factual matters on the representations
      and warranties made by, and on certificates or other documents furnished by
      officers of, the parties to the Transaction Documents. Such opinion may assume
      the due authorization, execution and delivery of the instruments and documents
      referred to therein by the parties thereto other than the Master Servicer or
      Securities Administrator. Such opinion may be qualified as an opinion only
      on
      the laws of the States of New York and Delaware and the federal law of the
      United States. To the extent that such counsel relies upon the opinion of other
      counsel in rendering any portion of its opinion, the opinion of such other
      counsel shall be attached to and delivered with the opinion of such counsel
      that
      is delivered to the Underwriters.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

       

    

    The
      Underwriters shall have received copies of any opinions of counsel delivered
      to
      the rating agencies set forth in the Final Prospectus as rating the
      Publicly-Offered Certificates, including, but not limited to, any “true sale,”
“non-consolidation” or “perfection” opinions. Any such opinions shall be dated
      the Closing Date and addressed to the Underwriters or accompanied by reliance
      letters addressed to the Underwriters.

    The
      Underwriters shall have received from their counsel such opinion or opinions,
      dated the Closing Date, with respect to the issuance and sale of the
      Publicly-Offered Certificates, the Registration Statement and each Prospectus,
      and such other related matters as you may reasonably require, including a
      negative assurance letter with respect to the Preliminary Prospectus or the
      Final Prospectus.

    The
      Depositor’s independent accountants, Deloitte & Touche LLP shall have
      furnished to the Underwriters a letter or letters addressed to the Underwriters
      and dated as of or prior to the date of first use of the Preliminary Prospectus
      or the Final Prospectus in the form and reflecting the performance of the
      procedures previously agreed to by the Depositor and the
      Underwriters.

    Subsequent
      to the date hereof, there shall not have occurred any change, or any development
      involving a prospective change in or affecting the earnings, business or
      properties of Redwood Trust, the Depositor or the Seller which, in your
      judgment, materially impairs the investment quality of the Publicly-Offered
      Certificates so as to make it impractical or inadvisable to proceed with the
      public offering or the delivery of the Publicly-Offered Certificates as
      contemplated by the Final Prospectus.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

       

    

    The
      Publicly-Offered Certificates shall be rated not lower than the required ratings
      set forth under the heading “Ratings” in the Final Prospectus, such ratings
      shall not have been rescinded and no public announcement shall have been made
      that any such required rating of the Publicly-Offered Certificates has been
      placed under review (otherwise than for possible upgrading).

    The
      Depositor shall have furnished to the Underwriters such further information,
      certificates and documents as the Underwriters may reasonably have requested,
      and all proceedings in connection with the transactions contemplated by this
      Agreement and all documents incident hereto shall be in all material respects
      satisfactory in form and substance to the Underwriters and their
      counsel.

    If
      any of
      the conditions specified in this Section 6 shall not have been fulfilled when
      and as provided in this Agreement, this Agreement and all obligations of an
      Underwriter hereunder may be canceled at, or at any time prior to, the Closing
      Date by such Underwriter. Notice of such cancellation shall be given to the
      Depositor in writing, or by telephone or telegraph confirmed in
      writing.

    7. Termination.
      This
      Agreement shall be subject to termination in your absolute discretion, by notice
      given to the Depositor if, subsequent to the date hereof, (i) trading generally
      shall have been suspended or materially limited on, or by, as the case may
      be,
      any of the New York Stock Exchange, the American Stock Exchange, the Nasdaq
      National Market, the Chicago Board of Options Exchange, the Chicago Mercantile
      Exchange or the Chicago Board of Trade, (ii) trading of any securities of
      Redwood Trust or the Depositor shall have been suspended on any exchange or
      in
      any over-the-counter market, (iii) a material disruption in securities
      settlement, payment or clearance services in the United States shall have
      occurred, (iv) any moratorium on commercial banking activities shall have been
      declared by Federal or New York State authorities or (v) there shall have
      occurred any outbreak or escalation of hostilities, or any change in financial
      markets or any calamity or crisis that, in your judgment, is material and
      adverse and which, singly or together with any other event specified in this
      clause (v), makes it, in your judgment, impracticable or inadvisable to proceed
      with the offer, sale or delivery of the Publicly-Offered Certificates on the
      terms and in the manner contemplated in the Final Prospectus.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

       

    

    8. Representations
      and Indemnities to Survive.
      The
      respective agreements, representations, warranties, indemnities and other
      statements of the Depositor, the Seller and Redwood Trust and their respective
      officers and of each Underwriter set forth in or made pursuant to this Agreement
      will remain in full force and effect, regardless of any investigation made
      by or
      on behalf of any Underwriter or the Depositor, the Seller or Redwood Trust,
      and
      will survive delivery of and payment for the Publicly-Offered Certificates.
      The
      provisions of Sections 5(a)(iv), 9, 11 and 12 hereof shall survive the
      termination or cancellation of this Agreement.

    9. Reimbursement
      of Underwriter Expenses.
      If for
      any reason, other than default by any Underwriter in its obligation to purchase
      the Publicly-Offered Certificates or termination by any Underwriter pursuant
      to
      Section 7 hereof, the Publicly-Offered Certificates are not delivered as
      provided herein, the Depositor, the Seller and Redwood Trust jointly and
      severally agree to reimburse each Underwriter for all damages, losses and
      out-of-pocket expenses of such Underwriter, including reasonable fees and
      disbursements of its counsel, reasonably incurred by such Underwriter in making
      preparations for the purchase, sale and delivery of the Publicly-Offered
      Certificates, but the Depositor, the Seller and Redwood Trust shall then be
      under no further liability to any Underwriter with respect to the
      Publicly-Offered Certificates, except as provided in Sections 5(a)(iv), 8,
      11 or
      12 hereof.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

    

    10. Certain
      Definitions.
      For
      purposes of this Agreement, the following terms shall have the respective
      meanings set forth below:

     

    Custom
      Loan Information:
      Such
      information regarding the Mortgage Loans as is disseminated by any Underwriter
      to a potential investor, exclusive of any Seller Mortgage Loan Information
      (in
      the form provided by the Depositor) and information included in the Preliminary
      Term Sheet.

     

    Contract
      of Sale:
      A valid
      contract, whether oral or written, by which a third party becomes committed
      to
      purchase any Publicly-Offered Certificates from any Underwriter and such
      Underwriter becomes committed to sell such Publicly-Offered Certificates to
      such
      third party; provided that "Contract of Sale" excludes any action by such third
      party and such Underwriter prior to such commitments.

     

    Derived
      Information:
      Such
      information regarding the Publicly-Offered Certificates as is disseminated
      by
      any Underwriter to a potential investor, which information is prepared on the
      basis of or derived from Seller Mortgage Loan Information (e.g., tables and/or
      charts displaying with respect to any Class or Classes of Publicly-Offered
      Certificates, any of the following: yield, average life, duration, expected
      maturity, interest rate sensitivity, loss sensitivity), but does not include
      (i)
      Issuer Information, (ii) information contained in the Registration Statement,
      any Prospectus or any amendment or supplement to any of them, taking into
      account information incorporated therein by reference or (iii) Seller Mortgage
      Loan Information.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

       

    

    Free
      Writing Prospectus:
      The
      Preliminary Term Sheet and any Custom Loan Information, Derived Information
      or
      other information relating to the Publicly-Offered Certificates disseminated
      by
      the Depositor (with prior notification to the Underwriters pursuant to Section
      4) or by any Underwriter (with the prior consent of the Depositor pursuant
      to
      Section 4), that constitutes a “free writing prospectus” within the meaning of
      Rule 405 under the Securities Act.

     

    Issuer
      Information:
      Such
      information as defined in Rule 433(h) under the Securities Act and information
      that is based on or derived from such information, but excluding Derived
      Information or Custom Loan Information.

     

    Preliminary
      Term Sheet:
      The
      preliminary term sheet dated August 17, 2007.

     

    Seller
      Mortgage Loan Information:
      Information relating to the Mortgage Loans furnished by or on behalf of the
      Depositor or the Seller to the Underwriters.

    Spread:
      The
      excess, if any, of (i) the purchase prices paid by investors to an Underwriter
      for the Publicly-Offered Certificates over
      (ii)
      the purchase price paid by such Underwriter to the Depositor for the
      Publicly-Offered Certificates purchased
      by such Underwriter.

    Underwriter
      Information:
      The
      only written information furnished by or on behalf of an Underwriter to the
      Depositor specifically for use in connection with the preparation of the
      Registration Statement, any Prospectus or any Free Writing Prospectus, such
      information being specified on Exhibit A attached hereto.

    11. Indemnification.
      (a) The
      Depositor, the Seller and Redwood Trust jointly and severally agree to indemnify
      and hold harmless each Underwriter and each person who controls an Underwriter
      within the meaning of either the Securities Act or the Exchange Act against
      any

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

       

    

     and
      all losses, claims, damages or liabilities, joint or several, to which they
      may
      become subject under the Securities Act, the Exchange Act, or other federal
      or
      state statutory law or regulation, at common law or otherwise, insofar as such
      losses, claims, damages or liabilities (or actions in respect thereof) arise
      out
      of or are based upon (i) any untrue statement or alleged untrue statement of
      a
      material fact contained in the Registration Statement or in any revision or
      amendment thereof or supplement thereto, (ii) the omission or alleged omission
      to state therein a material fact required to be stated in the Registration
      Statement or necessary to make the statements therein, in the light of the
      circumstances under which they were made, not misleading, (iii) any untrue
      statement or alleged untrue statement of a material fact contained in the
      Preliminary Prospectus (expressly including any information relating to a
      servicer or an originator), taken together with the Designated Static Pool
      Information, (iv) the omission or alleged omission to state therein a material
      fact required to be stated in the Preliminary Prospectus (expressly including
      any information relating to a servicer or an originator), taken together with
      the Designated Static Pool Information, or necessary to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading, (v) any untrue statement or alleged untrue statement of a material
      fact contained in the Final Prospectus (expressly including any information
      relating to a servicer or an originator), taken together with the Designated
      Static Pool Information, or in any revision or amendment thereof or supplement
      thereto, (vi) the omission or alleged omission to state in the Final Prospectus
      (expressly including any information relating to a servicer or an originator)
      or
      the Designated Static Pool Information, or in any revision or amendment thereof
      or supplement thereto, a material fact required to be stated therein or
      necessary to make the statements therein, in the light of the circumstances
      under which they were made, not misleading, (vii) any untrue statement or
      alleged 

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

       

    

    untrue
      statement of a material fact contained in a Free Writing Prospectus, or (viii)
      the omission or alleged omission to state therein a material fact required
      to be
      stated in a Free Writing Prospectus or necessary to make the statements therein,
      in the light of the circumstances under which they were made, not misleading,
      and further agree to promptly reimburse each such indemnified party for any
      legal or other expenses reasonably incurred by it or him, as incurred, in
      connection with investigating or defending or preparing to defend against any
      such loss, claim, damage, liability or action; provided,
      however,
      that
      none of the Depositor, the Seller or Redwood Trust shall be liable to a
      particular Underwriter or any person who controls such Underwriter to the extent
      that any misstatement or alleged misstatement or omission or alleged omission
      (i) was made in the Preliminary Prospectus, the Final Prospectus, any Free
      Writing Prospectus, the Registration Statement or the Designated Static Pool
      Information, as applicable, pursuant to Underwriter Information, Derived
      Information or Custom Loan Information disseminated by such Underwriter (unless
      such misstatement or alleged misstatement or omission or alleged omission
      resulted from an error or material omission in the Seller Mortgage Loan
      Information) or (ii) was corrected (with such correction timely delivered to
      the
      Underwriter) at least one business day prior to the written confirmation of
      such
      sale and such correction did not materially and adversely affect the marketing
      or pricing of the Publicly-Offered Certificates and such Underwriter did not
      deliver, at or prior to the written confirmation of such sale, a copy of the
      Final Prospectus as then revised, amended or supplemented in any case where
      such
      delivery is required by the Securities Act or the Exchange Act, if the Depositor
      has previously furnished copies thereof to the Underwriters in accordance with
      the terms of this Agreement. This agreement as to indemnity will be in addition
      to any liability that the Depositor, the Seller or Redwood Trust may otherwise
      have.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

       

    

    (b)
      Each
      Underwriter severally agrees to indemnify and hold harmless the Depositor,
      Redwood Trust and the Seller, the officers of the Depositor who signed the
      Registration Statement or any amendment thereof, the directors of the Depositor,
      and each person who controls the Depositor, Redwood Trust or the Seller within
      the meaning of either the Securities Act or the Exchange Act, to the same extent
      as the foregoing indemnities from the Depositor, the Seller and Redwood Trust
      to
      each Underwriter; provided,
      however,
      that an
      Underwriter will be liable in any such case only to the extent that such untrue
      statement or alleged untrue statement or omission or alleged omission was made
      in reliance upon and in conformity with Underwriter Information, Derived
      Information or Custom Loan Information, as applicable, furnished by that
      particular Underwriter to the Depositor or to a prospective investor, except
      to
      the extent that any untrue statement or alleged untrue statement therein or
      omission therefrom resulted (or is alleged to have resulted) directly from
      an
      error in the Seller Mortgage Loan Information that was used in the preparation
      of either (x) any Underwriter Information, Derived Information or Custom Loan
      Information (or amendment or supplement thereof) or (y) any written or
      electronic materials furnished to prospective investors on which the Underwriter
      Information (or amendments or supplements) were based. This agreement as to
      indemnity will be in addition to any liability that any Underwriter may
      otherwise have.

    (c)
       Promptly
      after receipt of notice of the commencement of any action by an indemnified
      party under this Section 11, such indemnified party shall, if a claim in respect
      thereof is to be made against the indemnifying party under this Section 11,
      notify the indemnifying party in writing of the commencement thereof;
provided,
      however,
      that
      the omission so to notify the indemnifying party will not relieve the
      indemnifying party from any liability which it may have to any indemnified
      party, unless the indemnifying party is materially 

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

       

    

    prejudiced
      by such failure to notify and in
      any event shall not relieve the indemnifying party from any liability which
      it
      may have to any indemnified party other than under this Section 11.
      In case
      any such action is brought against any indemnified party and it notifies the
      indemnifying party of the commencement thereof, the indemnifying party shall
      be
      entitled to participate therein, and to the extent that it may elect by written
      notice delivered to the indemnified party promptly after receiving the aforesaid
      notice from such indemnified party, to assume the defense thereof, with counsel
      satisfactory to such indemnified party; provided,
      however,
      that if
      the defendants in any such action include both the indemnified party and the
      indemnifying party and the indemnified party (including impleaded parties)
      and
      the indemnified party or parties shall have reasonably concluded that there
      may
      be legal defenses available to it or them and/or other indemnified parties
      that
      are different from or additional to those available to the indemnifying party,
      the indemnified party or parties shall have the right to elect separate counsel
      to assert such legal defenses and to otherwise participate in the defense of
      such action on behalf of such indemnified party or parties. Upon receipt of
      notice from the indemnifying party to such indemnified party of its election
      so
      to assume the defense of such action and approval by the indemnified party
      of
      counsel, the indemnifying party will not be liable for any legal or other
      expenses subsequently incurred by such indemnified party in connection with
      the
      defense thereof, unless (i) the indemnified party shall have employed separate
      counsel in connection with the assertion of legal defenses in accordance with
      the proviso to the next preceding sentence (it being understood, however, that
      the indemnifying party shall not be liable for the expenses of more than one
      separate counsel (in addition to local counsel) for each of, and approved by,
      the Underwriters in the case of paragraph (a) of this Section 11, representing
      the related indemnified parties under such paragraph (a) who are parties to
      such
      action), (ii) the indemnifying party shall 

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

       

    

    not
      have
      employed counsel satisfactory to the indemnified party to represent the
      indemnified party within a reasonable time after notice of commencement of
      the
      action or (iii) the indemnifying party has authorized the employment of counsel
      for the indemnified party at the expense of the indemnifying party; and except
      that, if clause (i) or (iii) is applicable, such liability shall only be in
      respect of the counsel referred to in such clause (i) or (iii). No indemnifying
      party shall, without the consent of the indemnified party, effect any settlement
      of any pending or threatened proceeding in respect of which any indemnified
      party is or could have been a party and indemnity could have been sought
      hereunder by such indemnified party, unless such settlement includes an
      unconditional release of such indemnified party from all liability on claims
      that are the subject matter of such proceeding.

    12. Contribution.
      If the
      indemnification provided for in Section 11 is unavailable or insufficient to
      hold harmless an indemnified party under Section 11, then each indemnifying
      party shall contribute to the amount paid or payable by such indemnified party
      as a result of the losses, claims, damages or liabilities referred to in Section
      11 above in such proportion as is appropriate to reflect the relative benefits
      received by the Depositor, the Seller and Redwood Trust on the one hand and
      the
      Underwriter on the other from the offering of the Publicly-Offered
      Certificates or
      (ii)
      if the allocation provided by clause (i) above is not permitted by applicable
      law, in such proportion as is appropriate to reflect not only the relative
      benefits referred to in clause (i) above but also the relative fault of the
      Depositor, the Seller and Redwood Trust on the one hand and the Underwriter
      on
      the 

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

       

    

    other
      in
      connection with the statements or omissions or alleged statements or alleged
      omissions which resulted in such losses, claims, damages or liabilities as
      well
      as any other relevant equitable considerations. The relative benefits received
      by the Depositor, the Seller and Redwood Trust on the one hand and the
      Underwriters on the other shall be in such proportion so that the Underwriters
      are responsible for an amount equal to the Spread, and the Depositor, the Seller
      and Redwood Trust are responsible for the balance. The relative fault shall
      be
      determined by reference to, among other things, whether the untrue or alleged
      untrue statement of a material fact or the omissions or alleged omission to
      state a material fact relates to information supplied by the Depositor, the
      Seller or Redwood Trust or by the Underwriters and the parties’ relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      untrue statement or omission. The amount paid by an indemnified party as a
      result of the losses, claims, damages or liabilities referred to in the first
      sentence of this Section 12 shall be deemed to include any legal or other
      expenses reasonably incurred by such indemnified party in connection with
      investigating or defending any action or claim which is the subject of this
      Section 12. An Underwriter shall not be required to contribute any amount in
      excess of (x) the Spread of such Underwriter, over (y) the amount of any damages
      which the applicable Underwriter has otherwise been required to pay by reason
      of
      such untrue or alleged untrue statement or omission or alleged omission. The
      obligation of any Underwriter to contribute under this Section 12 is several
      in
      proportion to the portion of the Spread applicable to it. No person guilty
      of
      fraudulent misrepresentation (within the meaning of Section 11(f) of the
      Securities Act) shall be entitled to contribution from any person who was not
      guilty of such fraudulent misrepresentation.

    13. Successors.
      This
      Agreement will inure to the benefit of and be binding upon the parties hereto
      and their respective successors and assigns, and no other person will have
      any
      right or obligation hereunder. 

    14. Applicable
      Law.
      This
      Agreement will be governed by, and construed in accordance with, the laws of
      the
      State of New York applicable to agreements made and to be performed therein,
      without reference to its conflict of law provisions (other than Section 5-1401
      of the General Obligations Law), and the obligations, rights and remedies of
      the
      parties hereunder shall be determined in accordance with such laws.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

       

    

    15. No
      Advisory or Fiduciary Responsibility.
      The
      Depositor acknowledges and agrees that: (i) the purchase and sale of the
      Publicly-Offered Certificates pursuant to this Agreement, including the
      determination of the public offering price of the Publicly-Offered Certificates
      and any related discounts and commissions, is an arm’s-length commercial
      transaction between the Depositor, on the one hand, and the several
      Underwriters, on the other hand, and the Depositor is capable of evaluating
      and
      understanding and understands and accepts the terms, risks and conditions of
      the
      transactions contemplated by this Agreement; (ii) in connection with each
      transaction contemplated hereby and the process leading to such transaction
      each
      Underwriter is and has been acting solely as a principal and is not the
      financial advisor, agent or fiduciary of the Depositor or its affiliates,
      stockholders, creditors or employees or any other party; (iii) no Underwriter
      has assumed or will assume an advisory, agency or fiduciary responsibility
      in
      favor of the Depositor with respect to any of the transactions contemplated
      hereby or the process leading thereto (irrespective of whether such Underwriter
      has advised or is currently advising the Depositor on other matters) or any
      other obligation to the Depositor except the obligations expressly set forth
      in
      this Agreement; (iv) the several Underwriters and their respective affiliates
      may be engaged in a broad range of transactions that involve interests that
      differ from those of the Depositor and that the several Underwriters have no
      obligation to disclose any of such interests by virtue of any advisory, agency
      or fiduciary relationship; and (v) the Underwriters have not provided any legal,
      accounting, regulatory or tax advice with respect to the offering contemplated
      hereby and the Depositor has consulted its own legal, accounting, regulatory
      and
      tax advisors to the extent it deemed appropriate.

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

       

    

    This
      Agreement supersedes all prior agreements and understandings (whether written
      or
      oral) between the Depositor and the several Underwriters, or any of them, with
      respect to the subject matter hereof. The Depositor hereby waives and releases,
      to the fullest extent permitted by law, any claims that the Depositor may have
      against the several Underwriters with respect to any breach or alleged breach
      of
      agency or fiduciary duty.

    16. The
      Depositor acknowledges and agrees that the Underwriters are acting solely in
      the
      capacity of an arm's length contractual counterparty to the Depositor with
      respect to the offering of Publicly-Offered Certificates contemplated
      hereby (including in connection with determining the terms of the offering)
      and
      not as a financial advisor or a fiduciary to, or an agent of, the Depositor
      or
      any other person. In addition, neither the Representative nor any other
      Underwriter is advising the Depositor or any other person as to any legal,
      tax,
      investment, accounting or regulatory matters in any jurisdiction. The Depositor
      shall consult with its own advisors concerning such matters, and the
      Underwriters shall have no responsibility or liability to the Depositor with
      respect thereto. Any review by the Underwriters of the Depositor, the
      transactions contemplated hereby or other matters relating to such transactions
      will be performed solely for the benefit of the Underwriters and shall not
      be on
      behalf of the Depositor

    17. Miscellaneous.
      Time
      shall be of the essence of this Agreement. This Agreement, together with any
      contemporaneous written agreements and any prior written agreements (to the
      extent not superseded by this Agreement) that relate to the offering of the
      Publicly-Offered Certificates, represents the entire agreement between
      Depositor, the Seller and Redwood Trust, on the one hand, and the Underwriters,
      on the other, with respect to the preparation of the Preliminary Prospectus,
      the
      Final Prospectus and any Free Writing Prospectus, the conduct of the offering
      and the purchase and sale of the Publicly-Offered Certificates. Neither this
      Agreement nor any term hereof may be changed, waived, discharged or terminated
      except by a writing signed by the party against whom enforcement of such change,
      waiver, discharge or termination is sought. This Agreement may be signed in
      any
      number of counterparts, each of which shall be deemed an original, which taken
      together shall constitute one and the same instrument.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

       

    

    18. Notices.
      All
      communications hereunder shall be in writing and effective only on receipt
      and,
      if sent to an Underwriter, shall be delivered to the address specified on the
      signature page hereof. If such notice is sent to the Depositor, the Seller
      or
      Redwood Trust, it shall be delivered to One Belvedere Place, Suite 330, Mill
      Valley, California 94941, attention of John Isbrandtsen, Vice
      President.

    *
      *
      *

     

    
 

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

       

    

    If
      the
      foregoing is in accordance with your understanding of our agreement please
      sign
      and return to the undersigned a counterpart hereof, whereupon this Agreement
      and
      your acceptance shall represent a binding agreement by and among the Depositor,
      the Seller, Redwood Trust and each Underwriter relating to the Publicly-Offered
      Certificates.

    Very
      truly yours,

     

    REDWOOD
      TRUST, INC. 

    

    

    By:________________________________________

    Name:
      John Isbrandtsen

    Title:
      Vice President

    

    RWT
      HOLDINGS, INC.,

    as
      Seller

    

    

    By:________________________________________

    Name:
      John Isbrandtsen

    Title:
      Vice President

    

    SEQUOIA
      RESIDENTIAL FUNDING, INC.,

    as
      Depositor

    

    

    By:________________________________________

    Name:
      John Isbrandtsen

    Title:
      Vice President

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      foregoing Agreement

    is
      hereby
      confirmed and accepted by:

     

    BANC
      OF
      AMERICA SECURITIES LLC

     

    By:________________________________________

    Name: 

    Title: 

    Address:           Banc
      of America Securities LLC

    214
      North
      Tryon Street

    Charlotte,
      NC 28255

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Schedule
      1
      -
      Schedule of Publicly-Offered Certificates

     

    
      	
               

               

               

              Class

            	
               

              Original

              Class

              Principal
                or

               Notional

              Amount(1)

            	
               

               

               

               

              Class
                Interest 

              Rate(2)

            	
               

               

              Purchase

              Price

              Percentage(3)

            	
              Original
                

              Amount
                to be

               purchased
                by

               Banc
                of 

              America

               Securities
                LLC

            
	
              1-A1

            	
              $                
                   42,031,000

            	
              Adjustable

            	
              99.750000%

            	
              $                   
                42,031,000

            
	
              1-A2

            	
              $                   
                10,120,000

            	
              Adjustable

            	
              100.000000%

            	
              $                   
                10,120,000

            
	
              1-AR

            	
              $                               
                100

            	
              Variable

            	
              100.000000%

            	
              $                               
                100

            
	
              1-XA

            	
              $                   
                52,151,000(4)

            	
              Variable

            	
              0.450000%

            	
              $                   
                52,151,000(4)

            
	
              2-A1

            	
              $                     
                3,688,000

            	
              Variable

            	
              98.203125%

            	
              $                     
                3,688,000

            
	
              2-A2

            	
              $                        
                410,000

            	
              Variable

            	
              97.510286%

            	
              $                        
                410,000

            
	
              3-A1

            	
              $                   
                49,260,000

            	
              Variable

            	
              98.835938%

            	
              $                   
                49,260,000

            
	
              3-A2

            	
              $                     
                5,473,000

            	
              Variable

            	
              35.691833%

            	
              $                     
                5,473,000

            
	
              4-A1

            	
              $                   
                25,095,000

            	
              Variable

            	
              98.101563%

            	
              $                   
                25,095,000

            
	
              4-A2

            	
              $                     
                2,788,000

            	
              Variable

            	
              97.010024%

            	
              $                     
                2,788,000

            
	
              5-A1

            	
              $                   
                14,639,000

            	
              Variable

            	
              97.148438%

            	
              $                   
                14,639,000

            
	
              5-A2

            	
              $                     
                1,626,000

            	
              Variable

            	
              95.985378%

            	
              $                     
                1,626,000

            
	
              1-B1

            	
              $                     
                3,218,000

            	
              Variable

            	
              92.676273%

            	
              $                     
                3,218,000

            
	
              1-B2

            	
              $                     
                2,062,000

            	
              Variable

            	
              88.570244%

            	
              $                     
                2,062,000

            
	
              1-B3

            	
              $                     
                1,402,000

            	
              Variable

            	
              81.120272%

            	
              $                     
                1,402,000

            

    

    __________

    (1) These
      balances are approximate, as described in the Final Prospectus.

    (2) These
      Publicly-Offered Certificates
      will
      accrue interest based on adjustable rates based on the value of the one-month
      LIBOR index, or at variable interest rates, as described in the Final
      Prospectus.

    (3) The
      total underwriting fees/discounts payable to Banc
      of
      America Securities LLC shall
      be $324,282.50.

    (4)
      Notional amount.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    The
      following constitutes Underwriter Information for purposes of Section 10 of
      this
      Agreement:

    

    

    The
      information set forth in the Preliminary Prospectus Supplement and the
      Prospectus Supplement (i) in the first and second sentences of the paragraph
      immediately preceding the penultimate paragraph on the cover page thereof and
      (ii) in the first and second paragraphs under the caption “Method of
      Distribution” therein.Exhibit
      10.3

    Execution
      Version

     

    

    

    SEQUOIA
      MORTGAGE TRUST 2007-4

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    

    

    

    MORTGAGE
      LOAN PURCHASE AND SALE AGREEMENT

    Between

    RWT
      HOLDINGS, INC.

    and

    SEQUOIA
      RESIDENTIAL FUNDING, INC.

    dated
      as
      of August 1, 2007

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    PAGE

    

    
      	
              Section
                1.

            	
              Representations
                and Warranties of RWT and Sequoia

            	
              1

            
	
              Section
                2.

            	
              Additional
                Representations, Warranties and 

            	 
	 	
              Agreements
                of RWT 

            	
              1

            
	
              Section
                3.

            	
              Conveyance
                of Mortgage Loans.

            	
              2

            
	
              Section
                4.

            	
              Intention
                of Parties..

            	
              3

            
	
              Section
                5.

            	
              Termination

            	
              3

            
	
              Section
                6.

            	
              Miscellaneous

            	
              4

            

    

     

    

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

      MORTGAGE
        LOAN PURCHASE AND SALE AGREEMENT

       

      This
        Mortgage Loan Purchase and Sale Agreement (the “Agreement”) is made as of August
        1, 2007, by and between RWT Holdings, Inc., a Delaware corporation (“RWT”) and
        Sequoia Residential Funding, Inc., a Delaware corporation
        (“Sequoia”).

       

      WHEREAS,
        the parties hereto desire to provide for the purchase and sale of the Mortgage
        Loans (the "Mortgage Loans") on the Closing Date (as defined in the Pooling
        and
        Servicing Agreement, dated as of August 1, 2007 (the “Pooling and Servicing
        Agreement”) by and among Sequoia, as depositor, HSBC Bank USA, National
        Association, as trustee (the “Trustee”), and Wells Fargo Bank, N. A., as master
        servicer and securities administrator, and acknowledged by RWT, as seller,
        in
        accordance with the terms and conditions set forth in this
        Agreement.

       

      NOW,
        THEREFORE, the parties in consideration of good and valuable consideration,
        the
        receipt and sufficiency of which is hereby acknowledged, and intending to
        be
        legally bound, hereby agree as follows:

       

      Section
        1. Representations
        and Warranties of RWT and Sequoia.
        RWT and
        Sequoia, each as to itself and not the other, hereby represents, warrants
        and
        agrees for the benefit of the other party that:

       

      (a) Authorization.
        The
        execution, delivery and performance of this Agreement by it are within its
        respective powers and have been duly authorized by all necessary action on
        its
        part.

       

      (b) No
        Conflict.
        The
        execution, delivery and performance of this Agreement will not violate or
        conflict with (i) its charter or bylaws, (ii) any resolution or other corporate
        action by it, or (iii) any decisions, statutes, ordinances, rulings, directions,
        rules, regulations, orders, writs, decrees, injunctions, permits, certificates
        or other requirements of any court or other governmental or public authority
        in
        any way applicable to or binding upon it, and will not result in or require
        the
        creation, except as provided in or contemplated by this Agreement, of any
        lien,
        mortgage, pledge, security interest, charge or encumbrance of any kind upon
        the
        Mortgage Loans.

       

      (c) Binding
        Obligation.
        This
        Agreement has been duly executed by it and is its legally valid and binding
        obligation, enforceable against it in accordance with this Agreement’s terms,
        except as enforceability may be limited by bankruptcy, insolvency,
        reorganization, moratorium or similar laws affecting creditors’ rights
        generally, and by general principles of equity.

       

      Section
        2. Additional
        Representations, Warranties and Agreements
        of RWT.

       

      (a) RWT
        represents and warrants to, and agrees with, Sequoia that (i) on the Closing
        Date, RWT will have good, valid and marketable title to the Mortgage Loans
        that
        are identified in Schedule A to the Pooling and Servicing Agreement and the
        contractual rights with respect to the Mortgage Loans under each of the Purchase
        Agreements and the Servicing Agreements, (as modified by the related
        Acknowledgements, collectively referred to herein as the "Purchase and Servicing
        Agreements"), in each case free and clear of all liens, mortgages, deeds
        of
        trust, pledges, security interests, charges, encumbrances or other claims;
        and
        (ii) upon transfer to Sequoia, Sequoia will receive good, valid and marketable
        title to all of the Mortgage Loans and will receive all of RWT’s contractual
        rights and obligations under each such Purchase and Servicing Agreements,
        in
        each case free and clear of any liens, mortgages, deeds of trust, pledges,
        security interests, charges, encumbrances or other claims.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) RWT
        hereby makes the representations and warranties as to the Mortgage Loans
        set
        forth in Schedule A to this Agreement, for the benefit of Sequoia and the
        Trustee.

       

      (c) RWT
        hereby agrees that it will comply with the provisions of Section 2.04 of
        the
        Pooling and Servicing Agreement in respect of a breach of any of the
        representations and warranties set forth in this Section 2. In addition,
        RWT
        will comply with the provisions of Sections 7.01(b) and 9.01(d) of the Pooling
        and Servicing Agreement.

       

      (d) RWT
        hereby represents and warrants for the benefit of Sequoia and the Trustee:
        (i)
        this Agreement creates a valid and continuing security interest (as defined
        in
        the applicable UCC) in the Mortgage Loans in favor of Sequoia, which security
        interest is prior to all other Liens, and is enforceable as such as against
        creditors of and purchasers from RWT; (ii) the Mortgage Loans constitute
        “instruments” within the meaning of the applicable UCC; (iii) RWT, immediately
        prior to its transfer of Mortgage Loans under this Agreement, will own and
        have
        good, valid and marketable title to the Mortgage Loans free and clear of
        any
        Lien, claim or encumbrance of any Person; (iv) RWT has received all consents
        and
        approvals required by the terms of the Mortgage Loans to the sale of the
        Mortgage Loans hereunder to Sequoia; (v) all original executed copies of
        each
        Mortgage Note that constitute or evidence the Mortgage Loans have been delivered
        to the applicable Custodian; (vi) RWT has received a written acknowledgment
        from
        the applicable Custodian that such Custodian is holding the Mortgage Notes
        that
        constitute or evidence the Mortgage Loans solely on behalf and for the benefit
        of Sequoia; (vii) other than the security interest granted to Sequoia pursuant
        to this Agreement and security interests granted to lenders which will be
        automatically released at the Closing, RWT has not pledged, assigned, sold,
        granted a security interest in, or otherwise conveyed any of the Mortgage
        Loans;
        RWT has not authorized the filing of and is not aware of any financing
        statements against it that include a description of collateral covering the
        Mortgage Loans other than any financing statement relating to the security
        interest granted to Sequoia hereunder or that will be automatically released
        upon the sales to Sequoia; (viii) RWT is not aware of any judgment or tax
        lien
        filing against itself; and (ix) none of the Mortgage Notes that constitute
        or
        evidence the Mortgage Loans have any marks or notations indicating that they
        have been pledged, assigned or otherwise conveyed to any Person other than
        Sequoia.

       

      Section
        3. Conveyance
        of Mortgage Loans.
        

       

      (a) Mortgage
        Loans.
        RWT,
        concurrently with the execution and delivery hereof, hereby sells, transfers,
        assigns, sets over and otherwise conveys to Sequoia, without recourse, all
        of
        RWT’s right, title and interest in and to (i) the Mortgage Loans, including the
        related Mortgage Documents and all interest and principal received or receivable
        by RWT on or with respect to the Mortgage Loans after the Cut-off Date and
        all
        interest and principal payments on the Mortgage Loans received prior to the
        Cut-off Date in respect of installments of interest and principal due
        thereafter, but not including payments of interest and principal due and
        payable
        on the Mortgage Loans on or before the Cut-off Date, and all other proceeds
        received in respect of such Mortgage Loans, (ii) RWT’s rights and obligations
        under the Purchase Agreements and the Servicing Agreements with respect to
        the
        Mortgage Loans, as modified by the related Acknowledgements, (iii) the pledge,
        control and guaranty agreements and the Limited Purpose Surety Bond relating
        to
        the Additional Collateral Mortgage Loans, (iv) the Insurance Policies with
        respect to the Mortgage Loans, (v) all cash, instruments or other property
        held
        or required to be deposited in the Collection Accounts and the Distribution
        Account, and (vi) all proceeds of the conversion, voluntary or involuntary,
        of
        any of the foregoing into cash or other liquid assets, including, without
        limitation, all Insurance Proceeds, Liquidation Proceeds and condemnation
        awards. 

      
         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

      

      On
        or
        prior to the Closing Date, RWT shall deliver to Sequoia or, at Sequoia’s
        direction, to the applicable Custodian, the Trustee’s Mortgage File for each
        Mortgage Loan in the manner set forth in Section 2 of the Custody Agreement.
        Release of the Trustee’s Mortgage Files on the Closing Date shall be made
        against payment by Sequoia of the purchase price for the Mortgage Loans and
        related assets, which shall be a combination of credit for an additional
        capital
        contribution and cash wired to RWT's account. The amount of the purchase
        price
        payable by Sequoia shall be set forth in writing in a separate
        letter.

       

      (b) Defective
        Mortgage Loans.
        If any
        Mortgage Loan is required to be repurchased due to defective or missing
        documentation pursuant to Section 2.04 of the Pooling and Servicing Agreement,
        RWT shall, at its option, either (a) repurchase or cause the applicable seller
        of such Mortgage Loan to RWT to repurchase such Mortgage Loan at the Purchase
        Price, or (b) provide or cause the applicable seller of such Mortgage Loan
        to
        RWT to provide a Replacement Mortgage Loan, subject to the terms and conditions
        of the Pooling and Servicing Agreement.

       

      Section
        4. Intention
        of Parties.
        It is
        the express intent of the parties hereto that (without addressing
        characterization for GAAP purposes) the conveyance of the Mortgage Loans
        by RWT
        to Sequoia be construed as, an absolute sale thereof. It is, further, not
        the
        intention of the parties that such conveyance be deemed a pledge thereof.
        However, in the event that, notwithstanding the intent of the parties, such
        assets are held to be the property of the assigning party, or if for any
        other
        reason this Agreement is held or deemed to create a security interest in
        the
        Mortgage Loans, then (i) this Agreement shall be deemed to be a security
        agreement within the meaning of the Uniform Commercial Code of the State
        of New
        York and (ii) the conveyance provided for in this Agreement shall be deemed
        to
        be an assignment and a grant by RWT to Sequoia of a security interest in
        all of
        the assets described in such conveyances, whether now owned or hereafter
        acquired.

       

      RWT
        and
        Sequoia shall, to the extent consistent with this Agreement, take such actions
        as may be necessary to ensure that, if this Agreement were deemed to create
        a
        security interest in the Mortgage Loans, such security interest would be
        deemed
        to be a perfected security interest of first priority under applicable law
        and
        will be maintained as such throughout the term of this Agreement. RWT shall
        arrange for filing any Uniform Commercial Code continuation statements in
        connection with any security interest granted or assigned
        hereunder.

       

      Section
        5. Termination.
        

       

      (a) Sequoia
        may terminate this Agreement, by notice to RWT, at any time at or prior to
        the
        Closing Date:

       

      (i) if
        the
        Underwriting Agreement is terminated by the Underwriters pursuant to the
        terms
        of the Underwriting Agreement or if the Underwriters do not complete the
        transactions contemplated
        by the
        Underwriting Agreement as the result of the failure of any condition set
        forth
        therein or if there has been, since the time of execution of this Agreement
        or
        since the respective dates as of which information is given in the Prospectus
        or
        Prospectus Supplement, any material adverse change in the financial condition,
        earnings, business affairs or business prospects of RWT, whether or not arising
        in the ordinary course of business, or

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (ii) if
        there
        has occurred any material adverse change in the financial markets in the
        United
        States, any outbreak of hostilities or escalation thereof or other calamity
        or
        crisis or any change or development involving a prospective change in national
        or international political,
        financial or economic conditions, in each case the effect of which is such
        as to
        make it, in the judgment of the Underwriters, impracticable to market the
        Certificates or to enforce contracts for the sale of the Certificates,
        or

       

      (iii) if
        a
        banking moratorium has been declared by either Federal or New York
        authorities.

       

      (b) This
        Agreement shall terminate automatically without any required notice or other
        action by any party hereto if the Closing Date for the issuance of the
        Certificates has not occurred by September 15, 2007.

       

      (c) Notwithstanding
        any termination of this Agreement or the completion of all sales contemplated
        hereby, the representations, warranties and agreements in Sections 1 and
        2
        hereof shall survive and remain in full force and effect.

       

      Section
        6. Miscellaneous.

       

      (a) Amendments,
        Etc.
        No
        rescission, modification, amendment, supplement or change of this Agreement
        shall be valid or effective unless in writing and signed by all of the parties
        to this Agreement. No amendment of this Agreement may modify or waive the
        representations, warranties and agreements set forth in Sections 1 and 2
        hereof.

       

      (b) Binding
        Upon Successors, Etc.
        This
        Agreement shall bind and inure to the benefit of and be enforceable by RWT
        and
        Sequoia, and the respective successors and assigns thereof. The parties hereto
        acknowledge that Sequoia is acquiring the Mortgage Loans for the purpose
        of
        pledging, transferring, assigning, setting over and otherwise conveying them
        to
        the Trustee, pursuant to the Pooling and Servicing Agreement for inclusion
        in
        the Trust Fund. As an inducement to Sequoia to purchase the Mortgage Loans,
        RWT
        acknowledges and consents to the assignment to the Trustee by Sequoia of
        all of
        Sequoia's rights against RWT hereunder in respect of the Mortgage Loans sold
        to
        Sequoia and that the enforcement or exercise of any right or remedy against
        RWT
        hereunder by the Trustee or to the extent permitted under the Pooling and
        Servicing Agreement shall have the same force and effect as if enforced and
        exercised by Sequoia directly.

       

      (c) Counterparts.
        This
        Agreement may be executed in two or more counterparts, each of which shall
        be
        deemed an original but all of which together shall constitute one and the
        same
        instrument.

       

      (d) Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (e) Headings.
        The
        headings of the several parts of this Agreement are inserted for convenience
        of
        reference and are not intended to be a part of or affect the meaning or
        interpretation of this Agreement.

       

      (f) Definitions.
        Capitalized terms not otherwise defined herein have the meanings ascribed
        to
        such terms in the Pooling and Servicing Agreement.

       

      (g) Nonpetition
        Covenant.
        Until
        one year plus one day shall have elapsed since the termination of the Pooling
        and Servicing Agreement in accordance with its terms, neither RWT nor any
        assignee of RWT shall petition or otherwise invoke the process of any court
        or
        government authority for the purpose of commencing or sustaining a case against
        Sequoia under any federal or state bankruptcy, insolvency or similar law
        or
        appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
        or
        other similar official of Sequoia or any substantial part of its property,
        or
        ordering the winding up or liquidation of the affairs of Sequoia.

       

      

      

      [remainder
        of page intentionally left blank]

      
         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

      

      IN
        WITNESS WHEREOF, each party has caused this Mortgage Loan Purchase and Sale
        Agreement to be executed by its duly authorized officer or officers as of
        the
        day and year first above written.

       

      RWT
        HOLDINGS, INC.

      

      

      By:
        ________________________________

      Name:
        ______________________________

      Title:_______________________________

      

      

      

      SEQUOIA
        RESIDENTIAL FUNDING, INC.

      
        
 

        By:
          ________________________________

        Name:
          ______________________________

        Title:_______________________________

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

      

      

        SCHEDULE
          A

        

        
          	
                  I.

                	
                  With
                    respect to Mortgage Loans purchased under the Mortgage Loan Flow
                    Purchase,
                    Sale and Servicing Agreement, dated as of February 1, 2002, between
                    Redwood Trust and GreenPoint Mortgage Funding, Inc. (the "Seller")
                    (the
                    "GreenPoint Agreement")

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to Pledged Mortgages (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the GreenPoint
          Agreement.

        

        (i) The
          information set forth in the Mortgage Loan Schedule is true, complete and
          correct in all material respects as of the Cut-Off Date and
          the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

         

        

        (ii) The
          Mortgage creates a first lien or a first priority ownership interest in
          an
          estate in fee simple in real property securing the related Mortgage Note,
          free
          and clear of all adverse claims, liens and encumbrances having priority
          over the
          first lien of the Mortgage subject only to (1) the lien of non-delinquent
          current real property taxes and assessments not yet due and payable, (2)
          covenants, conditions and restrictions, rights of way, easements and other
          matters of public record as of the date of recording which are acceptable
          to
          mortgage lending institutions generally and, with respect to any Mortgage
          Loan
          for which an appraisal was made prior to the Cut-Off Date, either (A) which
          are
          referred to or otherwise considered in the appraisal made for the originator
          of
          the Mortgage Loan, or (B) which do not adversely affect the appraised value
          of
          the Mortgaged Property as set forth in such appraisal, and (C) other matters
          to
          which like properties are commonly subject which do not materially interfere
          with the benefits of the security intended to be provided by the Mortgage
          or the
          use, enjoyment, value or marketability of the related Mortgaged Property.
          Any
          security agreement, chattel mortgage or equivalent document related to
          and
          delivered in connection with the Mortgage Loan establishes and creates
          a valid,
          subsisting and enforceable first lien and first priority security interest
          on
          the property described therein;

        

        (iii) The
          Mortgage Loan has not been delinquent thirty (30) days or more at any time
          during the twelve (12) month period prior to the Cut-off Date for such
          Mortgage
          Loan. To RWT Holdings' knowledge, there are no defaults under the terms
          of the
          Mortgage Loan; and the Seller has not advanced funds, or induced, solicited
          or
          knowingly received any advance of funds from a party other than the owner
          of the
          Mortgaged Property subject to the Mortgage, directly or indirectly, for
          the
          payment of any amount required by the Mortgage Loan; 

        

        (iv) To
          RWT
          Holdings' knowledge, there are no delinquent taxes which are due and payable,
          ground rents, assessments or other outstanding charges affecting the related
          Mortgaged Property;

        

        (v) The
          terms
          of the Mortgage Note of the related Mortgagor and the Mortgage have not
          been
          impaired, waived, altered or modified in any respect, except by written
          instruments which have been recorded to the extent any such recordation
          is
          required by applicable law or is necessary to protect the interests of
          the
          Purchaser, and which have been approved by the title insurer and the primary
          mortgage insurer, as applicable, and copies of which written instruments
          are
          included in the Mortgage File. No other instrument of waiver, alteration
          or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, from the terms thereof except in connection with an assumption
          agreement, which assumption agreement is part of the Mortgage File and
          the terms
          of which are reflected on the Mortgage Loan Schedule;

        

        (vi) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage Note or Mortgage
          unenforceable, in whole or in part, or subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, and,
          to RWT
          Holdings' knowledge, no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (vii) All
          buildings upon the Mortgaged Property are insured by a generally acceptable
          insurer pursuant to standard hazard policies conforming to the requirements
          of
          Fannie Mae and Freddie Mac. All such standard hazard policies are in effect
          and
          on the date of origination contained a standard mortgagee clause naming
          the
          Seller and its successors in interest as loss payee and such clause is
          still in
          effect and, to RWT Holdings' knowledge, all premiums due thereon have been
          paid.
          If the Mortgaged Property is located in an area identified by the Federal
          Emergency Management Agency as having special flood hazards under the Flood
          Disaster Protection Act of 1973, as amended, such Mortgaged Property is
          covered
          by flood insurance by a generally acceptable insurer in an amount not less
          than
          the requirements of Fannie Mae and Freddie Mac. The Mortgage obligates
          the
          Mortgagor thereunder to maintain all such insurance at the Mortgagor's
          cost and
          expense, and on the Mortgagor's failure to do so, authorizes the holder
          of the
          Mortgage to maintain such insurance at the Mortgagor's cost and expense
          and to
          seek reimbursement therefor from the Mortgagor;

        

        (viii) Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity or disclosure laws applicable
          to the
          Mortgage Loan have been complied with in all material respects;

        

        (ix) The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such satisfaction, release, cancellation, subordination
          or
          rescission;

        

        (x) The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency
          and
          other laws of general application affecting the rights of creditors, and
          the
          Seller has taken all action necessary to transfer such rights of enforceability
          to the Purchaser. All parties to the Mortgage Note and the Mortgage had
          the
          legal capacity to enter into the Mortgage Loan and to execute and deliver
          the
          Mortgage Note and the Mortgage. The Mortgage Note and the Mortgage have
          been
          duly and properly executed by such parties. The proceeds of the Mortgage
          Note
          have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          off-site improvements and as to disbursements of any escrow funds therefor
          have
          been complied with;

        

        (xi) Immediately
          prior to the transfer and assignment to the Purchaser, the Mortgage Note
          and the
          Mortgage were not subject to an assignment or pledge, and the Seller had
          good
          and marketable title to and was the sole owner thereof and had full right
          to
          transfer and sell the Mortgage Loan to the Purchaser free and clear of
          any
          encumbrance, equity, lien, pledge, charge, claim or security
          interest;

        

        (xii) The
          Mortgage Loan is covered by an ALTA lender's title insurance policy or
          other
          generally acceptable form of policy of insurance, with all necessary
          endorsements, issued by a title insurer qualified to do business in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in clause (b) (1), (2) and (3) above) the Seller,
          its
          successors and assigns, as to the first priority lien of the Mortgage in
          the
          original principal amount of the Mortgage Loan. Such title insurance policy
          affirmatively insures ingress and egress and against encroachments by or
          upon
          the Mortgaged Property or any interest therein. The Seller is the sole
          insured
          of such lender's title insurance policy, such title insurance policy has
          been
          duly and validly endorsed to the Purchaser or the assignment to the Purchaser
          of
          the Seller's interest therein does not require the consent of or notification
          to
          the insurer and such lender's title insurance policy is in full force and
          effect
          and will be in full force and effect upon the consummation of the transactions
          contemplated by the GreenPoint Agreement. To RWT Holdings' knowledge, no
          claims
          have been made under such lender's title insurance policy, and no prior
          holder
          of the related Mortgage has done, by act or omission, anything which would
          impair the coverage of such lender's title insurance policy;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xiii) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and, to RWT Holdings' knowledge,
          no event
          which, with the passage of time or with notice and the expiration of any
          grace
          or cure period, would constitute a default, breach, violation or event
          permitting acceleration; and neither the Seller nor any prior mortgagee
          has
          waived any default, breach, violation or event permitting
          acceleration;

        

        (xiv) To
          the
          best of RWT Holdings' knowledge, there are no mechanics, or similar liens
          or
          claims which have been filed for work, labor or material affecting the
          related
          Mortgaged Property which are or may be liens prior to or equal to the lien
          of
          the related Mortgage;

        

        (xv) To
          RWT
          Holdings' knowledge, all improvements subject to the Mortgage lie wholly
          within
          the boundaries and building restriction lines of the Mortgaged Property
          (and
          wholly within the project with respect to a condominium unit) and no
          improvements on adjoining properties encroach upon the Mortgaged Property
          except
          those which are insured against by the title insurance policy referred
          to in
          clause (xii) above and all improvements on the property comply with all
          applicable zoning and subdivision laws and ordinances;

        

        (xvi) The
          Mortgage Loan was originated by the Seller or by an eligible correspondent
          of
          the Seller. The Mortgage Loan complies in all material respects with all
          the
          terms, conditions and requirements of the Seller's underwriting standards
          attached to the GreenPoint Agreement as Exhibit G. The Mortgage Notes and
          Mortgages are on forms acceptable to Fannie Mae or Freddie Mac;

        

        (xvii) The
          Mortgage Loan contains the usual and enforceable provisions of the originator
          at
          the time of origination for the acceleration of the payment of the unpaid
          principal amount if the related Mortgaged Property is sold without the
          prior
          consent of the mortgagee thereunder. The Mortgage Loan has an original
          term to
          maturity of not more than 30 years, with interest payable in arrears on
          the
          first day of each month. Except as otherwise set forth on the Mortgage
          Loan
          Schedule, the Mortgage Loan does not contain terms or provisions which
          would
          result in negative amortization nor contain “graduated payment”
features;

        

        (xviii) The
          Mortgaged Property at origination of the Mortgage Loan was and, to RWT
          Holdings'
          knowledge, currently is free of damage and waste and at origination of
          the
          Mortgage Loan there was, and, to RWT Holdings' knowledge, there currently
          is, no
          proceeding pending for the total or partial condemnation thereof;

        

        (xix) The
          related Mortgage contains enforceable provisions such as to render the
          rights
          and remedies of the holder thereof adequate for the realization against
          the
          Mortgaged Property of the benefits of the security provided thereby, including,
          (1) in the case of a Mortgage designated as a deed of trust, by trustee's
          sale,
          and (2) otherwise by judicial foreclosure; 

        

        (xx) If
          the
          Mortgage constitutes a deed of trust, a trustee, duly qualified if required
          under applicable law to act as such, has been properly designated and currently
          so serves and is named in the Mortgage, and no fees or expenses are or
          will
          become payable by the Purchaser to the trustee under the deed of trust,
          except
          in connection with a trustees sale or attempted sale after default by the
          Mortgagor;

        

        (xxi) If
          required by the applicable processing style, the Mortgage File contains
          an
          appraisal of the related Mortgaged Property made and signed prior to the
          final
          approval of the mortgage loan application by a qualified appraiser satisfying
          the requirements of Title XI of The Financial Institutions Reform, and
          Enforcement Act of 1989, as amended, and the regulations promulgated thereunder,
          that is acceptable to Fannie Mae or Freddie Mac and approved by the Seller.
          The
          appraisal, if applicable, is in a form generally acceptable to Fannie Mae
          or
          Freddie Mac;

        

        (xxii) All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in substantial compliance with
          any and
          all applicable licensing requirements of the laws of the state wherein
          the
          Mortgaged Property is located, and (B) (1) organized under the laws of
          such
          state, or (2) qualified to do business in such state, or (3) federal savings
          and
          loan associations, national banks, a Federal Home Loan Bank or the Federal
          Reserve Bank, or (4) not doing business in such state;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxiii) To
          the
          best of RWT Holdings' knowledge, there does not exist any circumstances
          or
          conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor
          or the Mortgagor's credit standing that could reasonably be expected to
          cause
          private institutional investors to regard the Mortgage Loan as an unacceptable
          investment, to cause the Mortgage Loan to become delinquent, or to materially
          adversely affect the value or marketability of the Mortgage Loan;

        

        (xxiv) Each
          of
          the Mortgaged Properties consists of a single parcel of real property with
          a
          detached single-family residence erected thereon, or a two- to four-family
          dwelling, or a townhouse, or an individual condominium unit in a condominium
          project or an individual unit in a planned unit development. Any condominium
          unit or planned unit development either conforms with applicable Fannie
          Mae or
          Freddie Mac requirements regarding such dwellings or is covered by a waiver
          confirming that such condominium unit or planned unit development is acceptable
          to Fannie Mae or Freddie Mac or is otherwise “warrantable” with respect thereto.
          No such residence is a mobile home or manufactured dwelling;

        

        (xxv) The
          ratio
          of the original outstanding principal amount of the Mortgage Loan to the
          lesser
          of the appraised value (or stated value if an appraisal was not a requirement
          of
          the applicable processing style) of the Mortgaged Property at origination
          or the
          purchase price of the Mortgaged Property securing each Mortgage Loan (the
          “Loan-to-Value Ratio”) is not in excess of 95.00%. The original Loan-to-Value
          Ratio of each Mortgage Loan either was not more than 95.00% or the excess
          over
          80.00% is insured as to payment defaults by a Primary Mortgage Insurance
          Policy
          issued by a primary mortgage insurer acceptable to Fannie Mae or Freddie
          Mac;

        

        (xxvi) The
          Seller is either, and each Mortgage Loan was originated by, a savings and
          loan
          association, savings bank, commercial bank, credit union, insurance company
          or
          similar institution which is supervised and examined by a federal or State
          authority, or by a mortgagee approved by the Secretary of Housing and Urban
          Development pursuant to Section 203 and 211 of the National Housing
          Act;

        

        (xxvii) The
          origination, collection and servicing practices with respect to each Mortgage
          Note and Mortgage have been legal in all material respects. With respect
          to
          escrow deposits and payments that the Seller collects, all such payments
          are in
          the possession of, or under the control of, the Seller, and there exist
          no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. No escrow deposits or other charges
          or
          payments due under the Mortgage Note have been capitalized under any Mortgage
          or
          the related Mortgage Note; 

        

        (xxviii)
          No fraud or misrepresentation of a material fact with respect to the origination
          of a Mortgage Loan has taken place on the part of the Seller;

        

        (xxix)
          No
          Mortgage Loan contains a provision whereby the related Mortgagor can convert
          the
          related Mortgage Loan to a fixed rate instrument;

        

        (xxx)
          No
          Mortgage Loan is subject to the provisions of the Homeownership and Equity
          Protection Act of 1994 (“HOEPA”) and no Mortgage Loan is “high cost” as defined
          by any applicable federal, state or local predatory or abusive lending
          law, and
          no mortgage loan is a “high cost” or “covered” mortgage loan, as applicable (as
          such terms are defined in the then current Standard and Poor’s LEVELS Glossary
          which is now Version 6.0, Appendix E);

         

        (xxxi)
          None
          of the proceeds of any Mortgage Loan were used to finance the purchase
          of single
          premium credit insurance policies;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxii) No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (xxxiii)
          Each Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC;

        

        (xxxiv) There
          were no adverse selection procedures used in selecting the Mortgage Loan
          from
          among the residential mortgage loans which were available for inclusion
          in the
          Mortgage Loans; and

        

        (xxxv) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state and federal laws, including, but not limited to,
          all
          applicable predatory or abusive lending laws.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  II.

                	
                  With
                    respect to Mortgage Loans purchased under the Mortgage Loan Flow
                    Purchase,
                    Sale and Servicing Agreement, dated as of August 1, 2002, between
                    RWT
                    Holdings and GreenPoint Mortgage Funding, Inc. (the "Seller")
                    (the
                    "GreenPoint-RWT
                    Agreement")

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the GreenPoint-RWT
          Agreement.

        

        (i) The
          information set forth in the Mortgage Loan Schedule is true, complete and
          correct in all material respects as of the Cut-Off Date;

         

        (ii) The
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        (iii) The
          Mortgage creates a first lien on or a first priority ownership interest
          in real
          property securing the related Mortgage Note, free and clear of all adverse
          claims, liens and encumbrances having priority over the first lien of the
          Mortgage subject only to (1) the lien of non-delinquent current real property
          taxes and assessments not yet due and payable, (2) covenants, conditions
          and
          restrictions, rights of way, easements and other matters of public record
          as of
          the date of recording which are acceptable to mortgage lending institutions
          generally and, with respect to any Mortgage Loan for which an appraisal
          was made
          prior to the Cut-Off Date, either (A) which are referred to or otherwise
          considered in the appraisal made for the originator of the Mortgage Loan,
          or (B)
          which do not adversely affect the appraised value of the Mortgaged Property
          as
          set forth in such appraisal, and (C) other matters to which like properties
          are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property. If the Mortgaged Property
          includes a leasehold estate, the lease is valid, in full force and affect,
          and
          conforms to the Fannie Mae requirements for leasehold estates. Any security
          agreement, chattel mortgage or equivalent document related to and delivered
          in
          connection with the Mortgage Loan establishes and creates a valid, subsisting
          and enforceable first lien and first priority security interest on the
          property
          described therein;

        

        (iv) The
          Mortgage Loan has not been delinquent thirty (30) days or more at any time
          during the twelve (12) month period prior to the Cut-off Date for such
          Mortgage
          Loan. To RWT Holdings' knowledge, there are no defaults under the terms
          of the
          Mortgage Loan; and the Seller has not advanced funds, or induced, solicited
          or
          knowingly received any advance of funds from a party other than the owner
          of the
          Mortgaged Property subject to the Mortgage, directly or indirectly, for
          the
          payment of any amount required by the Mortgage Loan; 

        

        (v) To
          RWT
          Holdings' knowledge, there are no delinquent taxes which are due and payable,
          ground rents, assessments or other outstanding charges affecting the related
          Mortgaged Property;

        

        (vi) The
          terms
          of the Mortgage Note of the related Mortgagor and the Mortgage have not
          been
          impaired, waived, altered or modified in any respect, except by written
          instruments which have been recorded to the extent any such recordation
          is
          required by applicable law or is necessary to protect the interests of
          the
          Purchaser, and which have been approved by the title insurer and the primary
          mortgage insurer, as applicable, and copies of which written instruments
          are
          included in the Mortgage File. No other instrument of waiver, alteration
          or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, from the terms thereof except in connection with an assumption
          agreement, which assumption agreement is part of the Mortgage File and
          the terms
          of which are reflected on the Mortgage Loan Schedule;

        

        (vii) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage Note or Mortgage
          unenforceable, in whole or in part, or subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, and,
          to RWT
          Holdings' knowledge, no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (viii) All
          buildings upon the Mortgaged Property are insured by a generally acceptable
          insurer pursuant to standard hazard policies conforming to the requirements
          of
          Fannie Mae and Freddie Mac. All such standard hazard policies are in effect
          and
          on the date of origination contained a standard mortgagee clause naming
          the
          Seller and its successors in interest as loss payee and such clause is
          still in
          effect and, to RWT Holdings' knowledge, all premiums due thereon have been
          paid.
          If the Mortgaged Property is located in an area identified by the Federal
          Emergency Management Agency as having special flood hazards under the Flood
          Disaster Protection Act of 1973, as amended, such Mortgaged Property is
          covered
          by flood insurance by a generally acceptable insurer in an amount not less
          than
          the requirements of Fannie Mae and Freddie Mac. The Mortgage obligates
          the
          Mortgagor thereunder to maintain all such insurance at the Mortgagor's
          cost and
          expense, and on the Mortgagor's failure to do so, authorizes the holder
          of the
          Mortgage to maintain such insurance at the Mortgagor's cost and expense
          and to
          seek reimbursement therefor from the Mortgagor;

        

        (ix) Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity or disclosure laws applicable
          to the
          Mortgage Loan have been complied with in all material respects;

        

        (x) The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such satisfaction, release, cancellation, subordination
          or
          rescission;

        

        (xi) The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency
          and
          other laws of general application affecting the rights of creditors, and
          the
          Seller has taken all action necessary to transfer such rights of enforceability
          to the Purchaser. All parties to the Mortgage Note and the Mortgage had
          the
          legal capacity to enter into the Mortgage Loan and to execute and deliver
          the
          Mortgage Note and the Mortgage. The Mortgage Note and the Mortgage have
          been
          duly and properly executed by such parties. The proceeds of the Mortgage
          Note
          have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          off-site improvements and as to disbursements of any escrow funds therefor
          have
          been complied with;

        

        (xii) Immediately
          prior to the transfer and assignment to the Purchaser, the Mortgage Note
          and the
          Mortgage were not subject to an assignment or pledge, and the Seller had
          good
          and marketable title to and was the sole owner thereof and had full right
          to
          transfer and sell the Mortgage Loan to the Purchaser free and clear of
          any
          encumbrance, equity, lien, pledge, charge, claim or security
          interest;

        

        (xiii) The
          Mortgage Loan is covered by an ALTA lender's title insurance policy or
          other
          generally acceptable form of policy of insurance, with all necessary
          endorsements, issued by a title insurer qualified to do business in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in clause (b) (1), (2) and (3) above) the Seller,
          its
          successors and assigns, as to the first priority lien of the Mortgage in
          the
          original principal amount of the Mortgage Loan. Such title insurance policy
          affirmatively insures ingress and egress and against encroachments by or
          upon
          the Mortgaged Property or any interest therein. The Seller is the sole
          insured
          of such lender's title insurance policy, such title insurance policy has
          been
          duly and validly endorsed to the Purchaser or the assignment to the Purchaser
          of
          the Seller's interest therein does not require the consent of or notification
          to
          the insurer and such lender's title insurance policy is in full force and
          effect
          and will be in full force and effect upon the consummation of the transactions
          contemplated by the GreenPoint-RWT Agreement. To RWT Holdings' knowledge,
          no
          claims have been made under such lender's title insurance policy, and no
          prior
          holder of the related Mortgage has done, by act or omission, anything which
          would impair the coverage of such lender's title insurance policy;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xiv) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and, to RWT Holdings' knowledge,
          no event
          which, with the passage of time or with notice and the expiration of any
          grace
          or cure period, would constitute a default, breach, violation or event
          permitting acceleration; and neither the Seller nor any prior mortgagee
          has
          waived any default, breach, violation or event permitting
          acceleration;

        

        (xv) To
          the
          best of RWT Holdings' knowledge, there are no mechanics, or similar liens
          or
          claims which have been filed for work, labor or material affecting the
          related
          Mortgaged Property which are or may be liens prior to or equal to the lien
          of
          the related Mortgage;

        

        (xvi) To
          RWT
          Holdings' knowledge, all improvements subject to the Mortgage lie wholly
          within
          the boundaries and building restriction lines of the Mortgaged Property
          (and
          wholly within the project with respect to a condominium unit) and no
          improvements on adjoining properties encroach upon the Mortgaged Property
          except
          those which are insured against by the title insurance policy referred
          to in
          clause (xiii) above and all improvements on the property comply with all
          applicable zoning and subdivision laws and ordinances;

        

        (xvii) The
          Mortgage Loan was originated by the Seller or by an eligible correspondent
          of
          the Seller. The Mortgage Loan complies in all material respects with all
          the
          terms, conditions and requirements of the Seller's underwriting standards
          attached to the GreenPoint-RWT Agreement as Exhibit G. The Mortgage Notes
          and
          Mortgages are on forms acceptable to Fannie Mae or Freddie Mac;

        

        (xviii) The
          Mortgage Loan contains the usual and enforceable provisions of the originator
          at
          the time of origination for the acceleration of the payment of the unpaid
          principal amount if the related Mortgaged Property is sold without the
          prior
          consent of the mortgagee thereunder. The Mortgage Loan has an original
          term to
          maturity of not more than 30 years, with interest payable in arrears on
          the
          first day of each month. Except as otherwise set forth on the Mortgage
          Loan
          Schedule, the Mortgage Loan does not contain terms or provisions which
          would
          result in negative amortization nor contain “graduated payment”
features;

        

        (xix) The
          Mortgaged Property at origination of the Mortgage Loan was and, to RWT
          Holdings'
          knowledge, currently is free of damage and waste and at origination of
          the
          Mortgage Loan there was, and, to RWT Holdings' knowledge, there currently
          is, no
          proceeding pending for the total or partial condemnation thereof;

        

        (xx) The
          related Mortgage contains enforceable provisions such as to render the
          rights
          and remedies of the holder thereof adequate for the realization against
          the
          Mortgaged Property of the benefits of the security provided thereby, including,
          (1) in the case of a Mortgage designated as a deed of trust, by trustee's
          sale,
          and (2) otherwise by judicial foreclosure; 

        

        (xxi) If
          the
          Mortgage constitutes a deed of trust, a trustee, duly qualified if required
          under applicable law to act as such, has been properly designated and currently
          so serves and is named in the Mortgage, and no fees or expenses are or
          will
          become payable by the Purchaser to the trustee under the deed of trust,
          except
          in connection with a trustees sale or attempted sale after default by the
          Mortgagor;

        

        (xxii) If
          required by the applicable processing style, the Mortgage File contains
          an
          appraisal of the related Mortgaged Property made and signed prior to the
          final
          approval of the mortgage loan application by a qualified appraiser satisfying
          the requirements of Title XI of The Financial Institutions Reform, and
          Enforcement Act of 1989, as amended, and the regulations promulgated thereunder,
          that is acceptable to Fannie Mae or Freddie Mac and approved by the Seller.
          The
          appraisal, if applicable, is in a form generally acceptable to Fannie Mae
          or
          Freddie Mac;

        

        (xxiii) All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in substantial compliance with
          any and
          all applicable licensing requirements of the laws of the state wherein
          the
          Mortgaged Property is located, and (B) (1) organized under the laws of
          such
          state, or (2) qualified to do business in such state, or (3) federal savings
          and
          loan associations, national banks, a Federal Home Loan Bank or the Federal
          Reserve Bank, or (4) not doing business in such state;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxiv) To
          the
          best of RWT Holdings' knowledge, there does not exist any circumstances
          or
          conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor
          or the Mortgagor's credit standing that could reasonably be expected to
          cause
          private institutional investors to regard the Mortgage Loan as an unacceptable
          investment, to cause the Mortgage Loan to become delinquent, or to materially
          adversely affect the value or marketability of the Mortgage Loan;

        

        (xxv) Each
          of
          the Mortgaged Properties consists of a single parcel of real property with
          a
          detached single-family residence erected thereon, or a two- to four-family
          dwelling, or a townhouse, or an individual condominium unit in a condominium
          project or an individual unit in a planned unit development. Any condominium
          unit or planned unit development either conforms with applicable Fannie
          Mae or
          Freddie Mac requirements regarding such dwellings or is covered by a waiver
          confirming that such condominium unit or planned unit development is acceptable
          to Fannie Mae or Freddie Mac or is otherwise “warrantable” with respect thereto.
          No such residence is a mobile home or manufactured dwelling;

        

        (xxvi) The
          ratio
          of the original outstanding principal amount of the Mortgage Loan to the
          lesser
          of the appraised value (or stated value if an appraisal was not a requirement
          of
          the applicable processing style) of the Mortgaged Property at origination
          or the
          purchase price of the Mortgaged Property securing each Mortgage Loan (the
          “Loan-to-Value Ratio”) is not in excess of 95.00%. The original Loan-to-Value
          Ratio of each Mortgage Loan either was not more than 95.00% or the excess
          over
          80.00% is insured as to payment defaults by a Primary Mortgage Insurance
          Policy
          issued by a primary mortgage insurer acceptable to Fannie Mae or Freddie
          Mac;

        

        (xxvii) The
          Seller is either, and each Mortgage Loan was originated by, a savings and
          loan
          association, savings bank, commercial bank, credit union, insurance company
          or
          similar institution which is supervised and examined by a federal or State
          authority, or by a mortgagee approved by the Secretary of Housing and Urban
          Development pursuant to Section 203 and 211 of the National Housing
          Act;

        

        (xxviii) The
          origination, collection and servicing practices with respect to each Mortgage
          Note and Mortgage have been legal in all material respects. With respect
          to
          escrow deposits and payments that the Seller collects, all such payments
          are in
          the possession of, or under the control of, the Seller, and there exist
          no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. No escrow deposits or other charges
          or
          payments due under the Mortgage Note have been capitalized under any Mortgage
          or
          the related Mortgage Note; 

        

        (xxvi) No
          fraud
          or misrepresentation of a material fact with respect to the origination
          of a
          Mortgage Loan has taken place on the part of the Seller; 

         

        (xxvii) No
          Mortgage Loan contains a provision whereby the related Mortgagor can convert
          the
          related Mortgage Loan to a fixed rate instrument; 

         

        

        (xxxi) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act; 

        

        (xxxii) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxiii) No
          Mortgage Loan is covered by the Home Ownership and Equity Protection Act
          of 1994
          and none of the mortgage loans are High Cost as defined by the applicable
          predatory and abusive lending laws and no mortgage loan is a “high cost” or
“covered” mortgage loan, as applicable (as such terms are defined in the then
          current Standard and Poor’s LEVELS Glossary which is now Version 6.0, Appendix
          E);

        

        (xxxiv)
          No Mortgage Loan which is secured by property located in the State of New
          Jersey
          is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act,
          which became effective November 27, 2003;

        

        (xxxv)
          No
          Mortgage Loan which is secured by property located in the State of New
          Mexico is
          a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act,
          which became effective January 1, 2004;

        

        (xxxvi)
          No Mortgage Loan which is secured by property located in the State of Kentucky
          is a “High-Cost Home Loan” as defined in the Kentucky House Bill 287, which
          became effective June 24, 2003;

        

        (xxxvii)
          None of the proceeds of any Mortgage Loan were used to finance the purchase
          of
          single premium credit insurance policies;

        

        (xxxviii)
          No Mortgage Loan contains prepayment penalties that extend beyond five
          years
          after the date of origination;

        

        (xxxix) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        (xl) There
          were no adverse selection procedures used in selecting the Mortgage Loan
          from
          among the residential mortgage loans which were available for inclusion
          in the
          Mortgage Loans.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  III.

                	
                  Mortgage
                    Loans Purchased under the Mortgage Loan Flow Purchase , Sale
                    and Servicing
                    Agreement
                    dated as of January 1, 2006 between
                    RWT Holdings, Inc. (“RWT Holdings”) and GreenPoint Mortgage Funding, Inc.
                    (the “Seller/Servicer”) (the “GreenPoint-RWT
                    Agreement”).

                

        

         

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the GreenPoint-RWT
          Agreement.

        

        (i)
          The
          information set forth in the Mortgage Loan Schedule is true, complete
          and

        correct
          in all material respects as of the Cut-Off Date and
          the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        (ii)
          The
          Mortgage creates a first lien on or a first priority ownership interest
          in real
          property securing the related Mortgage Note, free and clear of all adverse
          claims, liens and encumbrances having priority over the first lien of the
          Mortgage subject only to (1) the lien of nondelinquent current real property
          taxes and assessments not yet due and payable, (2) covenants, conditions
          and
          restrictions, rights of way, easements and other matters of public record
          as of
          the date of recording which are acceptable to mortgage lending institutions
          generally and, with respect to any Mortgage Loan for which an appraisal
          was made
          prior to the Cut-Off Date, either (A) which are referred to or otherwise
          considered in the appraisal made for the originator of the Mortgage Loan,
          or (B)
          which do not adversely affect the appraised value of the Mortgaged Property
          as
          set forth in such appraisal, and (C) other matters to which like properties
          are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property. If the Mortgaged Property
          includes a leasehold estate, the lease is valid, in full force and affect,
          and
          conforms to the Fannie Mae requirements for leasehold estates. Any security
          agreement, chattel mortgage or equivalent document related to and delivered
          in
          connection with the Mortgage Loan establishes and creates a valid, subsisting
          and enforceable first lien and first priority security interest on the
          property
          described therein;

        

        (iii)
          The
          Mortgage Loan has not been delinquent thirty (30) days or more at any time
          during the twelve (12) month period prior to the Cut-off Date for such
          Mortgage
          Loan. There are no defaults under the terms of the Mortgage Loan; and the
          Seller
          has not advanced funds, or induced, solicited or knowingly received any
          advance
          of funds from a party other than the owner of the Mortgaged Property subject
          to
          the Mortgage, directly or indirectly, for the payment of any amount required
          by
          the Mortgage Loan;

        

        (iv)
          There are no delinquent taxes which are due and payable, ground rents,
          assessments or other outstanding charges affecting the related Mortgaged
          Property;

        (v)
          The
          terms of the Mortgage Note of the related Mortgagor and the Mortgage
          have

        not
          been
          impaired, waived, altered or modified in any respect, except by written
          instruments which have been recorded to the extent any such recordation
          is
          required by applicable law or is necessary to protect the interests of
          the
          Purchaser, and which have been approved by the title insurer and the primary
          mortgage insurer, as applicable, and copies of which written instruments
          are
          included in the Mortgage File. No other instrument of waiver, alteration
          or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, from the terms thereof except in connection with an assumption
          agreement, which assumption agreement is part of the Mortgage File and
          the terms
          of which are reflected on the Mortgage Loan Schedule;

        

        (vi)
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          setoff, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage Note or Mortgage
          unenforceable, in whole or in part, or subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, and no
          such
          right of rescission, set-off, counterclaim or defense has been asserted
          with
          respect thereto;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (vii)
          All
          buildings upon the Mortgaged Property are insured by a generally acceptable
          insurer pursuant to standard hazard policies conforming to the requirements
          of
          Fannie Mae and Freddie Mac. All such standard hazard policies are in effect
          and
          on the date of origination contained a standard mortgagee clause naming
          the
          Seller and its successors in interest as loss payee and such clause is
          still in
          effect and all premiums due thereon have been paid. If the Mortgaged Property
          is
          located in an area identified by the Federal Emergency Management Agency
          as
          having special flood hazards under the Flood Disaster Protection Act of
          1973, as
          amended, such Mortgaged Property is covered by flood insurance by a generally
          acceptable insurer in an amount not less than the requirements of Fannie
          Mae and
          Freddie Mac. The Mortgage obligates the Mortgagor thereunder to maintain
          all
          such insurance at the Mortgagor's cost and expense, and on

        the
          Mortgagor's failure to do so, authorizes the holder of the Mortgage to
          maintain
          such insurance at the Mortgagor's cost and expense and to seek reimbursement
          therefor from the Mortgagor;

        

        (viii)
          Any and all requirements of any federal, state or local law including,
          without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity or disclosure laws applicable
          to the
          Mortgage Loan have been complied with in all material respects;

        

        (ix)
          The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such satisfaction, release, cancellation, subordination
          or
          rescission;

        

        (x)
          The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency
          and
          other laws of general application affecting the rights of creditors, and
          the
          Seller has taken all action necessary to transfer such rights of enforceability
          to the Purchaser. All parties to the Mortgage Note and the Mortgage had
          the
          legal capacity to enter into the Mortgage Loan and to execute and deliver
          the
          Mortgage Note and the Mortgage. The Mortgage Note and the Mortgage have
          been
          duly and properly executed by such parties. The proceeds of the Mortgage
          Note
          have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          offsite improvements and as to disbursements of any escrow funds therefor
          have
          been complied with;

        

        (xi)
          Immediately prior to the transfer and assignment to the Purchaser, the
          Mortgage
          Note and the Mortgage were not subject to an assignment or pledge, and
          the
          Seller had good and marketable title to and was the sole owner thereof
          and had
          full right to transfer and sell the Mortgage Loan to the Purchaser free
          and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest;

        

        (xii)
          The
          Mortgage Loan is covered by an ALTA lender's title insurance policy or
          other
          generally acceptable form of policy of insurance, with all necessary
          endorsements, issued by a title insurer qualified to do business in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in clause (b) (1), (2) and (3) above) the Seller,
          its
          successors and assigns, as to the first priority lien of the Mortgage in
          the
          original principal amount of the Mortgage Loan. Such title insurance policy
          affirmatively insures ingress and egress and against encroachments by or
          upon
          the Mortgaged Property or any interest therein. The Seller is the sole
          insured
          of such lender's title insurance policy, such title insurance policy has
          been
          duly and validly endorsed to the Purchaser or the assignment to the Purchaser
          of
          the Seller's interest therein does not require the consent of or notification
          to
          the insurer and such lender's title insurance policy is in full force and
          effect
          and will be in full force and effect upon the consummation of the transactions
          contemplated by the
          GreenPoint-RWT
          Agreement. No claims have been made under such lender's title insurance
          policy,
          and no prior holder of the related Mortgage has done, by act or omission,
          anything which would impair the coverage of such lender's title insurance
          policy;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xiii)
          There is no default, breach, violation or event of acceleration existing
          under
          the Mortgage or the related Mortgage Note and, to the Seller’s knowledge, no
          event which, with the passage of time or with notice and the expiration
          of any
          grace or cure period, would constitute a default, breach, violation or
          event
          permitting acceleration; and neither the Seller nor any prior mortgagee
          has
          waived any default, breach, violation or event permitting
          acceleration;

        

        (xiv)
          To
          the best of the Seller’s knowledge, there are no mechanics, or similar liens or
          claims which have been filed for work, labor or material affecting the
          related
          Mortgaged Property which are or may be liens prior to or equal to the lien
          of
          the related Mortgage;

        

        (xv)
          All
          improvements subject to the Mortgage lie wholly within the boundaries and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (xii) above
          and all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

        

        (xvi)
          The
          Mortgage Loan was originated by the Seller or by an eligible correspondent
          of
          the Seller. The Mortgage Loan complies in all material respects with all
          the
          terms, conditions and requirements of the Seller's underwriting standards
          attached here as Exhibit G. The Mortgage Notes and Mortgages are on forms
          acceptable to Fannie Mae or Freddie Mac;

        

        (xvii)
          The Mortgage Loan contains the usual and enforceable provisions of the
          originator at the time of origination for the acceleration of the payment
          of the
          unpaid principal amount if the related Mortgaged Property is sold without
          the
          prior consent of the mortgagee thereunder. The Mortgage Loan has an original
          term to maturity of not more than 40 years, with interest payable in arrears
          on
          the first day of each month. Except as otherwise set forth on the Mortgage
          Loan
          Schedule, the Mortgage Loan does not contain terms or provisions which
          would
          result in negative amortization nor contain “graduated payment”
features;

        

        (xviii)
          The Mortgaged Property at origination of the Mortgage Loan was and, to
          the
          Seller’s knowledge, currently is free of damage and waste and at origination of
          the Mortgage Loan there was, and, to the Seller’s knowledge, there currently is,
          no proceeding pending for the total or partial condemnation
          thereof;

        

        (xix)
          The
          related Mortgage contains enforceable provisions such as to render the
          rights
          and remedies of the holder thereof adequate for the realization against
          the
          Mortgaged Property of the benefits of the security provided thereby, including,
          (1) in the case of a Mortgage designated as a deed of trust, by trustee's
          sale,
          and (2) otherwise by judicial foreclosure;

        

        (xx)
          If
          the Mortgage constitutes a deed of trust, a trustee, duly qualified if
          required
          under applicable law to act as such, has been properly designated and currently
          so serves and is named in the Mortgage, and no fees or expenses are or
          will
          become payable by the Purchaser to the trustee under the deed of trust,
          except
          in connection with a trustees sale or attempted sale after default by the
          Mortgagor;

        

        (xxi)
          If
          required by the applicable processing style, the Mortgage File contains
          an

        appraisal
          of the related Mortgaged Property made and signed prior to the final approval
          of
          the mortgage loan application by a qualified appraiser satisfying the
          requirements of Title XI of The Financial Institutions Reform, and Enforcement
          Act of 1989, as amended, and the regulations promulgated thereunder, that
          is
          acceptable to Fannie Mae or Freddie Mac and approved by the Seller. The
          appraisal, if applicable, is in a form generally acceptable to Fannie Mae
          or
          Freddie Mac;

        

        (xxii)
          All parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in substantial compliance with
          any and
          all applicable licensing requirements of the laws of the state wherein
          the
          Mortgaged Property is located, and (B) (1) organized under the laws of
          such
          state, or (2) qualified to do business in such state, or (3) federal savings
          and
          loan associations, national banks, a Federal Home Loan Bank or the Federal
          Reserve Bank, or (4) not doing business in such state;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxiii)
          To the best of the Seller’s knowledge, there does not exist any circumstances or
          conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor
          or the Mortgagor's credit standing that could reasonably be expected to
          cause
          private institutional investors to regard the Mortgage Loan as an unacceptable
          investment, to cause the Mortgage Loan to become delinquent, or to materially
          adversely affect the value or marketability of the Mortgage Loan;

        

        (xxiv)
          Each of the Mortgaged Properties consists of a single parcel of real property
          with a detached single-family residence erected thereon, or a two- to
          four-family dwelling, or a townhouse, or an individual condominium unit
          in a
          condominium project or an individual unit in a planned unit development.
          Any
          condominium unit or planned unit development either conforms with applicable
          Fannie Mae or Freddie Mac requirements regarding such dwellings or is covered
          by
          a waiver confirming that such condominium unit or planned unit development
          is
          acceptable to Fannie Mae or Freddie Mac or is otherwise “warrantable” with
          respect thereto. No such residence is a mobile home or manufactured
          dwelling;

        

        (xxv)
          The
          ratio of the original outstanding principal amount of the Mortgage Loan
          to the
          lesser of the appraised value (or stated value if an appraisal was not
          a
          requirement of the applicable processing style) of the Mortgaged Property
          at
          origination or the purchase price of the Mortgaged Property securing each
          Mortgage Loan (the “Loan-to-Value Ratio”) is not in excess of 95.00%. The
          original Loan-to-Value Ratio of each Mortgage Loan either was not more
          than
          95.00% or the excess over 80.00% is insured as to payment defaults by a
          Primary
          Mortgage Insurance Policy issued by a primary mortgage insurer acceptable
          to
          Fannie Mae or Freddie Mac;

        

        (xxvi)
          The Seller is either, and each Mortgage Loan was originated by, a savings
          and
          loan association, savings bank, commercial bank, credit union, insurance
          company
          or similar institution which is supervised and examined by a federal or
          State
          authority, or by a mortgagee approved by the Secretary of Housing and Urban
          Development pursuant to Section 203 and 211 of the National Housing
          Act;

        

        (xxvii)
          The origination, collection and servicing practices with respect to each
          Mortgage Note and Mortgage have been legal in all material respects. With
          respect to escrow deposits and payments that the Seller collects, all such
          payments are in the possession of, or under the control of, the Seller,
          and
          there exist no deficiencies in connection therewith for which customary
          arrangements for repayment thereof have not been made. No escrow deposits
          or
          other charges or payments due under the Mortgage Note have been capitalized
          under any Mortgage or the related Mortgage Note;

        

        (xxviii)
          No fraud or misrepresentation of a material fact with respect to the origination
          of a Mortgage Loan has taken place on the part of the Seller;

        

        (xxix)
          No
          Mortgage Loan contains a provision whereby the related Mortgagor can convert
          the
          related Mortgage Loan to a fixed rate instrument;

        

        (xxx)
          No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act, which became effective October
          1,
          2002; 

        

        (xxxi) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxii) None
          of
          the mortgage loans are High Cost as defined by the applicable local, state
          and
          federal predatory and abusive lending laws and no mortgage loan is a “high cost”
or “covered” mortgage loan, as applicable (as such terms are defined in the then
          current Standard and Poor’s LEVELS Glossary which is now Version 6.0, Appendix
          E);

        

        (xxxiii)
          No Mortgage Loan which is secured by property located in the State of New
          Jersey
          is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act,
          which became effective November 27, 2003;

        

        (xxxiv)
          No Mortgage Loan which is secured by property located in the State of New
          Mexico
          is a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection
          Act, which became effective January 1, 2004;

        

        (xxxv)
          No
          Mortgage Loan which is secured by property located in the State of Kentucky
          is a
“High-Cost Home Loan” as defined in the Kentucky House Bill 287, which became
          effective June 24, 2003; 

        

        (xxxvi) No
          Mortgage Loan which is secured by property located in the Commonwealth
          of
          Massachusetts is a "High Cost Home Mortgage Loan" as defined in the
          Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C)
          which
          became effective November 7, 2004;

        

        (xxxvii) No
          Mortgage Loan that is secured by property located in the State of Illinois
          is a
          "High-Risk Home Loan" as defined in the Illinois High Risk Home Loan Act
          effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); and none
          of the
          Mortgage Loans that are secured by property located in the State of Illinois
          are
          in violation of the provisions of the Illinois Interest Act (815 Ill. Comp.
          Stat. 205/1 et. seq.); 

        

        (xxxviii) No
          Mortgage Loan that is secured by property located in the State of Indiana
          is a
          "High Cost Home Loan" as defined in Indiana’s Home Loan Practices Act (I.C.
          24-9), which became effective January 1, 2005;

        

        (xxxix) None
          of
          the proceeds of any Mortgage Loan were used to finance the purchase of
          single
          premium credit insurance policies;

        

        (xl) No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (xli) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        (xlii) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  IV.

                	
                  With
                    respect to Mortgage Loans purchased under the Seller’s Purchase,
                    Warranties and Interim Servicing Agreement, dated as of January
                    1, 2004,
                    between GreenPoint Mortgage Funding, Inc. (“GreenPoint") and GMAC Mortgage
                    Corporation (“GMAC”) and assigned to RWT by GMAC under the Assignment,
                    Assumption and Recognition Agreement(s), dated as of the dates
                    of the
                    Purchase Price and Terms Letter(s), among GMAC, GreenPoint and
                    RWT
                    (together, the "GMAC-RWT
                    Agreement")

                

        

         

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the GMAC-RWT
          Agreement.

         

        (a) The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Purchaser, is complete,
          true
          and correct in all material respects and the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        (b) The
          Mortgage creates a first lien or a first priority ownership interest in
          an
          estate in fee simple in real property securing the related Mortgage
          Note;

        

        (c) All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; RWT Holdings has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

        

        (d) All
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

        

        (e) The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments which have been
          recorded
          to the extent any such recordation is required by law. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer of any related Primary Mortgage Insurance Policy and title
          insurance policy, to the extent required by the related policies;

        

        (f) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

        

        (g) All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are provided
          for
          in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
          coverage not less than the lesser of (i) the maximum insurable value of
          the
          improvements securing such Mortgage Loans, and (ii) the greater of (a)
          the
          outstanding principal balance of the Mortgage Loan, and (b) an amount such
          that
          the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
          the
          mortgagee from becoming a co-insurer. All such standard hazard policies
          are in
          full force and effect and on the date of origination contained a standard
          mortgagee clause naming RWT Holdings and its successors in interest and
          assigns
          as loss payee and such clause is still in effect and all premiums due thereon
          have been paid. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, the Mortgage Loan is covered by a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration
          which policy conforms to Fannie Mae and Freddie Mac requirements, in an
          amount
          not less than the amount required by the Flood Disaster Protection Act
          of 1973,
          as amended. Such policy was issued by an insurer acceptable under Fannie
          Mae or
          Freddie Mac guidelines. The Mortgage obligates the Mortgagor thereunder
          to
          maintain all such insurance at the Mortgagor’s cost and expense, and upon the
          Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
          such insurance at the Mortgagor’s cost and expense and to seek reimbursement
          therefor from the Mortgagor;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (h) Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, fair housing, or disclosure
          laws
          applicable to the Mortgage Loan have been complied with in all material
          respects;

        

        (i) The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          RWT
          Holdings has not waived the performance by the Mortgagor of any action,
          if the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has RWT Holdings waived any default resulting from any
          action or
          inaction by the Mortgagor;

        

        (j) The
          related Mortgage is a valid, subsisting, enforceable and perfected first
          lien on
          the Mortgaged Property including all buildings on the Mortgaged Property
          and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note’s original principal balance. The Mortgage and the Mortgage Note
          do not contain any evidence of any security interest or other interest
          or right
          thereto. Such lien is free and clear of all adverse claims, liens and
          encumbrances having priority over the first lien of the Mortgage subject
          only to
          (1) the lien of non-delinquent current real property taxes and assessments
          not
          yet due and payable, (2) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          which are acceptable to mortgage lending institutions generally and either
          (A)
          which are referred to or otherwise considered in the appraisal made for
          the
          originator of the Mortgage Loan, or (B) which do not adversely affect the
          appraised value of the Mortgaged Property as set forth in such appraisal,
          and
          (3) other matters to which like properties are commonly subject which do
          not
          materially interfere with the benefits of the security intended to be provided
          by the Mortgage or the use, enjoyment, value or marketability of the related
          Mortgaged Property. Any security agreement, chattel mortgage or equivalent
          document related to and delivered in connection with the Mortgage Loan
          establishes and creates (1) a valid, subsisting, enforceable and perfected
          first
          lien and first priority security interest and on the property described
          therein,
          and RWT Holdings has the full right to sell and assign the same to the
          Purchaser;

        

        (k) The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and RWT Holdings
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of GreenPoint or the Mortgagor, or, on the part of any other
          party
          involved in the origination of the Mortgage Loan. The proceeds of the Mortgage
          Loan have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          off-site improvements and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage were paid or are in
          the
          process of being paid, and the Mortgagor is not entitled to any refund
          of any
          amounts paid or due under the Mortgage Note or Mortgage;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (l) RWT
          Holdings is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, GreenPoint will retain the Servicing File in trust for the Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          RWT
          Holdings had good and marketable title to and was the sole owner thereof
          and had
          full right to transfer and sell the Mortgage Loan to the Purchaser free
          and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to the GMAC-RWT Agreement and following the sale
          of the
          Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear
          of any
          encumbrance, equity, participation interest, lien, pledge, charge, claim
          or
          security interest. RWT Holdings intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of servicing
          the
          Mortgage Loan as set forth in the GMAC-RWT Agreement.
          Either
          the Mortgagor is a natural person or the Mortgagor is an inter-vivos trust
          acceptable to Fannie Mae;

        

        (m) Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy or other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac
          and qualified to do business in the jurisdiction where the Mortgaged Property
          is
          located, insuring (subject to the exceptions contained in (j)(1), (2) and
          (3)
          above) RWT Holdings, its successors and assigns, as to the first priority
          lien
          of the Mortgage in the original principal amount of the Mortgage Loan.
          Additionally, such policy affirmatively insures ingress and egress to and
          from
          the Mortgaged Property. Where required by applicable state law or regulation,
          the Mortgagor has been given the opportunity to choose the carrier of the
          required mortgage title insurance. RWT Holdings, its successors and assigns,
          are
          the sole insureds of such lender’s title insurance policy, such title insurance
          policy has been duly and validly endorsed to the Purchaser or the assignment
          to
          the Purchaser of RWT Holdings’ interest therein does not require the consent of
          or notification to the insurer and such lender’s title insurance policy is in
          full force and effect and will be in full force and effect upon the consummation
          of the transactions contemplated by the GMAC-RWT Agreement and the related
          Purchase Price and Terms Letter. No claims have been made under such lender’s
          title insurance policy, and neither RWT Holdings nor any prior holder of
          the
          related Mortgage, has done, by act or omission, anything which would impair
          the
          coverage of such lender’s title insurance policy;

        

        (n) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither RWT Holdings nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration;

        

        (o) As
          of the
          related Closing Date, there are no mechanics’ or similar liens or claims which
          have been filed for work, labor or material (and no rights are outstanding
          that
          under law could give rise to such liens) affecting the related Mortgaged
          Property which are or may be liens prior to or equal to the lien of the
          related
          Mortgage;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (p) All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

        

        (q) The
          Mortgage Loan was originated by or for GreenPoint. The Mortgage Loan complies
          with all the terms, conditions and requirements of the GreenPoint’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. GreenPoint is currently selling
          loans
          to Fannie Mae and/or Freddie Mac which are the same document forms as the
          Mortgage Notes and Mortgages (inclusive of any riders). The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate set forth in the related Mortgage
          Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day of each month. The Mortgage contains the usual and enforceable
          provisions of the originator at the time of origination for the acceleration
          of
          the payment of the unpaid principal amount of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the mortgagee
          thereunder;

        

        (r) As
          of the
          related Closing Date, the Mortgaged Property is not subject to any material
          damage by waste, fire, earthquake, windstorm, flood or other casualty.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. There have not been any condemnation proceedings with respect
          to the
          Mortgaged Property and there are no such proceedings scheduled to commence
          at a
          future date;

        

        (s) The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby.
          There is no homestead or other exemption available to the Mortgagor which
          would
          interfere with the right to sell the Mortgaged Property at a trustee’s sale or
          the right to foreclose the Mortgage;

        

        (t) If
          the
          Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
          if required under applicable law to act as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale or attempted sale after
          default by the Mortgagor;

        

        (u) The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, who had no interest, direct or indirect, in the Mortgaged Property
          or
          in any loan made on the security thereof, and whose compensation is not
          affected
          by the approval or disapproval of the Mortgage Loan, and the appraisal
          and
          appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and
          Title
          XI of FIRREA and the regulations promulgated thereunder, all as in effect
          on the
          date the Mortgage Loan was originated. The appraisal is in a form acceptable
          to
          Fannie Mae or Freddie Mac;

        

        (v) All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (w) As
          of the
          related Closing Date, the related Mortgage Note is not and has not been
          secured
          by any collateral except the lien of the corresponding Mortgage and the
          security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (j) above and such collateral does not serve as security for any other
          obligation;

        

        (x) The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans;

        

        (y) The
          Mortgage Loan does not contain “graduated payment” features and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

        

        (z) As
          of the
          related Closing Date, the Mortgagor is not in bankruptcy and the Mortgagor
          is
          not insolvent and RWT Holdings has no knowledge of any circumstances or
          condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor
          or
          the Mortgagor’s credit standing that could reasonably be expected to cause
          investors to regard the Mortgage Loan as an unacceptable investment, cause
          the
          Mortgage Loan to become delinquent, or materially adversely affect the
          value or
          marketability of the Mortgage Loan;

        

        (aa) The
          Mortgage Loans have an original term to maturity of not more than 30 years,
          with
          interest payable in arrears on the first day of each month. Each Mortgage
          Note
          requires a monthly payment which is sufficient to fully amortize the original
          principal balance over the original term thereof and to pay interest at
          the
          related Mortgage Interest Rate. No Mortgage Loan contains terms or provisions
          which would result in negative amortization; 

        

        (bb) If
          a
          Mortgage Loan has an LTV greater than 80%, the Mortgage Loan will have
          mortgage
          insurance in accordance with the terms of the Fannie Mae Guides and will
          be
          insured as to payment defaults by a Primary Mortgage Insurance Policy issued
          by
          a Qualified Insurer. All provisions of such Primary Mortgage Insurance
          Policy
          have been and are being complied with, such policy is in full force and
          effect,
          and all premiums due thereunder have been paid. No action, inaction, or
          event
          has occurred and no state of facts exists that has, or will result in the
          exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject
          to
          a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder
          to
          maintain the Primary Mortgage Insurance Policy and to pay all premiums
          and
          charges in connection therewith. The mortgage interest rate for the Mortgage
          Loan as set forth on the related Mortgage Loan Schedule is net of any such
          insurance premium. No Mortgage Loan is subject to a lender-paid mortgage
          insurance policy; 

        

        (cc) As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

        

        (dd) The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

        

        (ee) Principal
          payments on the Mortgage Loan commenced no more than sixty (60) days after
          the
          funds were disbursed in connection with the Mortgage Loan. The Mortgage
          Note is
          payable on the first day of each month in equal monthly installments of
          principal and interest, with interest calculated and payable in arrears,
          sufficient to amortize the Mortgage Loan fully by the stated maturity date,
          over
          an original term of not more than thirty years from commencement of
          amortization;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ff) The
          Mortgage Loans may be subject to a Prepayment Penalty as identified on
          the
          Mortgage Loan Schedule; however, no Mortgage Loan contains prepayment penalties
          that extend beyond five years after the date of origination;

        

        (gg) As
          of the
          related Closing Date, the Mortgaged Property is lawfully occupied under
          applicable law, and all inspections, licenses and certificates required
          to be
          made or issued with respect to all occupied portions of the Mortgaged Property
          and, with respect to the use and occupancy of the same, including but not
          limited to certificates of occupancy and fire underwriting certificates,
          have
          been made or obtained from the appropriate authorities;

        

        (hh) If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), or stock in a cooperative
          housing
          corporation, such condominium, cooperative or planned unit development
          project
          meets the eligibility requirements of Fannie Mae and Freddie Mac;

        

        (ii) There
          is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and nothing further remains to be done to satisfy
          in
          full all requirements of each such law, rule or regulation constituting
          a
          prerequisite to use and enjoyment of said property;

        

        (jj) The
          Mortgagor has not notified RWT Holdings requesting relief under the
          Servicemembers’ Civil Relief Act, formerly known as the Soldiers’ and Sailors’
Civil Relief Act of 1940, and RWT Holdings has no knowledge of any relief
          requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

        

        (kk) As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

        

        (ll) No
          action
          has been taken or failed to be taken by RWT Holdings on or prior to the
          Closing
          Date which has resulted or will result in an exclusion from, denial of,
          or
          defense to coverage under any insurance policy related to a Mortgage Loan
          (including, without limitation, any exclusions, denials or defenses which
          would
          limit or reduce the availability of the timely payment of the full amount
          of the
          loss otherwise due thereunder to the insured) whether arising out of actions,
          representations, errors, omissions, negligence, or fraud of RWT Holdings,
          or for
          any other reason under such coverage;

        

        (mm) The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority;

        

        (nn) No
          Mortgaged Property is subject to a ground lease;

        

        (oo) With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

        

        (pp) With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (qq) Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

        

        (rr) Except
          as
          provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          the GMAC-RWT Agreement. With respect to each Mortgage Loan, RWT Holdings
          is in
          possession of a complete Mortgage File and Servicing File except for such
          documents as have been delivered to the Purchaser or its designee;

        

        (ss) All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that is or will
          be
          inaccurate or misleading in any material respect;

        

        (tt) There
          does not exist on the related Mortgage Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation; 

        

        (uu) All
          disclosure materials required by applicable law with respect to the making
          of
          fixed rate and adjustable rate mortgage loans have been received by the
          borrower;

        

        (vv) No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          95%;

        

        (ww) None
          of
          the Mortgage Loans are subject to the Home Ownership and Equity Protection
          Act
          of 1994 or any comparable state law and no mortgage loans is a “high cost” or
“covered” mortgage loan, as applicable (as such terms are defined in the then
          current Standard and Poor’s LEVELS Glossary which is now Version 6.0, Appendix
          E);

        

        (xx) None
          of
          the proceeds of the Mortgage Loan were used to finance single-premium credit
          insurance policies;

        

        (yy) Any
          principal advances made to the Mortgagor prior to the Closing Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first lien priority by
          a title
          insurance policy, an endorsement to the policy insuring the mortgagee’s
          consolidated interest or by other title evidence acceptable to Fannie Mae
          and
          Freddie Mac. The consolidated principal amount does not exceed the original
          principal amount of the Mortgage Loan;

        

        (zz) Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

        

        (aaa) No
          Mortgage Loan is a balloon loan;

        

        (bbb) With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the Mortgage Loan Schedule. The related assignment
          of
          Mortgage to MERS has been duly and properly recorded;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ccc) With
          respect to each MERS Mortgage Loan, RWT Holdings has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

        

        (ddd) None
          of
          the Mortgaged
          Properties are manufactured housing; 

        

        (eee) With
          respect to each Mortgage Loan, GreenPoint has fully and accurately furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Company, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations; 

        

        (fff) GreenPoint
          has complied with all applicable anti-money laundering laws and regulations,
          including without limitation the USA Patriot Act of 2001 (collectively,
          the
“Anti-Money Laundering Laws”); GreenPoint has established an anti-money
          laundering compliance program as required by the Anti-Money Laundering
          Laws, has
          conducted the requisite due diligence in connection with the origination
          of each
          Mortgage Loan for purposes of the Anti-Money Laundering Laws, including
          with
          respect to the legitimacy of the applicable Mortgagor and the origin of
          the
          assets used by the said Mortgagor to purchase the property in question,
          and
          maintains, and will maintain, sufficient information to identify the applicable
          Mortgagor for purposes of the Anti-Money Laundering Laws;

        

        (ggg) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (hhh) No
          Mortgage Loan is “high cost” as defined by any applicable federal, state, or
          local predatory or abusive lending law. Any breach of this representation
          shall
          be deemed to materially and adversely affect the value of the Mortgage
          Loan and
          shall require a repurchase of the affected Mortgage Loan;

         

        (iii) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act. Any breach of this representation
          shall be deemed to materially and adversely affect the value of the Mortgage
          Loan and shall require a repurchase of the affected Mortgage Loan;

         

        (jjj) No
          Mortgage Loan which is secured by property located in the State of New
          Jersey is
          a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, which
          became effective November 27, 2003; 

         

        (kkk) No
          Mortgage Loan which is secured by property located in the State of New
          Mexico is
          a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act,
          which became effective January 1, 2004;

         

        (lll) No
          Mortgage Loan which is secured by property located in the State of Kentucky
          is a
“High-Cost Home Loan” as defined in the Kentucky House Bill 287, which became
          effective June 24, 2003;

         

        (mmm)
          No
          Mortgage Loan which is secured by property located in the Commonwealth
          of
          Massachusetts is a "High Cost Home Mortgage Loan" as defined in the
          Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C)
          which
          became effective November 7, 2004;

        

        (nnn)
          No
          Mortgage Loan that is secured by property located in the State of Illinois
          is a
          "High-Risk Home Loan" as defined in the Illinois High Risk Home Loan Act
          effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); and none
          of the
          Mortgage Loans that are secured by property located in the State of Illinois
          are
          in violation of the provisions of the Illinois Interest Act (815 Ill. Comp.
          Stat. 205/1 et. seq.); and

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ooo) No
          Mortgage Loan that is secured by property located in the State of Indiana
          is a
          "High Cost Home Loan" as defined in Indiana’s Home Loan Practices Act (I.C.
          24-9), which became effective January 1, 2005.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  V.

                	
                  Mortgage
                    Loans Purchased under the Master Mortgage Loan Purchase Agreement
                    dated as
                    of August 1, 2001 between Redwood Trust, Inc. (“Redwood Trust”) and Morgan
                    Stanley Credit Corporation (formerly Morgan Stanley Dean Witter
                    Credit
                    Corporation) (the “Seller/Servicer”) (the “Morgan
                    Agreement”).

                

        

         

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to Pledged Mortgages (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the Morgan
          Agreement.

         

        (i) The
          information set forth in the Mortgage Loan Schedule is true and correct
          in all
          material respects;

         

        (ii) As
          of the Closing Date, the Mortgage Loan is not delinquent more than 29 days,
          the
          Mortgage Loan has never been delinquent for more than 59 days and the Mortgage
          Loan has not been dishonored. To RWT Holdings' knowledge, there are no
          material
          defaults under the terms of the Mortgage Loan. The Seller/Servicer has
          not
          advanced funds, or induced or, solicited any advance of funds from a party
          other
          than the owner of the Mortgaged Property subject to the Mortgage, directly
          or
          indirectly, for the payment of any amount required by the Mortgage
          Loan;

         

        (iii) With
          respect to those Mortgage Loans which are required to deposit funds into
          an
          escrow account for payment of taxes, assessments, insurance premiums and
          similar
          items as they become due, all escrow deposits have been collected, are
          under the
          control of the Seller/Servicer, and have been applied by the Seller/Servicer
          to
          the payment of such items in a timely fashion, in accordance with such
          Mortgage.
          There exist no deficiencies in connection therewith for which customary
          arrangements for repayment thereof have not been met. With respect to those
          Mortgage Loans for which escrow deposits are not required, to RWT Holdings'
          knowledge, there are no delinquent taxes or other outstanding charges affecting
          the related Mortgaged Property which constitute a lien on the related Mortgaged
          Property;

         

        (iv) The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments contained
          in
          the Trustee Mortgage File, approved, if necessary, by the insurer under
          any
          Primary Mortgage Insurance Policy and recorded in all places necessary
          to
          maintain the first priority of the lien, the substance of which waiver,
          alteration or modification is reflected on the Mortgage Loan Schedule.
          No
          Mortgagor has been released, in whole or in part, except by operation of
          law or
          in connection with an assumption agreement which assumption agreement is
          part of
          the Trustee Mortgage File and the terms of which are reflected in the Mortgage
          Loan Schedule;

         

        (v) Neither
          the Mortgage Note nor the Mortgage is subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and, to RWT Holdings' knowledge,
          no such
          right of recission, set-off, counterclaim or defense has been asserted
          by any
          Person with respect thereto;

         

        (vi) All
          buildings upon the Mortgaged Property are required to be insured by a generally
          acceptable insurer against loss by fire, hazards of extended coverage and
          such
          other hazards as are customarily included in extended coverage in the area
          where
          the Mortgaged Property is located, pursuant to standard property insurance
          policies in compliance with the Seller/Servicer’s policies as from time to time
          in effect. On the date of origination, all such property policies were
          in
          effect, and contained a standard mortgage clause naming the Seller/Servicer
          or
          the originator of the Mortgage Loan and their respective successors in
          interest
          as mortgagee; to the knowledge of RWT Holdings, such policy and clause
          or a
          replacement is in effect and, to RWT Holdings' knowledge, all premiums
          due
          thereon have been paid. If the Mortgaged Property is located in an area
          identified by the Federal Emergency Management Agency as having special
          flood
          hazards under the National Flood Insurance Act of 1994, as amended, such
          Mortgaged Property is covered by flood insurance in the amount required
          under
          the National Flood Insurance Act of 1994. The Mortgage obligates the Mortgagor
          to maintain such insurance and authorizes the holder of the Mortgage to
          maintain
          such insurance at Mortgagor’s cost and expense should the Mortgagor fail to do
          so and to seek reimbursement therefor from the Mortgagor;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (vii) At
          the time of origination of such Mortgage Loan and thereafter, all requirements
          of any federal or state law, including usury, truth-in-lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity
          or
          disclosure laws required to be complied with by the Seller/Servicer as
          the
          originator of the Mortgage Loan and applicable to the Mortgage Loan have
          been
          complied with in all material respects;

         

        (viii) The
          Mortgage has not been satisfied as of the Closing Date, canceled or
          subordinated, in whole, or rescinded, and the Mortgaged Property has not
          been
          released from the lien of the Mortgage, in whole or in part (except for
          a
          release that does not materially impair the security of the Mortgage Loan
          or a
          release the effect of which is reflected in the Loan-to-Value Ratio for
          the
          Mortgage Loan as set forth in the Mortgage Loan Schedule);

         

        (ix) Ownership
          of the Mortgaged Property is held in fee simple or leasehold estate. With
          respect to Mortgage Loans that are secured by a leasehold estate: (i) the
          lease
          is valid, in full force and effect, and conforms to all of Fannie Mae’s
          requirements for leasehold estates; (ii) all rents and other payments due
          under
          the lease have been paid; (iii) the lessee is not in default under any
          provision
          of the lease; (iv) the term of the lease exceeds the maturity date of the
          related Mortgage Loan by at least five (5) years; and (v) the terms of
          the lease
          provide a Mortgagee with an opportunity to cure any defaults. Except as
          permitted by the fourth sentence of this paragraph (ix), the Mortgage is
          a
          valid, subsisting and enforceable first lien on the Mortgaged Property
          securing
          the Mortgage Note’s original principal balance. Such lien is free and clear of
          all adverse claims, liens and encumbrances having priority over the first
          lien
          of the Mortgage, subject only to (1) the lien of non-delinquent current
          real
          property taxes and assessments not yet due and payable, (2) liens, covenants,
          conditions and restrictions, rights of way, easements and other matters
          reflected in the public record as of the date of recording which are acceptable
          to mortgage lending institutions generally, or which are referred to
          (specifically or generally) in the lender’s title insurance policy delivered to
          the originator of the Mortgage Loan and either (A) which are referred to
          or
          otherwise considered in such title insurance policy or the appraisal made
          for
          the originator of the Mortgage Loan, or (B) which do not in the aggregate
          adversely affect the appraised value of the Mortgaged Property as set forth
          in
          such appraisal, and (3) other matters to which like properties are commonly
          subject which do not in the aggregate materially interfere with the benefits
          of
          the security intended to be provided by the Mortgage or the use, enjoyment,
          value or marketability of the related Mortgaged Property. With respect
          to each
          Cooperative Loan, the security instruments create a valid, enforceable
          and
          subsisting first priority security interest in the Cooperative Apartment
          securing the related Mortgage Note subject only to (a) the lien of the
          related
          cooperative for unpaid assessments representing the Mortgagor’s pro rata share
          of payments for a blanket mortgage, if any, current and future real property
          taxes, insurance premiums, maintenance fees and other assessments, and
          (b) other
          matters to which the collateral is commonly subject which do not materially
          interfere with the benefits of the security intended to be provided; provided,
          however, that the related proprietary lease for the Cooperative Apartment
          may be
          subordinated or otherwise subject to the lien of a Mortgage on the cooperative
          building;

         

        (x) The
          Mortgage Note and the related Mortgage are genuine and are in proper form
          to
          constitute a legal, valid and binding obligation of the maker thereof in
          all
          material respects, enforceable in accordance with its terms, subject to
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors, and general principles of equity (regardless of whether
          such enforceability is considered in a proceeding in equity or at law),
          and
          assuming that the maker thereof had the legal capacity to enter into the
          Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage.
          The
          Mortgage Note and the Mortgage have been duly and properly executed by
          such
          parties. An obligor of the debt evidenced by the Mortgage Note is a natural
          person. The proceeds of the Mortgage Loan have been fully disbursed and
          there is
          no requirement for future advances thereunder, and any and all requirements
          in
          the Mortgage as to completion of any on-site or off-site improvements and
          as to
          disbursements of any escrow funds therefor have been complied with;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xi) RWT
          Holdings has good title to, and the full right to transfer and sell, the
          Mortgage Loan and the Mortgage Note free and clear of any encumbrance,
          equity,
          lien, pledge, charge, claim or security interest including, to the knowledge
          of
          RWT Holdings, any lien, claim or other interest arising by operation of
          law;

         

        (xii) The
          Mortgage Loan is covered by either an ALTA lender’s title insurance policy or
          other generally acceptable form of policy or insurance acceptable to Fannie
          Mae
          or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained in paragraph
          (ix) (1), (2) and (3) above) to the Seller/Servicer, its successors and
          assigns,
          the first priority lien of the Mortgage in the original principal amount
          of the
          Mortgage Loan. The Seller/Servicer is the sole insured of such lender’s title
          insurance policy, such title insurance policy has been duly and validly
          endorsed
          to the Trustee (as defined in the Pooling and Servicing Agreement) or the
          assignment to such Trustee of the Seller/Servicer’s interest does not require
          the consent of or notification to the insurer and such lender’s title insurance
          policy is in full force and effect and will be in full force and effect
          upon the
          consummation of the transactions contemplated by the Morgan Agreement.
          To RWT
          Holdings' knowledge, no claims have been made under such lender’s title
          insurance policy, and no prior holder of the related Mortgage has done,
          by act
          or omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        (xiii) There
          is no default, breach, violation or event of acceleration existing under
          the
          Mortgage or the related Mortgage Note and, to RWT Holdings' knowledge,
          no event
          which, with the passage of time or with notice and the expiration of any
          grace
          or cure period, would constitute a default, breach, violation or event
          permitting acceleration, except for any Mortgage Loan Payment which is
          not late
          by more than 30 days, and the Seller/Servicer has not waived any default,
          breach, violation or event permitting acceleration;

         

        (xiv) To
          RWT Holdings' knowledge, all material improvements subject to the Mortgage,
          lie
          wholly within the boundaries and building restrictions lines of the Mortgaged
          Property (and wholly within the project with respect to a condominium unit)
          and
          no improvements on adjoining properties materially encroach upon the Mortgaged
          Property, except those which are insured against by the title insurance
          policy
          referred to in paragraph (xii) above and all improvements on the property
          comply
          with all applicable zoning and subdivision laws and ordinances;

         

        (xv) The
          Mortgage Loan (unless designated as originated by others on any Mortgage
          Loan
          Schedule) was originated by the Seller/Servicer (or the corporate predecessor
          of
          the Seller/Servicer), and at the time of each such origination of such
          Mortgage
          Loan the Seller/Servicer was (unless designated as “originated prior to HUD
          approval” on any Mortgage Loan Schedule) a mortgagee approved by the Secretary
          of Housing and Urban Development (the “Secretary”) pursuant to Sections 203 and
          211 of the National Housing Act. Each such Mortgage Loan was underwritten
          in
          accordance with the Underwriting Guide as in effect at the time of origination,
          except to the extent the Seller/Servicer believed as such time that a variance
          from such Underwriting Guide was warranted by compensating factors. The
          Mortgage
          contains the usual and customary provision of the Seller/Servicer, if any,
          in
          the applicable jurisdiction at the time of origination for the acceleration
          of
          the payment of the unpaid principal balance of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the Mortgagee
          thereunder;

         

        (xvi) The
          Mortgaged Property at origination or acquisition was and, to RWT Holdings'
          knowledge, is free of material damage and waste and at origination there
          was,
          and to RWT Holdings' knowledge there is, no proceeding pending for the
          total or
          partial condemnation thereof;

         

        (xvii) The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby;

         

        (xviii) If
          the Mortgage constitutes a deed of trust, a trustee, duly qualified if
          required
          under applicable law to act as such, has been properly designated and currently
          so serves as named in the Mortgage, and no fees or expenses are or will
          become
          payable to the trustee under the deed of trust, except in connection with
          a
          trustee’s sale or attempted sale after default by the Mortgagor;

         

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xix) With
          respect to the Mortgage Loan, there is an appraisal on a Fannie Mae-approved
          form (or a narrative residential appraisal) of the related Mortgaged Property
          that conforms to the applicable requirements of the Financial Institutions
          Reform Recovery and Enforcement Act of 1989 and that was signed prior to
          the
          approval of such Mortgage Loan application by a qualified appraiser, appointed
          by the Seller/Servicer or the originator of such Mortgage Loan, as appropriate,
          who has no interest, direct or indirect, in the Mortgaged Property or in
          any
          loan made on the security thereof, and whose compensation is not affected
          by the
          approval or disapproval of such Mortgage Loan;

         

        (xx) The
          Mortgage Loan contains no “subsidized buydown” or graduated payment
          features;

         

        (xxi) The
          Mortgaged Property has a single-family (one to four-unit) dwelling residence
          erected thereon, or is an individual condominium unit in a condominium,
          or a
          Cooperative Apartment or an individual unit in a planned unit development
          or in
          a de
          minimis planned
          unit development as defined by Fannie Mae. No such residence is a mobile
          home or
          a manufactured dwelling which is not permanently attached to the
          land;

         

        (xxii) Except
          as set forth on the Mortgage Loan Schedule the Mortgage Loan is not a Converted
          Mortgage Loan. The Mortgage Loan does not provide for negative
          amortization;

         

        (xxiii) The
          Mortgage Loan does not have an original term in excess of thirty (30) years
          and
          one month;

         

        (xxiv) If
          the Mortgage Loan is a Cooperative Loan, (a) there is no provision in any
          proprietary lease which requires the Mortgagor to offer for sale the cooperative
          shares owned by such Mortgagor first to the cooperative, (b) there is no
          prohibition in the proprietary lease against pledging the cooperative shares
          or
          assigning the proprietary lease, (c) to RWT Holdings' knowledge, the Cooperative
          Apartment is lawfully occupied under applicable law, and (d) to RWT Holdings'
          knowledge, all inspections, licenses and certificates required to be made
          or
          issued with respect to all occupied portions of the Cooperative Apartment
          and
          the related project have been made or obtained from the appropriate
          authorities;

         

        (xxv) There
          has been no fraud, material misrepresentation or deceit on the part of
          any
          Mortgagor or any third party in connection with the Mortgage Loan (including
          the
          application, processing, appraisal and origination) which would cause a
          material
          economic loss to the owner of the Mortgage Loan, including, but not limited
          to,
          material misrepresentation of such Mortgagor’s income, funds on deposit or
          employment;

         

        (xxvi) The
          origination, collection and other servicing practices used by the
          Seller/Servicer with respect to the Mortgage Loans are in compliance with
          all
          material requirements of applicable laws and regulations;

         

        (xxvii) The
          Seller/Servicer shall cause to be maintained for each Mortgage Loan primary
          hazard insurance with extended coverage on the related mortgage property
          in an
          amount equal to the lessor of (i) full replacement value of improvements
          and
          (ii) the outstanding principal balance;

         

        (xxviii) RWT
          Holdings has no knowledge of any homestead or other exemption available
          to the
          mortgagor which would interfere with the right to sell the mortgage property
          at
          trustee’s sale or the right to foreclose the mortgage;

         

        (xxix) At
          the time of origination of such Mortgage Loan, and thereafter, all material
          requirements of any federal, state or local law including usury,
          truth-in-lending, real estate settlement procedures, consumer credit protection,
          equal credit opportunity or disclosure laws required to be complied with
          by the
          Seller/Servicer as the originator of the Mortgage Loan have been complied
          with
          in all material respects;

         

        (xxx) The
          Additional Collateral Mortgage Loans are insured under the terms and provisions
          of the Surety Bond subject to the limitations set forth therein. The
          Seller/Servicer will deliver to the Surety Bond issuer an “Assignment and Notice
          of Transfer” in the form of Attachment to the Surety Bond, or any other similar
          instrument required to be delivered under the Surety Bond, executed by
          the
          Seller/Servicer and RWT Holdings, and that all other requirements for
          transferring coverage under the Surety Bond in respect of such Additional
          Collateral Mortgage Loans to the Trustee (as defined in the Pooling and
          Servicing Agreement) shall be complied with;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxi)
          No
          Mortgage Loan is covered by the Home Ownership and Equity Protection Act
          of 1994
          and no Mortgage Loan is “high cost” as defined by any applicable federal, state
          or local predatory or abusive lending law, and no mortgage loan is a “high cost”
or “covered” mortgage loan, as applicable (as such terms are defined in the then
          current Standard and Poor’s LEVELS Glossary which is now Version 6.0, Appendix
          E);

        

        (xxxii) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state and federal laws, including, but not limited to,
          all
          applicable predatory or abusive lending laws;

        

        (xxxiii)
          None
          of
          the proceeds of any Mortgage Loan were used to finance the purchase of
          single
          premium credit insurance policies;

        

        (xxxiv) No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (xxxv) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        (xxxvi) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  VI.

                	
                  Mortgage
                    Loans Purchased under the Master Mortgage Loan Purchase Agreement
                    dated as
                    of August 1, 2002 between RWT Holdings, Inc. (“RWT Holdings”) and Morgan
                    Stanley Credit Corporation (formerly
                    Morgan Stanley Dean Witter Credit Corporation)
                    (the “Seller/Servicer”) (the “Morgan-RWT
                    Agreement”).

                

        

         

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the Morgan-RWT
          Agreement.

         

        (i) The
          information set forth in the Mortgage Loan Schedule is true and correct
          in all
          material respects;

         

        (ii) The
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

         

        (iii) As
          of the Closing Date, the Mortgage Loan is not delinquent more than 29 days,
          the
          Mortgage Loan has never been delinquent for more than 59 days and the Mortgage
          Loan has not been dishonored. There are no material defaults under the
          terms of
          the Mortgage Loan. The Seller/Servicer has not advanced funds, or induced
          or,
          solicited any advance of funds from a party other than the owner of the
          Mortgaged Property subject to the Mortgage, directly or indirectly, for
          the
          payment of any amount required by the Mortgage Loan;

         

        (iv) With
          respect to those Mortgage Loans which are required to deposit funds into
          an
          escrow account for payment of taxes, assessments, insurance premiums and
          similar
          items as they become due, all escrow deposits have been collected, are
          under the
          control of the Seller/Servicer, and have been applied by the Seller/Servicer
          to
          the payment of such items in a timely fashion, in accordance with such
          Mortgage.
          There exist no deficiencies in connection therewith for which customary
          arrangements for repayment thereof have not been met. With respect to those
          Mortgage Loans for which escrow deposits are not required, there are no
          delinquent taxes or other outstanding charges affecting the related Mortgaged
          Property which constitute a lien on the related Mortgaged Property;

         

        (v) The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments contained
          in
          the Trustee Mortgage File, approved, if necessary, by the insurer under
          any
          Primary Mortgage Insurance Policy and recorded in all places necessary
          to
          maintain the first priority of the lien, the substance of which waiver,
          alteration or modification is reflected on the Mortgage Loan Schedule.
          No
          Mortgagor has been released, in whole or in part, except by operation of
          law or
          in connection with an assumption agreement which assumption agreement is
          part of
          the Trustee Mortgage File and the terms of which are reflected in the Mortgage
          Loan Schedule;

         

        (vi) Neither
          the Mortgage Note nor the Mortgage is subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted by any Person with respect
          thereto;

         

        (vii) All
          buildings upon the Mortgaged Property are required to be insured by a generally
          acceptable insurer against loss by fire, hazards of extended coverage and
          such
          other hazards as are customarily included in extended coverage in the area
          where
          the Mortgaged Property is located, pursuant to standard property insurance
          policies in compliance with the Seller/Servicer’s policies as from time to time
          in effect. On the date of origination, all such property policies were
          in
          effect, and contained a standard mortgage clause naming the Seller/Servicer
          or
          the originator of the Mortgage Loan and their respective successors in
          interest
          as mortgagee; such policy and clause or a replacement is in effect and
          all
          premiums due thereon have been paid. If the Mortgaged Property is located
          in an
          area identified by the Federal Emergency Management Agency as having special
          flood hazards under the National Flood Insurance Act of 1994, as amended,
          such
          Mortgaged Property is covered by flood insurance in the amount required
          under
          the National Flood Insurance Act of 1994. The Mortgage obligates the Mortgagor
          to maintain such insurance and authorizes the holder of the Mortgage to
          maintain
          such insurance at Mortgagor’s cost and expense should the Mortgagor fail to do
          so and to seek reimbursement therefor from the Mortgagor;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (viii) At
          the time of origination of such Mortgage Loan and thereafter, all requirements
          of any federal or state law, including usury, truth-in-lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity
          or
          disclosure laws required to be complied with by the Seller/Servicer as
          the
          originator of the Mortgage Loan and applicable to the Mortgage Loan have
          been
          complied with in all material respects;

         

        (ix) The
          Mortgage has not been satisfied as of the Closing Date, canceled or
          subordinated, in whole, or rescinded, and the Mortgaged Property has not
          been
          released from the lien of the Mortgage, in whole or in part (except for
          a
          release that does not materially impair the security of the Mortgage Loan
          or a
          release the effect of which is reflected in the Loan-to-Value Ratio for
          the
          Mortgage Loan as set forth in the Mortgage Loan Schedule);

         

        (x) Ownership
          of the Mortgaged Property is held in fee simple or leasehold estate. With
          respect to Mortgage Loans that are secured by a leasehold estate: (i) the
          lease
          is valid, in full force and effect, and conforms to all of Fannie Mae’s
          requirements for leasehold estates; (ii) all rents and other payments due
          under
          the lease have been paid; (iii) the lessee is not in default under any
          provision
          of the lease; (iv) the term of the lease exceeds the maturity date of the
          related Mortgage Loan by at least five (5) years; and (v) the terms of
          the lease
          provide a Mortgagee with an opportunity to cure any defaults. Except as
          permitted by the fourth sentence of this paragraph (x), the Mortgage is
          a valid,
          subsisting and enforceable first lien on the Mortgaged Property securing
          the
          Mortgage Note’s original principal balance. Such lien is free and clear of all
          adverse claims, liens and encumbrances having priority over the first lien
          of
          the Mortgage, subject only to (1) the lien of non-delinquent current real
          property taxes and assessments not yet due and payable, (2) liens, covenants,
          conditions and restrictions, rights of way, easements and other matters
          reflected in the public record as of the date of recording which are acceptable
          to mortgage lending institutions generally, or which are referred to
          (specifically or generally) in the lender’s title insurance policy delivered to
          the originator of the Mortgage Loan and either (A) which are referred to
          or
          otherwise considered in such title insurance policy or the appraisal made
          for
          the originator of the Mortgage Loan, or (B) which do not in the aggregate
          adversely affect the appraised value of the Mortgaged Property as set forth
          in
          such appraisal, and (3) other matters to which like properties are commonly
          subject which do not in the aggregate materially interfere with the benefits
          of
          the security intended to be provided by the Mortgage or the use, enjoyment,
          value or marketability of the related Mortgaged Property. With respect
          to each
          Cooperative Loan, the security instruments create a valid, enforceable
          and
          subsisting first priority security interest in the Cooperative Apartment
          securing the related Mortgage Note subject only to (a) the lien of the
          related
          cooperative for unpaid assessments representing the Mortgagor’s pro rata share
          of payments for a blanket mortgage, if any, current and future real property
          taxes, insurance premiums, maintenance fees and other assessments, and
          (b) other
          matters to which the collateral is commonly subject which do not materially
          interfere with the benefits of the security intended to be provided; provided,
          however, that the related proprietary lease for the Cooperative Apartment
          may be
          subordinated or otherwise subject to the lien of a Mortgage on the cooperative
          building;

         

        (xi) The
          Mortgage Note and the related Mortgage are genuine and are in proper form
          to
          constitute a legal, valid and binding obligation of the maker thereof in
          all
          material respects, enforceable in accordance with its terms, subject to
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors, and general principles of equity (regardless of whether
          such enforceability is considered in a proceeding in equity or at law),
          and
          assuming that the maker thereof had the legal capacity to enter into the
          Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage.
          The
          Mortgage Note and the Mortgage have been duly and properly executed by
          such
          parties. An obligor of the debt evidenced by the Mortgage Note is a natural
          person. The proceeds of the Mortgage Loan have been fully disbursed and
          there is
          no requirement for future advances thereunder, and any and all requirements
          in
          the Mortgage as to completion of any on-site or off-site improvements and
          as to
          disbursements of any escrow funds therefor have been complied with;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xii) RWT
          Holdings has good title to, and the full right to transfer and sell, the
          Mortgage Loan and the Mortgage Note free and clear of any encumbrance,
          equity,
          lien, pledge, charge, claim or security interest including, any lien, claim
          or
          other interest arising by operation of law;

         

        

        (xiii) The
          Mortgage Loan is covered by either an ALTA lender’s title insurance policy or
          other generally acceptable form of policy or insurance acceptable to Fannie
          Mae
          or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained in paragraph
          (x) (1), (2) and (3) above) to the Seller/Servicer, its successors and
          assigns,
          the first priority lien of the Mortgage in the original principal amount
          of the
          Mortgage Loan. The Seller/Servicer is the sole insured of such lender’s title
          insurance policy, such title insurance policy has been duly and validly
          endorsed
          to the Trustee (as defined in the Pooling and Servicing Agreement) or the
          assignment to such Trustee of the Seller/Servicer’s interest does not require
          the consent of or notification to the insurer and such lender’s title insurance
          policy is in full force and effect and will be in full force and effect
          upon the
          consummation of the transactions contemplated by the Morgan-RWT Agreement.
          No
          claims have been made under such lender’s title insurance policy, and no prior
          holder of the related Mortgage has done, by act or omission, anything which
          would impair the coverage of such lender’s title insurance policy;

         

        (xiv) There
          is no default, breach, violation or event of acceleration existing under
          the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration,
          except
          for any Mortgage Loan Payment which is not late by more than 30 days, and
          the
          Seller/Servicer has not waived any default, breach, violation or event
          permitting acceleration;

         

        (xv) All
          material improvements subject to the Mortgage, lie wholly within the boundaries
          and building restrictions lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties materially encroach upon the Mortgaged Property, except those
          which
          are insured against by the title insurance policy referred to in paragraph
          (xiii) above and all improvements on the property comply with all applicable
          zoning and subdivision laws and ordinances;

         

        (xvi) The
          Mortgage Loan (unless designated as originated by others on any Mortgage
          Loan
          Schedule) was originated by the Seller/Servicer (or the corporate predecessor
          of
          the Seller/Servicer), and at the time of each such origination of such
          Mortgage
          Loan the Seller/Servicer was (unless designated as “originated prior to HUD
          approval” on any Mortgage Loan Schedule) a mortgagee approved by the Secretary
          of Housing and Urban Development (the “Secretary”) pursuant to Sections 203 and
          211 of the National Housing Act. Each such Mortgage Loan was underwritten
          in
          accordance with the Underwriting Guide as in effect at the time of origination,
          except to the extent the Seller/Servicer believed as such time that a variance
          from such Underwriting Guide was warranted by compensating factors. The
          Mortgage
          contains the usual and customary provision of the Seller/Servicer, if any,
          in
          the applicable jurisdiction at the time of origination for the acceleration
          of
          the payment of the unpaid principal balance of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the Mortgagee
          thereunder;

         

        (xvii) The
          Mortgaged Property at origination or acquisition was and is free of material
          damage and waste and at origination there was, and there is, no proceeding
          pending for the total or partial condemnation thereof;

         

        (xviii) The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby;

         

        (xix) If
          the Mortgage constitutes a deed of trust, a trustee, duly qualified if
          required
          under applicable law to act as such, has been properly designated and currently
          so serves as named in the Mortgage, and no fees or expenses are or will
          become
          payable to the trustee under the deed of trust, except in connection with
          a
          trustee’s sale or attempted sale after default by the Mortgagor;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xx) With
          respect to the Mortgage Loan, there is an appraisal on a Fannie Mae-approved
          form (or a narrative residential appraisal) of the related Mortgaged Property
          that conforms to the applicable requirements of the Financial Institutions
          Reform Recovery and Enforcement Act of 1989 and that was signed prior to
          the
          approval of such Mortgage Loan application by a qualified appraiser, appointed
          by the Seller/Servicer or the originator of such Mortgage Loan, as appropriate,
          who has no interest, direct or indirect, in the Mortgaged Property or in
          any
          loan made on the security thereof, and whose compensation is not affected
          by the
          approval or disapproval of such Mortgage Loan;

         

        (xxi) The
          Mortgage Loan contains no “subsidized buydown” or graduated payment
          features;

         

        (xxii) The
          Mortgaged Property has a single-family (one to four-unit) dwelling residence
          erected thereon, or is an individual condominium unit in a condominium,
          or a
          Cooperative Apartment or an individual unit in a planned unit development
          or in
          a de
          minimis planned
          unit development as defined by Fannie Mae. No such residence is a mobile
          home or
          a manufactured dwelling which is not permanently attached to the
          land;

         

        (xxiii) Except
          as set forth on the Mortgage Loan Schedule the Mortgage Loan is not a Converted
          Mortgage Loan. The Mortgage Loan does not provide for negative
          amortization;

         

        (xxiv) The
          Mortgage Loan does not have an original term in excess of thirty (30) years
          and
          one month;

         

        (xxv) If
          the Mortgage Loan is a Cooperative Loan, (a) there is no provision in any
          proprietary lease which requires the Mortgagor to offer for sale the cooperative
          shares owned by such Mortgagor first to the cooperative, (b) there is no
          prohibition in the proprietary lease against pledging the cooperative shares
          or
          assigning the proprietary lease, (c) the Cooperative Apartment is lawfully
          occupied under applicable law, and (d) all inspections, licenses and
          certificates required to be made or issued with respect to all occupied
          portions
          of the Cooperative Apartment and the related project have been made or
          obtained
          from the appropriate authorities;

         

        (xxviii) There
          has been no fraud, material misrepresentation or deceit on the part of
          any
          Mortgagor or any third party in connection with the Mortgage Loan (including
          the
          application, processing, appraisal and origination) which would cause a
          material
          economic loss to the owner of the Mortgage Loan, including, but not limited
          to,
          material misrepresentation of such Mortgagor’s income, funds on deposit or
          employment;

         

        (xxix) The
          origination, collection and other servicing practices used by the
          Seller/Servicer with respect to the Mortgage Loans are in compliance with
          all
          material requirements of applicable laws and regulations;

         

        (xxx) The
          Seller/Servicer shall cause to be maintained for each Mortgage Loan primary
          hazard insurance with extended coverage on the related mortgage property
          in an
          amount equal to the lessor of (i) full replacement value of improvements
          and
          (ii) the outstanding principal balance;

         

        (xxix) RWT
          Holdings has no knowledge of any homestead or other exemption available
          to the
          mortgagor which would interfere with the right to sell the mortgage property
          at
          trustee’s sale or the right to foreclose the mortgage;

         

        (xxx) At
          the time of origination of such Mortgage Loan, and thereafter, all material
          requirements of any federal, state or local law including usury,
          truth-in-lending, real estate settlement procedures, consumer credit protection,
          equal credit opportunity or disclosure laws required to be complied with
          by the
          Seller/Servicer as the originator of the Mortgage Loan have been complied
          with
          in all material respects;

         

        (xxxi) The
          Additional Collateral Mortgage Loans are insured under the terms and provisions
          of the Surety Bond subject to the limitations set forth therein. The
          Seller/Servicer will deliver to the Surety Bond issuer an “Assignment and Notice
          of Transfer” in the form of Attachment to the Surety Bond, or any other similar
          instrument required to be delivered under the Surety Bond, executed by
          the
          Seller/Servicer and RWT Holdings,
          and that all other requirements for transferring coverage under the Surety
          Bond
          in respect of such Additional Collateral Mortgage Loans to the Trustee
          (as
          defined in the Pooling and Servicing Agreement) shall be complied
          with;

         

        

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxii) RWT
          hereby represents and warrants to Purchaser that prior to its assignment
          to
          Purchaser, RWT had a first priority perfected security interest in each
          Trading
          Account, or, if necessary to perfect a first priority security interest
          in each
          asset contained in such Trading Account, a first priority perfected security
          interest in each such asset contained in such Trading Account and following
          RWT's assignment of the Pledge Agreements and related security interest,
          Purchaser has a first priority perfected security interest in each Trading
          Account, or, if necessary to perfect a first priority security interest
          in each
          asset contained in such Trading Account, a
          perfected first priority security interest in each such asset contained
          in such
          Trading Account;

         

        (xxxiii) The
          assignment of rights to Purchaser under the Surety Bond, as described herein,
          will not result in Purchaser assuming any obligations or liabilities of
          RWT with
          respect thereto (other than to assist RWT in connection with claims filed
          thereunder with respect to the Additional Collateral Mortgage Loans owned
          by the
          Purchaser);

         

        (xxxiv) With
          respect to each Additional Collateral Mortgage Loan sold under the Master
          Mortgage Loan Purchase Agreement and Master Servicing Agreement, the following
          representations and warranties made under each agreement thereof are hereby
          modified as follows:

         

        1) The
          terms
          of the Additional Collateral Pledge Collateral Agreement related to such
          Mortgage Loan have not been impaired, waived, altered or modified in any
          material respect, except as specifically set forth in the related Mortgage
          Loan
          Schedule;

        

        2) Except
          as
          specifically outlined in the Additional Collateral Pledge Agreement, the
          Additional Collateral Pledge Agreement related to such Mortgage Loan are
          not
          subject to any right of rescission, set-off or defense, including the defense
          of
          usury, nor will the operation of any of the terms of such Additional Collateral
          Agreement, or the exercise of any right thereunder, render such Additional
          Collateral Agreement unenforceable, in whole or in part, or subject to
          any right
          of rescission, set-off or defense, including the defense of usury and no
          such
          right of rescission, set-off or defense has been asserted with respect
          thereto;
          and 

        

        3) There
          is
          no default, breach, violation or event of acceleration existing under the
          Additional Collateral Pledge Agreement or any other agreements, documents,
          or
          instruments related to such Mortgage Loan. There is no event that, with
          the
          lapse of time, the giving of notice, or both, would constitute such a default,
          breach, violation or event of acceleration.

        

        (xxxv) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act, which became effective October
          1,
          2002;

        

        (xxxvi)
          Each Mortgage Loan at the time it was made complied in all material respects
          with applicable local, state, and federal predatory and abusive lending
          laws;

        

        (xxxvii)
          None of the mortgage loans are High Cost as defined by the applicable local,
          state, and federal predatory and abusive lending laws and no mortgage loan
          is a
“high cost” or “covered” mortgage loan, as applicable (as such terms are defined
          in the then current Standard and Poor’s LEVELS Glossary which is now Version
          6.0, Appendix E);

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxviii)
          No Mortgage Loan which is secured by property located in the State of New
          Jersey
          is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act,
          which became effective November 27, 2003;

        

        (xxxix) 
          No
          Mortgage Loan which is secured by property located in the State of New
          Mexico is
          a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act,
          which became effective January 1, 2004;

        

        (xl) No
          Mortgage Loan which is secured by property located in the State of Kentucky
          is a
“High-Cost Home Loan” as defined in the Kentucky House Bill 287, which became
          effective June 24, 2003;

        

        (xli) No
          Mortgage Loan which is secured by property located in the Commonwealth
          of
          Massachusetts is a "High Cost Home Mortgage Loan" as defined in the
          Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C)
          which
          became effective November 7, 2004;

        

        (xlii) No
          Mortgage Loan that is secured by property located in the State of Illinois
          is a
          "High-Risk Home Loan" as defined in the Illinois High Risk Home Loan Act
          effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); and none
          of the
          Mortgage Loans that are secured by property located in the State of Illinois
          are
          in violation of the provisions of the Illinois Interest Act (815 Ill. Comp.
          Stat. 205/1 et. seq.);

         

        (xliii) No
          Mortgage Loan that is secured by property located in the State of Indiana
          is a
          "High Cost Home Loan" as defined in Indiana’s Home Loan Practices Act (I.C.
          24-9), which became effective January 1, 2005;

        

        (xliv)
          None of the proceeds of any Mortgage Loan were used to finance the purchase
          of
          single premium credit insurance policies;

        

        (xlv) No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (xlvi) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        (xlvii) There
          were no adverse selection procedures used in selecting the Mortgage Loan
          from
          among the residential mortgage loans which were available for inclusion
          in the
          Mortgage Loans.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  VII.

                	
                  Master
                    Mortgage Loan Purchase Agreement between RWT Holdings, Inc. ("RWT")
                    and
                    Morgan Stanley Credit Corporation with Redwood Trust as Guarantor,
                    dated
                    November 1, 2006, as modified by the related Acknowledgements
                    (the “Morgan
                    Stanley-RWT Agreement”).

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the Morgan Stanley-RWT
          Agreement.

        

        (i) The
          information set forth in the Mortgage Loan Schedule is true and correct
          in all
          material respects;

         

        (ii) The
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

         

        (iii) As
          of the Closing Date, the Mortgage Loan is not delinquent more than 29 days,
          the
          Mortgage Loan has never been delinquent for more than 59 days and the Mortgage
          Loan has not been dishonored. There are no material defaults under the
          terms of
          the Mortgage Loan. The Seller/Servicer has not advanced funds, or induced
          or,
          solicited any advance of funds from a party other than the owner of the
          Mortgaged Property subject to the Mortgage, directly or indirectly, for
          the
          payment of any amount required by the Mortgage Loan;

         

        (iv) With
          respect to those Mortgage Loans which are required to deposit funds into
          an
          escrow account for payment of taxes, assessments, insurance premiums and
          similar
          items as they become due, all escrow deposits have been collected, are
          under the
          control of the Seller/Servicer, and have been applied by the Seller/Servicer
          to
          the payment of such items in a timely fashion, in accordance with such
          Mortgage.
          There exist no deficiencies in connection therewith for which customary
          arrangements for repayment thereof have not been met. With respect to those
          Mortgage Loans for which escrow deposits are not required, there are no
          delinquent taxes or other outstanding charges affecting the related Mortgaged
          Property which constitute a lien on the related Mortgaged Property;

         

        (v) The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments contained
          in
          the Trustee Mortgage File, approved, if necessary, by the insurer under
          any
          Primary Mortgage Insurance Policy and recorded in all places necessary
          to
          maintain the first priority of the lien, the substance of which waiver,
          alteration or modification is reflected on the Mortgage Loan Schedule.
          No
          Mortgagor has been released, in whole or in part, except by operation of
          law or
          in connection with an assumption agreement which assumption agreement is
          part of
          the Trustee Mortgage File and the terms of which are reflected in the Mortgage
          Loan Schedule;

         

        (vi) Neither
          the Mortgage Note nor the Mortgage is subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted by any Person with respect
          thereto;

         

        (vii) All
          buildings upon the Mortgaged Property are required to be insured by a generally
          acceptable insurer against loss by fire, hazards of extended coverage and
          such
          other hazards as are customarily included in extended coverage in the area
          where
          the Mortgaged Property is located, pursuant to standard property insurance
          policies in compliance with the Seller/Servicer’s policies as from time to time
          in effect. On the date of origination, all such property policies were
          in
          effect, and contained a standard mortgage clause naming the Seller/Servicer
          or
          the originator of the Mortgage Loan and their respective successors in
          interest
          as mortgagee; such policy and clause or a replacement is in effect and
          all
          premiums due thereon have been paid. If the Mortgaged Property is located
          in an
          area identified by the Federal Emergency Management Agency as having special
          flood hazards under the National Flood Insurance Act of 1994, as amended,
          such
          Mortgaged Property is covered by flood insurance in the amount required
          under
          the National Flood Insurance Act of 1994. The Mortgage obligates the Mortgagor
          to maintain such insurance and authorizes the holder of the Mortgage to
          maintain
          such insurance at Mortgagor’s cost and expense should the Mortgagor fail to do
          so and to seek reimbursement therefor from the Mortgagor;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (viii) At
          the time of origination of such Mortgage Loan and thereafter, all requirements
          of any federal or state law, including usury, truth-in-lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity
          or
          disclosure laws required to be complied with by Seller as the originator
          of the
          Mortgage Loan and applicable to the Mortgage Loan have been complied with
          in all
          material respects;

         

        (ix) The
          Mortgage has not been satisfied as of the Closing Date, canceled or
          subordinated, in whole, or rescinded, and the Mortgaged Property has not
          been
          released from the lien of the Mortgage, in whole or in part (except for
          a
          release that does not materially impair the security of the Mortgage Loan
          or a
          release the effect of which is reflected in the Loan-to-Value Ratio for
          the
          Mortgage Loan as set forth in the Mortgage Loan Schedule);

         

        (x) Ownership
          of the Mortgaged Property is held in fee simple or leasehold estate. With
          respect to Mortgage Loans that are secured by a leasehold estate: (i) the
          lease
          is valid, in full force and effect, and conforms to all of Fannie Mae’s
          requirements for leasehold estates; (ii) all rents and other payments due
          under
          the lease have been paid; (iii) the lessee is not in default under any
          provision
          of the lease; (iv) the term of the lease exceeds the maturity date of the
          related Mortgage Loan by at least five (5) years; and (v) the terms of
          the lease
          provide a Mortgagee with an opportunity to cure any defaults. Except as
          permitted by the fourth sentence of this paragraph (x), the Mortgage is
          a valid,
          subsisting and enforceable first lien on the Mortgaged Property securing
          the
          Mortgage Note’s original principal balance. Such lien is free and clear of all
          adverse claims, liens and encumbrances having priority over the first lien
          of
          the Mortgage, subject only to (1) the lien of non-delinquent current real
          property taxes and assessments not yet due and payable, (2) liens, covenants,
          conditions and restrictions, rights of way, easements and other matters
          reflected in the public record as of the date of recording which are acceptable
          to mortgage lending institutions generally, or which are referred to
          (specifically or generally) in the lender’s title insurance policy delivered to
          the originator of the Mortgage Loan and either (A) which are referred to
          or
          otherwise considered in such title insurance policy or the appraisal made
          for
          the originator of the Mortgage Loan, or (B) which do not in the aggregate
          adversely affect the appraised value of the Mortgaged Property as set forth
          in
          such appraisal, and (3) other matters to which like properties are commonly
          subject which do not in the aggregate materially interfere with the benefits
          of
          the security intended to be provided by the Mortgage or the use, enjoyment,
          value or marketability of the related Mortgaged Property. With respect
          to each
          Cooperative Loan, the security instruments create a valid, enforceable
          and
          subsisting first priority security interest in the Cooperative Apartment
          securing the related Mortgage Note subject only to (a) the lien of the
          related
          cooperative for unpaid assessments representing the Mortgagor’s pro rata share
          of payments for a blanket mortgage, if any, current and future real property
          taxes, insurance premiums, maintenance fees and other assessments, and
          (b) other
          matters to which the collateral is commonly subject which do not materially
          interfere with the benefits of the security intended to be provided; provided,
          however, that the related proprietary lease for the Cooperative Apartment
          may be
          subordinated or otherwise subject to the lien of a Mortgage on the cooperative
          building;

         

        (xi) The
          Mortgage Note and the related Mortgage are genuine and are in proper form
          to
          constitute a legal, valid and binding obligation of the maker thereof in
          all
          material respects, enforceable in accordance with its terms, subject to
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors, and general principles of equity (regardless of whether
          such enforceability is considered in a proceeding in equity or at law),
          and
          assuming that the maker thereof had the legal capacity to enter into the
          Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage.
          The
          Mortgage Note and the Mortgage have been duly and properly executed by
          such
          parties. An obligor of the debt evidenced by the Mortgage Note is a natural
          person. The proceeds of the Mortgage Loan have been fully disbursed and
          there is
          no requirement for future advances thereunder, and any and all requirements
          in
          the Mortgage as to completion of any on-site or off-site improvements and
          as to
          disbursements of any escrow funds therefor have been complied with;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xii) RWT
          Holdings has good title to, and the full right to transfer and sell, the
          Mortgage Loan and the Mortgage Note free and clear of any encumbrance,
          equity,
          lien, pledge, charge, claim or security interest including, any lien, claim
          or
          other interest arising by operation of law;

         

        (xiii) The
          Mortgage Loan is covered by either an ALTA lender’s title insurance policy or
          other generally acceptable form of policy or insurance acceptable to Fannie
          Mae
          or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained in paragraph
          (x) (1), (2) and (3) above) to the Seller/Servicer, its successors and
          assigns,
          the first priority lien of the Mortgage in the original principal amount
          of the
          Mortgage Loan. The Seller/Servicer is the sole insured of such lender’s title
          insurance policy, such title insurance policy has been duly and validly
          endorsed
          to the Trustee (as defined in the Pooling and Servicing Agreement) or the
          assignment to such Trustee of the Seller/Servicer’s interest does not require
          the consent of or notification to the insurer and such lender’s title insurance
          policy is in full force and effect and will be in full force and effect
          upon the
          consummation of the transactions contemplated by the Morgan-RWT Agreement.
          No
          claims have been made under such lender’s title insurance policy, and no prior
          holder of the related Mortgage has done, by act or omission, anything which
          would impair the coverage of such lender’s title insurance policy;

         

        (xiv) There
          is no default, breach, violation or event of acceleration existing under
          the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration,
          except
          for any Mortgage Loan Payment which is not late by more than 30 days, and
          the
          Seller/Servicer has not waived any default, breach, violation or event
          permitting acceleration;

         

        (xv) All
          material improvements subject to the Mortgage, lie wholly within the boundaries
          and building restrictions lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties materially encroach upon the Mortgaged Property, except those
          which
          are insured against by the title insurance policy referred to in paragraph
          (xiii) above and all improvements on the property comply with all applicable
          zoning and subdivision laws and ordinances;

         

        (xvi) The
          Mortgage Loan (unless designated as originated by others on any Mortgage
          Loan
          Schedule) was originated by the Seller/Servicer (or the corporate predecessor
          of
          the Seller/Servicer), and at the time of each such origination of such
          Mortgage
          Loan the Seller/Servicer was (unless designated as “originated prior to HUD
          approval” on any Mortgage Loan Schedule) a mortgagee approved by the Secretary
          of Housing and Urban Development (the “Secretary”) pursuant to Sections 203 and
          211 of the National Housing Act. Each such Mortgage Loan was underwritten
          in
          accordance with the Underwriting Guide as in effect at the time of origination,
          except to the extent the Seller/Servicer believed as such time that a variance
          from such Underwriting Guide was warranted by compensating factors. The
          Mortgage
          contains the usual and customary provision of the Seller/Servicer, if any,
          in
          the applicable jurisdiction at the time of origination for the acceleration
          of
          the payment of the unpaid principal balance of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the Mortgagee
          thereunder;

         

        (xvii) The
          Mortgaged Property at origination or acquisition was and is free of material
          damage and waste and at origination there was, and there is, no proceeding
          pending for the total or partial condemnation thereof;

         

        (xviii) The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby;

         

        (xix) If
          the Mortgage constitutes a deed of trust, a trustee, duly qualified if
          required
          under applicable law to act as such, has been properly designated and currently
          so serves as named in the Mortgage, and no fees or expenses are or will
          become
          payable to the trustee under the deed of trust, except in connection with
          a
          trustee’s sale or attempted sale after default by the Mortgagor;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xx) With
          respect to the Mortgage Loan, there is an appraisal on a Fannie Mae-approved
          form (or a narrative residential appraisal) of the related Mortgaged Property
          that conforms to the applicable requirements of the Financial Institutions
          Reform Recovery and Enforcement Act of 1989 and that was signed prior to
          the
          approval of such Mortgage Loan application by a qualified appraiser, appointed
          by the Seller/Servicer or the originator of such Mortgage Loan, as appropriate,
          who has no interest, direct or indirect, in the Mortgaged Property or in
          any
          loan made on the security thereof, and whose compensation is not affected
          by the
          approval or disapproval of such Mortgage Loan;

         

        (xxi) The
          Mortgage Loan contains no “subsidized buydown” or graduated payment
          features;

         

        (xxii) The
          Mortgaged Property has a single-family (one to four-unit) dwelling residence
          erected thereon, or is an individual condominium unit in a condominium,
          or a
          Cooperative Apartment or an individual unit in a planned unit development
          or in
          a de
          minimis planned
          unit development as defined by Fannie Mae. No such residence is a mobile
          home or
          a manufactured dwelling which is not permanently attached to the
          land;

         

        (xxiii) Except
          as set forth on the Mortgage Loan Schedule the Mortgage Loan is not a Converted
          Mortgage Loan. The Mortgage Loan does not provide for negative
          amortization;

         

        (xxiv) The
          Mortgage Loan does not have an original term in excess of thirty (30) years
          and
          one month;

         

        (xxv) If
          the Mortgage Loan is a Cooperative Loan, (a) there is no provision in any
          proprietary lease which requires the Mortgagor to offer for sale the cooperative
          shares owned by such Mortgagor first to the cooperative, (b) there is no
          prohibition in the proprietary lease against pledging the cooperative shares
          or
          assigning the proprietary lease, (c) the Cooperative Apartment is lawfully
          occupied under applicable law, and (d) all inspections, licenses and
          certificates required to be made or issued with respect to all occupied
          portions
          of the Cooperative Apartment and the related project have been made or
          obtained
          from the appropriate authorities;

         

        (xxxi) There
          has been no fraud, material misrepresentation or deceit on the part of
          any
          Mortgagor or any third party in connection with the Mortgage Loan (including
          the
          application, processing, appraisal and origination) which would cause a
          material
          economic loss to the owner of the Mortgage Loan, including, but not limited
          to,
          material misrepresentation of such Mortgagor’s income, funds on deposit or
          employment;

         

        (xxxii) The
          origination, collection and other servicing practices used by the
          Seller/Servicer with respect to the Mortgage Loans are in compliance with
          all
          material requirements of applicable laws and regulations;

         

        (xxxiii) The
          Seller/Servicer shall cause to be maintained for each Mortgage Loan primary
          hazard insurance with extended coverage on the related mortgage property
          in an
          amount equal to the lessor of (i) full replacement value of improvements
          and
          (ii) the outstanding principal balance;

         

        (xxix) RWT
          Holdings has no knowledge of any homestead or other exemption available
          to the
          mortgagor which would interfere with the right to sell the mortgage property
          at
          trustee’s sale or the right to foreclose the mortgage;

         

        (xxx) The
          Mortgagor has not notified Seller of, and Seller has no knowledge of, any
          relief
          requested or allowed to the Mortgagor under the Servicemembers Civil Relief
          Act.

        

        (xxxi) No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protections Act of 1994 as amended (“HOEPA”), (b) a “high risk home” mortgage
          loan, or predatory” mortgage loan or any other comparable terms, no matter how
          defined under any applicable federal, state or local law, (c) subject to
          any
          comparable federal, state or local statutes or regulations, or any other
          statute
          or regulation providing for heightened regulatory scrutiny or assignee
          liability
          to holders of such mortgage loans, or (d) a High Cost Loan or Covered Loan,
          as
          applicable (as such terms are defined in the current Standard & Poor’s
          LEVELS ® Glossary Revised, Appendix E).

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxii) 
          No
          predatory, abusive or deceptive lending practices, including, but not limited
          to, the extension of credit to a mortgagor without regard for the mortgagor’s
          ability to repay the Mortgage Loan and other extension of credit to a mortgagor
          which has no tangible net benefit to the mortgagor, were employed by the
          Seller
          in the origination of the Mortgage Loan.

        

        (xxxiii)
          RWT hereby represents and warrants to Purchaser that prior to its assignment
          to
          Purchaser, RWT had a first priority perfected security interest in each
          Trading
          Account, or, if necessary to perfect a first priority security interest
          in each
          asset contained in such Trading Account, a first priority perfected security
          interest in each such asset contained in such Trading Account and following
          RWT's assignment of the Pledge Agreements and related security interest,
          Purchaser has a first priority perfected security interest in each Trading
          Account, or, if necessary to perfect a first priority security interest
          in each
          asset contained in such Trading Account, a perfected first priority security
          interest in each such asset contained in such Trading Account;

         

        (xxxiv)
          The Additional Collateral Mortgage Loans are insured under the terms and
          provisions of the Surety Bond subject to the limitations set forth therein.
          The
          Seller/Servicer will deliver to the Surety Bond issuer an “Assignment and Notice
          of Transfer” in the form of Attachment to the Surety Bond, or any other similar
          instrument required to be delivered under the Surety Bond, executed by
          the
          Seller/Servicer and RWT Holdings,
          and that all other requirements for transferring coverage under the Surety
          Bond
          in respect of such Additional Collateral Mortgage Loans to the Trustee
          (as
          defined in the Pooling and Servicing Agreement) shall be complied
          with;

         

        (xxxv) The
          assignment of rights to Purchaser under the Surety Bond, as described herein,
          will not result in Purchaser assuming any obligations or liabilities of
          RWT with
          respect thereto (other than to assist RWT in connection with claims filed
          thereunder with respect to the Additional Collateral Mortgage Loans owned
          by the
          Purchaser);

         

        (xxxvi) With
          respect to each Additional Collateral Mortgage Loan sold under the Master
          Mortgage Loan Purchase Agreement and Master Servicing Agreement, the following
          representations and warranties made under each agreement thereof are hereby
          modified as follows:

        

        1) The
          terms
          of the Additional Collateral Pledge Collateral Agreement related to such
          Mortgage Loan have not been impaired, waived, altered or modified in any
          material respect, except as specifically set forth in the related Mortgage
          Loan
          Schedule;

        

        2) Except
          as
          specifically outlined in the Additional Collateral Pledge Agreement, the
          Additional Collateral Pledge Agreement related to such Mortgage Loan are
          not
          subject to any right of rescission, set-off or defense, including the defense
          of
          usury, nor will the operation of any of the terms of such Additional Collateral
          Agreement, or the exercise of any right thereunder, render such Additional
          Collateral Agreement unenforceable, in whole or in part, or subject to
          any right
          of rescission, set-off or defense, including the defense of usury and no
          such
          right of rescission, set-off or defense has been asserted with respect
          thereto;
          and 

        

        3) There
          is
          no default, breach, violation or event of acceleration existing under the
          Additional Collateral Pledge Agreement or any other agreements, documents,
          or
          instruments related to such Mortgage Loan. There is no event that, with
          the
          lapse of time, the giving of notice, or both, would constitute such a default,
          breach, violation or event of acceleration.

        

        (xxxiv) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act, which became effective October
          1,
          2002;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxv)
          No
          Mortgage Loan which is secured by property located in the State of New
          Jersey is
          a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, which
          became effective November 27, 2003;

        

        (xxxvi)
          No Mortgage Loan which is secured by property located in the State of New
          Mexico
          is a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection
          Act, which became effective January 1, 2004;

        

        (xxxvii) 
          No
          Mortgage Loan which is secured by property located in the State of Kentucky
          is a
“High-Cost Home Loan” as defined in the Kentucky House Bill 287, which became
          effective June 24, 2003;

        

        (xxxviii) No
          Mortgage Loan which is secured by property located in the Commonwealth
          of
          Massachusetts is a "High Cost Home Mortgage Loan" as defined in the
          Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C)
          which
          became effective November 7, 2004;

        

        (xxxix) No
          Mortgage Loan that is secured by property located in the State of Illinois
          is a
          "High-Risk Home Loan" as defined in the Illinois High Risk Home Loan Act
          effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); and none
          of the
          Mortgage Loans that are secured by property located in the State of Illinois
          are
          in violation of the provisions of the Illinois Interest Act (815 Ill. Comp.
          Stat. 205/1 et. seq.);

        

        (xl) No
          Mortgage Loan that is secured by property located in the State of Indiana
          is a
          "High Cost Home Loan" as defined in Indiana’s Home Loan Practices Act (I.C.
          24-9), which became effective January 1, 2005;

        

        (xli)
          None of the proceeds of any Mortgage Loan were used to finance the purchase
          of
          single premium credit insurance policies;

        

        (xlii)
          No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (xliii) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC;

        

        (xliv) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans; and

        

        (xlv) Each
          conventional first lien Mortgage Loan that had a LTV at origination in
          excess of
          80% will be subject to a Primary Mortgage Insurance Policy, issued by a
          qualified insurer, in at least such amount as is required by the Agency.
          All
          provisions of such Primary Mortgage Insurance Policy have been and are
          being
          complied with, such policy is in full force and effect, and all premiums
          due
          thereunder have been paid. Any first lien Mortgage Loan subject to any
          such
          Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to
          maintain
          such insurance and to pay all premiums and charges in connection therewith
          unless terminable in accordance with the Fannie Mae and Freddie Mac guidelines
          or applicable law. 

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        
          	
                  VIII.

                	
                  With
                    Respect to Mortgage Loans purchased under the Mortgage Loan Flow
                    Purchase,
                    Sale & Servicing Agreement, dated as of August 1, 2002 (the “PHH
                    Agreement”), among RWT Holdings, Inc. ("RWT Holdings"), and PHH Mortgage
                    Corporation (formerly known as Cendant Mortgage Corporation)
                    (“PHH”) and
                    Bishop’s Gate Residential Mortgage Trust (formerly known as Cendant
                    Residential Mortgage Trust) (“Bishop’s Gate”, and together with PHH, the
                    “Seller/Servicer”), and the Additional Collateral Servicing Agreement
                    dated as of August 1, 2002, between PHH and RWT Holdings, as
                    Purchaser
                    (the “Additional Collateral
                    Agreement”).

                

        

         

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the (as such capitalized terms are defined
          in
          the Pooling and Servicing Agreement), unless otherwise indicated. Capitalized
          terms are as defined in this Schedule A or in the PHH Agreement. 

         

        (1) Mortgage
          Loan as Described.
          Such
          Mortgage Loan complies with the terms and conditions set forth in the PHH
          Agreement, and all of the information set forth with respect thereto on
          the
          Mortgage Loan Schedule is true and correct in all material respects, and
          the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

         

        (2) Complete
          Mortgage Files.
          The
          instruments and documents specified in Section
          2.02 of
          the
          PHH Agreement with respect to such Mortgage Loan have been delivered in
          compliance with the requirements of Article
          II of
          the PHH Agreement. PHH is in possession of a Mortgage File respecting such
          Mortgage Loan, except for such documents as have been previously delivered
          to
          the Custodian;

         

        (3) Mortgagee
          of Record.
          The
          Mortgage relating to such Mortgage Loan has been duly recorded in the
          appropriate recording office, and the applicable Seller/Servicer is the
          mortgagee of record of such Mortgage Loan and the indebtedness evidenced
          by the
          related Mortgage Note;

         

        (4) Payments
          Current.
          All
          payments required to be made up to and including the Funding Date for such
          Mortgage Loan under the terms of the Mortgage Note have been made, such
          that
          such Mortgage Loan is not delinquent 30 days or more on the Funding Date.
          Unless otherwise disclosed in the Offering Materials or the Mortgage Loan
          Schedule, there has been no delinquency, exclusive of any period of grace,
          in
          any payment by the Mortgagor thereunder during the twelve months preceding
          the
          Funding Date; and, if the Mortgage Loan is a Cooperative Loan, no foreclosure
          action or private or public sale under the Uniform Commercial Code has
          ever been
          threatened or commenced with respect to the Cooperative Loan;

         

        (5) No
          Outstanding Charges.
          There
          are no delinquent taxes, insurance premiums, assessments, including assessments
          payable in future installments, or other outstanding charges affecting
          the
          Mortgaged Property related to such Mortgage Loan;

         

        (6) Original
          Terms Unmodified.
          The
          terms of the Mortgage Note, the Mortgage and the Additional Collateral
          Agreement
          related to such Mortgage Loan (and the Proprietary Lease and the Pledge
          Instruments with respect to each Cooperative Loan,) have not been impaired,
          waived, altered or modified in any material respect, except as specifically
          set
          forth in the related Mortgage Loan Schedule;

         

        (7) No
          Defenses.
          The
          Mortgage Note, the Mortgage and the Additional Collateral Agreement related
          to
          such Mortgage Loan (and the Acceptance of Assignment and Assumption of
          Lease
          Agreement related to each Cooperative Loan) are not subject to any right
          of
          rescission, set-off or defense, including the defense of usury, nor will
          the
          operation of any of the terms of such Mortgage Note and such Mortgage (or
          the
          Additional Collateral Agreement), or the exercise of any right thereunder,
          render such Mortgage (or the Additional Collateral Agreement) unenforceable,
          in
          whole or in part, or subject to any right of rescission, set-off or defense,
          including the defense of usury and no such right of rescission, set-off
          or
          defense has been asserted with respect thereto; 

         

        (8) Hazard
          Insurance.
          (a) All
          buildings upon the Mortgaged Property related to such Mortgage Loan are
          insured
          by an insurer acceptable to FNMA or FHLMC against loss by fire, hazards
          of
          extended coverage and such other hazards as are customary in the area where
          such
          Mortgaged Property is located, pursuant to insurance policies conforming
          to the
          requirements of either Section
          5.10 or
Section
          5.11 of
          the PHH Agreement. All such insurance policies (collectively, the “hazard
          insurance policy”) contain a standard mortgagee clause naming the originator of
          such Mortgage Loan, its successors and assigns, as mortgagee. Such policies
          are
          the valid and binding obligations of the insurer, and all premiums thereon
          due
          to date have been paid. The related Mortgage obligates the Mortgagor thereunder
          to maintain all such insurance at such Mortgagor’s cost and expense, and on such
          Mortgagor’s failure to do so, authorizes the holder of such Mortgage to maintain
          such insurance at such Mortgagor’s cost and expense and to seek reimbursement
          therefor from such Mortgagor; or (b) in the case of a condominium or unit
          in a
          planned unit development (“PUD”) project that is not covered by an individual
          policy, the condominium or PUD project is covered by a “master” or “blanket”
policy and there exists and is in the Seller/Servicer’s Mortgage File a
          certificate of insurance showing that the individual unit that secures
          the first
          mortgage is covered under such policy. The insurance policy contains a
          standard
          mortgagee clause naming the originator of such Mortgage Loan (and its successors
          and assigns), as insured mortgagee. Such policies are the valid and binding
          obligations of the insurer, and all premiums thereon have been paid. The
          insurance policy provides for advance notice to the Seller/Servicer if
          the
          policy is canceled or not renewed, or if any other change that adversely
          affects
          the Seller/Servicer’s interests is made; the certificate includes the types and
          amounts of coverage provided, describes any endorsements that are part
          of the
“master” policy and would be acceptable pursuant to the FNMA Guide;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (9) Compliance
          With Applicable Laws.
          All
          requirements of any federal, state or local law (including usury, truth
          in
          lending, real estate settlement procedures, consumer credit protection,
          equal
          credit opportunity or disclosure laws) applicable to the origination and
          servicing of such Mortgage Loan have been complied with in all material
          respects;

         

        (10) No
          Satisfaction of Mortgage.
          The
          Mortgage related to such Mortgage Loan has not been satisfied, canceled
          or
          subordinated, in whole or in part, or rescinded, and the related Mortgaged
          Property has not been released from the lien of such Mortgage, in whole
          or in
          part, nor has any instrument been executed that would effect any such release,
          cancellation, subordination or rescission;

         

        (11) Valid
          First Lien.
          The
          Mortgage including any Negative Amortization, related to such Mortgage
          Loan is a
          valid, subsisting and enforceable perfected first lien on the related Mortgaged
          Property, including all improvements on the related Mortgaged Property,
          which
          Mortgaged Property is free and clear of any encumbrances and liens having
          priority over the first lien of the Mortgage subject only to (a) the lien
          of
          current real estate taxes and special assessments not yet due and payable,
          (b)
          covenants, conditions and restrictions, rights of way, easements and other
          matters of the public record as of the date of recording of such Mortgage
          which
          are acceptable to mortgage lending institutions generally, are referred
          to in
          the lender’s title insurance policy and do not adversely affect the market value
          or intended use of the related Mortgaged Property, and (c) other matters
          to
          which like properties are commonly subject which do not individually or
          in the
          aggregate materially interfere with the benefits of the security intended
          to be
          provided by such Mortgage or the use, enjoyment, or market value of the
          related
          Mortgaged Property; with respect to each Cooperative Loan, each Acceptance
          of
          Assignment and Assumption of Lease Agreement creates a valid, enforceable
          and
          subsisting first security interest in the collateral securing the related
          Mortgage Note subject only to (a) the lien of the related Cooperative
          Corporation for unpaid assessments representing the obligor’s pro rata share of
          the Cooperative Corporation’s payments for its blanket mortgage, current and
          future real property taxes, insurance premiums, maintenance fees and other
          assessments to which like collateral is commonly subject and (b) other
          matters
          to which like collateral is commonly subject which do not materially interfere
          with the benefits of the security intended to be provided by the Acceptance
          of
          Assignment and Assumption of Lease Agreement; provided, however, that the
          appurtenant Proprietary Lease may be subordinated or otherwise subject
          to the
          lien of any mortgage on the Cooperative Project;

         

        (12) Validity
          of Documents.
          The
          Mortgage Note and the Mortgage related to such Mortgage Loan (and the Acceptance
          of Assignment and Assumption of Lease Agreement with respect to each Cooperative
          Loan) are genuine and each is the legal, valid and binding obligation of
          the
          maker thereof, enforceable in accordance with its terms, except as such
          enforcement may be limited by bankruptcy, insolvency, reorganization or
          other
          similar laws affecting the enforcement of creditors’ rights generally and
          general equitable principles (regardless whether such enforcement is considered
          in a proceeding in equity or at law);

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (13) Valid
          Execution of Documents.
          All
          parties to the Mortgage Note and the Mortgage related to such Mortgage
          Loan had
          legal capacity to enter into such Mortgage Loan and to execute and deliver
          the
          related Mortgage Note and the related Mortgage and the related Mortgage
          Note and
          the related Mortgage have been duly and properly executed by such parties;
          with
          respect to each Cooperative Loan, all parties to the Mortgage Note and
          the
          Mortgage Loan had legal capacity to execute and deliver the Mortgage Note,
          the
          Acceptance of Assignment and Assumption of Lease Agreement, the Proprietary
          Lease, the Stock Power, the Recognition Agreement, the Financing Statement
          and
          the Assignment of Proprietary Lease and such documents have been duly and
          properly executed by such parties; each Stock Power (i) has all signatures
          guaranteed or (ii) if all signatures are not guaranteed, then such Cooperative
          Shares will be transferred by the stock transfer agent of the Cooperative
          Corporation if the Seller/Servicer undertakes to convert the ownership
          of the
          collateral securing the related Cooperative Loan;

         

        (14) Full
          Disbursement of Proceeds.
          Such
          Mortgage Loan has closed and the proceeds of such Mortgage Loan have been
          fully
          disbursed prior to the Funding Date; provided
          that,
          with respect to any Mortgage Loan originated within the previous 120 days,
          alterations and repairs with respect to the related Mortgaged Property
          or any
          part thereof may have required an escrow of funds in an amount sufficient
          to pay
          for all outstanding work within 120 days of the origination of such Mortgage
          Loan, and, if so, such funds are held in escrow by the applicable
          Seller/Servicer, a title company or other escrow agent;

         

        (15) Ownership.
          The
          Mortgage Note and the Mortgage related to such Mortgage Loan have not been
          assigned, pledged or otherwise transferred by RWT Holdings, in whole or
          in part,
          and RWT Holdings has good and marketable title thereto, and the RWT Holdings
          is
          the sole owner thereof (and with respect to any Cooperative Loan, the sole
          owner
          of the related Acceptance of Assignment and Assumption of Lease Agreement)and
          has full right and authority to transfer and sell such Mortgage Loan, and
          is
          transferring such Mortgage Loan free and clear of any encumbrance, equity,
          lien,
          pledge, charge, claim or security interest;

         

        (16) Doing
          Business.
          All
          parties that have had any interest in such Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          licensing requirements of the laws of the state wherein the related Mortgaged
          Property is located;

         

        (17) Title
          Insurance.
          (a)
          Such Mortgage Loan is covered by an ALTA lender’s title insurance policy or
          short form title policy acceptable to FNMA and FHLMC (or, in jurisdictions
          where
          ALTA policies are not generally approved for use, a lender’s title insurance
          policy acceptable to FNMA and FHLMC), issued by a title insurer acceptable
          to
          FNMA and FHLMC and qualified to do business in the jurisdiction where the
          related Mortgaged Property is located, insuring (subject to the exceptions
          contained in clauses (11)(a) and (b) above) the applicable Seller/Servicer,
          its
          successors and assigns as to the first priority lien of the related Mortgage
          in
          the original principal amount of such Mortgage Loan including any Negative
          Amortization and in the case of ARM Loans, against any loss by reason of
          the
          invalidity or unenforceability of the lien resulting from the provisions
          of such
          Mortgage providing for adjustment to the applicable Note Rate and Monthly
          Payment. Additionally, either such lender’s title insurance policy affirmatively
          insures that there is ingress and egress to and from the Mortgaged Property
          or
          the Seller/Servicer warrants that there is ingress and egress to and from
          the
          Mortgaged Property and the lender’ s title insurance policy affirmatively
          insures against encroachments by or upon the related Mortgaged Property
          or any
          interest therein or any other adverse circumstance that either is disclosed
          or
          would have been disclosed by an accurate survey. The applicable Seller/Servicer
          is the sole insured of such lender’s title insurance policy, and such lender’s
          title insurance policy is in full force and effect and will be in full
          force and
          effect upon the consummation of the transactions contemplated by the PHH
          Agreement and will inure to the benefit of RWT Holdings without any further
          act.
          No claims have been made under such lender’s title insurance policy, neither the
          applicable Seller/Servicer, nor any prior holder of the related Mortgage
          has
          done, by act or omission, anything that would impair the coverage of such
          lender’s insurance policy, and there is no act, omission, condition, or
          information that would impair the coverage of such lender’s insurance policy;
          (b) The mortgage title insurance policy covering each unit mortgage in
          a
          condominium or PUD project related to such Mortgage Loan meets all requirements
          of FNMA and FHLMC;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (18) No
          Defaults.
          (a)
          There is no default, breach, violation or event of acceleration existing
          under
          the Mortgage, the Mortgage Note, and Additional Collateral Agreement or
          any
          other agreements, documents, or instruments related to such Mortgage Loan;
          (b)
          there is no event that, with the lapse of time, the giving of notice, or
          both,
          would constitute such a default, breach, violation or event of acceleration;
          (c)
          the Mortgagor(s) with respect to such Mortgage Loan is (1) not in default
          under
          any other Mortgage Loan or (2) the subject of an Insolvency Proceeding;
          (d) no
          event of acceleration has previously occurred, and no notice of default
          has been
          sent, with respect to such Mortgage Loan; (e) in no event has the applicable
          Seller/Servicer waived any of its rights or remedies in respect of any
          default,
          breach, violation or event of acceleration under the Mortgage, the Mortgage
          Note, and Additional Collateral Agreement or any other agreements, documents,
          or
          instruments related to such Mortgage Loan; and (f) with respect to each
          Cooperative Loan, there is no default in complying with the terms of the
          Mortgage Note, the Acceptance of Assignment and Assumption of Lease Agreement
          and the Proprietary Lease and all maintenance charges and assessments (including
          assessments payable in the future installments, which previously became
          due and
          owing) have been paid, and the Seller/Servicer has the right under the
          terms of
          the Mortgage Note, Acceptance of Assignment and Assumption of Lease Agreement
          and Recognition Agreement to pay any maintenance charges or assessments
          owed by
          the Mortgagor;

         

        (19) No
          Mechanics’ Liens.
          As of
          the date of origination of such Mortgage Loan, there were no mechanics’ or
          similar liens, except such liens as are expressly insured against by a
          title
          insurance policy, or claims that have been filed for work, labor or material
          (and no rights are outstanding that under law could give rise to such lien)
          affecting the related Mortgaged Property that are or may be liens prior
          to, or
          equal or coordinate with, the lien of the related Mortgage;

         

        (20) Location
          of Improvements; No Encroachments.
          As of
          the date of origination of such Mortgage Loan, all improvements that were
          considered in determining the Appraised Value of the related Mortgaged
          Property
          lay wholly within the boundaries and building restriction lines of such
          Mortgaged Property, and no improvements on adjoining properties encroach
          upon
          such Mortgaged Property except as permitted under the terms of the FNMA
          Guide
          and the FHLMC Selling Guide; no improvement located on or part of any Mortgaged
          Property is in violation of any applicable zoning law or regulation, and
          all
          inspections, licenses and certificates required to be made or issued with
          respect to all occupied portions of such Mortgaged Property, and with respect
          to
          the use and occupancy of the same, including certificates of occupancy,
          have
          been made or obtained from the appropriate authorities;

         

        (21) Origination;
          Payment Terms.
          Principal payments on such Mortgage Loan commenced or will commence no
          more than
          60 days after funds were disbursed in connection with such Mortgage Loan.
          If the interest rate on the related Mortgage Note is adjustable, the adjustment
          is based on the Index set forth on the related Mortgage Loan Schedule.
          The
          related Mortgage Note is payable on the first day of each month in arrears,
          in
          accordance with the payment terms described on the related Mortgage Loan
          Schedule. With respect to any Mortgage Loan subject to Negative Amortization
          the
          Monthly Payments are sufficient during the period following each Payment
          Adjustment Date to fully amortize the outstanding principal balance as
          of the
          first day of such period (including any Negative Amortization) over the
          original
          term thereof in accordance with the terms and conditions set forth in the
          Mortgage Note;

         

        (22) Due
          On
          Sale.
          Except
          as noted otherwise on the Mortgage Loan Schedule, the related Mortgage
          contains
          the usual and customary “due-on-sale” clause or other similar provision for the
          acceleration of the payment of the Unpaid Principal Balance of such Mortgage
          Loan if the related Mortgaged Property or any interest therein is sold
          or
          transferred without the prior consent of the mortgagee thereunder;

         

        (23) Prepayment
          Penalty.
          Except
          as noted otherwise on the Mortgage Loan Schedule, such Mortgage Loan is
          not
          subject to any Prepayment Penalty; and no Mortgage Loan contains prepayment
          penalties that extend beyond five years after the date of
          origination;

         

        (24) Mortgaged
          Property Undamaged; No Condemnation.
          As of
          the Funding Date, the related Mortgaged Property (and with respect to a
          Cooperative Loan, the related Cooperative Project and Cooperative Unit)
          is free
          of material damage and waste and there is no proceeding pending for the
          total or
          partial condemnation thereof;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (25) Customary
          Provisions.
          The
          related Mortgage contains customary and enforceable provisions that render
          the
          rights and remedies of the holder thereof adequate for the realization
          against
          the related Mortgaged Property of the benefits of the security provided
          thereby,
          including, (a) in the case of a Mortgage designated as a deed of trust,
          by
          trustee’s sale, and (b) in the case of a Mortgage, otherwise by judicial
          foreclosure;

         

        (26) Conformance
          With Underwriting Standards.
          Such
          Mortgage Loan was underwritten in accordance with the PHH Guide; 

         

        (27) Appraisal.
          The
          Mortgage File contains an appraisal of the related Mortgaged Property on
          forms
          and with riders approved by FNMA and FHLMC, signed prior to the approval
          of such
          Mortgage Loan application by an appraiser, duly appointed by the originator
          of
          such Mortgage Loan, whose compensation is not affected by the approval
          or
          disapproval of such Mortgage Loan and who met the minimum qualifications
          of FNMA
          and FHLMC for appraisers. Each appraisal of the Mortgage Loan was made
          in
          accordance with the relevant provisions of the Financial Institutions Reform,
          Recovery, and Enforcement Act of 1989;

         

        (28) Deeds
          of Trust.
          If the
          related Mortgage constitutes a deed of trust, then a trustee, duly qualified
          under applicable law to serve as such, has been properly designated and
          currently so serves and is named in such Mortgage, and no fees or expenses
          are
          or will become payable to the trustee under such deed of trust, except
          in
          connection with a trustee’s sale after default by the related
          Mortgagor;

         

        (29) LTV;
          Primary Mortgage Insurance Policy.
          Except
          with respect to Additional Collateral Mortgage Loans (as defined in Exhibit
          11
          to the PHH Agreement), if such Mortgage Loan had a Loan-to-Value Ratio
          of more
          than 80% at origination, such Mortgage Loan is and will be subject to a
          Primary
          Insurance Policy issued by a Qualified Mortgage Insurer, which insures
          the
          applicable Seller/Servicer, its successors and assigns and insureds in
          the
          amount set forth on the Mortgage Loan Schedule; provided that, a Primary
          Mortgage Insurance Policy will not be required for any Cooperative Loan
          if (i)
          the proceeds of such Cooperative Loan were used to purchase a Cooperative
          Unit
          at the “insider’s price” when the building was converted to a Cooperative
          Corporation, (ii) the value of the Cooperative Unit for purposes of establishing
          the LTV at origination was such “insider’s price”, (iii) the principal amount of
          the Cooperative Loan at origination was not more than 100% of such “insider’s
          price” and (iv) the LTV at origination, as calculated using the Appraised Value
          at origination, was less than or equal to 80%. All provisions of such Primary
          Insurance Policy have been and are being complied with, such policy is
          in full
          force and effect, and all premiums due thereunder have been paid. Any related
          Mortgage subject to any such Primary Insurance Policy (other than a
“lender-paid” Primary Insurance Policy) obligates the Mortgagor thereunder to
          maintain such insurance for the time period required by law and to pay
          all
          premiums and charges in connection therewith. As of the date of origination,
          the
          Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable
          Mortgage Loan Schedule;

         

        (30) Occupancy.
          As of
          the date of origination of such Mortgage Loan, the related Mortgaged Property
          (or with respect to a Cooperative Loan, the related Cooperative Unit) is
          lawfully occupied under applicable law and all inspections, licenses and
          certificates required to be made or issued with respect to all occupied
          portions
          of the Mortgaged Property (or with respect to a Cooperative Loan, the related
          Cooperative Unit) and, with respect to the use and occupancy of the same,
          including but not limited to certificates of occupancy, have been made
          or
          obtained from the appropriate authorities;

         

        (31) Supervision
          and Examination by a Federal or State Authority.
          Each
          Mortgage Loan either was (a) closed in the name of the PHH Mortgage, or
          (b)
          closed in the name of another entity that is either a savings and loan
          association, a savings bank, a commercial bank, credit union, insurance
          company
          or an institution which is supervised and examined by a federal or state
          authority, or a mortgagee approved by the Secretary of Housing and Urban
          Development pursuant to Sections 203 and 211 of the National Housing Act
          (a “HUD
          Approved Mortgagee”), and was so at the time such Mortgage Loan was originated
          (PHH Mortgage or such other entity, the “Originator”) or (c) closed in the name
          of a loan broker under the circumstances described in the following sentence.
          If
          such Mortgage Loan was originated through a loan broker, such Mortgage
          Loan met
          the Originator’s underwriting criteria at the time of origination and was
          originated in accordance with the Originator’s policies and procedures and the
          Originator acquired such Mortgage Loan from the loan broker contemporaneously
          with the origination thereof. The Mortgage Loans that Bishops’ Gate Residential
          Mortgage Trust sold to RWT Holdings were originated by or on behalf of
          PHH
          Mortgage and subsequently assigned to the Bishops’ Gate Residential Mortgage
          Trust;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (32) Adjustments.
          All of
          the terms of the related Mortgage Note pertaining to interest rate adjustments,
          payment adjustments and adjustments of the outstanding principal balance,
          if
          any, are enforceable and such adjustments will not affect the priority
          of the
          lien of the related Mortgage; all such adjustments on such Mortgage Loan
          have
          been made properly and in accordance with the provisions of such Mortgage
          Loan;

         

        (33) Insolvency
          Proceedings; Soldiers’ and Sailors’ Relief Act.
          The
          related Mortgagor (1) is not the subject of any Insolvency Proceeding;
          and (2)
          has not requested any relief allowed to such Mortgagor under the Soldiers’ and
          Sailors’ Civil Relief Act of 1940;

         

        (34) FNMA/FHLMC
          Documents.
          Such
          Mortgage Loan was closed on standard FNMA or FHLMC documents or on such
          documents otherwise acceptable to them;

         

        (35) Unless
          otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
          no
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller/Servicer, the Mortgagor, or anyone on behalf of the Mortgagor,
          (b)
          paid by any source other than the Mortgagor or (c) contains any other similar
          provisions which may constitute a “buydown” provision. The Mortgage Loan is not
          a graduated payment mortgage loan and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (36) The
          Assignment is in recordable form and is acceptable for recording under
          the laws
          of the jurisdiction in which the Mortgaged Property is located;

         

        (37) Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The consolidated principal amount does not exceed
          the
          original principal amount of the Mortgage Loan plus any Negative
          Amortization;

         

        (38) Unless
          otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
          no
          Mortgage Loan has a balloon payment feature. With respect to any Mortgage
          Loan
          with a balloon payment feature, the Mortgage Note is payable in Monthly
          Payments
          based on a thirty year amortization schedule and has a final Monthly Payment
          substantially greater than the proceeding Monthly Payment which is sufficient
          to
          amortize the remaining principal balance of the Mortgage Loan;

         

        (39) If
          the
          residential dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of the PHH Guide;

         

        (40) No
          Mortgage Loan is subject to the provisions of the Homeownership and Equity
          Protection Act of 1994;

         

        (41) Unless
          otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
          no
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (42) RWT
          Holdings has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgage Property (or with respect to a Cooperative Loan,
          the
          Acceptance of Assignment and Assumption of Lease Agreement, the Cooperative
          Unit
          or the Cooperative Project), the Mortgagor or the Mortgagor’s credit standing
          that can reasonably be expected to cause the Mortgage Loan to be an unacceptable
          investment, cause the Mortgage Loan to become delinquent, or adversely
          affect
          the value of the Mortgage Loan;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (43) Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (44) The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller/Servicer nor the related Mortgagor, has
          received any notice of any violation or potential violation of such
          law;

         

        (45) Unless
          otherwise disclosed in the Offering Materials or the Mortgage Loan Schedule,
          no
          Mortgage Loan is subject to negative amortization;

         

        (46) With
          respect to each Cooperative Loan, a Cooperative Lien Search has been made
          by a
          company competent to make the same which company is acceptable to FNMA
          and
          qualified to do business in the jurisdiction where the Cooperative Unit
          is
          located; 

         

        (47) With
          respect to each Cooperative Loan, (i) the terms of the related Proprietary
          Lease
          is longer than the terms of the Cooperative Loan, (ii) there is no provision
          in
          any Proprietary Lease which requires the Mortgagor to offer for sale the
          Cooperative Shares owned by such Mortgagor first to the Cooperative Corporation,
          (iii) there is no prohibition in any Proprietary Lease against pledging
          the
          Cooperative Shares or assigning the Proprietary Lease and (iv) the Recognition
          Agreement is on a form of agreement published by the Aztech Document Systems,
          Inc. or includes provisions which are no less favorable to the lender than
          those
          contained in such agreement;

         

        (48) With
          respect to each Cooperative Loan, each original UCC financing statement,
          continuation statement or other governmental filing or recordation necessary
          to
          create or preserve the perfection and priority of the first priority lien
          and
          security interest in the Cooperative Shares and Proprietary Lease has been
          timely and properly made. Any security agreement, chattel mortgage or equivalent
          document related to the Cooperative Loan and delivered to the Mortgagor
          or its
          designee establishes in the Mortgagor a valid and subsisting perfected
          first
          lien on and security interest in the Mortgaged Property described therein,
          and
          the Mortgagor has full right to sell and assign the same;

         

        (49) With
          respect to each Cooperative Loan, each Acceptance of Assignment and Assumption
          of Lease Agreement contains enforceable provisions such as to render the
          rights
          and remedies of the holder thereof adequate for the realization of the
          benefits
          of the security provided thereby. The Acceptance of Assignment and Assumption
          of
          Lease Agreement contains an enforceable provision for the acceleration
          of the
          payment of the unpaid principal balance of the Mortgage Note in the event
          the
          Cooperative Unit is transferred or sold without the consent of the holder
          thereof;

         

        (50) No
          fraud,
          error, omission, misrepresentation, or negligence with respect to a Mortgage
          Loan has taken place on the part of any person, including without limitation,
          the Mortgagor, any appraiser, any builder or developer or any other party
          involved in the origination of the Mortgage Loan;

         

        (51) The
          Additional Collateral Mortgage Loans are insured under the terms and provisions
          of the Surety Bond subject to the limitations set forth therein. All
          requirements for transferring coverage under the Surety Bond in respect
          of such
          Additional Collateral Mortgage Loans to the Trustee (as defined in the
          Pooling
          and Servicing Agreement) shall be complied with;

         

        (52) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act; 

         

        (53) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (54) None
          of
          the mortgage loans are High Cost as defined by the applicable predatory
          and
          abusive lending laws and no mortgage loan is a “high cost” or “covered” mortgage
          loan, as applicable (as such terms are defined in the then current Standard
          and
          Poor’s LEVELS Glossary which is now Version 6.0, Appendix E);

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (55) No
          Mortgage Loan which is secured by property located in the State of New
          Jersey is
          a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, which
          became effective November 27, 2003;

        

        (56) No
          Mortgage Loan which is secured by property located in the State of New
          Mexico is
          a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act,
          which became effective January 1, 2004;

        

        (57) No
          Mortgage Loan which is secured by property located in the State of Kentucky
          is a
“High-Cost Home Loan” as defined in the Kentucky House Bill 287, which became
          effective June 24, 2003;

        

        (58) No
          Mortgage Loan which is secured by property located in the Commonwealth
          of
          Massachusetts is a "High Cost Home Mortgage Loan" as defined in the
          Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C)
          which
          became effective November 7, 2004;

        

        (59) No
          Mortgage Loan that is secured by property located in the State of Illinois
          is a
          "High-Risk Home Loan" as defined in the Illinois High Risk Home Loan Act
          effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); and none
          of the
          Mortgage Loans that are secured by property located in the State of Illinois
          are
          in violation of the provisions of the Illinois Interest Act (815 Ill. Comp.
          Stat. 205/1 et. seq.);

         

        (60) No
          Mortgage Loan that is secured by property located in the State of Indiana
          is a
          "High Cost Home Loan" as defined in Indiana’s Home Loan Practices Act (I.C.
          24-9), which became effective January 1, 2005;

        

        (61) No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (62) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        (63) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        
          	
                  IX.

                	
                  Mortgage
                    Loans Purchased under the Master Mortgage Loan Purchase Agreement
                    dated as
                    of April 1, 1998 between RWT Holdings, Inc. (“RWT Holdings” or the
                    "Seller") and Merrill Lynch Credit Corporation (“Merrill Lynch”) (as
                    amended or
                    modified to the date hereof, the “Master Purchase
                    Agreement”).

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the Master Purchase
          Agreement.

        

        (i) The
          information set forth in the Mortgage Loan Schedule is true and correct
          in all
          material respects;

        

        (ii) The
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        (iii) As
          of the
          related Closing Date, the Mortgage Loan is not delinquent in payment more
          than
          29 days and the Mortgage Loan has not been dishonored; the Mortgage Loan
          has
          never been delinquent in payment for more than 59 days and has not more
          than
          once during the twelve months preceding the Cut-Off Date been delinquent
          in
          payment for more than 30 days; there are no material defaults under the
          terms of
          the Mortgage Loan; the Seller has not advanced funds, or induced, solicited
          or
          knowingly received any advance of funds from a party other than the owner
          of the
          Mortgaged Property subject to the Mortgage, directly or indirectly, for
          the
          payment of any amount required by the Mortgage Loan; 

        

        (iv) To
          the
          best of the Seller's knowledge, there are no delinquent taxes or other
          outstanding charges affecting the related Mortgaged Property which would
          permit
          a taxing authority to initiate foreclosure proceedings against the Mortgaged
          Property;

        

        (v) The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments contained in the
          Mortgage
          File, the substance of which waiver, alteration or modifi-cation is reflected
          on
          the Mortgage Loan Schedule. No Mortgagor has been released, in whole or
          in part,
          except in connec-tion with an assumption agreement which assumption agreement
          is
          part of the Mortgage File and the terms of which are reflected in the Mortgage
          Loan Schedule;

        

        (vi) The
          Mortgagor has not asserted that the Mortgage Note and the Mortgage are
          subject
          to any right of rescission, set-off, counterclaim or defense, including
          the
          defense of usury, nor will the operation of any of the terms of the Mortgage
          Note and the Mortgage, or the exercise of any right thereunder, render
          the
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury and
          to the best of the Seller's knowledge, no such right of rescission, set-off,
          counterclaim or defense has been asserted by any Person other than the
          obligor
          with respect thereto;

        

        (vii) Pursuant
          to the terms of the Mortgage, all buildings or other improvements upon
          the
          Mortgaged Property are insured by a generally acceptable insurer against
          loss by
          fire, hazards of extended coverage and such other hazards as are customary
          in
          the area where the Mortgaged Property is located. If required by the Flood
          Disaster Protection Act of 1973, as amended, the Mortgage Loan is covered
          by a
          flood insurance policy meeting the requirements of the current guidelines
          of the
          Federal Insurance Administration. All individual insurance policies contain
          a
          standard mortgagee clause naming the Seller and its successors and assigns
          as
          mortgagee, and all premiums thereon have been paid. The Mortgage obligates
          the
          Mortgagor thereunder to maintain the hazard insurance policy at the Mortgagor’s
          cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder
          of the Mortgage to obtain and maintain such insurance at such Mortgagor’s cost
          and expense, and to seek reimbursement therefor from the Mortgagor. Where
          required by state law or regulation, the Mortgagor has been given an opportunity
          to choose the carrier of the required hazard insurance, provided the policy
          is
          not a “master” or “blanket” hazard insurance policy covering a condominium or
          any hazard insurance policy covering the common facilities of a planned
          unit
          development. To the best of the Seller’s knowledge the hazard insurance policy
          is the valid and binding obligation of the insurer, is in full force and
          effect,
          and will be in full force and effect and insure to the benefit of the Trustee
          upon the consummation of the transactions contemplated by the Pooling and
          Servicing Agreement. The Seller has not engaged in, and has no knowledge
          of the
          Mortgagor’s having engaged in, any act or omission which would impair the
          coverage of any such policy, the benefits of the endorsement provided for
          in the
          Master Purchase Agreement, or the validity and binding effect of either
          including, without limitation, no unlawful fee, commission, kickback or
          other
          unlawful compensation or value of any kind has been or will be received,
          retained or realized by any attorney, firm or other person or entity, and
          no
          such unlawful items have been received, retained or realized by the
          Seller;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (viii) At
          the
          time of origination of such Mortgage Loan and thereafter, all requirements
          of
          any federal, state or local law including, without limitation, usury,
          truth-in-lending, real estate settlement procedures, consumer credit protection,
          equal credit opportunity or disclosure laws required to be complied with
          by the
          Seller as the originator of the Mortgage Loan and applicable to the Mortgage
          Loan have been complied with in all material respects;

        

        (ix) The
          Mortgage has not been satisfied as of the Closing Date, canceled or
          subordinated, in whole, or rescinded, and the Mortgaged Property has not
          been
          released from the lien of the Mortgage, in whole or in part (except for
          a
          release that does not materially impair the security of the Mortgage Loan
          or a
          release the effect of which is reflected in the Loan-to-Value Ratio for
          the
          Mortgage Loan as set forth in the Mortgage Loan Schedule), nor to the best
          of
          the Seller's knowledge has any instrument been executed that would effect
          any
          such release, cancellation, subordination or rescission;

        

        (x) Ownership
          of the Mortgaged Property is held in fee simple (except for Mortgage Loans
          as to
          which the related land is held in a leasehold which extends at least five
          years
          beyond the maturity date of the Mortgage Loan). Except as permitted by
          the
          fourth sentence of this paragraph (x), the Mortgage is a valid, subsisting
          and
          enforce-able first lien on the Mortgaged Property, including all buildings
          on
          the Mortgaged Property and all in-stallations and mechanical, electrical,
          plumbing, heating and air conditioning systems affixed to such buildings,
          and
          all additions, alterations and replace-ments made at any time with respect
          to
          the foregoing securing the Mortgage Note's original principal bal-ance.
          The
          Mortgage and the Mortgage Note do not contain any evidence on their face
          of any
          security interest or other interest or right thereto. Such lien is free
          and
          clear of all adverse claims, liens and encumbrances having priority over
          the
          first lien of the Mortgage subject only to (1) the lien of non-delinquent
          current real property taxes and assessments not yet due and payable, (2)
          covenants, conditions and restric-tions, rights of way, easements and other
          matters of the public record as of the date of recording which are acceptable
          to
          mortgage lending institutions generally, or which are specifically referred
          to
          in the lender's title insurance policy delivered to the originator of the
          Mortgage Loan and either (A) which are referred to or otherwise considered
          in
          the appraisal made for the originator of the Mortgage Loan, or (B) which
          do not
          in the aggregate adversely affect the appraised value of the Mortgaged Property
          as set forth in such appraisal, and (3) other matters to which like properties
          are commonly subject which do not in the aggregate materially interfere
          with the
          benefits of the security intended to be provided by the Mortgage or the
          use,
          enjoyment, value or marketability of the related Mortgaged Property. Any
          security agreement, chattel mortgage or equivalent document related to
          and
          delivered in connection with the Mortgage Loan establishes and creates
          a valid,
          subsisting and enforceable first lien and first priority security interest
          on
          the property described therein;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xi) The
          Mortgage Note is not subject to a third party's security interest or other
          rights or interest therein;

        

        (xii) The
          Mortgage Note and the Mortgage and any other agreement executed and delivered
          by
          a Mortgagor in connection with a Mortgage Loan are genuine, and each is
          the
          legal, valid and binding obligation of the maker thereof enforceable in
          accordance with its terms. All parties to the Mortgage Note, the Mortgage
          and
          any other such related agreement had legal capacity to enter into the Mortgage
          Loan and to execute and deliver the Mortgage Note, the Mortgage and any
          such
          agreement, and the Mortgage Note, the Mortgage and any other such related
          agreement have been duly and properly executed by other such related parties.
          No
          fraud, error, omission, misrepresentation, or negligence with respect to
          a
          Mortgage Loan has taken place on the part of any Person, including without
          limitation, the Mortgagor, any appraiser, any builder or developer, or
          any other
          party involved in the origination of the Mortgage Loan. The Mortgage Loan
          has
          been closed and the proceeds of the Mortgage Loan have been fully disbursed
          and
          there is no requirement for future advances thereunder, and any and all
          requirements as to completion of any on-site or off-site improvement and
          as to
          disbursements of any escrow funds therefor have been complied with. All
          costs,
          fees and expenses incurred in making or closing the Mortgage Loan and the
          recording of the Mortgage were paid, and the Mortgagor is not entitled
          to any
          refund of any amounts paid or due under the Mortgage Note or
          Mortgage;

        

        (xiii) Immediately
          prior to the transfer and assignment, the Mortgage Note and the Mortgage
          were
          not subject to an assignment or pledge, and the Seller had good title to
          and was
          the sole owner thereof and had full right to transfer and sell the Mortgage
          Loan
          free and clear of any encumbrance, equity, lien, pledge, charge, claim
          or
          security interest, in-cluding, to the best knowledge of the Seller, any
          lien,
          claim or other interest arising by operation of law;

        

        (xiv) The
          Mortgage Loan is covered by either (i) an attorney’s opinion of title and
          abstract of title, the form and substance of which is acceptable to prudent
          mortgage lending institutions making mortgage loans in the area wherein
          the
          Mortgaged Property is located or (ii) an ALTA lender’s title insurance policy or
          other generally acceptable form of policy or insurance acceptable to FNMA
          or
          FHLMC and each such title insurance policy is issued by a title insurer
          acceptable to FNMA or FHLMC and qualified to do business in the jurisdiction
          where the Mortgaged Property is located, insuring the Seller, its successors
          and
          assigns, as to the first priority lien of the Mortgage in the original
          principal
          amount of the Mortgage Loan, subject only to the exception contained in
          clauses
          (1), (2) and (3) of paragraph (ix) of Section 5 of the Master Purchase
          Agreement, and in the case of adjustable rate Mortgage Loans, against any
          loss
          by reason of the invalidity or unenforceability of the lien resulting from
          the
          provisions of the Mortgage providing for adjustment to the Mortgage Interest
          Rate and Monthly Payment. Where required by state law or regulation, the
          Mortgagor has been given the opportunity to choose the carrier of the required
          mortgage title insurance. Additionally, such lender’s title insurance policy
          insures against encroachments by or upon the Mortgaged Property. The Seller,
          its
          successor and assigns, are the sole insureds of such lender’s title insurance
          policy, and such lender’s title insurance policy is valid and remains in full
          force and effect and will be in force and effect upon the consummation
          of the
          transactions contemplated by the Master Purchase Agreement. No claims have
          been
          made under such lender’s title insurance policy, and to the best of Seller’s
          knowledge no prior holder of the related Mortgage, including the Seller,
          has
          done, by act or omission, anything which would impair the coverage of such
          lender’s title insurance policy, including without limitation, no unlawful fee,
          commission, kickback or other unlawful compensation or value of any kind
          has
          been or will be received, retained or realized by any attorney, firm or
          other
          person or entity, and no such unlawful items have been received, retained
          or
          realized by the Seller;

        

        (xv) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration,
          except
          for any Mortgage Loan payment which is not late by more than 30 days, and
          the
          Seller has not waived any default, breach, violation or event permitting
          acceleration;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xvi) As
          of the
          date of origination or purchase or the Mortgage Loans by the Seller there
          were
          no mechanics' or similar liens or claims which had been filed for work,
          labor or
          material (and, to the best of the Seller's knowledge, no rights are outstanding
          that under law could give rise to such lien) affecting the related Mortgaged
          Property which are or may be liens prior to, or equal or coordinate with,
          the
          lien of the related Mortgage;

        

        (xvii) All
          improvements subject to the Mortgage lay wholly within the boundaries and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in paragraph (xiv) above
          and
          all improvements on the property comply with all applicable zoning and
          subdivision laws and ordinances;

        

        (xviii) Each
          Mortgage Loan (except for the Mortgage Loans referred to in the next sentence)
          was originated by the Seller, and at the time of each such origina-tion
          the
          Seller was a mortgagee approved by the Secretary of Housing and Urban
          Development (the "Secretary") pursuant to Sections 203 and 211 of the National
          Housing Act. Each Mortgage Loan was underwritten in accordance with the
          Underwriting Guide as in effect at the time of origination, except to the
          extent
          the Seller believed at such time that a variance from such Underwriting
          Guide
          was warranted by compensating factors with respect to such Mortgage Loan.
          The
          Mortgage contains the usual and customary provision of the Seller at the
          time of
          origination for the acceleration of the payment of the unpaid principal
          balance
          of the Mortgage Loan if the related Mortgaged Property is sold without
          the prior
          consent of the mortgagee thereunder;

        

        (xix) The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
          windstorm, flood, tornado, or other casualty which damage is not fully
          insured
          against by a current and active insurance policy (or at least insured up
          to the
          outstanding principal balance of the Mortgage Loan) and, to the best of
          Seller’s
          knowledge is in good repair. There have not been any condemnation proceedings
          with respect to the Mortgaged Property and there are no pending
          proceedings;

        

        (xx) The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby,
          including, (1) in the case of a Mortgage designated as a deed of trust,
          by
          trustee's sale or judicial foreclosure, and (2) otherwise by judicial
          foreclosure. The Seller has no knowledge of any homestead or other exemption
          available to the Mortgagor which would interfere with the right to sell
          the
          Mortgaged Property at a trustee's sale or the right to foreclose the
          Mortgage;

        

        (xxi) If
          the
          Mortgage constitutes a deed of trust, a trustee, duly qualified if required
          under applicable law to act as such, has been properly designated and currently
          so serves and is named in the Mortgage, and no fees or expenses are or
          will
          become payable to the trustee under the deed of trust, except in connection
          with
          a trustee's sale or attempted sale after default by the Mortgagor;

        

        (xxii)
          The
          Mortgage File contains an appraisal of the related Mortgage Property signed
          prior to the approval of the Mortgage Loan application by a qualified appraiser,
          duly appointed by the Seller, who had no interest, direct or indirect in
          the
          Mortgaged Property or in any loan made on the security thereof, and whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and appraiser both satisfy the requirements of
          FNMA or
          FHLMC and any applicable requirement of Title XI of the Federal Institutions
          Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated
          thereunder, all as in effect on the date the Mortgage Loan was
          originated;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxiii) No
          Mortgage Loan contains "subsidized buydown" or "graduated payment"
          features;

        

        (xxiv) The
          Mortgaged Property is a single-family (one- to four-unit) dwelling residence
          erected thereon, or an individual condominium unit in a condominium, a
          cooperative, or an individual unit in a planned unit development or in a de
          minimis planned unit development. No such residence is a mobile home or
          a
          manufactured dwelling which is not permanently attached to the
          land;

        

        (xxv) Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity and disclosure laws applicable
          to
          the Mortgage Loan have been complied with, the consummation of the transactions
          contemplated hereby will not involve the violation of any such laws or
          regulations, and the Seller shall maintain in its possession, available
          for
          inspection, and shall deliver to the Trustee upon demand, evidence of compliance
          with all such requirements; The Mortgagor has received all disclosure materials
          required by Section 226 19(b) of the Federal Reserve Board's Regulation
          Z and
          otherwise required by applicable law with respect to the making of adjustable
          rate mortgage loans;

        

        (xxvi) There
          are
          no circumstances or conditions with respect to the Mortgage, the Mortgaged
          Property, the Mortgage File, or, to the best of Seller’s knowledge, the
          Mortgagor or the Mortgagor’s credit standing that can reasonably be expected to
          cause private institutional investors to regard the Mortgage Loan as an
          unacceptable investment, cause the Mortgage to become delinquent, or adversely
          affect the value or marketability of the Mortgage Loan;

        

        (xxvii) The
          Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
          required to be delivered for each Mortgage Loan pursuant to Section 3(b)
          of the
          Master Purchase Agreement have been or shall be delivered to the Custodian
          pursuant to Section 3(b). The Seller is in possession of a Mortgage File
          as
          described in Exhibit
          1
          to the
          Master Purchase Agreement, which contains the applicable documents described
          in
          Exhibit 1 for the applicable loan program, except for such documents the
          originals of which have been delivered to the Custodian. Except for the
          absence
          of recording information, the Assignment of Mortgage is in recordable form
          and
          is acceptable for recording under the laws of the jurisdiction in which
          the
          Mortgaged Property is located; 

        

        (xxviii) 
          No
          Mortgage Loans are covered by the Georgia Fair Lending Act (GAFLA), which
          became
          effective October 1, 2002; 

        

        (xxix) To
          RWT
          Holdings' knowledge, each Mortgage Loan at the time it was made complied
          in all
          material respects with applicable local, state, and federal laws, including,
          but
          not limited to, all applicable predatory and abusive lending laws;
          and

        

        (xxx) No
          Mortgage Loan is covered by the Home Ownership and Equity Protection Act
          of 1994
          and no Mortgage Loan is “high cost” as defined by any applicable federal, state
          or local predatory or abusive lending law, and no mortgage loan is a “high cost”
or “covered” mortgage loan, as applicable (as such terms are defined in the then
          current Standard and Poor’s LEVELS Glossary which is now Version 6.0, Appendix
          E);

        

        (xxxi) None
          of
          the proceeds of any Mortgage Loan were used to finance the purchase of
          single
          premium credit insurance policies;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxxii) No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (xxxiii) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        (xxxv) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        
          	
                  X.

                	
                  Mortgage
                    Loans purchased under the Master Mortgage Loan Purchase Agreement,
                    dated
                    as of June 1, 2006, among RWT Holdings, Inc., as Purchaser, Merrill
                    Lynch
                    Credit Corporation, as the Loan Seller, and Merrill Lynch Funding
                    Corporation, as the Participation Seller (the “RWT-Merrill
                    Agreement”)

                

        

         

        With
          respect to each Mortgage Loan, RWT hereby makes the following representations
          and warranties. Such representations and warranties speak as of the Closing
          Date
          with respect to the Mortgage Loans (as such capitalized terms are defined
          in the
          Pooling and Servicing Agreement), unless otherwise indicated. Capitalized
          terms
          are as defined in this Schedule A or in the RWT-Merrill Agreement.

         

        (i)
          The
          information set forth in the Mortgage Loan Schedule is true and correct
          in all
          material respects and
          the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

         

        (ii)
          As
          of the
          related Closing Date, the Mortgage Loan is not delinquent in payment more
          than
          29 days and no payment for a Mortgage Loan has been dishonored; the Mortgage
          Loan has never been delinquent in payment for more than 59 days and has
          not more
          than once during the twelve months preceding the Cut-Off Date been delinquent
          in
          payment for more than 30 days; there are no material defaults under the
          terms of
          the Mortgage Loan; RWT has not advanced funds, or induced, solicited or
          knowingly received any advance of funds from a party other than the owner
          of the
          Mortgaged Property subject to the Mortgage, directly or indirectly, for
          the
          payment of any amount required by the Mortgage Loan;

         

        (iii)
          To
          the
          best of RWT's knowledge, there are no delinquent taxes or other outstanding
          charges affecting the related Mortgaged Property which would permit a taxing
          authority to initiate foreclosure proceedings against the Mortgaged
          Property;

         

        (iv)
          The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments contained in the
          Mortgage
          File, the substance of which waiver, alteration or modification is reflected
          on
          the Mortgage Loan Schedule. No Mortgagor has been released, in whole or
          in part,
          except in connection with an assumption agreement which assumption agreement
          is
          part of the Mortgage File and the terms of which are reflected in the Mortgage
          Loan Schedule;

         

        (v)
          The
          Mortgagor has not asserted that the Mortgage Note and the Mortgage are
          subject
          to any right of rescission, set-off, counterclaim or defense, including
          the
          defense of usury, nor will the operation of any of the terms of the Mortgage
          Note and the Mortgage, or the exercise of any right thereunder, render
          the
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury and
          to the best of RWT's knowledge, no such right of rescission, set-off,
          counterclaim or defense has been asserted by any Person other than the
          obligor
          with respect thereto;

         

        (vi)
          Pursuant
          to the terms of the Mortgage, all buildings or other improvements upon
          the
          Mortgaged Property are insured by a generally acceptable insurer against
          loss by
          fire, hazards of extended coverage and such other hazards as are customary
          in
          the area where the Mortgaged Property is located. If required by the Flood
          Disaster Protection Act of 1973, as amended, the Mortgage Loan is covered
          by a
          flood insurance policy meeting the requirements of the current guidelines
          of the
          Federal Insurance Administration. All individual insurance policies contain
          a
          standard mortgagee clause naming the Loan Seller and its successors and
          assigns
          as mortgagee, and all premiums thereon have been paid. The Mortgage obligates
          the Mortgagor thereunder to maintain the hazard insurance policy at the
          Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to obtain and maintain such insurance
          at
          such Mortgagor’s cost and expense, and to seek reimbursement therefor from the
          Mortgagor. Where required by state law or regulation, the Mortgagor has
          been
          given an opportunity to choose the carrier of the required hazard insurance,
          provided the policy is not a “master” or “blanket” hazard insurance policy
          covering a condominium or any hazard insurance policy covering the common
          facilities of a planned unit development. To the best of RWT’s knowledge the
          hazard insurance policy is the valid and binding obligation of the insurer,
          is
          in full force and effect, and will be in full force and effect and insure
          to the
          benefit of the Purchaser upon the consummation of the transactions contemplated
          by the RWT-Merrill Agreement. RWT has not engaged in, and has no knowledge
          of
          the Mortgagor’s having engaged in, any act or omission which would impair the
          coverage of any such policy, the benefits of the endorsement provided for
          herein, or the validity and binding effect of either including, without
          limitation, no unlawful fee, commission, kickback or other unlawful compensation
          or value of any kind has been or will be received, retained or realized
          by any
          attorney, firm or other person or entity, and no such unlawful items have
          been
          received, retained or realized by RWT;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (vii)
          At
          the
          time of origination of such Mortgage Loan and thereafter, all requirements
          of
          any federal, state or local law including, without limitation, usury,
          truth-in-lending, real estate settlement procedures, consumer credit protection,
          equal credit opportunity or disclosure laws required to be complied with
          by the
          Loan Seller as the originator of the Mortgage Loan and applicable to the
          Mortgage Loan have been complied with in all material respects;

         

        (viii)
          The
          Mortgage has not been satisfied as of the Closing Date, canceled or
          subordinated, in whole, or rescinded, and the Mortgaged Property has not
          been
          released from the lien of the Mortgage, in whole or in part (except for
          a
          release that does not materially impair the security of the Mortgage Loan
          or a
          release the effect of which is reflected in the Loan-to-Value Ratio for
          the
          Mortgage Loan as set forth in the Mortgage Loan Schedule), nor to the best
          of
          RWT's knowledge has any instrument been executed that would effect any
          such
          release, cancellation, subordination or rescission;

         

        (ix)
          Ownership
          of the Mortgaged Property is held in fee simple or a leasehold estate.
          With
          respect to Mortgage Loans that are secured by a leasehold estate, (i) the
          lease
          is valid, in full force and effect, and conforms to all FNMA’s requirements for
          leasehold estates; (ii) all rents and other payments due under the lease
          have
          been paid; (iii) the lessee is not in default under any provision of the
          lease;
          (iv) the term of the lease exceeds the maturity date of the related Mortgage
          Loan by at least five (5) years; and (v) the terms of the lease provide
          a
          Mortgagee with an opportunity to cure any defaults. Except as permitted
          by the
          fourth sentence of this paragraph (ix), the Mortgage is a valid, subsisting
          and
          enforceable first lien on the Mortgaged Property, including all buildings
          on the
          Mortgaged Property and all installations and mechanical, electrical, plumbing,
          heating and air conditioning systems affixed to such buildings, and all
          additions, alterations and replacements made at any time with respect to
          the
          foregoing securing the Mortgage Note's original principal balance. The
          Mortgage
          and the Mortgage Note do not contain any evidence on their face of any
          security
          interest or other interest or right thereto. Such lien is free and clear
          of all
          adverse claims, liens and encumbrances having priority over the first lien
          of
          the Mortgage subject only to (1) the lien of non-delinquent current real
          property taxes and assessments not yet due and payable, (2) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording which are acceptable to mortgage
          lending institutions generally, or which are specifically referred to in
          the
          lender's title insurance policy delivered to the originator of the Mortgage
          Loan
          and either (A) which are referred to or otherwise considered in the appraisal
          made for the originator of the Mortgage Loan, or (B) which do not in the
          aggregate adversely affect the appraised value of the Mortgaged Property
          as set
          forth in such appraisal, and (3) other matters to which like properties
          are
          commonly subject which do not in the aggregate materially interfere with
          the
          benefits of the security intended to be provided by the Mortgage or the
          use,
          enjoyment, value or marketability of the related Mortgaged Property. Any
          security agreement, chattel mortgage or equivalent document related to
          and
          delivered in connection with the Mortgage Loan establishes and creates
          a valid,
          subsisting and enforceable first lien and first priority security interest
          on
          the property described therein. With respect to each Cooperative Loan,
          the
          security instruments create a valid, enforceable and subsisting first priority
          security interest in the Cooperative Apartment securing the related Mortgage
          Note subject only to (a) the lien of the related cooperative for current,
          but
          not yet due and payable, assignments representing the Mortgagor’s pro rata share
          of payments for a blanket mortgage, if any, current, but not yet due and
          payable, and future real property taxes, insurance premiums, maintenance
          fees
          and other assessments to which like collateral is commonly subject, and
          (b)
          other matters to which the collateral is commonly subject which do not
          materially interfere with the benefits of the security intended to be provided;
          provided, however, that the related proprietary lease for the Cooperative
          Apartment may be subordinated or otherwise subject to the lien of a Mortgage
          on
          the cooperative building;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (x)
          The
          Mortgage Note is not subject to a third party's security interest or other
          rights or interest therein;

         

        (xi)
          The
          Mortgage Note and the Mortgage and any other agreement executed and delivered
          by
          a Mortgagor in connection with a Mortgage Loan are genuine, and each is
          the
          legal, valid and binding obligation of the maker thereof enforceable in
          accordance with its terms. All parties to the Mortgage Note, the Mortgage
          and
          any other such related agreement had legal capacity to enter into the Mortgage
          Loan and to execute and deliver the Mortgage Note, the Mortgage and any
          such
          agreement, and the Mortgage Note, the Mortgage and any other such related
          agreement have been duly and properly executed by other such related parties.
          No
          fraud, error, omission, misrepresentation, or negligence with respect to
          a
          Mortgage Loan has taken place on the part of any Person, including without
          limitation, the Mortgagor, any appraiser, any builder or developer, or
          any other
          party involved in the origination of the Mortgage Loan. The Mortgage Loan
          has
          been closed and the proceeds of the Mortgage Loan have been fully disbursed
          and
          there is no requirement for future advances thereunder, and any and all
          requirements as to completion of any on-site or off-site improvement and
          as to
          disbursements of any escrow funds therefor have been complied with. All
          costs,
          fees and expenses incurred in making or closing the Mortgage Loan and the
          recording of the Mortgage were paid, and the Mortgagor is not entitled
          to any
          refund of any amounts paid or due under the Mortgage Note or
          Mortgage;

         

        (xii)
          Immediately
          prior to the transfer and assignment to the Purchaser, the Mortgage Note
          and the
          Mortgage were not subject to an assignment or pledge, and RWT had good
          title to
          and was the sole owner thereof and had full right to transfer and sell
          the
          Mortgage Loan free and clear of any encumbrance, equity, lien, pledge,
          charge,
          claim or security interest, including, to the best knowledge of RWT, any
          lien,
          claim or other interest arising by operation of law;

         

        (xiii)
          The
          Mortgage Loan is covered by either (i) an attorney’s opinion of title and
          abstract of title, the form and substance of which is acceptable to prudent
          mortgage lending institutions making mortgage loans in the area wherein
          the
          Mortgaged Property is located or (ii) an ALTA lender’s title insurance policy or
          other generally acceptable form of policy or insurance acceptable to FNMA
          or
          FHLMC and each such title insurance policy is issued by a title insurer
          acceptable to FNMA or FHLMC and qualified to do business in the jurisdiction
          where the Mortgaged Property is located, insuring the Loan Seller, its
          successors and assigns, as to the first priority lien of the Mortgage in
          the
          original principal amount of the Mortgage Loan, subject only to the exception
          contained in clauses (1), (2) and (3) of paragraph (ix) of this Section
          5, and
          in the case of adjustable rate Mortgage Loans, against any loss by reason
          of the
          invalidity or unenforceability of the lien resulting from the provisions
          of the
          Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly
          Payment. Where required by state law or regulation, the Mortgagor has been
          given
          the opportunity to choose the carrier of the required mortgage title insurance.
          Additionally, such lender’s title insurance policy insures against encroachments
          by or upon the Mortgaged Property. The Loan Seller, its successor and assigns,
          are the sole insureds of such lender’s title insurance policy, and such lender’s
          title insurance policy is valid and remains in full force and effect and
          will be
          in force and effect upon the consummation of the transactions contemplated
          by
          the RWT-Merrill Agreement. No claims have been made under such lender’s title
          insurance policy, and to the best of Loan Seller’s knowledge no prior holder of
          the related Mortgage, including RWT, has done, by act or omission, anything
          which would impair the coverage of such lender’s title insurance policy,
          including without limitation, no unlawful fee, commission, kickback or
          other
          unlawful compensation or value of any kind has been or will be received,
          retained or realized by any attorney, firm or other person or entity, and
          no
          such unlawful items have been received, retained or realized by
          RWT;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xiv)
          There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration,
          except
          for any Mortgage Loan payment which is not late by more than 30 days, and
          RWT
          has not waived any default, breach, violation or event permitting
          acceleration;

         

        (xv)
          As
          of the
          date of origination or purchase or the Mortgage Loans by RWT there were
          no
          mechanics' or similar liens or claims which had been filed for work, labor
          or
          material (and, to the best of RWT's knowledge, no rights are outstanding
          that
          under law could give rise to such lien) affecting the related Mortgaged
          Property
          which are or may be liens prior to, or equal or coordinate with, the lien
          of the
          related Mortgage;

         

        (xvi)
          All
          improvements subject to the Mortgage lay wholly within the boundaries and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in paragraph (xiii) above
          and
          all improvements on the property comply with all applicable zoning and
          subdivision laws and ordinances;

         

        (xvii)
          Each
          Mortgage Loan (except for the Mortgage Loans referred to in the next sentence)
          was originated by the Loan Seller, and at the time of each such origination
          the
Loan
          Seller
          was a mortgagee approved by the Secretary of Housing and Urban Development
          (the
“Secretary”) pursuant to Sections 203 and 211 of the National Housing Act. Each
          Mortgage Loan was underwritten in accordance with the Underwriting Guide
          as in
          effect at the time of origination, except to the extent the Loan Seller
          believed
          at such time that a variance from such Underwriting Guide was warranted
          by
          compensating factors with respect to such Mortgage Loan. The Mortgage contains
          the usual and customary provision of the Loan Seller at the time of origination
          for the acceleration of the payment of the unpaid principal balance of
          the
          Mortgage Loan if the related Mortgaged Property is sold without the prior
          consent of the mortgagee thereunder;

         

        (xviii)
          The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
          windstorm, flood, tornado, or other casualty which damage is not fully
          insured
          against by a current and active insurance policy (or at least insured up
          to the
          outstanding principal balance of the Mortgage Loan) and, to the best of
          RWT’s
          knowledge is in good repair. There have not been any condemnation proceedings
          with respect to the Mortgaged Property and there are no pending
          proceedings;

         

        (xix)
          The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby,
          including, (1) in the case of a Mortgage designated as a deed of trust,
          by
          trustee's sale or judicial foreclosure, and (2) otherwise by judicial
          foreclosure. RWT has no knowledge of any homestead or other exemption available
          to the Mortgagor which would interfere with the right to sell the Mortgaged
          Property at a trustee's sale or the right to foreclose the
          Mortgage;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xx)
          If
          the
          Mortgage constitutes a deed of trust, a trustee, duly qualified if required
          under applicable law to act as such, has been properly designated and currently
          so serves and is named in the Mortgage, and no fees or expenses are or
          will
          become payable to the trustee under the deed of trust, except in connection
          with
          a trustee's sale or attempted sale after default by the Mortgagor;

         

        (xxi)
          The
          Mortgage File contains an appraisal of the related Mortgage Property signed
          prior to the approval of the Mortgage Loan application by a qualified appraiser,
          duly appointed by the Loan Seller, who had no interest, direct or indirect
          in
          the Mortgaged Property or in any loan made on the security thereof, and
          whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and appraiser both satisfy the requirements of
          FNMA or
          FHLMC and any applicable requirement of Title XI of the Federal Institutions
          Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated
          thereunder, all as in effect on the date the Mortgage Loan was
          originated;

         

        (xxii)
          No
          Mortgage Loan contains “subsidized buydown” or “graduated payment”
features;

         

        (xxiii)
          The
          Mortgaged Property is a single-family (one- to four-unit) dwelling residence
          erected thereon, or an individual condominium unit in a condominium, a
          cooperative, or an individual unit in a planned unit development or in a de
          minimis planned unit development. No such residence is a mobile home or
          a
          manufactured dwelling which is not permanently attached to the
          land;

         

        (xxiv)
          Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity and disclosure laws applicable
          to
          the Mortgage Loan have been complied with, the consummation of the transactions
          contemplated hereby will not involve the violation of any such laws or
          regulations, and the Loan Seller shall maintain in its possession, available
          for
          the Purchaser's inspection, and shall deliver to the Purchaser upon demand,
          evidence of compliance with all such requirements; The Mortgagor has received
          all disclosure materials required by Section 226 19(b) of the Federal Reserve
          Board's Regulation Z and otherwise required by applicable law with respect
          to
          the making of adjustable rate mortgage loans;

         

        (xxv)
          There
          are
          no circumstances or conditions with respect to the Mortgage, the Mortgaged
          Property, the Mortgage File, or, to the best of Loan Seller’s knowledge, the
          Mortgagor or the Mortgagor’s credit standing that can reasonably be expected to
          cause private institutional investors to regard the Mortgage Loan as an
          unacceptable investment, cause the Mortgage to become delinquent, or adversely
          affect the value or marketability of the Mortgage Loan;

         

        (xxvi)
          No
          Mortgage Loan is covered by the Home Ownership and Equity Protection Act
          of 1994
          and no Mortgage Loan is “high cost” as defined by any applicable federal, state
          or local predatory or abusive lending law, and no mortgage loan is a “high cost”
or “covered” mortgage loan, as applicable (as such terms are defined in the then
          current Standard and Poor’s LEVELS Glossary which is now Version 6.0, Appendix
          E);

         

        (xxvii)
          Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state and federal laws, including, but not limited to,
          all
          applicable predatory or abusive lending laws;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (xxviii)
          The
          Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
          required to be delivered for each Mortgage Loan pursuant to Section 3(b)
          have
          been or shall be delivered to the Custodian pursuant to Section 3(b). The
          Loan
          Seller is in possession of a Mortgage File as described in Exhibit
          1
          hereto,
          which contains the applicable documents described in Exhibit 1 for the
          applicable loan program, except for such documents the originals of which
          have
          been delivered to the Custodian. Except for the absence of recording
          information, the Assignment of Mortgage is in recordable form and is acceptable
          for recording under the laws of the jurisdiction in which the Mortgaged
          Property
          is located;

         

        (xxix)
          To
          the
          best of the Seller's knowledge, as of the date of origination of the Mortgage
          Loan, there does not exist on the related Mortgaged Property any hazardous
          substances, hazardous wastes, or solid wastes, as such terms are defined
          in the
          Comprehensive Environmental
          Response, Compensation, and Liability Act, the Resource Conservation and
          Recovery Act of 1976, or other federal, state or local environmental
          legislation;

         

        (xxx)
          With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the Mortgage Loan Schedule;

         

        (xxxi)
          With
          respect to each MERS Mortgage Loan, RWT has not received any notice of
          liens or
          legal actions with respect to such Mortgage Loan and no such notices have
          been
          electronically posted on the MERS System;

         

        (xxxii)
          None
          of
          the proceeds of any Mortgage Loan were used to finance the purchase of
          single
          premium credit insurance policies;

         

        (xxxiii)
          No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        (xxxiv)
          Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC;

        

        (xxxv)
          There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans; and

        

        (xxxvi)
          No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act, which became effective October
          1,
          2002.

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        
          	
                  XI.

                	
                  With
                    respect to Mortgage Loans purchased under the Mortgage Loan Purchase
                    and
                    Sale Agreement, dated as of April 1, 2004, between GMAC and American
                    Mortgage Network, Inc. (the “GMAC-AmNet
                    Agreement”)

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the GMAC-AmNet
          Agreement.

        

        (a) Mortgage
          Loans as Described.
          The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct and the information
          provided to the rating agencies, including the loan level detail, is true
          and
          correct according to the rating agency requirements;

         

        (b) Payments
          Current.
          All
          payments required to be made up to the related Closing Date for the Mortgage
          Loan under the terms of the Mortgage Note have been made and credited.
          No
          payment required under the Mortgage Loan is 30 days or more delinquent
          nor has
          any payment under the Mortgage Loan been 30 days or more delinquent at
          any time
          since the origination of the Mortgage Loan;

         

        (c) No
          Outstanding Charges.
          There
          are no defaults in complying with the terms of the Mortgage, and all taxes,
          governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or an escrow of funds has been established in an
          amount
          sufficient to pay for every such item which remains unpaid and which has
          been
          assessed but is not yet due and payable. The Seller has not advanced funds,
          or
          induced, solicited or knowingly received any advance of funds by a party
          other
          than the Mortgagor, directly or indirectly, for the payment of any amount
          required under the Mortgage Loan, except for interest accruing from the
          date of
          the Mortgage Note or date of disbursement of the Mortgage Loan proceeds,
          whichever is earlier, to the day which precedes by one month the related
          Due
          Date of the first installment of principal and interest;

         

        (d) Original
          Terms Unmodified.
          The
          terms of the Mortgage Note and Mortgage have not been impaired, waived,
          altered
          or modified in any respect, from the date of origination except by a written
          instrument which has been recorded, if necessary to protect the interests
          of the
          Purchaser, and which has been delivered to the Custodian or to such other
          Person
          as the Purchaser shall designate in writing, and the terms of which are
          reflected in the related Mortgage Loan Schedule. The substance of any such
          waiver, alteration or modification has been approved by the issuer of any
          related PMI Policy and the title insurer, if any, to the extent required
          by the
          policy, and its terms are reflected on the related Mortgage Loan Schedule,
          if
          applicable. No Mortgagor has been released, in whole or in part, except
          in
          connection with an assumption agreement, approved by the issuer of any
          related
          PMI Policy and the title insurer, to the extent required by the policy,
          and
          which assumption agreement is part of the Mortgage Loan File delivered
          to the
          Custodian or to such other Person as the Purchaser shall designate in writing
          and the terms of which are reflected in the related Mortgage Loan
          Schedule;

         

        (e) No
          Defenses.
          The
          Mortgage Loan is not subject to any right of rescission, setoff, counterclaim
          or
          defense, including without limitation the defense of usury, nor will the
          operation of any of the terms of the Mortgage Note or the Mortgage, or
          the
          exercise of any right thereunder, render either the Mortgage Note or the
          Mortgage unenforceable, in whole or in part and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect
          thereto;

         

        (f) Hazard
          Insurance.
          Pursuant to the terms of the Mortgage, all buildings or other improvements
          upon
          the Mortgaged Property are insured by a generally acceptable insurer against
          loss by fire, hazards of extended coverage and such other hazards as are
          provided for in the Underwriting Guidelines. If required by the National
          Flood
          Insurance Act of 1968, as amended, each Mortgage Loan is covered by a flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration as in effect which policy conforms with
          the
          Underwriting Guidelines. All individual insurance policies contain a standard
          mortgagee clause naming the Seller and its successors and assigns as mortgagee,
          and all premiums thereon have been paid. The Mortgage obligates the Mortgagor
          thereunder to maintain the hazard insurance policy at the Mortgagor’s cost and
          expense, and on the Mortgagor’s failure to do so, authorizes the holder of the
          Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and
          expense, and to seek reimbursement therefor from the Mortgagor. Where required
          by state law or regulation, the Mortgagor has been given an opportunity
          to
          choose the carrier of the required hazard insurance, provided the policy
          is not
          a “master” or “blanket” hazard insurance policy covering a condominium, or any
          hazard insurance policy covering the common facilities of a planned unit
          development. The hazard insurance policy is the valid and binding obligation
          of
          the insurer, is in full force and effect, and will be in full force and
          effect
          and inure to the benefit of the Purchaser upon the consummation of the
          transactions contemplated by the GMAC-AmNet Agreement. The Seller has not
          engaged in, and has no knowledge of the Mortgagor’s having engaged in, any act
          or omission which would impair the coverage of any such policy, the benefits
          of
          the endorsement provided for herein, or the validity and binding effect
          of
          either including, without limitation, no unlawful fee, commission, kickback
          or
          other unlawful compensation or value of any kind has been or will be received,
          retained or realized by any attorney, firm or other person or entity, and
          no
          such unlawful items have been received, retained or realized by the
          Seller;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (g) Compliance
          with Applicable Laws.
          Any and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth- in- lending, real estate settlement procedures,
          consumer credit protection, equal credit opportunity, predatory lending,
          and
          disclosure laws applicable to the Mortgage Loan have been complied with,
          the
          consummation of the transactions contemplated hereby will not involve the
          violation of any such laws or regulations, and the Seller shall maintain
          in its
          possession, available for the Purchaser’s inspection, and shall deliver to the
          Purchaser upon demand, evidence of compliance with all such
          requirements;

         

        (h) No
          Satisfaction of Mortgage.
          The
          Mortgage has not been satisfied, canceled, subordinated or rescinded, in
          whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          The
          Seller has not waived the performance by the Mortgagor of any action, if
          the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has the Seller waived any default resulting from any action
          or
          inaction by the Mortgagor;

         

        (i) Type
          of Mortgaged Property.
          With
          respect to a Mortgage Loan that is not a Co-op Loan and is not secured
          by an
          interest in a leasehold estate, the Mortgaged Property is a fee simple
          estate
          that consists of a single parcel of real property with a detached single
          family
          residence erected thereon, or a two- to four-family dwelling, or an individual
          residential condominium unit in a condominium project, or an individual
          unit in
          a planned unit development, or an individual unit in a residential cooperative
          housing corporation; provided, however, that any condominium unit, planned
          unit
          development or residential cooperative housing corporation shall conform
          with
          the Underwriting Guidelines. No portion of the Mortgaged Property (or Underlying
          Mortgaged Property, in the case of a Co-op Loan) is used for commercial
          purposes, and since the date of origination, no portion of the Mortgaged
          Property has been used for commercial purposes; provided, that Mortgaged
          Properties which contain a home office shall not be considered as being
          used for
          commercial purposes as long as the Mortgaged Property has not been altered
          for
          commercial purposes and is not storing any chemicals or raw materials other
          than
          those commonly used for homeowner repair, maintenance and/or household
          purposes.
          None of the Mortgaged Properties are Manufactured Homes, log homes, mobile
          homes, geodesic domes or other unique property types;

         

        (j) Valid
          First Lien.
          The
          Mortgage is a valid, subsisting, enforceable and perfected, first lien
          on the
          Mortgaged Property, including all buildings and improvements on the Mortgaged
          Property and all installations and mechanical, electrical, plumbing, heating
          and
          air conditioning systems located in or annexed to such buildings, and all
          additions, alterations and replacements made at any time with respect to
          the
          foregoing. The lien of the Mortgage is subject only to:

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (i)

                	
                  the
                    lien of current real property taxes and assessments not yet due
                    and
                    payable;

                

        

         

        
          	 	
                  (ii)

                	
                  covenants,
                    conditions and restrictions, rights of way, easements and other
                    matters of
                    the public record as of the date of recording acceptable to prudent
                    mortgage lending institutions generally and specifically referred
                    to in
                    the lender’s title insurance policy delivered to the originator of the
                    Mortgage Loan and (a) specifically referred to or otherwise considered
                    in
                    the appraisal made for the originator of the Mortgage Loan or
                    (b) which do
                    not adversely affect the Appraised Value of the Mortgaged Property
                    set
                    forth in such appraisal; and

                

        

         

        
          	 	
                  (iii)

                	
                  other
                    matters to which like properties are commonly subject which do
                    not
                    materially interfere with the benefits of the security intended
                    to be
                    provided by the Mortgage or the use, enjoyment, value or marketability
                    of
                    the related Mortgaged Property. 

                

        

         

        Any
          security agreement, chattel mortgage or equivalent document related to
          and
          delivered in connection with the Mortgage Loan establishes and creates
          a valid,
          subsisting, enforceable and perfected first lien and first priority security
          interest on the property described therein and the Seller has full right
          to sell
          and assign the same to the Purchaser.

         

        With
          respect to any Co-op Loan, the related Mortgage is a valid, subsisting
          and
          enforceable first priority security interest on the related cooperative
          shares
          securing the Mortgage Note, subject only to (a) liens of the related residential
          cooperative housing corporation for unpaid assessments representing the
          Mortgagor’s pro rata share of the related residential cooperative housing
          corporation’s payments for its blanket mortgage, current and future real
          property taxes, insurance premiums, maintenance fees and other assessments
          to
          which like collateral is commonly subject and (b) other matters to which
          like
          collateral is commonly subject which do not materially interfere with the
          benefits of the security interest intended to be provided by the related
          Security Agreement;

         

        (k) Validity
          of Mortgage Documents.
          The
          Mortgage Note and the Mortgage and any other agreement executed and delivered
          by
          a Mortgagor in connection with a Mortgage Loan are genuine, and each is
          the
          legal, valid and binding obligation of the maker thereof enforceable in
          accordance with its terms. All parties to the Mortgage Note, the Mortgage
          and
          any other such related agreement had legal capacity to enter into the Mortgage
          Loan and to execute and deliver the Mortgage Note, the Mortgage and any
          such
          agreement, and the Mortgage Note, the Mortgage and any other such related
          agreement have been duly and properly executed by other such related parties.
          No
          fraud, error, omission, misrepresentation, negligence or similar occurrence
          with
          respect to a Mortgage Loan has taken place on the part of the Seller in
          connection with the origination of the Mortgage Loan or in the application
          of
          any insurance in relation to such Mortgage Loan. No fraud, error, omission,
          misrepresentation, negligence or similar occurrence with respect to a Mortgage
          Loan has taken place on the part of any Person, including without limitation,
          the Mortgagor, any appraiser, any builder or developer, or any other party
          involved in the origination of the Mortgage Loan or in the application
          for any
          insurance in relation to such Mortgage Loan. The Seller has reviewed all
          of the
          documents constituting the Servicing File and has made such inquiries as
          it
          deems necessary to make and confirm the accuracy of the representations
          set
          forth herein;

         

        (l) Full
          Disbursement of Proceeds.
          The
          Mortgage Loan has been closed and the proceeds of the Mortgage Loan have
          been
          fully disbursed and there is no requirement for future advances thereunder,
          and
          any and all requirements as to completion of any on-site or off-site improvement
          and as to disbursements of any escrow funds therefor have been complied
          with.
          All costs, fees and expenses incurred in making or closing the Mortgage
          Loan and
          the recording of the Mortgage were paid, and the Mortgagor is not entitled
          to
          any refund of any amounts paid or due under the Mortgage Note or
          Mortgage;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (m) Ownership.
          The
          Seller is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by each Mortgage Note and upon the sale of the Mortgage
          Loans to the Purchaser, the Seller will retain the Mortgage Files or any
          part
          thereof with respect thereto not delivered to the Custodian, the Purchaser
          or
          the Purchaser’s designee, in trust only for the purpose of servicing and
          supervising the servicing of each Mortgage Loan. The Mortgage Loan is not
          assigned or pledged, and the Seller has good, indefeasible and marketable
          title
          thereto, and has full right to transfer and sell the Mortgage Loan to the
          Purchaser free and clear of any encumbrance, equity, participation interest,
          lien, pledge, charge, claim or security interest, and has full right and
          authority subject to no interest or participation of, or agreement with,
          any
          other party, to sell and assign each Mortgage Loan pursuant to the GMAC-AmNet
          Agreement and following the sale of each Mortgage Loan, the Purchaser will
          own
          such Mortgage Loan free and clear of any encumbrance, equity, participation
          interest, lien, pledge, charge, claim or security interest. The Seller
          intends
          to relinquish all rights to possess, control and monitor the Mortgage Loan.
          After the related Closing Date, the Seller will have no right to modify
          or alter
          the terms of the sale of the Mortgage Loan and the Seller will have no
          obligation or right to repurchase the Mortgage Loan, except as provided
          in the
          GMAC-AmNet Agreement;

         

        (n) Doing
          Business.
          All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (1) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (2) either (i) organized under the laws of such
          state,
          or (ii) qualified to do business in such state, or (iii) a federal savings
          and
          loan association, a savings bank or a national bank having a principal
          office in
          such state, or (3) not doing business in such state; 

         

        (o) LTV,
          PMI Policy.
          No
          Mortgage Loan has an LTV greater than 100%. Any Mortgage Loan that had
          at the
          time of origination an LTV in excess of 80% is insured as to payment defaults
          by
          a PMI Policy. Any PMI Policy in effect covers the related Mortgage Loan
          for the
          life of such Mortgage Loan, subject to applicable law. All provisions of
          such
          PMI Policy have been and are being complied with, such policy is in full
          force
          and effect, and all premiums due thereunder have been paid and shall be
          paid in
          accordance with policy requirements. No action, inaction, or event has
          occurred
          and no state of facts exists that has, or will result in the exclusion
          from,
          denial of, or defense to coverage. Any Mortgage Loan subject to a PMI Policy
          obligates the Mortgagor thereunder to maintain the PMI Policy and to pay
          all
          premiums and charges in connection therewith. The Mortgage Interest Rate
          for the
          Mortgage Loan as set forth on the related Mortgage Loan Schedule is net
          of any
          such insurance premium; 

         

        (p) Title
          Insurance.
          With
          respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage Loan
          is
          covered by an ALTA lender’s title insurance policy or other generally acceptable
          form of policy or insurance acceptable under the Underwriting Guidelines
          and
          each such title insurance policy is issued by a title insurer acceptable
          under
          the Underwriting Guidelines and qualified to do business in the jurisdiction
          where the Mortgaged Property is located, insuring the Seller, its successors
          and
          assigns, as to the first priority lien of the Mortgage in the original
          principal
          amount of the Mortgage Loan (or to the extent a Mortgage Note provides
          for
          negative amortization, the maximum amount of negative amortization in accordance
          with the Mortgage), subject only to the exceptions contained in clauses
          (i) and
          (ii) of paragraph (j) of Subsection 9.02 of the GMAC-AmNet Agreement, and
          in the
          case of Adjustable Rate Mortgage Loans, against any loss by reason of the
          invalidity or unenforceability of the lien resulting from the provisions
          of the
          Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly
          Payment. Where required by state law or regulation, the Mortgagor has been
          given
          the opportunity to choose the carrier of the required mortgage title insurance.
          Additionally, such lender’s title insurance policy affirmatively insures ingress
          and egress, and against encroachments by or upon the Mortgaged Property
          or any
          interest therein. The Seller, its successor and assigns, are the sole insureds
          of such lender’s title insurance policy, and such lender’s title insurance
          policy is valid and remains in full force and effect and will be in force
          and
          effect upon the consummation of the transactions contemplated by the GMAC-AmNet
          Agreement. No claims have been made under such lender’s title insurance policy,
          and no prior holder of the related Mortgage, including the Seller, has
          done, by
          act or omission, anything which would impair the coverage of such lender’s title
          insurance policy, including without limitation, no unlawful fee, commission,
          kickback or other unlawful compensation or value of any kind has been or
          will be
          received, retained or realized by any attorney, firm or other person or
          entity,
          and no such unlawful items have been received, retained or realized by
          the
          Seller;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (q) No
          Defaults.
          Other
          than payments due but not yet 30 days or more delinquent, there is no default,
          breach, violation or event which would permit acceleration existing under
          the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event which would permit acceleration, and
          neither
          the Seller nor any of its affiliates nor any of their respective predecessors,
          have waived any default, breach, violation or event which would permit
          acceleration;

         

        (r) No
          Mechanics’ Liens.
          There
          are no mechanics’ or similar liens or claims which have been filed for work,
          labor or material (and no rights are outstanding that under law could give
          rise
          to such liens) affecting the related Mortgaged Property which are or may
          be
          liens prior to, or equal or coordinate with, the lien of the related Mortgage;
          

         

        (s) Location
          of Improvements; No Encroachments.
          All
          improvements which were considered in determining the Appraised Value of
          the
          Mortgaged Property lay wholly within the boundaries and building restriction
          lines of the Mortgaged Property, and no improvements on adjoining properties
          encroach upon the Mortgaged Property. No improvement located on or being
          part of
          the Mortgaged Property is in violation of any applicable zoning law or
          regulation;

         

        (t) Origination;
          Payment Terms.
          The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to Sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or other similar institution which is supervised
          and
          examined by a federal or state authority. Principal payments on the Mortgage
          Loan commenced no more than seventy days after funds were disbursed in
          connection with the Mortgage Loan. The Mortgage Interest Rate as well as,
          in the
          case of an Adjustable Rate Mortgage Loan, the Lifetime Rate Cap and the
          Periodic
          Cap are as set forth on the related Mortgage Loan Schedule. The Mortgage
          Note is
          payable in equal monthly installments of principal and interest, which
          installments of interest, with respect to Adjustable Rate Mortgage Loans,
          are
          subject to change due to the adjustments to the Mortgage Interest Rate
          on each
          Interest Rate Adjustment Date, with interest calculated and payable in
          arrears,
          sufficient to amortize the Mortgage Loan fully by the stated maturity date,
          over
          an original term of not more than fifteen years from commencement of
          amortization. Unless otherwise specified on the related Mortgage Loan Schedule,
          the Mortgage Loan is payable on the first day of each month. The Mortgage
          Loan
          does not require a balloon payment on its stated maturity date;

         

        (u) Customary
          Provisions.
          The
          Mortgage contains customary and enforceable provisions such as to render
          the
          rights and remedies of the holder thereof adequate for the realization
          against
          the Mortgaged Property of the benefits of the security provided thereby,
          including, (i) in the case of a Mortgage designated as a deed of trust,
          by
          trustee’s sale, and (ii) otherwise by judicial foreclosure. Upon default by a
          Mortgagor on a Mortgage Loan and foreclosure on, or trustee’s sale of, the
          Mortgaged Property pursuant to the proper procedures, the holder of the
          Mortgage
          Loan will be able to deliver good and merchantable title to the Mortgaged
          Property. There is no homestead or other exemption available to a Mortgagor
          which would interfere with the right to sell the Mortgaged Property at
          a
          trustee’s sale or the right to foreclose the Mortgage, subject to applicable
          federal and state laws and judicial precedent with respect to bankruptcy
          and
          right of redemption or similar law; 

         

        (v) Conformance
          with Agency and Underwriting Guidelines.
          The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          (a
          copy of which is attached to each related Assignment and Conveyance Agreement).
          The Mortgage Note and Mortgage are on forms acceptable to Freddie Mac or
          Fannie
          Mae and no representations have been made to a Mortgagor that are inconsistent
          with the mortgage instruments used; 

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (w) Occupancy
          of the Mortgaged Property.
          As of
          the related Closing Date the Mortgaged Property is lawfully occupied under
          applicable law. All inspections, licenses and certificates required to
          be made
          or issued with respect to all occupied portions of the Mortgaged Property
          and,
          with respect to the use and occupancy of the same, including but not limited
          to
          certificates of occupancy and fire underwriting certificates, have been
          made or
          obtained from the appropriate authorities. Unless otherwise specified on
          the
          related Mortgage Loan Schedule, the Mortgagor represented at the time of
          origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged
          Property as the Mortgagor’s primary residence;

         

        (x) No
          Additional Collateral.
          The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage and the security interest of any applicable
          security agreement or chattel mortgage referred to in clause (j) above;
          

         

        (y) Deeds
          of Trust.
          In the
          event the Mortgage constitutes a deed of trust, a trustee, authorized and
          duly
          qualified under applicable law to serve as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale after default by the
          Mortgagor;

         

        (z) Acceptable
          Investment.
          There
          are no circumstances or conditions with respect to the Mortgage, the Mortgaged
          Property, the Mortgagor, the Mortgage File or the Mortgagor’s credit standing
          that can reasonably be expected to cause private institutional investors
          who
          invest in prime mortgage loans similar to the Mortgage Loan to regard the
          Mortgage Loan as an unacceptable investment; 

         

        (aa) Delivery
          of Mortgage Documents.
          The
          Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
          required to be delivered under the Custodial Agreement for each Mortgage
          Loan
          have been delivered to the Custodian. The Seller is in possession of a
          complete,
          true and accurate Mortgage File in compliance with Exhibit 2 attached hereto,
          except for such documents the originals of which have been delivered to
          the
          Custodian;

         

        (bb) Georgia
          Fair Lending Act.
          There
          is no Mortgage Loan that was originated on or after October 1, 2002 and
          on or
          prior to March 7, 2003, which is secured by property located in the State
          of
          Georgia; 

         

        (cc) Transfer
          of Mortgage Loans.
          The
          Assignment of Mortgage (except with respect to any Mortgage that has been
          recorded in the name of MERS or its designee) with respect to each Mortgage
          Loan
          is in recordable form and is acceptable for recording under the laws of
          the
          jurisdiction in which the Mortgaged Property is located; 

         

        (dd) Due-On-Sale.
          With
          respect to each Mortgage Loan, the Mortgage contains an enforceable provision
          for the acceleration of the payment of the unpaid principal balance of
          the
          Mortgage Loan in the event that the Mortgaged Property is sold or transferred
          without the prior written consent of the mortgagee thereunder, and such
          provision is enforceable; 

         

        (ee) No
          Buydown Provisions; No Graduated Payments or Contingent
          Interests.
          The
          Mortgage Loan does not contain provisions pursuant to which Monthly Payments
          are
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, or
          paid by
          any source other than the Mortgagor nor does it contain any other similar
          provisions which may constitute a “buydown” provision. The Mortgage Loan is not
          a graduated payment mortgage loan and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (ff) Consolidation
          of Future Advances.
          Any
          future advances made to the Mortgagor prior to the applicable Cut-off Date
          have
          been consolidated with the outstanding principal amount secured by the
          Mortgage,
          and the secured principal amount, as consolidated, bears a single interest
          rate
          and single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first lien priority by
          a title
          insurance policy, an endorsement to the policy insuring the mortgagee’s
          consolidated interest or by other title evidence acceptable to Fannie Mae
          and
          Freddie Mac. The consolidated principal amount does not exceed the original
          principal amount of the Mortgage Loan;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (gg) Mortgaged
          Property Undamaged; No Condemnation Proceedings.
          There
          is no proceeding pending or threatened for the total or partial condemnation
          of
          the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire,
          earthquake or earth movement, windstorm, flood, tornado or other casualty
          so as
          to affect adversely the value of the Mortgaged Property as security for
          the
          Mortgage Loan or the use for which the premises were intended and each
          Mortgaged
          Property is in good repair. There have not been any condemnation proceedings
          with respect to the Mortgaged Property;

         

        (hh) Collection
          Practices; Escrow Deposits; Interest Rate Adjustments.
          The
          origination, servicing and collection practices used by the Seller and
          the
          Interim Servicer, if applicable, with respect to the Mortgage Loan have
          been in
          all respects in compliance with Accepted Servicing Practices, applicable
          laws
          and regulations, and have been in all respects legal and proper. With respect
          to
          escrow deposits and Escrow Payments, all such payments are in the possession
          of,
          or under the control of, the Seller or the Interim Servicer and there exist
          no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. All Escrow Payments have been collected
          in
          full compliance with state and federal law and the provisions of the related
          Mortgage Note and Mortgage. An escrow of funds is not prohibited by applicable
          law and has been established in an amount sufficient to pay for every item
          that
          remains unpaid and has been assessed but is not yet due and payable. No
          escrow
          deposits or Escrow Payments or other charges or payments due the Seller
          have
          been capitalized under the Mortgage or the Mortgage Note. All Mortgage
          Interest
          Rate adjustments have been made in strict compliance with state and federal
          law
          and the terms of the related Mortgage and Mortgage Note on the related
          Interest
          Rate Adjustment Date. If, pursuant to the terms of the Mortgage Note, another
          index was selected for determining the Mortgage Interest Rate, the same
          index
          was used with respect to each Mortgage Note which required a new index
          to be
          selected, and such selection did not conflict with the terms of the related
          Mortgage Note. The Seller or the Interim Servicer executed and delivered
          any and
          all notices required under applicable law and the terms of the related
          Mortgage
          Note and Mortgage regarding the Mortgage Interest Rate and the Monthly
          Payment
          adjustments. Any interest required to be paid pursuant to state, federal
          and
          local law has been properly paid and credited;

         

        (ii) Conversion
          to Fixed Interest Rate.
          The
          Mortgage Loan does not contain a provision whereby the Mortgagor is permitted
          to
          convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;
          

         

        (jj) Other
          Insurance Policies; No Defense to Coverage.
          No
          action, inaction or event has occurred and no state of facts exists or
          has
          existed on or prior to the Closing Date that has resulted or will result
          in the
          exclusion from, denial of, or defense to coverage under any applicable
          hazard
          insurance policy, PMI Policy or bankruptcy bond (including, without limitation,
          any exclusions, denials or defenses which would limit or reduce the availability
          of the timely payment of the full amount of the loss otherwise due thereunder
          to
          the insured), irrespective of the cause of such failure of coverage. In
          connection with the placement of any such insurance, no commission, fee,
          or
          other compensation has been or will be received by the Seller or by any
          officer,
          director, or employee of the Seller or any designee of the Seller or any
          corporation in which the Seller or any officer, director, or employee had
          a
          financial interest at the time of placement of such insurance;

         

        (kk) No
          Violation of Environmental Laws.
          There
          is no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgage Property; and nothing further remains to be done to satisfy
          in
          full all requirements of each such law, rule or regulation constituting
          a
          prerequisite to use and enjoyment of said property; 

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ll) Servicemembers’
          Civil Relief Act.
          The
          Mortgagor has not notified the Seller, and the Seller has no knowledge
          of any
          relief requested or allowed to the Mortgagor under the Servicemembers’ Civil
          Relief Act of 1940 as amended, or other similar state statute;

         

        (mm) Appraisal.
          The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the approval of the Mortgage Loan application by a Qualified Appraiser,
          duly appointed by the Seller, who had no interest, direct or indirect in
          the
          Mortgaged Property or in any loan made on the security thereof, and whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and appraiser both satisfy the requirements of
          Fannie
          Mae or Freddie Mac and Title XI of the Financial Institutions Reform, Recovery,
          and Enforcement Act of 1989 and the regulations promulgated thereunder,
          all as
          in effect on the date the Mortgage Loan was originated; 

         

        (nn) Disclosure
          Materials.
          The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by, and the Seller has complied with,
          all
          applicable law with respect to the making of the Mortgage Loans. The Seller
          shall maintain such statement in the Mortgage File; 

         

        (oo) Construction
          or Rehabilitation of Mortgaged Property.
          No
          Mortgage Loan was made in connection with the construction (other than
          a
“construct-to-perm” loan) or rehabilitation of a Mortgaged Property or
          facilitating the trade-in or exchange of a Mortgaged Property;

         

        (pp) Escrow
          Analysis.
          If
          applicable, with respect to each Mortgage, the Seller has within the last
          twelve
          months (unless such Mortgage was originated within such twelve month period)
          analyzed the required Escrow Payments for each Mortgage and adjusted the
          amount
          of such payments so that, assuming all required payments are timely made,
          any
          deficiency will be eliminated on or before the first anniversary of such
          analysis, or any overage will be refunded to the Mortgagor, in accordance
          with
          RESPA and any other applicable law; 

         

        (qq) Credit
          Information.
          As to
          each consumer report (as defined in the Fair Credit Reporting Act, Public
          Law
          91-508) or other credit information furnished by the Seller to the Purchaser,
          that Seller has full right and authority and is not precluded by law or
          contract
          from furnishing such information to the Purchaser and the Purchaser is
          not
          precluded from furnishing the same to any subsequent or prospective purchaser
          of
          such Mortgage; 

         

        (rr) Leaseholds.
          If the
          Mortgage Loan is secured by a leasehold estate, (1) the ground lease is
          assignable or transferable; (2) the ground lease will not terminate earlier
          than
          five years after the maturity date of the Mortgage Loan; (3) the ground
          lease
          does not provide for termination of the lease in the event of lessee’s default
          without the mortgagee being entitled to receive written notice of, and
          a
          reasonable opportunity to cure the default; (4) the ground lease permits
          the
          mortgaging of the related Mortgaged Property; (5) the ground lease protects
          the
          mortgagee’s interests in the event of a property condemnation; (6) all ground
          lease rents, other payments, or assessments that have become due have been
          paid;
          and (7) the use of leasehold estates for residential properties is a widely
          accepted practice in the jurisdiction in which the Mortgaged Property is
          located;

         

        (ss) Prepayment
          Penalty.
          Each
          Mortgage Loan that is subject to a prepayment penalty as provided in the
          related
          Mortgage Note is identified on the related Mortgage Loan Schedule. With
          respect
          to Mortgage Loans originated prior to October 1, 2002, no such Prepayment
          Penalty may be imposed for a term in excess of five (5) years following
          origination. With respect to Mortgage Loans originated on or after October
          1,
          2002, no such Prepayment Penalty may be imposed for a term in excess of
          three
          (3) years following origination; 

         

        (tt) Predatory
          Lending Regulations.
          No
          Mortgage Loan is (a) a “high cost” loan under the Home Ownership and Equity
          Protection Act of 1994, (b) a “high cost,” “threshold,” “covered” or “predatory”
or similar loan under any other applicable state, federal or local law
          (or a
          similarly classified loan using different terminology under a law imposing
          heightened regulatory scrutiny or additional legal liability for residential
          mortgage loans having high interest rates, points and/or fees), or (c)
          a “high
          cost” or “covered” mortgage loan, as applicable (as such terms are defined in
          the then current Standard and Poor’s LEVELS Glossary which is now Version 6.0,
          Appendix E); 

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (uu) Single-premium
          Credit Life Insurance Policy.
          In
          connection with the origination of any Mortgage Loan, no proceeds from
          such
          Mortgage Loan were used to finance a single-premium credit life insurance
          policy; 

         

        (vv) Qualified
          Mortgage.
          The
          Mortgage Loan is a qualified mortgage under Section 860G(a)(3) of the
          Code;

         

        (ww) Origination.
          No
          predatory or deceptive lending practices, including, without limitation,
          the
          extension of credit without regard to the ability of the Mortgagor to repay
          and
          the extension of credit which has no apparent benefit to the Mortgagor,
          were
          employed in the origination of the Mortgage Loan; 

         

        (xx) Recordation.
          Each
          original Mortgage was recorded and all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded
          in the
          appropriate jurisdictions wherein such recordation is necessary to perfect
          the
          lien thereof as against creditors of the Seller, or is in the process of
          being
          recorded; 

         

        (yy) Co-op
          Loans.
          With
          respect to a Mortgage Loan that is a Co-op Loan, the stock that is pledged
          as
          security for the Mortgage Loan is held by a person as a tenant stockholder
          (as
          defined in Section 216 of the Code) in a cooperative housing corporation
          (as
          defined in Section 216 of the Code); 

         

        (zz) Mortgagor
          Bankruptcy.
          On or
          prior to the date 60 days after the related Closing Date, the Mortgagor
          has not
          filed and will not file a bankruptcy petition or has not become the subject
          and
          will not become the subject of involuntary bankruptcy proceedings or has
          not
          consented to or will not consent to the filing of a bankruptcy proceeding
          against it or to a receiver being appointed in respect of the related Mortgaged
          Property; 

         

        (aaa) New
          York Anti-Predatory Lending Laws.
          No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an original principal balance of $300,000 or less, and (c) has an
          application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or points and fees threshold for “high-cost home
          loans,” as defined in Section 6-L of the New York State Banking Law. Any breach
          of this representation shall be deemed to materially and adversely affect
          the
          value of the Mortgage Loan and shall require a repurchase of the affected
          Mortgage Loan. With respect to any Mortgage Loan the related Mortgaged
          Property
          of which is located in the City of New York, such Mortgage Loan was originated
          prior to February 18, 2003;

         

        (bbb) Points
          and Fees.
          All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          Mortgagor in accordance with applicable state and federal law and regulation.
          Except in the case of a Mortgage Loan in an original principal amount of
          less
          than $60,000 which would have resulted in an unprofitable origination,
          no
          Mortgagor was charged “points and fees” (whether or not financed) in an amount
          greater than 5% of the principal amount of such loan, such 5% limitation
          is
          calculated in accordance with Fannie Mae’s anti-predatory lending requirements
          as set forth in the Fannie Mae Selling Guide. All points and fees related
          to
          each Mortgage Loan are accurately described on the Mortgage Loan
          Schedule;

        

        (ccc) No
          Mortgage Loan which is secured by property located in the State of New
          Jersey is
          a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, which
          became effective November 27, 2003; 

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ddd) No
          Mortgage Loan which is secured by property located in the State of New
          Mexico is
          a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act,
          which became effective January 1, 2004;

        

        (eee) No
          Mortgage Loan which is secured by property located in the State of Kentucky
          is a
“High-Cost Home Loan” as defined in the Kentucky House Bill 287, which became
          effective June 24, 2003;

        

        (fff)
          No
          Mortgage Loan which is secured by property located in the Commonwealth
          of
          Massachusetts is a "High Cost Home Mortgage Loan" as defined in the
          Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C)
          which
          became effective November 7, 2004;

        

        (ggg)
          No
          Mortgage Loan that is secured by property located in the State of Illinois
          is a
          "High-Risk Home Loan" as defined in the Illinois High Risk Home Loan Act
          effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); and none
          of the
          Mortgage Loans that are secured by property located in the State of Illinois
          are
          in violation of the provisions of the Illinois Interest Act (815 Ill. Comp.
          Stat. 205/1 et. seq.);

        

        (hhh) No
          Mortgage Loan that is secured by property located in the State of Indiana
          is a
          "High Cost Home Loan" as defined in Indiana’s Home Loan Practices Act (I.C.
          24-9), which became effective January 1, 2005; and

        

        (iii) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        
          	
                  XII.

                	
                  With
                    respect to Mortgage Loans purchased under the Seller’s Warranties and
                    Servicing Agreement, dated as of June 1, 2007 (WFHM 2007-W24)
                    by and
                    between Redwood Trust, Inc. and Wells Fargo Bank, N.A. (the "Redwood-Wells
                    Fargo Agreement")

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the Redwood-Wells
          Fargo Agreement.

        

        
          	
                  (a)

                	
                  Mortgage
                    Loans as Described.

                

        

        

        The
          information set forth in the Mortgage Loan Schedule attached hereto as
          Exhibit A
          and the information contained on the Data File Fields contained on the
          Data File
          delivered to the Purchaser are true and correct; provided that the Company
          makes
          no representation or warranty as to the accuracy of Unverified Information;
          and
          the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        
          	
                  (b)

                	
                  Payments
                    Current.

                

        

        

        All
          payments required to be made up to the Cut-off Date for the Mortgage Loan
          under
          the terms of the Mortgage Note have been made and credited. No payment
          under any
          Mortgage Loan has been thirty (30) days delinquent more than one (1) time
          within
          twelve (12) months prior to the Closing Date;

        

        
          	
                  (c)

                	
                  No
                    Outstanding Charges.

                

        

        

        There
          are
          no defaults in complying with the terms of the Mortgages, and all taxes,
          governmental assessments, insurance premiums, leasehold payments, water,
          sewer
          and municipal charges, which previously became due and owing have been
          paid, or
          an escrow of funds has been established in an amount sufficient to pay
          for every
          such item which remains unpaid and which has been assessed but is not yet
          due
          and payable. The Company has not advanced funds, or induced, or solicited
          directly or indirectly, the payment of any amount required under the Mortgage
          Loan, except for interest accruing from the date of the Mortgage Note or
          date of
          disbursement of the Mortgage Loan proceeds, whichever is later, to the
          day which
          precedes by one month the Due Date of the first installment of principal
          and
          interest;

        

        
          	
                  (d)

                	
                  Original
                    Terms Unmodified.

                

        

        

        The
          terms
          of the Mortgage Note and Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by a written instrument which has been
          recorded
          or registered with the MERS System, if necessary, to protect the interests
          of
          the Purchaser and is retained by the Company in the Retained Mortgage File;
          and
          the related Mortgage Note which has been delivered to the Custodian. The
          substance of any such waiver, alteration or modification has been approved
          by
          the issuer of any related PMI Policy and the title insurer, to the extent
          required by the policy, and its terms are reflected on the related Mortgage
          Loan
          Schedule. No Mortgagor has been released, in whole or in part, except in
          connection with an assumption agreement approved by the issuer of any related
          PMI Policy and the title insurer, to the extent required by the policy,
          and
          which assumption agreement is part of the Custodial Mortgage File delivered
          to
          the Custodian and the terms of which are reflected in the related Mortgage
          Loan
          Schedule;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        
          	
                  (e)

                	
                  No
                    Defenses.

                

        

        

        The
          Mortgage Loan is not subject to any right of rescission, set-off,
          counterclaim

        or
          defense, including without limitation the defense of usury, nor will
          the

        operation
          of any of the terms of the Mortgage Note or the Mortgage, or the

        exercise
          of any right thereunder, render either the Mortgage Note or the
          Mortgage

        unenforceable,
          in whole or in part, or subject to any right of rescission,
          set-off,

        counterclaim
          or defense, including without limitation the defense of usury, and
          no

        such
          right of rescission, set-off, counterclaim or defense has been asserted
          with

        respect
          thereto;

        

        
          	
                  (f)

                	
                  No
                    Satisfaction of Mortgage.

                

        

        

        The
          Mortgage has not been satisfied, canceled, subordinated or rescinded,
          in

        whole
          or
          in part, and the Mortgaged Property has not been released from the
          lien

        of
          the
          Mortgage, in whole or in part, nor has any instrument been executed
          that

        would
          effect any such satisfaction, release, cancellation, subordination
          or

        rescission;

        

        
          	
                  (g)

                	
                  Validity
                    of Mortgage Documents.

                

        

        

        The
          Mortgage Note and the Mortgage and related documents are genuine, and each
          is
          the legal, valid and binding obligation of the maker thereof enforceable
          in
          accordance with its terms. All parties to the Mortgage Note and the Mortgage
          had
          legal capacity to enter into the Mortgage Loan and to execute and deliver
          the
          Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage
          have been
          duly and properly executed by such parties. The Company has reviewed all
          documents constituting the Retained Mortgage File and Custodial Mortgage
          File
          and has made such inquiries as it deems necessary to make and confirm the
          accuracy of the representations set forth herein;

        

        With
          respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the
          Pledge
          Agreement, and related documents are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof enforceable in accordance with
          its
          terms. All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
          the
          Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
          of
          Proprietary Lease had legal capacity to enter into the Mortgage Loan and
          to
          execute and deliver such documents, and such documents have been duly and
          properly executed by such parties;

        

        
          	
                  (h)

                	
                  No
                    Fraud.

                

        

        

        No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Company,
          or the
          Mortgagor (except with respect to the accuracy of Unverified Information),
          or to
          the best of the Company’s knowledge, any appraiser, any builder, or any
          developer, or any other party involved in the origination of the Mortgage
          Loan
          or in the application of any insurance in relation to such Mortgage
          Loan;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (i)

                	
                  Compliance
                    with Applicable Laws.

                

        

        

        Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection and privacy, equal credit opportunity, disclosure or
          predatory
          and abusive lending laws applicable to the Mortgage Loan have been complied
          with. All inspections, licenses and certificates required to be made or
          issued
          with respect to all occupied portions of the Mortgaged Property and, with
          respect to the use and occupancy of the same, including, but not limited
          to,
          certificates of occupancy and fire underwriting certificates, have been
          made or
          obtained from the appropriate authorities;

        

        
          	
                  (j)

                	
                  Location
                    and Type of Mortgaged Property.

                

        

        

        The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a contiguous parcel of real property with
          a
          detached single family residence erected thereon, or a two- to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          a
          Cooperative Apartment, or an individual unit in a planned unit development
          or a
          townhouse, provided, however, that any condominium project or planned unit
          development shall conform to the applicable Fannie Mae or Freddie Mac
          requirements, the Company Underwriting Guidelines (other than the exception
          identified for Exception Mortgage Loans) or the Third-Party Underwriting
          Guidelines, as applicable, regarding such dwellings, and no residence or
          dwelling is a mobile home or manufactured dwelling. As of the respective
          appraisal date for each Mortgaged Property, any Mortgaged Property being
          used
          for commercial purposes conforms to the Company Underwriting Guidelines
          (other
          than the exception identified for Exception Mortgage Loans) or the Third-Party
          Underwriting Guidelines, as applicable and, to the best of the Company’s
          knowledge, since the date of such appraisal, no portion of the Mortgaged
          Property was being used for commercial purposes outside of the Company
          Underwriting Guidelines (other than the exception identified for Exception
          Mortgage Loans) or the Third-Party Underwriting Guidelines, as
          applicable;

        

        
          	
                  (k)

                	
                  Valid
                    First Lien.

                

        

        

        The
          Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
          Property, including all buildings on the Mortgaged Property and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems located in or annexed to such buildings, and all additions, alterations
          and replacements made at any time with respect to the foregoing. The lien
          of the
          Mortgage is subject only to:

        

        
          	 	
                  (1)
                    

                	
                  the
                    lien of current real property taxes and assessments not yet due
                    and
                    payable;

                

        

        

        
          	 	
                  (2)
                    

                	
                  covenants,
                    conditions and restrictions, rights of way, easements and other
                    matters of
                    the public record as of the date of recording acceptable to mortgage
                    lending institutions generally and specifically referred to in
                    the
                    lender's title insurance policy delivered to the originator of
                    the
                    Mortgage Loan and (i) referred to or otherwise considered in
                    the appraisal
                    made for the originator of the Mortgage Loan and (ii) which do
                    not
                    adversely affect the Appraised Value of the Mortgaged Property
                    set forth
                    in such appraisal; and

                

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (3)
                    

                	
                  other
                    matters to which like properties are commonly subject which do
                    not
                    materially interfere with the benefits of the security intended
                    to be
                    provided by the mortgage or the use, enjoyment, value or marketability
                    of
                    the related Mortgaged Property.

                

        

        

        Any
          security agreement, chattel mortgage or equivalent document related to
          and
          delivered in connection with the Mortgage Loan establishes and creates
          a valid,
          subsisting and enforceable first lien and first priority security interest
          on
          the property described therein and the Company has full right to sell and
          assign
          the same to the Purchaser;

        

        With
          respect to each Cooperative Loan, each Pledge Agreement creates a valid,
          enforceable and subsisting first security interest in the Cooperative Shares
          and
          Proprietary Lease, subject only to (i) the lien of the related Cooperative
          for
          unpaid assessments representing the Mortgagor’s pro rata share of the
          Cooperative’s payments for its blanket mortgage, current and future real
          property taxes, insurance premiums, maintenance fees and other assessments
          to
          which like collateral is commonly subject and (ii) other matters to which
          like
          collateral is commonly subject which do not materially interfere with the
          benefits of the security intended to be provided by the Pledge Agreement;
          provided, however, that the appurtenant Proprietary Lease may be subordinated
          or
          otherwise subject to the lien of any mortgage on the Project;

        

        
          	
                  (l)
                    

                	
                  Full
                    Disbursement of Proceeds.

                

        

        

        The
          proceeds of the Mortgage Loan have been fully disbursed, except for escrows
          established or created due to seasonal weather conditions, and there is
          no
          requirement for future advances thereunder. All costs, fees and expenses
          incurred in making or closing the Mortgage Loan and the recording of the
          Mortgage were paid, and the Mortgagor is not entitled to any refund of
          any
          amounts paid or due under the Mortgage Note or Mortgage;

        

        
          	
                  (m)

                	
                  Consolidation
                    of Future Advances.

                

        

        

        Any
          future advances made prior to the Cut-off Date, have been consolidated
          with the
          outstanding principal amount secured by the Mortgage, and the secured principal
          amount, as consolidated, bears a single interest rate and single repayment
          term
          reflected on the related Mortgage Loan Schedule. The lien of the Mortgage
          securing the consolidated principal amount is expressly insured as having
          first
          lien priority by a title insurance policy, an endorsement to the policy
          insuring
          the mortgagee’s consolidated interest or by other title evidence acceptable to
          Fannie Mae or Freddie Mac; the consolidated principal amount does not exceed
          the
          original principal amount of the Mortgage Loan; the Company shall not make
          future advances after the Cut-off Date; 

         

        
          	
                  (n)

                	
                  Ownership.

                

        

        

        The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          related Mortgage Note and the Mortgage are not assigned or pledged, and
          the
          Company has good and marketable title thereto and has full right and authority
          to transfer and sell the Mortgage Loan to the Purchaser. The Company is
          transferring the Mortgage Loan free and clear of any and all encumbrances,
          liens, pledges, equities, participation interests, claims, charges or security
          interests of any nature encumbering such Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (o) Origination/Doing
          Business.

        

        The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a
          commercial bank, a credit union, an insurance company, or similar institution
          that is supervised and examined by a federal or state authority or by a
          mortgagee
          approved by the Secretary of Housing and Urban Development pursuant
          to Sections 203 and 211 of the National Housing Act. All parties which
          have
          had
          any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee
          or otherwise, are (or, during the period in which they held and disposed
          of
          such
          interest, were) (1) in compliance with any and all applicable licensing
          requirements
          of the laws of the state wherein the Mortgaged Property is located, and
          (2)
          organized under the laws of such state, or (3) qualified to do business
          in
such
          state, or (4) federal savings and loan associations or national banks having
          principal
          offices in such state, or (5) not doing business in such state;

        

        
          	
                  (p)

                	
                  LTV,
                    PMI Policy.

                

        

        

        No
          Mortgage Loan has an LTV greater than 95%. Except as set forth on the related
          Data File, each Mortgage Loan with an LTV greater than 80% at the time
          of
          origination, a portion of the unpaid principal balance of the Mortgage
          Loan is
          and will be insured as to payment defaults by a PMI Policy. If the Mortgage
          Loan
          is insured by a PMI Policy which is not an LPMI Policy, the coverage will
          remain
          in place until (i) the LTV decreases to 78% or (ii) the PMI Policy is otherwise
          terminated pursuant to the Homeowners Protection Act of 1998, 12 USC §4901, et
          seq. All provisions of such PMI Policy or LPMI Policy have been and are
          being
          complied with, such policy is in full force and effect, and all premiums
          due
          thereunder have been paid. The Qualified Insurer has a claims paying ability
          acceptable to Fannie Mae or Freddie Mac. Any Mortgage Loan subject to a
          PMI
          Policy or LPMI Policy obligates the Mortgagor or the Company to maintain
          the PMI
          Policy or LPMI Policy, as applicable, and to pay all premiums and charges
          in
          connection therewith. The Mortgage Interest Rate for the Mortgage Loan
          as set
          forth on the related Mortgage Loan Schedule is net of any such
          insurance

        premium;

        

        
          	
                  (q)

                	
                  Title
                    Insurance.

                

        

        

        The
          Mortgage Loan is covered by an ALTA lender's title insurance policy (or
          in the
          case of any Mortgage Loan secured by a Mortgaged Property located in a
          jurisdiction where such policies are generally not available, an opinion
          of
          counsel of the type customarily rendered in such jurisdiction in lieu of
          title
          insurance) or other generally acceptable form of policy of insurance acceptable
          to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie
          Mae
          or Freddie Mac and qualified to do business in the jurisdiction where the
          Mortgaged Property is located, insuring the Company, its successors and
          assigns,
          as to the first priority lien of the Mortgage in the original principal
          amount
          of the Mortgage Loan, subject only to the exceptions contained in clauses
          (1),
          (2) and (3) of subclause (k) of this Section 3.02, and against any loss
          by
          reason of the invalidity or unenforceability of the lien resulting from
          the
          provisions of the Mortgage providing for adjustment to the Mortgage Interest
          Rate and Monthly Payment. The Company is the sole insured of such lender's
          title
          insurance policy, and such lender's title insurance policy is in full force
          and
          effect and will be in force and effect upon the consummation of the transactions
          contemplated by the Redwood-Wells Fargo Agreement. No claims have been
          made
          under such lender's title insurance policy, and no prior holder of the
          Mortgage,
          including the Company, has done, by act or omission, anything which would
          impair
          the coverage of such lender's title insurance policy;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (r)

                	
                  No
                    Defaults.

                

        

        

        There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and neither the Company
          nor
          its predecessors have waived any default, breach, violation or event of
          acceleration;

        

        
          	
                  (s)

                	
                  No
                    Mechanics' Liens.

                

        

        

        There
          are
          no mechanics' or similar liens or claims which have been filed for work,
          labor
          or material (and no rights are outstanding that under the law could give
          rise to
          such liens) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related Mortgage
          which
          are not insured against by the title insurance policy referenced in subclause
          (q) of Section 3.02 of the Redwood-Wells Fargo Agreement;

        

        
          	
                  (t)

                	
                  Location
                    of Improvements; No Encroachments.

                

        

        

        Except
          as
          insured against by the title insurance policy referenced in subclause (q)
          of
          Section 3.02 of the Redwood-Wells Fargo Agreement, all improvements which
          were
          considered in determining the Appraised Value of the Mortgaged Property
          lay
          wholly within the boundaries and building restriction lines of the Mortgaged
          Property and no improvements on adjoining properties encroach upon the
          Mortgaged
          Property. No improvement located on or being part of the Mortgaged Property
          is
          in violation of any applicable zoning law or regulation;

        

        
          	
                  (u)

                	
                  Payment
                    Terms.

                

        

        

        Except
          with respect to the Interest Only Mortgage Loans, principal payments commenced
          no more than sixty (60) days after the funds were disbursed to the Mortgagor
          in
          connection with the Mortgage Loan. Except with respect to the Interest
          Only
          Mortgage Loans, each Mortgage Loan is payable in equal monthly installments
          of
          principal and interest, with interest calculated and payable in arrears,
          sufficient to amortize the Mortgage Loan fully by the stated maturity date
          set
          forth in the Mortgage Note over an original term to maturity of not more
          than
          thirty (30) years. As to each Adjustable Rate Mortgage Loan on each applicable
          Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the
          sum of
          the Index plus the applicable Gross Margin, rounded up or down to the nearest
          multiple of 0.125% indicated by the Mortgage Note; provided that the Mortgage
          Interest Rate will not increase or decrease by more than the Periodic Interest
          Rate Cap on any Adjustment Date, and will in no event exceed the Maximum
          Mortgage Interest Rate or be lower than the Minimum Mortgage Interest Rate
          listed on the Mortgage Note for such Mortgage Loan. As to each Adjustable
          Rate
          Mortgage Loan that is not an Interest Only Mortgage Loan, each Mortgage
          Note
          requires a monthly payment which is sufficient, during the period prior
          to the
          first adjustment to the Mortgage Interest Rate, to fully amortize the
          outstanding principal balance as of the first day of such period over the
          then
          remaining term of such Mortgage Note and to pay interest at the related
          Mortgage
          Interest Rate. With respect to each Interest Only Mortgage Loan, the
          interest-only period shall not exceed fifteen (15) years (or such other
          period
          specified on the related Data File) and following the expiration of such
          interest-only period, the remaining Monthly Payments shall be sufficient
          to
          fully amortize the original principal balance over the remaining term of
          the
          Mortgage Loan and to pay interest at the related Mortgage Interest Rate.
          As to
          each Adjustable Rate Mortgage Loan, if the related Mortgage Interest Rate
          changes on an Adjustment Date or, with respect to an Interest Only Mortgage
          Loan, on an Adjustment Date following the related interest-only period,
          the then
          outstanding principal balance will be reamortized over the remaining life
          of
          such Mortgage Loan. No Adjustable Rate Mortgage Loan contains terms or
          provisions which would result in negative amortization;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (v)

                	
                  Customary
                    Provisions.

                

        

        

        The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (i) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (ii) otherwise by judicial foreclosure.
          There
          is no homestead or other exemption available to a Mortgagor which would
          interfere with the right to sell the Mortgaged Property at a trustee's
          sale or
          the right to foreclose the Mortgage;

        

        
          	
                  (w)

                	
                  Occupancy
                    of the Mortgaged Property.

                

        

        

        As
          of the
          date of origination, the Mortgaged Property was lawfully occupied under
          applicable law;

        

        
          	
                  (x)

                	
                  No
                    Additional Collateral.

                

        

        

        Except
          in
          the case of a Pledged Asset Mortgage Loan and as indicated on the related
          Data
          File, the Mortgage Note is not and has not been secured by any collateral,
          pledged account or other security except the lien of the corresponding
          Mortgage
          and the security interest of any applicable security agreement or chattel
          mortgage referred to in subclause (k) of Section 3.02 of the Redwood-Wells
          Fargo
          Agreement;

        

        
          	
                  (y)

                	
                  Deeds
                    of Trust.

                

        

        

        In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the mortgagee to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

        

        
          	
                  (z)

                	
                  Acceptable
                    Investment.

                

        

        

        The
          Company has no knowledge of any circumstances or conditions with respect
          to the
          Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's
          credit
          standing that can reasonably be expected to cause private institutional
          investors to regard the Mortgage Loan as an unacceptable investment, cause
          the
          Mortgage Loan to become delinquent, or adversely affect the value or
          marketability of the Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (aa)

                	
                  Transfer
                    of Mortgage Loans.

                

        

        

        If
          the
          Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage,
          upon the
          insertion of the name of the assignee and recording information, is in
          recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

        

        
          	
                  (bb)

                	
                  Mortgaged
                    Property Undamaged.

                

        

        

        The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
          windstorm, flood, tornado or other casualty so as to affect adversely the
          value
          of the Mortgaged Property as security for the Mortgage Loan or the use
          for which
          the premises were intended;

        

        
          	
                  (cc)

                	
                  Collection
                    Practices; Escrow Deposits.

                

        

        

        The
          origination, servicing and collection practices used with respect to the
          Mortgage Loan have been in accordance with Accepted Servicing Practices,
          and
          have been in all material respects legal and proper. With respect to escrow
          deposits and Escrow Payments, all such payments are in the possession of
          the
          Company and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made. All Escrow
          Payments have been collected in full compliance with state and federal
          law. No
          escrow deposits or Escrow Payments or other charges or payments due the
          Company
          have been capitalized under the Mortgage Note;

        

        
          	
                  (dd)

                	
                  No
                    Condemnation.

                

        

        

        There
          is
          no proceeding pending or to the best of the Company’s knowledge threatened for
          the total or partial condemnation of the related Mortgaged
          Property;

        

        
          	
                  (ee)

                	
                  The
                    Appraisal.

                

        

        

        The
          Servicing File for each Mortgage Loan includes an appraisal of the related
          Mortgaged Property. As to each Time$aver® Mortgage Loan, the appraisal may be
          from the original of the existing Company-serviced loan, which was refinanced
          via such Time$aver® Mortgage Loan. The appraisal was conducted by an appraiser
          who had no interest, direct or indirect, in the Mortgaged Property or in
          any
          loan made on the security thereof; and whose compensation is not affected
          by the
          approval or disapproval of the Mortgage Loan, and the appraisal and the
          appraiser both satisfy the applicable requirements of Title XI of the Financial
          Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations
          promulgated thereunder, all as in effect on the date the Mortgage Loan
          was

        originated;

        

        
          	
                  (ff)

                	
                  Insurance.

                

        

        

        The
          Mortgaged Property securing each Mortgage Loan is insured by an insurer
          acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards
          as
          are covered under a standard extended coverage endorsement and such other
          hazards as are customary in the area where the Mortgaged Property is located
          pursuant to insurance policies conforming to the requirements of Section
          4.10,
          in an amount which is at least equal to the lesser of (i) 100% of the insurable
          value, on a replacement cost basis, of the improvements on the related
          Mortgaged
          Property and (ii) the greater of (a) the outstanding principal balance
          of the
          Mortgage Loan or (b) an amount such that the proceeds of such insurance
          shall be
          sufficient to prevent the application to the Mortgagor or the loss payee
          of any
          coinsurance clause under the policy. If the Mortgaged Property is a condominium
          unit, it is included under the coverage afforded by a blanket policy for
          the
          project. If the improvements on the Mortgaged Property are in an area identified
          in the Federal Register by the Federal Emergency Management Agency as having
          special flood hazards, a flood insurance policy meeting the requirements
          of the
          current guidelines of the Federal Insurance Administration is in effect
          with a
          generally acceptable insurance carrier, in an amount representing coverage
          not
          less than the least of (A) the outstanding principal balance of the Mortgage
          Loan, (B) the full insurable value and (C) the maximum amount of insurance
          which
          was available under the Flood Disaster Protection Act of 1973, as amended.
          All
          individual insurance policies contain a standard mortgagee clause naming
          the
          Company and its successors and assigns as mortgagee, and all premiums thereon
          have been paid. The Mortgage obligates the Mortgagor thereunder to maintain
          a
          hazard insurance policy at the Mortgagor's cost and expense, and on the
          Mortgagor's failure to do so, authorizes the holder of the Mortgage to
          obtain
          and maintain such insurance at such Mortgagor's cost and expense, and to
          seek
          reimbursement therefor from the Mortgagor. The hazard insurance policy
          is the
          valid and binding obligation of the insurer, is in full force and effect,
          and
          will be in full force and effect and inure to the benefit of the Purchaser
          upon
          the consummation of the transactions contemplated by the Redwood-Wells
          Fargo
          Agreement. The Company has not acted or failed to act so as to impair the
          coverage of any such insurance policy or the validity, binding effect and
          enforceability thereof;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (gg)

                	
                  Servicemembers
                    Civil Relief Act.

                

        

        

        The
          Mortgagor has not notified the Company, and the Company has no knowledge
          of any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act, as amended;

        

        
          	
                  (hh)

                	
                  No
                    Balloon Payments, Graduated Payments or Contingent
                    Interests.

                

        

        

        The
          Mortgage Loan is not a graduated payment mortgage loan and the Mortgage
          Loan
          does not have a shared appreciation or other contingent interest feature.
          No
          Mortgage Loan has a balloon payment feature;

        

        
          	
                  (ii)

                	
                  No
                    Construction Loans.

                

        

        

        No
          Mortgage Loan was made in connection with (i) the construction or rehabilitation
          of a Mortgage Property or (ii) facilitating the trade-in or exchange of
          a
          Mortgaged Property other than a construction-to-permanent loan which has
          converted to a permanent Mortgage Loan;

        

        
          	
                  (jj)

                	
                  Underwriting.

                

        

        

        
          	 	
                  (i)

                	
                  Each
                    Company Mortgage Loan was underwritten in accordance with the
                    Company
                    Underwriting Guidelines;

                

        

        

        
          	 	
                  (ii)

                	
                  Each
                    Third-Party Mortgage Loan was underwritten in accordance with
                    the
                    Third-Party Underwriting
                    Guidelines;

                

        

        

        
          	 	
                  (iii)

                	
                  Each
                    Exception Mortgage Loan was underwritten in accordance with the
                    Company
                    Underwriting Guidelines; and

                

        

        

        
          	 	
                  (iv)

                	
                  Each
                    Mortgage Note and Mortgage are on forms acceptable to Freddie
                    Mac or
                    Fannie Mae;

                

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        

        
          	
                  (kk)

                	
                  No
                    Bankruptcy.

                

        

        

        No
          Mortgagor was a debtor in any state or federal bankruptcy or insolvency
          proceeding at the time the Mortgage Loan was originated and as of the Closing
          Date, the Company has not received notice that any Mortgagor is a debtor
          under
          any state or federal bankruptcy or insolvency proceeding;

        

        
          	
                  (ll)

                	
                  The
                    Mortgagor.

                

        

        

        The
          Mortgagor is one or more natural Persons and/or an Illinois land trust
          or a
“living trust” and such “living trust” is in compliance with the Company
          Underwriting Guidelines (other than the exception identified for Exception
          Mortgage Loans) or the Third-Party Underwriting Guidelines, as
          applicable;

        

        
          	
                  (mm)

                	
                  Interest
                    Calculation.

                

        

        

        Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

        

        
          	
                  (nn)

                	
                  Environmental
                    Status.

                

        

        

        There
          is
          no pending action or proceeding directly involving the Mortgaged Property
          of
          which the Company is aware in which compliance with any environmental law,
          rule
          or regulation is an issue; and to the best of the Company’s knowledge, nothing
          further remains to be done to satisfy in full all requirements of each
          such law,
          rule or regulation constituting a prerequisite to the use and enjoyment
          of the
          Mortgaged Property;

        

        
          	
                  (oo)

                	
                  No
                    High Cost Loans.

                

        

        

        No
          Mortgage Loan is a High Cost Loan or Covered Loan;

        

        
          	
                  (pp)

                	
                  Anti-Money
                    Laundering Laws.

                

        

        

        The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot ACT of 2001
          (collectively, the “Anti-Money Laundering Laws”); the Company has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the identity of the applicable Mortgagor
          and the
          origin of assets used by the said Mortgagor to purchase the related Mortgaged
          Property, and maintains sufficient information to identify the applicable
          Mortgagor for purposes of the Anti-Money Laundering Laws;

        

        
          	
                  (qq)

                	
                  Single
                    Premium Credit Life Insurance.

                

        

        

        No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g. life, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.
          life, disability, accident, unemployment or health insurance product) as
          part of
          the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
          were
          used to purchase single premium credit insurance policies or debt cancellation
          agreements as part of the origination of, or as a condition to closing,
          such
          Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (rr)

                	
                  Buydown
                    Mortgage Loans.

                

        

        

        With
          respect to each Mortgage Loan that is a Buydown Mortgage Loan:

        

        
          	 	
                  (i)

                	
                  On
                    or before the date of origination of such Mortgage Loan, the
                    Company and
                    the Mortgagor, or the Company, the Mortgagor and the seller of
                    the
                    Mortgaged Property or a third party entered into a Buydown Agreement.
                    The
                    Buydown Agreement provides that the seller of the Mortgaged Property
                    (or
                    third party) shall deliver to the Company temporary Buydown Funds
                    in an
                    amount equal to the aggregate undiscounted amount of payments
                    that, when
                    added to the amount the Mortgagor on such Mortgage Loan is obligated
                    to
                    pay on each Due Date in accordance with the terms of the Buydown
                    Agreement, is equal to the full scheduled Monthly Payment due
                    on such
                    Mortgage Loan. The temporary Buydown Funds enable the Mortgagor
                    to qualify
                    for the Buydown Mortgage Loan. The effective interest rate of
                    a Buydown
                    Mortgage Loan if less than the interest rate set forth in the
                    related
                    Mortgage Note will increase within the Buydown Period as provided
                    in the
                    related Buydown Agreement so that the effective interest rate
                    will be
                    equal to the interest rate as set forth in the related Mortgage
                    Note. The
                    Buydown Mortgage Loan satisfies the requirements of the Company
                    Underwriting Guidelines (other than the exception identified
                    for Exception
                    Mortgage Loans) or the Third-Party Underwriting Guidelines, as
                    applicable;

                

        

        

        
          	 	
                  (ii)

                	
                  The
                    Mortgage and Mortgage Note reflect the permanent payment terms
                    rather than
                    the payment terms of the Buydown Agreement. The Buydown Agreement
                    provides
                    for the payment by the Mortgagor of the full amount of the Monthly
                    Payment
                    on any Due Date that the Buydown Funds are available. The Buydown
                    Funds
                    were not used to reduce the original principal balance of the
                    Mortgage
                    Loan or to increase the Appraised Value of the Mortgage Property
                    when
                    calculating the Loan-to-Value Ratios for purposes of the Agreement
                    and, if
                    the Buydown Funds were provided by the Company and if required
                    under the
                    Company Underwriting Guidelines (other than the exception identified
                    for
                    Exception Mortgage Loans) or the Third-Party Underwriting Guidelines,
                    as
                    applicable, the terms of the Buydown Agreement were disclosed
                    to the
                    appraiser of the Mortgaged
                    Property;

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    Buydown Funds may not be refunded to the Mortgagor unless the
                    Mortgagor
                    makes a principal payment for the outstanding balance of the
                    Mortgage
                    Loan;

                

        

        

        
          	 	
                  (iv)

                	
                  As
                    of the date of origination of the Mortgage Loan, the provisions
                    of the
                    related Buydown Agreement complied with the requirements of the
                    Company
                    Underwriting Guidelines (other than the exception identified
                    for Exception
                    Mortgage Loans) or the Third-Party Underwriting Guidelines, as
                    applicable,
                    regarding buydown agreements;

                

        

        

        
          	
                  (ss)

                	
                  Cooperative
                    Loans.

                

        

        

        With
          respect to each Cooperative Loan:

        

        
          	 	
                  (i)

                	
                  The
                    Cooperative Shares are held by a Person as a tenant-stockholder
                    in a
                    Cooperative. Each original UCC financing statement, continuation
                    statement
                    or other governmental filing or recordation necessary to create
                    or
                    preserve the perfection and priority of the first lien and security
                    interest in the Cooperative Loan and Proprietary Lease has been
                    timely and
                    properly made. Any security agreement, chattel mortgage or equivalent
                    document related to the Cooperative Loan and delivered to Purchaser
                    or its
                    designee establishes in Purchaser a valid and subsisting perfected
                    first
                    lien on and security interest in the Mortgaged Property described
                    therein,
                    and Purchaser has full right to sell and assign the same. The
                    Proprietary
                    Lease term expires no less than five years after the Mortgage
                    Loan term or
                    such other term acceptable to Fannie Mae, Freddie Mac, the Company
                    Underwriting Guidelines (other than the exception identified
                    for Exception
                    Mortgage Loans) or the Third-Party Underwriting Guidelines, as
                    applicable;

                

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (ii)

                	
                  A
                    Cooperative Lien Search has been made by a company competent
                    to make the
                    same which company is acceptable to Fannie Mae or Freddie Mac
                    and
                    qualified to do business in the jurisdiction where the Cooperative
                    is
                    located;

                

        

        

        
          	 	
                  (iii)

                	
                  (a)
                    The term of the related Proprietary Lease is not less than the
                    terms of
                    the Cooperative Loan; (b) there is no provision in any Proprietary
                    Lease
                    which requires the Mortgagor to offer for sale the Cooperative
                    Shares
                    owned by such Mortgagor first to the Cooperative; (c) there is
                    no
                    prohibition in any Proprietary Lease against pledging the Cooperative
                    Shares or assigning the Proprietary Lease; (d) the Cooperative
                    has been
                    created and exists in full compliance with the requirements for
                    residential cooperatives in the jurisdiction in which the Project
                    is
                    located and qualifies as a cooperative housing corporation under
                    Section
                    216 of the Code; (e) the Recognition Agreement is on a form published
                    by
                    Aztech Document Services, Inc. or includes similar provisions;
                    and (f) the
                    Cooperative has good and marketable title to the Project, and
                    owns the
                    Project either in fee simple or under a leasehold that complies
                    with the
                    requirements of the Fannie Mae guidelines, Freddie Mac guidelines,
                    the
                    Company Underwriting Guidelines (other than the exception identified
                    for
                    Exception Mortgage Loans) or the Third-Party Underwriting Guidelines,
                    as
                    applicable; such title is free and clear of any adverse liens
                    or
                    encumbrances, except the lien of any blanket
                    mortgage;

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    Company has the right under the terms of the Mortgage Note, Pledge
                    Agreement and Recognition Agreement to pay any maintenance charges
                    or
                    assessments owed by the Mortgagor;
                    and

                

        

        

        
          	 	
                  (v)

                	
                  Each
                    Stock Power (i) has all signatures guaranteed or (ii) if all
                    signatures
                    are not guaranteed, then such Cooperative Shares will be transferred
                    by
                    the stock transfer agent of the Cooperative if the Company undertakes
                    to
                    convert the ownership of the collateral securing the related
                    Cooperative
                    Loan;

                

        

        

        
          	
                  (tt)

                	
                  Delivery
                    of Custodial Mortgage Files.

                

        

        

        The
          Mortgage Note, Assignment of Mortgage and any other documents required
          to be
          delivered by the Company have been delivered to the Custodian in accordance
          with
          the Redwood-Wells Fargo Agreement. The Company is in possession of a complete,
          true and accurate Retained Mortgage File in compliance with Exhibit C,
          except
          for such documents the originals of which have been delivered to the Custodian
          or for such documents where the originals of which have been sent for
          recordation;

        

        
          	
                  (uu)

                	
                  Credit
                    Reporting.

                

        

        

        With
          respect to each Mortgage Loan, the Company has furnished complete information
          on
          the related borrower credit files to Equifax, Experian and Trans Union
          Credit
          Information Company, in accordance with the Fair Credit Reporting Act and
          its
          implementing regulations;

        

        
          	
                  (vv)

                	
                  Contents
                    of Retained Mortgage File.

                

        

        

        The
          Retained Mortgage File contains the Mortgage Loan Documents listed as items
          6
          through 12 of Exhibit C attached to the Redwood-Wells Fargo Agreement,
          except
          for such documents where the originals of which have been sent for
          recordation;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (ww)

                	
                  Pledged
                    Asset Mortgage Loan.

                

        

        

        With
          respect to a Pledged Asset Mortgage Loan:

        

        
          	 	
                  (i)

                	
                  The
                    Pledge Holder has a rating of at least “AA” (or the equivalent) or better
                    from at least two Rating Agencies and the Pledge Holder is obligated
                    to
                    give the beneficiary of each Letter of Credit at least sixty
                    (60) days
                    notice of any non-renewal of any Letter of
                    Credit;

                

        

        

        
          	 	
                  (ii)

                	
                  With
                    respect to each Pledged Asset Mortgage Loan, the Company is the
                    named
                    beneficiary and no Person has drawn any funds against such Letter
                    of
                    Credit;

                

        

        

        
          	 	
                  (iii)

                	
                  Each
                    Letter of Credit is for an amount at least equal to an LTV of
                    20% of the
                    lower of the purchase price or the Appraised Value of the related
                    Mortgaged Property;

                

        

        

        
          	 	
                  (iv)

                	
                  As
                    of the Closing Date, the Company has complied with all the requirements
                    of
                    any Letter of Credit, and each Letter of Credit is a valid and
                    enforceable
                    obligation of the Pledge Holder;

                

        

        

        
          	 	
                  (v)

                	
                  The
                    Company has the right to draw on each Letter of Credit if the
                    related
                    Pledged Asset Mortgage Loan becomes ninety (90) days or more
                    delinquent
                    and to apply such proceeds as a partial prepayment
                    thereon;

                

        

        

        
          	 	
                  (vi)

                	
                  The
                    Company has not received notice of any non-renewal of any Letter
                    of
                    Credit;

                

        

        

        
          	 	
                  (vii)

                	
                  Upon
                    a default by the Pledge Holder, the Company will have a perfected
                    first
                    priority security interest in the assets pledged to secure the
                    Letter of
                    Credit and has the right to obtain possession thereof and the
                    right to
                    liquidate such assets and apply the proceeds thereof to prepay
                    the related
                    Pledged Asset Mortgage Loan; and

                

        

         

        
          	 	
                  (viii)
                    

                	
                  The
                    Letter of Credit is required to be in effect (either for its
                    original term
                    or through renewal) until such time as all amounts owed under
                    the related
                    Pledged Asset Mortgage Loan by the related Mortgagor are less
                    than 80% of
                    the lesser of the Purchase Price or the Appraised Value of the
                    related
                    Mortgaged Property;

                

        

        

        
          	
                  (xx)

                	
                  Indiana.

                

        

        

        There
          is
          no Mortgage Loan that was originated on or after January 1, 2005, which is a
“high cost home loan” as defined under the Indiana Home Loan Practices Act (I.C.
          24-9); and

        

        
          	
                  (yy)

                	
                  Leasehold
                    Estate.

                

        

        

        With
          respect to each Mortgage Loan secured in whole or in part by the interest
          of

        the
          Mortgagor as a lessee under a ground lease of the related Mortgaged
          Property

        (a
          “Ground Lease”) and not by a fee interest in such Mortgaged
          Property:

        

        
          	 	
                  (i)

                	
                  The
                    Mortgagor is the owner of a valid and subsisting interest as
                    tenant under
                    the Ground Lease;

                

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (ii)

                	
                  The
                    Ground Lease is in full force and
                    effect;

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    Mortgagor is not in default under any provision of the lease;
                    

                

        

        

        
          	
                	(iv)	
                  The
                    lessor under the Ground Lease is not in default under any of
                    the terms or
                    provisions thereof on the part of the lessor to be observed or
                    performed;

                

        

        

        
          	 	
                  (v)

                	
                  The
                    term of the Ground Lease exceeds the maturity date of the related
                    Mortgage
                    Loan by at least five (5) years;

                

        

        

        
          	 	
                  (vi)

                	
                  The
                    Mortgagee under the Mortgage Loan is given at least sixty (60)
                    days’
                    notice of any default and an opportunity to cure any defaults
                    under the
                    Ground Lease or to take over the Mortgagor’s rights under the Ground
                    Lease;

                

        

        

        
          	 	
                  (vii)

                	
                  The
                    Ground Lease does not contain any default provisions that could
                    result in
                    forfeiture or termination of the Ground Lease except for non-payment
                    of
                    the Ground Lease or a court order;

                

        

        

        
          	
                	(viii)	
                  The
                    Ground Lease provides that the leasehold can be transferred,
                    mortgaged and
                    sublet an unlimited number of times either without restriction
                    or on
                    payment of a reasonable fee and delivery of reasonable documentation
                    to
                    the lessor;

                

        

        

        
          	 	
                  (ix)

                	
                  The
                    Ground Lease or a memorandum thereof has been recorded and by
                    its terms
                    permits the leasehold estate to be mortgaged;
                    and

                

        

        

        
          	 	
                  (x)

                	
                  The
                    execution, delivery and performance of the Mortgage do not require
                    consent
                    (other than those consents which have been obtained and are in
                    full force
                    and effect) under, and will not contravene any provision of or
                    cause a
                    default under, the Ground Lease.

                

        

        

        
          	
                  (zz)

                	
                  Prepayment
                    Penalty.

                

        

        

        No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        
          	
                  (aaa)

                	
                  Qualified
                    Mortgage Loan.

                

        

        

        Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        
          	
                  (bbb)

                	
                  No
                    Adverse Selection.

                

        

        

        
          	 	
                  There
                    were no adverse selection procedures used in selecting the Mortgage
                    Loan
                    from among the residential mortgage loans which were available
                    for
                    inclusion in the Mortgage Loans.

                

        

        
           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

        
          	
                  XIII.

                	
                  With
                    respect to Mortgage Loans purchased under the Seller’s Purchase,
                    Warranties and Interim Servicing Agreement, dated as of June
                    1, 2006 (the
                    “Mortgage Loan Purchase and Sale Agreement”), between Redwood Mortgage
                    Funding, Inc. and First Magnus Financial Corporation and an Assignment
                    dated May __, 2007, between RMF and RWT Holdings, as modified
                    by the
                    related Acknowledgements (the “RWT-First Magnus
                    Agreement”).

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the RWT-First
          Magnus
          Agreement.

         

        (a) The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Purchaser, is complete,
          true
          and correct in all material respects, and the information
          provided to the rating agencies, including the loan level detail, is true
          and
          correct according to the rating agency requirements;

        

        (b) The
          Mortgage creates a first lien or a first priority ownership interest in
          an
          estate in fee simple in real property securing the related Mortgage
          Note;

         

        (c) All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; the Company has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

         

        (d) All
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

         

        (e) The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, which have been
          recorded
          to the extent any such recordation is required by law. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer of any related Primary Mortgage Insurance Policy and title
          insurance policy, to the extent required by the related policies;

         

        (f) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g) All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are provided
          for
          in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
          coverage not less than the lesser of (i) the maximum insurable value of
          the
          improvements securing such Mortgage Loans, and (ii) the greater of (a)
          the
          outstanding principal balance of the Mortgage Loan, and (b) an amount such
          that
          the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
          the
          mortgagee from becoming a co-insurer. All such standard hazard policies
          are in
          full force and effect and on the date of origination contained a standard
          mortgagee clause naming the Company and its successors in interest and
          assigns
          as loss payee and such clause is still in effect and all premiums due thereon
          have been paid. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, the Mortgage Loan is covered by a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration
          which policy conforms to Fannie Mae and Freddie Mac requirements, in an
          amount
          not less than the amount required by the Flood Disaster Protection Act
          of 1973,
          as amended. Such policy was issued by an insurer acceptable under Fannie
          Mae or
          Freddie Mac guidelines. The Mortgage obligates the Mortgagor thereunder
          to
          maintain all such insurance at the Mortgagor’s cost and expense, and upon the
          Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
          such insurance at the Mortgagor’s cost and expense and to seek reimbursement
          therefor from the Mortgagor;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (h) Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, fair housing, or disclosure
          laws
          applicable to the Mortgage Loan have been complied with in all material
          respects;

         

        (i) The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          The
          Company has not waived the performance by the Mortgagor of any action,
          if the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has the Company waived any default resulting from any action
          or
          inaction by the Mortgagor;

         

        (j) The
          related Mortgage is a valid, subsisting, enforceable and perfected first
          lien on
          the Mortgaged Property including all buildings on the Mortgaged Property
          and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note’s original principal balance. The Mortgage and the Mortgage Note
          do not contain any evidence of any security interest or other interest
          or right
          thereto. Such lien is free and clear of all adverse claims, liens and
          encumbrances having priority over the first lien of the Mortgage subject
          only to
          (1) the lien of non-delinquent current real property taxes and assessments
          not
          yet due and payable, (2) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          which are acceptable to mortgage lending institutions generally and either
          (A)
          which are referred to or otherwise considered in the appraisal made for
          the
          originator of the Mortgage Loan, or (B) which do not adversely affect the
          appraised value of the Mortgaged Property as set forth in such appraisal,
          and
          (3) other matters to which like properties are commonly subject which do
          not
          materially interfere with the benefits of the security intended to be provided
          by the Mortgage or the use, enjoyment, value or marketability of the related
          Mortgaged Property. Any security agreement, chattel mortgage or equivalent
          document related to and delivered in connection with the Mortgage Loan
          establishes and creates (1) a valid, subsisting, enforceable and perfected
          first
          lien and first priority security interest and on the property described
          therein,
          and the Company has the full right to sell and assign the same to the
          Purchaser;

         

        (k) The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of the Company or the Mortgagor, or, on the part of any other
          party
          involved in the origination of the Mortgage Loan. The proceeds of the Mortgage
          Loan have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          off-site improvements and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage were paid or are in
          the
          process of being paid, and the Mortgagor is not entitled to any refund
          of any
          amounts paid or due under the Mortgage Note or Mortgage;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (l) The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          the
          Company had good and marketable title to and was the sole owner thereof
          and had
          full right to transfer and sell the Mortgage Loan to the Purchaser free
          and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to the RWT-First Magnus Agreement and following
          the sale
          of the Mortgage Loan, the Purchaser will own such Mortgage Loan free and
          clear
          of any encumbrance, equity, participation interest, lien, pledge, charge,
          claim
          or security interest. The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of servicing
          the
          Mortgage Loan as set forth in the RWT-First Magnus Agreement. Either the
          Mortgagor is a natural person or the Mortgagor is an inter-vivos trust
          acceptable to Fannie Mae;

         

        (m) Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy or other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac
          and qualified to do business in the jurisdiction where the Mortgaged Property
          is
          located, insuring (subject to the exceptions contained in (j)(1), (2) and
          (3)
          above) the Company, its successors and assigns, as to the first priority
          lien of
          the Mortgage in the original principal amount of the Mortgage Loan.
          Additionally, such policy affirmatively insures ingress and egress to and
          from
          the Mortgaged Property. Where required by applicable state law or regulation,
          the Mortgagor has been given the opportunity to choose the carrier of the
          required mortgage title insurance. The Company, its successors and assigns,
          are
          the sole insured of such lender’s title insurance policy, such title insurance
          policy has been duly and validly endorsed to the Purchaser or the assignment
          to
          the Purchaser of the Company’s interest therein does not require the consent of
          or notification to the insurer and such lender’s title insurance policy is in
          full force and effect and will be in full force and effect upon the consummation
          of the transactions contemplated by the RWT-First Magnus Agreement and
          the
          related Purchase Price and Terms Letter. No claims have been made under
          such
          lender’s title insurance policy, and no prior holder of the related Mortgage,
          including the Company, has done, by act or omission, anything which would
          impair
          the coverage of such lender’s title insurance policy;

         

        (n) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration;

         

        (o) As
          of the
          related Closing Date, there are no mechanics’ or similar liens or claims which
          have been filed for work, labor or material (and no rights outstanding
          that
          under law could give rise to such liens) affecting the related Mortgaged
          Property which are or may be liens prior to or equal to the lien of the
          related
          Mortgage;

         

        (p) All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (q) The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. The Company is currently selling
          loans
          to Fannie Mae and/or Freddie Mac which are the same document forms as the
          Mortgage Notes and Mortgages (inclusive of any riders). The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate set forth in the related Mortgage
          Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day of each month. The Mortgage contains the usual and enforceable
          provisions of the originator at the time of origination for the acceleration
          of
          the payment of the unpaid principal amount of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the mortgagee
          thereunder;

         

        (r) As
          of the
          related Closing Date, the Mortgaged Property is not subject to any material
          damage by waste, fire, earthquake, windstorm, flood or other casualty.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. There have not been any condemnation proceedings with respect
          to the
          Mortgaged Property and there are no such proceedings scheduled to commence
          at a
          future date;

         

        (s) The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including (i) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure.
          Following the date of origination of the Mortgage Loan, the Mortgaged Property
          has not been subject to any bankruptcy proceeding or foreclosure proceeding
          and
          the Mortgagor has not filed for protection under applicable bankruptcy
          laws.
          There is no homestead or other exemption or right available to the Mortgagor
          or
          any other person which would interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the
          Mortgage;

         

        (t) The
          Mortgage Note and Mortgage are on forms acceptable to Fannie Mae or Freddie
          Mac;

         

        (u) If
          the
          Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
          if required under applicable law to act as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale or attempted sale after
          default by the Mortgagor;

         

        (v) The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, who had no interest, direct or indirect, in the Mortgaged Property
          or
          in any loan made on the security thereof, and whose compensation is not
          affected
          by the approval or disapproval of the Mortgage Loan, and the appraisal
          and
          appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and
          Title
          XI of FIRREA and the regulations promulgated thereunder, all as in effect
          on the
          date the Mortgage Loan was originated. The appraisal is in a form acceptable
          to
          Fannie Mae or Freddie Mac;

         

        (w) All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (x) As
          of the
          related Closing Date, the related Mortgage Note is not and has not been
          secured
          by any collateral except the lien of the corresponding Mortgage and the
          security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (j) above and such collateral does not serve as security for any other
          obligation;

         

        (y) The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans;

         

        (z) The
          Mortgage Loan does not contain “graduated payment” features and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

         

        (aa) As
          of the
          related Closing Date, the Mortgagor is not in bankruptcy and the Mortgagor
          is
          not insolvent and the Company has no knowledge of any circumstances or
          condition
          with respect to the Mortgage, the Mortgaged Property, the Mortgagor or
          the
          Mortgagor’s credit standing that could reasonably be expected to cause investors
          to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage
          Loan to become delinquent, or materially adversely affect the value or
          marketability of the Mortgage Loan;

         

        (bb) The
          Mortgage Loans have an original term to maturity of not more than 40 years
          with
          interest payable in arrears on the first day of each month. Each Mortgage
          Note
          requires a monthly payment which is sufficient to fully amortize the unpaid
          principal balance over the remaining term and to pay interest at the related
          Mortgage Interest Rate. Notwithstanding the immediately preceding sentence
          with
          respect to Mortgage Loans with an initial “interest only” payment period, the
          monthly payments due under the related Mortgage Note satisfy only the monthly
          interest on the unpaid principal balance of the applicable Mortgage Loan.
          After
          the initial “interest only” period, each Mortgage Note requires a monthly
          payment, which is sufficient to fully amortize the unpaid principal balance
          over
          the remaining term and to pay interest at the related Mortgage Interest
          Rate. In
          any case, no Mortgage Loan contains terms or provisions which would result
          in
          negative amortization.

         

        (cc) If
          a
          Mortgage Loan has an LTV greater than 80%, the Mortgage Loan will have
          mortgage
          insurance in accordance with the terms of the Fannie Mae Guides and will
          be
          insured as to payment defaults by a Primary Mortgage Insurance Policy issued
          by
          a Qualified Insurer. All provisions of such Primary Mortgage Insurance
          Policy
          have been and are being complied with, such policy is in full force and
          effect,
          and all premiums due thereunder have been paid. No action, inaction, or
          event
          has occurred and no state of facts exists that has, or will result in the
          exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject
          to
          a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder
          to
          maintain the Primary Mortgage Insurance Policy and to pay all premiums
          and
          charges in connection therewith. The mortgage interest rate for the Mortgage
          Loan as set forth on the related Mortgage Loan Schedule is net of any such
          insurance premium. No Mortgage Loan is subject to a lender-paid mortgage
          insurance policy; 

         

        (dd) As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        (ee) The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ff) Payments
          of principal and/or interest on the Mortgage Loan commenced no more than
          sixty
          (60) days after the funds were disbursed in connection with the Mortgage
          Loan.
          The Mortgage Note is payable on the first day of each month. After the
          initial
“interest only” payment period, if any, the Mortgage Note in payable in equal
          monthly installments of principal and interest, with interest calculated
          and
          payable in arrears, sufficient to amortize the Mortgage Loan fully by the
          stated
          maturity date, over an original term of not more than thirty years from
          commencement of amortization;

         

        (gg) The
          Mortgage Loans may be subject to a Prepayment Penalty as identified on
          the
          Mortgage Loan Schedule, except that no Mortgage Loan contains any
          Prepayment Penalty that extends beyond five years after the date of
          origination;

         

        (hh) As
          of the
          related Closing Date, the Mortgaged Property is lawfully occupied under
          applicable law, and all inspections, licenses and certificates required
          to be
          made or issued with respect to all occupied portions of the Mortgaged Property
          and, with respect to the use and occupancy of the same, including but not
          limited to certificates of occupancy and fire underwriting certificates,
          have
          been made or obtained from the appropriate authorities;

         

        (ii) If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), or stock in a cooperative
          housing
          corporation, such condominium, cooperative or planned unit development
          project
          meets the eligibility requirements of Fannie Mae and Freddie Mac;

         

        (jj) There
          is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and nothing further remains to be done to satisfy
          in
          full all requirements of each such law, rule or regulation constituting
          a
          prerequisite to use and enjoyment of said property;

         

        (kk) The
          Mortgagor has not notified the Company requesting relief under the
          Servicemembers’ Civil Relief Act, formerly known as the Soldiers’ and Sailors’
Civil Relief Act of 1940, and the Company has no knowledge of any relief
          requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

         

        (ll) As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (mm) No
          action
          has been taken or failed to be taken by the Company on or prior to the
          Closing
          Date which has resulted or will result in an exclusion from, denial of,
          or
          defense to coverage under any insurance policy related to a Mortgage Loan
          (including, without limitation, any exclusions, denials or defenses which
          would
          limit or reduce the availability of the timely payment of the full amount
          of the
          loss otherwise due thereunder to the insured) whether arising out of actions,
          representations, errors, omissions, negligence, or fraud of the Company,
          or for
          any other reason under such coverage;

         

        (nn) The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority;

         

        (oo) No
          Mortgaged Property is subject to a ground lease;

         

        (pp) With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (qq) With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (rr) Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

         

        (ss) Except
          as
          provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          the RWT-First Magnus Agreement. With respect to each Mortgage Loan, the
          Company
          is in possession of a complete Mortgage File and Servicing File except
          for such
          documents as have been delivered to the Purchaser or its designee;

         

        (tt) All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that at the time
          provided and as of the Closing Date is or will be inaccurate or misleading
          in
          any material respect; 

         

        (uu) There
          does not exist on the related Mortgage Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation; 

         

        (vv) All
          disclosure materials required by applicable law with respect to the making
          of
          fixed rate and adjustable rate mortgage loans have been received by the
          borrower;

         

        (ww) No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          95%;

         

        (xx) None
          of
          the Mortgage Loans are subject to the Home Ownership and Equity Protection
          Act
          of 1994 or any comparable state law;

         

        (yy) None
          of
          the proceeds of the Mortgage Loan were used to finance single-premium credit
          insurance policies;

         

        (zz) Any
          principal advances made to the Mortgagor prior to the Closing Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first lien priority by
          a title
          insurance policy, an endorsement to the policy insuring the mortgagee’s
          consolidated interest or by other title evidence acceptable to Fannie Mae
          and
          Freddie Mac. The consolidated principal amount does not exceed the original
          principal amount of the Mortgage Loan;

         

        (aaa) Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (bbb) No
          Mortgage Loan is a Balloon Mortgage Loan;

         

        (ccc) With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the Mortgage Loan Schedule. The related assignment
          of
          Mortgage to MERS has been duly and properly recorded;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ddd) With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (eee) None
          of
          the Mortgaged
          Properties are manufactured housing;

         

        (fff) With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Company, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations; 

         

        (ggg) The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); and the Company has
          established an anti-money laundering compliance program as required by
          the
          Anti-Money Laundering Laws;

         

        (hhh) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (iii) No
          Mortgage Loan is a High Cost or Covered Loan, as applicable and no mortgage
          loan
          is a “high cost” or “covered” mortgage loan, as applicable (as such terms are
          defined in the then current Standard and Poor’s LEVELS Glossary which is now
          Version 6.0, Appendix E). No Mortgage Loan is in violation of any applicable
          federal, state, or local predatory or abusive lending law. Any breach of
          this
          representation shall be deemed to materially and adversely affect the value
          of
          the Mortgage Loan and shall require a repurchase of the affected Mortgage
          Loan.

         

        (jjj) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act. Any breach of this representation
          shall be deemed to materially and adversely affect the value of the Mortgage
          Loan and shall require a repurchase of the affected Mortgage Loan;

         

        (kkk) No
          Mortgage Loan which is secured by property located in the State of New
          Jersey is
          a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, which
          became effective November 27, 2003; 

         

        (lll) No
          Mortgage Loan which is secured by property located in the State of New
          Mexico is
          a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act,
          which became effective January 1, 2004;

         

        (mmm) No
          Mortgage Loan which is secured by property located in the State of Kentucky
          is a
“High-Cost Home Loan” as defined in the Kentucky House Bill 287, which became
          effective June 24, 2003;

        

        (nnn)
          No
          Mortgage Loan which is secured by property located in the Commonwealth
          of
          Massachusetts is a "High Cost Home Mortgage Loan" as defined in the
          Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C)
          which
          became effective November 7, 2004;

        

        (ooo)
          No
          Mortgage Loan that is secured by property located in the State of Illinois
          is a
          "High-Risk Home Loan" as defined in the Illinois High Risk Home Loan Act
          effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); and none
          of the
          Mortgage Loans that are secured by property located in the State of Illinois
          are
          in violation of the provisions of the Illinois Interest Act (815 Ill. Comp.
          Stat. 205/1 et. seq.);

        

        (ppp) No
          Mortgage Loan that is secured by property located in the State of Indiana
          is a
          "High Cost Home Loan" as defined in Indiana’s Home Loan Practices Act (I.C.
          24-9), which became effective January 1, 2005; and

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (qqq)
          There were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        
           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

           

        

        
          	
                  XIV.

                	
                  Seller’s
                    Purchase, Warranties and Interim Servicing Agreement, dated as
                    of May 1,
                    2006 by and between Redwood Mortgage Funding, Inc. (“RMF”) and New Century
                    Mortgage Corporation (“New Century”), and an Assignment dated [] __, 2007,
                    between RMF and RWT Holdings (the “New Century-RWT
                    Agreement”).

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the New Century-RWT
          Agreement.

         

        (a) The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Purchaser, is complete,
          true
          and correct in all material respects the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

         

        (b) The
          Mortgage creates a first lien or a first priority ownership interest in
          an
          estate in fee simple in real property securing the related Mortgage
          Note;

         

        (c) All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; the Company has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

         

        (d) All
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

         

        (e) The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, which have been
          recorded
          to the extent any such recordation is required by law. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer of any related Primary Mortgage Insurance Policy and title
          insurance policy, to the extent required by the related policies;

         

        (f) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g) All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by a Qualified Insurer against loss by fire, hazards of extended
          coverage and such other hazards in an amount representing coverage not
          less than
          the lesser of (i) the maximum insurable value of the improvements securing
          such
          Mortgage Loans, and (ii) the greater of (a) the outstanding principal balance
          of
          the Mortgage Loan, and (b) an amount such that the proceeds thereof shall
          be
          sufficient to prevent the Mortgagor and/or the mortgagee from becoming
          a
          co-insurer. All such standard hazard policies are in full force and effect
          and
          on the date of origination contained a standard mortgagee clause naming
          the
          Company and its successors in interest and assigns as loss payee and such
          clause
          is still in effect and all premiums due thereon have been paid. If required
          by
          the Flood Disaster Protection Act of 1973, as amended, the Mortgage Loan
          is
          covered by a flood insurance policy meeting the requirements of the current
          guidelines of the Federal Insurance Administration in an amount not less
          than
          the amount required by the Flood Disaster Protection Act of 1973, as amended.
          Such policy was issued by a Qualified Insurer. The Mortgage obligates the
          Mortgagor there under to maintain all such insurance at the Mortgagor’s cost and
          expense, and upon the Mortgagor’s failure to do so, authorizes the holder of the
          Mortgage to maintain such insurance at the Mortgagor’s cost and expense and to
          seek reimbursement therefore from the Mortgagor;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (h) Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, fair housing, or disclosure
          laws
          applicable to the Mortgage Loan have been complied with in all material
          respects;

         

        (i) The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          The
          Company has not waived the performance by the Mortgagor of any action,
          if the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has the Company waived any default resulting from any action
          or
          inaction by the Mortgagor;

         

        (j) The
          related Mortgage is a valid, subsisting, enforceable and perfected first
          lien on
          the Mortgaged Property including all buildings on the Mortgaged Property
          and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note’s original principal balance. The Mortgage and the Mortgage Note
          do not contain any evidence of any security interest or other interest
          or right
          thereto. Such lien is free and clear of all adverse claims, liens and
          encumbrances having priority over the first lien of the Mortgage subject
          only to
          (1) the lien of non-delinquent current real property taxes and assessments
          not
          yet due and payable, (2) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          which are acceptable to mortgage lending institutions generally and either
          (A)
          which are referred to or otherwise considered in the appraisal made for
          the
          originator of the Mortgage Loan, or (B) which do not adversely affect the
          appraised value of the Mortgaged Property as set forth in such appraisal,
          and
          (3) other matters to which like properties are commonly subject which do
          not
          materially interfere with the benefits of the security intended to be provided
          by the Mortgage or the use, enjoyment, value or marketability of the related
          Mortgaged Property. Any security agreement, chattel mortgage or equivalent
          document related to and delivered in connection with the Mortgage Loan
          establishes and creates (1) a valid, subsisting, enforceable and perfected
          first
          lien and first priority security interest and on the property described
          therein,
          and the Company has the full right to sell and assign the same to the
          Purchaser;

         

        (k) The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of the Company or the Mortgagor, or, on the part of any other
          party
          involved in the origination of the Mortgage Loan. The proceeds of the Mortgage
          Loan have been fully disbursed and there is no requirement for future advances
          thereunder (excepting therefrom HELOCs), and any and all requirements as
          to
          completion of any on-site or off-site improvements and as to disbursements
          of
          any escrow funds therefore have been complied with. All costs, fees and
          expenses
          incurred in making or closing the Mortgage Loan and the recording of the
          Mortgage were paid or are in the process of being paid, and the Mortgagor
          is not
          entitled to any refund of any amounts paid or due under the Mortgage Note
          or
          Mortgage;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (l) The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          the
          Company had good and marketable title to and was the sole owner thereof
          and had
          full right to transfer and sell the Mortgage Loan to the Purchaser free
          and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to the New Century-RWT Agreement and following the
          sale
          of the Mortgage Loan, the Purchaser will own such Mortgage Loan free and
          clear
          of any encumbrance, equity, participation interest, lien, pledge, charge,
          claim
          or security interest. The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of servicing
          the
          Mortgage Loan as set forth in the New Century-RWT Agreement. Either the
          Mortgagor is a natural person or the Mortgagor is an inter-vivos trust
          acceptable to Fannie Mae;

         

        (m) 
          Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy or other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          Freddie Mac, issued by a Qualified Insurer qualified to do business in
          the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
          and assigns, as to the first priority lien of the Mortgage in the original
          principal amount of the Mortgage Loan. Additionally, such policy affirmatively
          insures ingress and egress to and from the Mortgaged Property. Where required
          by
          applicable state law or regulation, the Mortgagor has been given the opportunity
          to choose the carrier of the required mortgage title insurance. The Company,
          its
          successors and assigns, are the sole insured of such lender’s title insurance
          policy, such title insurance policy has been duly and validly endorsed
          to the
          Purchaser or the assignment to the Purchaser of the Company’s interest therein
          does not require the consent of or notification to the insurer and such
          lender’s
          title insurance policy is in full force and effect and will be in full
          force and
          effect upon the consummation of the transactions contemplated by the New
          Century-RWT Agreement and the related Purchase Price and Terms Letter.
          No claims
          have been made under such lender’s title insurance policy, and no prior holder
          of the related Mortgage, including the Company, has done, by act or omission,
          anything which would impair the coverage of such lender’s title insurance
          policy;

         

        (n) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration;

         

        (o) As
          of the
          related Closing Date, there are no mechanics’ or similar liens or claims which
          have been filed for work, labor or material (and the Company has no notice
          of
          any rights outstanding that under law could give rise to such liens) affecting
          the related Mortgaged Property which are or may be liens prior to or equal
          to
          the lien of the related Mortgage;

         

        (p) All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

         

        (q) The
          Mortgage Loan was originated by or for the Originator. The Mortgage Loan
          complies with all the terms, conditions and requirements of the Underwriting
          Standards in effect at the time of origination of such Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. The Company is currently selling
          loans
          to Fannie Mae and/or Freddie Mac which are the same document forms as the
          Mortgage Notes and Mortgages (inclusive of any riders). The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate set forth in the related Mortgage
          Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day of each month. The Mortgage contains the usual and enforceable
          provisions of the originator at the time of origination for the acceleration
          of
          the payment of the unpaid principal amount of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the mortgagee
          thereunder;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (r) As
          of the
          related Closing Date, the Mortgaged Property is not subject to any material
          damage by waste, fire, earthquake, windstorm, flood or other casualty.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. The Company has no notice of any such condemnation proceedings
          scheduled to commence at a future date;

         

        (s) The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including (i) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. To the
          best of the Company’s knowledge, following the date of origination of the
          Mortgage Loan, the Mortgaged Property has not been subject to any bankruptcy
          proceeding or foreclosure proceeding and the Mortgagor has not filed for
          protection under applicable bankruptcy laws. There is no homestead or other
          exemption or right available to the Mortgagor or any other person which
          would
          interfere with the right to sell the Mortgaged Property at a trustee’s sale or
          the right to foreclose the Mortgage;

         

        (t) The
          Mortgage Note and Mortgage are on forms acceptable to Fannie Mae or Freddie
          Mac;

         

        (u) If
          the
          Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
          if required under applicable law to act as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale or attempted sale after
          default by the Mortgagor;

         

        (v) The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, who had no interest, direct or indirect, in the Mortgaged Property
          or
          in any loan made on the security thereof, and whose compensation is not
          affected
          by the approval or disapproval of the Mortgage Loan, and the appraisal
          and
          appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and
          Title
          XI of FIRREA and the regulations promulgated thereunder, all as in effect
          on the
          date the Mortgage Loan was originated. The appraisal is in a form acceptable
          to
          Fannie Mae or Freddie Mac;

         

        (w) All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        (x) 
          As of
          the related Closing Date, the related Mortgage Note is not and has not
          been
          secured by any collateral except the lien of the corresponding Mortgage
          and the
          security interest of any applicable security agreement or chattel mortgage
          referred to in (j) above and such collateral does not serve as security
          for any
          other obligation;

         

        (y) The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans;

         

        (z) The
          Mortgage Loan does not contain “graduated payment” features and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (aa) As
          of the
          related Closing Date, the Mortgagor is not in bankruptcy and the Mortgagor
          is
          not insolvent and the Company has no knowledge of any circumstances or
          condition
          with respect to the Mortgage, the Mortgaged Property, the Mortgagor or
          the
          Mortgagor’s credit standing that could reasonably be expected to cause investors
          to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage
          Loan to become delinquent, or materially adversely affect the value or
          marketability of the Mortgage Loan;

         

        (bb) Each
          Mortgage Loans has an original term to maturity of not more than 40 years
          with
          interest payable in arrears on the first day of each month. Each Mortgage
          Note
          requires a monthly payment, which is sufficient to fully amortize the unpaid
          principal balance over the remaining term and to pay interest at the related
          Mortgage Interest Rate. Notwithstanding the immediately preceding sentence
          with
          respect to Mortgage Loans with an initial “interest only” payment period, the
          monthly payments due under the related Mortgage Note satisfy only the monthly
          interest on the unpaid principal balance of the applicable Mortgage Loan.
          After
          the initial “interest only” period, each Mortgage Note requires a monthly
          payment, which is sufficient to fully amortize the unpaid principal balance
          over
          the remaining term and to pay interest at the related Mortgage Interest
          Rate. In
          any case, no Mortgage Loan contains terms or provisions which would result
          in
          negative amortization;

         

        (cc) If
          a
          Mortgage Loan has an LTV greater than 80%, the Mortgage Loan will be insured
          as
          to payment defaults by a Primary Mortgage Insurance Policy issued by a
          Qualified
          Insurer. All provisions of such Primary Mortgage Insurance Policy have
          been and
          are being complied with, such policy is in full force and effect, and all
          premiums due thereunder have been paid. No action, inaction, or event has
          occurred and no state of facts exists that has, or will result in the exclusion
          from, denial of, or defense to coverage. Any Mortgage Loan subject to a
          Primary
          Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain
          the
          Primary Mortgage Insurance Policy and to pay all premiums and charges in
          connection therewith. The mortgage interest rate for the Mortgage Loan
          as set
          forth on the related Mortgage Loan Schedule is net of any such insurance
          premium; 

         

        (dd) As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        (ee) The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a cooperative housing corporation erected thereon
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

         

        (ff) Payments
          of principal and/or interest on the Mortgage Loan commenced no more than
          sixty
          (60) days after the funds were disbursed in connection with the Mortgage
          Loan.
          The Mortgage Note is payable on the first day of each month. After the
          initial
“interest only” payment period, if any, the Mortgage Note in payable in equal
          monthly installments of principal and interest, with interest calculated
          and
          payable in arrears, sufficient to amortize the Mortgage Loan fully by the
          stated
          maturity date, over an original term of not more than thirty years from
          commencement of amortization;

         

        (gg) A
          Mortgage Loan may be subject to a Prepayment Penalty as identified on the
          Mortgage Loan Schedule, except that no Mortgage Loan contains any
          Prepayment  Penalty that extends beyond five years after the date of
          origination;

         

        (hh) As
          of the
          related Closing Date, the Mortgaged Property is lawfully occupied under
          applicable law, and all inspections, licenses and certificates required
          to be
          made or issued with respect to all occupied portions of the Mortgaged Property
          and, with respect to the use and occupancy of the same, including but not
          limited to certificates of occupancy and fire underwriting certificates,
          have
          been made or obtained from the appropriate authorities;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ii) If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), or stock in a cooperative
          housing
          corporation, such condominium, cooperative or planned unit development
          project
          meets the eligibility requirements of Fannie Mae and Freddie Mac;

         

        (jj) 
          There is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and nothing further remains to be done to satisfy
          in
          full all requirements of each such law, rule or regulation constituting
          a
          prerequisite to use and enjoyment of said property;

         

        (kk) The
          Mortgagor has not notified the Company requesting relief under the
          Servicemembers’ Civil Relief Act, formerly known as the Soldiers’ and Sailors’
Civil Relief Act of 1940, and the Company has no knowledge of any relief
          requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

         

        (ll) As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (mm) No
          action
          has been taken or failed to be taken by the Company on or prior to the
          Closing
          Date which has resulted or will result in an exclusion from, denial of,
          or
          defense to coverage under any insurance policy related to a Mortgage Loan
          (including, without limitation, any exclusions, denials or defenses which
          would
          limit or reduce the availability of the timely payment of the full amount
          of the
          loss otherwise due thereunder to the insured) whether arising out of actions,
          representations, errors, omissions, negligence, or fraud of the Company,
          or for
          any other reason under such coverage;

         

        (nn) The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority;

         

        (oo) Each
          Mortgage Loan that is secured by a leasheld interest conforms to the Fannie
          Mae
          requirements for mortgage loans secured by leasehold estates;

         

        (pp) With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        (qq) With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (rr) Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3) of the Code if transferred to a REMIC on its startup date in
          exchange
          for the regular or residual interests of the REMIC;

         

        (ss) Except
          as
          provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          the New Century-RWT Agreement. With respect to each Mortgage Loan, the
          Company
          is in possession of a complete Mortgage File and Servicing File except
          for such
          documents as have been delivered to the Purchaser or its designee;

         

        (tt) 
          All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that at the time
          provided and as of the Closing Date is inaccurate or misleading in any
          material
          respect; 

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (uu) 
          There
          does not exist on the related Mortgage Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation, that imposes an obligation upon the mortgagee to remediate
          such
          hazardous substances; provided, that commonly used household items shall
          not
          constitute “hazardous substances” for purposes of this subsection; 

         

        (vv) All
          disclosure materials required by applicable law with respect to the making
          of
          fixed rate and adjustable rate mortgage loans have been received by the
          borrower;

         

        (ww) No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          95%;

         

        (xx) None
          of
          the Mortgage Loans are subject to the Home Ownership and Equity Protection
          Act
          of 1994 or any comparable state law;

         

        (yy) None
          of
          the proceeds of the Mortgage Loan were used to finance single-premium credit
          insurance policies;

         

        (zz) Any
          principal advances made to the Mortgagor prior to the Closing Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. With respect to a first lien Mortgage Loan, the
          lien of
          the Mortgage securing the consolidated principal amount is expressly insured
          as
          having first lien priority by a title insurance policy, an endorsement
          to the
          policy insuring the mortgagee’s consolidated interest or by other title evidence
          acceptable to Fannie Mae and Freddie Mac. The consolidated principal amount
          does
          not exceed the original principal amount of the Mortgage Loan;

         

        (aaa) Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (bbb) No
          Mortgage Loan is a Balloon Mortgage Loan;

         

        (ccc) With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the Mortgage Loan Schedule. The related assignment
          of
          Mortgage to MERS has been duly and properly recorded;

         

        (ddd) With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (eee) None
          of
          the Mortgaged
          Properties are manufactured housing; 

         

        (fff) With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Company, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations; 

         

        (ggg) The
          Originator has complied with all applicable anti-money laundering laws
          and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); the Originator has established
          an anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering
          Laws;

         

        (hhh) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (iii) No
          Mortgage Loan is “high cost” as defined by any applicable federal, state, or
          local predatory or abusive lending law and no Mortgage Loan is a High Cost
          Loan
          or Covered Loan, as applicable as such terms are defined in the current
          Standard
& Poor’s LEVELS ® Glossary Revised, Appendix E. Any breach of this
          representation shall be deemed to materially and adversely affect the value
          of
          the Mortgage Loan and shall require a repurchase of the affected Mortgage
          Loan;

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (jjj) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 that is a “high cost home loan” as
          defined under the Georgia Fair Lending Act. Any breach of this representation
          shall be deemed to materially and adversely affect the value of the Mortgage
          Loan and shall require a repurchase of the affected Mortgage Loan;

         

        (kkk) No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
          Ownership Act, which became effective November 27, 2003; and

         

        (lll) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        
           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

           

        

        
          	
                  XV.

                	
                  Seller’s
                    Purchase, Warranties and Interim Servicing Agreement, dated as
                    of July 1,
                    2006, between Redwood Mortgage Funding, Inc. (“RMF”) and Guaranteed Rate,
                    Inc. (“Guaranteed Rate”) and an Assignment dated [January 15, 2007],
                    between RMF and RWT Holdings, as modified by the related Acknowledgements
                    (the “RWT-Guaranteed Rate
                    Agreement”).

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the RWT-Guaranteed
          Rate Agreement.

         

        (a)
          The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Purchaser, is complete,
          true
          and correct in all material respects and
          the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        (b)
          The
          Mortgage creates a first lien or a first priority ownership interest in
          an
          estate in fee simple in real property securing the related Mortgage
          Note;

        

        (c)
          All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; RWT Holdings has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

        

        (d)
          All
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

        

        (e)
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments, which
          have
          been recorded to the extent any such recordation is required by law. No
          instrument of waiver, alteration or modification has been executed, and
          no
          Mortgagor has been released, in whole or in part, from the terms thereof
          except
          in connection with an assumption agreement and which assumption agreement
          is
          part of the Mortgage File and the terms of which are reflected in the related
          Mortgage Loan Schedule; the substance of any such waiver, alteration or
          modification has been approved by the issuer of any related Primary Mortgage
          Insurance Policy and title insurance policy, to the extent required by
          the
          related policies;

        

        (f)
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

        

        (g)
          All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are provided
          for
          in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
          coverage not less than the lesser of (i) the maximum insurable value of
          the
          improvements securing such Mortgage Loans, and (ii) the greater of (a)
          the
          outstanding principal balance of the Mortgage Loan, and (b) an amount such
          that
          the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
          the
          mortgagee from becoming a co-insurer. All such standard hazard policies
          are in
          full force and effect and on the date of origination contained a standard
          mortgagee clause naming the Company and its successors in interest and
          assigns
          as loss payee and such clause is still in effect and all premiums due thereon
          have been paid. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, the Mortgage Loan is covered by a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration
          which policy conforms to Fannie Mae and Freddie Mac requirements, in an
          amount
          not less than the amount required by the Flood Disaster Protection Act
          of 1973,
          as amended. Such policy was issued by an insurer acceptable under Fannie
          Mae or
          Freddie Mac guidelines. The Mortgage obligates the Mortgagor thereunder
          to
          maintain all such insurance at the Mortgagor’s cost and expense, and upon the
          Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
          such insurance at the Mortgagor’s cost and expense and to seek reimbursement
          therefor from the Mortgagor;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (h)
          Any
          and all requirements of any federal, state or local law including, without
          limitation,
          usury, truth-in-lending, real estate settlement procedures, consumer credit
          protection, equal
          credit opportunity, fair housing, or disclosure laws applicable to the
          Mortgage
          Loan have been
          complied with in all material respects;

        

        (i)
          The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          RWT
          Holdings has not waived the performance by the Mortgagor of any action,
          if the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has RWT Holdings waived any default resulting from any
          action or
          inaction by the Mortgagor;

        

        (j)
          The
          related Mortgage is a valid, subsisting, enforceable and perfected first
          lien on
          the Mortgaged Property including all buildings on the Mortgaged Property
          and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note’s original principal balance. The Mortgage and the Mortgage Note
          do not contain any evidence of any security interest or other interest
          or right
          thereto. Such lien is free and clear of all adverse claims, liens and
          encumbrances having priority over the first lien of the Mortgage subject
          only to
          (1) the lien of non-delinquent current real property taxes and assessments
          not
          yet due and payable, (2) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          which are acceptable to mortgage lending institutions generally and either
          (A)
          which are referred to or otherwise considered in the appraisal made for
          the
          originator of the Mortgage Loan, or (B) which do not adversely affect the
          appraised value of the Mortgaged Property as set forth in such appraisal,
          and
          (3) other matters to which like properties are commonly subject which do
          not
          materially interfere with the benefits of the security intended to be provided
          by the Mortgage or the use, enjoyment, value or marketability of the related
          Mortgaged Property. Any security agreement, chattel mortgage or equivalent
          document related to and delivered in connection with the Mortgage Loan
          establishes and creates (1) a valid, subsisting, enforceable and perfected
          first
          lien and first priority security interest and on the property described
          therein,
          and RWT Holdings has the full right to sell and assign the same to the
          Purchaser;

        

        (k)
          The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and RWT Holdings
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of RWT Holdings or the Mortgagor, or, on the part of any other
          party
          involved in the origination of the Mortgage Loan. The proceeds of the Mortgage
          Loan have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          off-site improvements and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage were paid or are in
          the
          process of being paid, and the Mortgagor is not entitled to any refund
          of any
          amounts paid or due under the Mortgage Note or Mortgage;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (l)
          RWT
          Holdings is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          RWT
          Holdings had good and marketable title to and was the sole owner thereof
          and had
          full right to transfer and sell the Mortgage Loan to the Purchaser free
          and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to the RWT-Guaranteed Rate Agreement and following
          the
          sale of the Mortgage Loan, the Purchaser will own such Mortgage Loan free
          and
          clear of any encumbrance, equity, participation interest, lien, pledge,
          charge,
          claim or security interest. The Company intends to relinquish all rights
          to
          possess, control and monitor the Mortgage Loan, except for the purposes
          of
          servicing the Mortgage Loan as set forth in the RWT-Guaranteed Rate Agreement.
          Either the Mortgagor is a natural person or the Mortgagor is an inter-vivos
          trust acceptable to Fannie Mae;

        

        (m)
          Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy or other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac
          and qualified to do business in the jurisdiction where the Mortgaged Property
          is
          located, insuring (subject to the exceptions contained in (j)(1), (2) and
          (3)
          above) the Company, its successors and assigns, as to the first priority
          lien of
          the Mortgage in the original principal amount of the Mortgage Loan.
          Additionally, such policy affirmatively insures ingress and egress to and
          from
          the Mortgaged Property. Where required by applicable state law or regulation,
          the Mortgagor has been given the opportunity to choose the carrier of the
          required mortgage title insurance. The Company, its successors
          and assigns, are the sole insured of such lender’s title insurance policy, such
          title insurance
          policy has been duly and validly endorsed to the Purchaser or the assignment
          to
          the Purchaser
          of the Company’s interest therein does not require the consent of or
          notification to the insurer
          and such lender’s title insurance policy is in full force and effect and will be
          in full force and
          effect upon the consummation of the transactions contemplated by the
          RWT-Guaranteed Rate Agreement and the related Purchase Price and Terms
          Letter.
          No claims have been made under such lender’s title insurance policy, and no
          prior holder of the related Mortgage, including the Company, has done,
          by act or
          omission, anything which would impair the coverage of such lender’s title
          insurance policy;

        

        (n)
          There
          is no default, breach, violation or event of acceleration existing under
          the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with

        notice
          and the expiration of any grace or cure period, would constitute a default,
          breach, violation or event permitting acceleration; and neither RWT Holdings
          nor
          any prior mortgagee has waived any default, breach, violation or event
          permitting acceleration;

        

        (o)
          As of
          the related Closing Date, there are no mechanics’ or similar liens or claims
          which have been filed for work, labor or material (and no rights outstanding
          that under law could give rise to such liens) affecting the related Mortgaged
          Property which are or may be liens prior to or equal to the lien of the
          related
          Mortgage;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (p)
          All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

        

        (q)
          The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan. The
          Mortgage Notes and Mortgages
          (exclusive of any riders) are on forms generally acceptable to Fannie Mae
          or
          Freddie Mac.
          The
          Company is currently selling loans to Fannie Mae and/or Freddie Mac which
          are
          the same
          document forms as the Mortgage Notes and Mortgages (inclusive of any riders).
          The Mortgage Loan bears interest at the Mortgage Interest Rate set forth
          in the
          related Mortgage Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day
          of
          each month. The Mortgage contains the usual and enforceable provisions
          of the
          originator at the time of origination for the acceleration of the payment
          of the
          unpaid principal amount of the Mortgage Loan if the related Mortgaged Property
          is sold without the prior consent of the mortgagee thereunder;

        

        (r)
          As of
          the related Closing Date, the Mortgaged Property is not subject to any
          material
          damage by waste, fire, earthquake, windstorm, flood or other casualty.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. There have not been any condemnation proceedings with respect
          to the
          Mortgaged Property and there are no such proceedings scheduled to commence
          at a
          future date;

        

        (s)
          The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby,

        including
          (i) in the case of a Mortgage designated as a deed of trust, by trustee’s sale,
          and (ii)

        otherwise
          by judicial foreclosure. Following the date of origination of the Mortgage
          Loan,
          the

        Mortgaged
          Property has not been subject to any bankruptcy proceeding or foreclosure
          proceeding and the Mortgagor has not filed for protection under applicable
          bankruptcy laws. There is no homestead or other exemption or right available
          to
          the Mortgagor or any other person which would interfere with the right
          to sell
          the Mortgaged Property at a trustee’s sale or the right to foreclose the
          Mortgage;

        

        (t)
          The
          Mortgage Note and Mortgage are on forms acceptable to Fannie Mae or Freddie
          Mac; 

         

        (u)
          If
          the Mortgage constitutes a deed of trust, a trustee, authorized and duly
          qualified if required under applicable law to act as such, has been properly
          designated and currently so serves and is named in the Mortgage, and no
          fees or
          expenses are or will become payable by the Purchaser to the trustee under
          the
          deed of trust, except in connection with a trustee’s sale or attempted sale
          after default by the Mortgagor;

        

        (v)
          The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, who had no interest, direct or indirect, in the Mortgaged Property
          or
          in any loan made on the security thereof, and whose compensation is not
          affected
          by the approval or disapproval of the Mortgage Loan, and the appraisal
          and
          appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and
          Title
          XI of FIRREA and the regulations promulgated thereunder, all as in effect
          on the
          date the Mortgage Loan was originated. The appraisal is in a form acceptable
          to
          Fannie Mae or Freddie Mac;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (w)
          All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

        

        (x)
          As of
          the related Closing Date, the related Mortgage Note is not and has not
          been
          secured by any collateral except the lien of the corresponding Mortgage
          and the
          security interest of any applicable security agreement or chattel mortgage
          referred to in (j) above and such collateral does not serve as security
          for any
          other obligation;

        

        (y)
          The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans; 

         

        (z)
          The
          Mortgage Loan does not contain “graduated payment” features and does
not
          have
          a shared appreciation or other contingent interest feature; no Mortgage
          Loan
          contains any
          buydown provisions;

        

        (aa)
          As
          of the related Closing Date, the Mortgagor is not in bankruptcy and the
          Mortgagor is not insolvent and RWT Holdings has no knowledge of any
          circumstances or condition with respect to the Mortgage, the Mortgaged
          Property,
          the Mortgagor or the Mortgagor’s credit standing that could reasonably be
          expected to cause investors to regard the Mortgage Loan as an unacceptable
          investment, cause the Mortgage Loan to become delinquent, or materially
          adversely affect the value or marketability of the Mortgage Loan;

        

        (bb)
          The
          Mortgage Loans have an original term to maturity of not more than 40 years
          with
          interest payable in arrears on the first day of each month. Each Mortgage
          Note
          requires a monthly payment, which is sufficient to fully amortize the unpaid
          principal balance over the remaining term and to pay interest at the related
          Mortgage Interest Rate. Notwithstanding the immediately preceding sentence
          with
          respect to Mortgage Loans with an initial “interest only” payment period, the
          monthly payments due under the related Mortgage Note satisfy only the monthly
          interest on the unpaid principal balance of the applicable Mortgage Loan.
          After
          the initial “interest only” period, each Mortgage Note requires a monthly
          payment, which is sufficient to fully amortize the unpaid principal balance
          over
          the remaining term and to pay interest at the related Mortgage Interest
          Rate. In
          any case, no Mortgage Loan contains terms or provisions which would result
          in
          negative amortization;

        

        (cc)
          If a
          Mortgage Loan has an LTV greater than 80%, the Mortgage Loan will have
          mortgage
          insurance in accordance with the terms of the Fannie Mae Guides and will
          be
          insured as to payment defaults by a Primary Mortgage Insurance Policy issued
          by
          a Qualified Insurer. All provisions of such Primary Mortgage Insurance
          Policy
          have been and are being complied with, such policy is in full force and
          effect,
          and all premiums due thereunder have been paid. No action, inaction, or
          event
          has occurred and no state of facts exists that has, or will result in the
          exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject
          to
          a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder
          to
          maintain the Primary Mortgage Insurance Policy and to pay all premiums
          and
          charges in connection therewith. The mortgage interest rate for the Mortgage
          Loan as set forth on the related Mortgage Loan Schedule is net of any such
          insurance premium. No Mortgage Loan is subject to a lender-paid mortgage
          insurance policy;

        

        (dd)
          As
          to any Mortgage Loan which is not a MERS Mortgage Loan, the Assignment
          of
          Mortgage is in recordable form and is acceptable for recording under the
          laws of
          the jurisdiction in which the Mortgaged Property is located;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ee)
          The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

        

        (ff)
          Payments of principal and/or interest on the Mortgage Loan commenced no
          more
          than sixty (60) days after the funds were disbursed in connection with
          the
          Mortgage Loan. The Mortgage Note is payable on the first day of each month.
          After the initial “interest only” payment period, if any, the Mortgage Note in
          payable in equal monthly installments of principal and interest, with interest
          calculated and payable in arrears, sufficient to amortize the Mortgage
          Loan
          fully by the stated maturity date, over an original term of not more than
          thirty
          years from commencement
          of amortization;

        

        (gg)
          The
          Mortgage Loans may be subject to a Prepayment Penalty as identified on
          the
          Mortgage Loan Schedule, except that no Mortgage Loan contains any
          Prepayment Penalty that extends beyond five years after the date of
          origination;

        

        (hh)
          As
          of the related Closing Date, the Mortgaged Property is lawfully occupied
          under
          applicable law, and all inspections, licenses and certificates required
          to be
          made or issued with respect to all occupied portions of the Mortgaged Property
          and, with respect to the use and occupancy of the same, including but not
          limited to certificates of occupancy and fire underwriting certificates,
          have
          been made or obtained from the appropriate authorities;

        

        (ii)
          If
          the Mortgaged Property is a condominium unit or a planned unit development
          (other than a de minimis planned unit development), or stock in a cooperative
          housing corporation, such condominium, cooperative or planned unit development
          project meets the eligibility requirements of Fannie Mae and Freddie
          Mac;

        

        (jj)
          There is no pending action or proceeding directly involving the Mortgaged
          Property in which compliance with any environmental law, rule or regulation
          is
          an issue; there is no violation of any environmental law, rule or regulation
          with respect to the Mortgaged Property;

        and
          nothing further remains to be done to satisfy in full all requirements
          of each
          such law, rule or

        regulation
          constituting a prerequisite to use and enjoyment of said property;

        

        (kk)
          The
          Mortgagor has not notified RWT Holdings requesting relief under the
          Servicemembers’ Civil Relief Act, formerly known as the Soldiers’ and Sailors’
Civil Relief Act

        of
          1940,
          and RWT Holdings has no knowledge of any relief requested or allowed to
          the
          Mortgagor

        under
          the
          Servicemembers’ Civil Relief Act;

        

        (ll)
          As
          of the related Closing Date, no Mortgage Loan was in construction or
          rehabilitation status or has facilitated the trade-in or exchange of a
          Mortgaged
          Property;

        

        (mm)
          No
          action has been taken or failed to be taken by RWT Holdings on or prior
          to the
          Closing Date which has resulted or will result in an exclusion from, denial
          of,
          or defense to coverage under any insurance policy related to a Mortgage
          Loan
          (including, without limitation, any
          exclusions, denials or defenses which would limit or reduce the availability
          of
          the timely payment
          of the full amount of the loss otherwise due thereunder to the insured)
          whether
          arising out
          of
          actions, representations, errors, omissions, negligence, or fraud of RWT
          Holdings, or for any other
          reason under such coverage;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (nn)
          The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority;

        

        (oo)
          No
          Mortgaged Property is subject to a ground lease;

        

        (pp)
          With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

        

        (qq)
          With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

        

        (rr)
          Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

        

        (ss)
          Except as provided in Section 2.07, the Mortgage Note, the Mortgage, the
          Assignment of Mortgage and the other Mortgage Loan Documents set forth
          in
          Exhibit A-1 to the Agreement and required to be delivered on the related
          Closing
          Date have been delivered to the Purchaser or its designee all in compliance
          with
          the specific requirements of the RWT-Guaranteed Rate Agreement. With respect
          to
          each Mortgage Loan, the Company is in possession of a complete Mortgage
          File and
          Servicing File except for such documents as have been delivered to the
          Purchaser
          or its designee;

        

        (tt)
          All
          information supplied by, on behalf of, or concerning the
          Mortgagor is
          true,
          accurate and complete and does not contain any statement that at the time
          provided and as of
          the
          Closing Date is or will be inaccurate or misleading in any material
          respect;

        

        (uu)
          There does not exist on the related Mortgage Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation;

        

        (vv)
          All
          disclosure materials required by applicable law with respect to the making
          of
          fixed rate and adjustable rate mortgage loans have been received by the
          borrower;

        

        (ww)
          No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of
more
          than
          95%;

        

        (xx)
          None
          of the Mortgage Loans are subject to the Home Ownership and Equity Protection
          Act of 1994 or any comparable state law;

        

        (yy)
          None
          of the proceeds of the Mortgage Loan were used to finance single premium
          credit
          insurance policies;

         

        (zz)
          Any
          principal advances made to the Mortgagor prior to the Closing Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first lien priority by
          a title
          insurance policy, an endorsement to the policy insuring the mortgagee’s
          consolidated interest or by other title evidence acceptable to Fannie Mae
          and
          Freddie Mac. The consolidated principal amount does not exceed the original
          principal amount of the Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (aaa)
          Interest on each Mortgage Loan is calculated on the basis of a 360-day
          year
          consisting of twelve 30-day months;

        

        (bbb)
          No
          Mortgage Loan is a Balloon Mortgage Loan;

        

        (ccc)
          With respect to each MERS Mortgage Loan, a MIN has been assigned by MERS
          and
          such MIN is accurately provided on the Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

        

        (ddd)
          With respect to each MERS Mortgage Loan, RWT Holdings has not received
          any
          notice of liens or legal actions with respect to such Mortgage Loan and
          no such
          notices have been electronically posted by MERS;

        

        (eee)
          None of the Mortgaged Properties are manufactured housing;

        

        (fff)
          With respect to each Mortgage Loan, the Company has fully and accurately
          furnished complete information on the related borrower credit files to
          Equifax,
          Experian and Trans Union Credit Information Company, in accordance with
          the Fair
          Credit Reporting Act and its implementing regulations;

        

        (ggg)
          The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); and the Company has
          established an anti-money laundering compliance program as required by
          the
          Anti-Money Laundering Laws;

        

        (hhh)
          Each Mortgage Loan at the time it was made complied in all material respects
          with applicable local, state, and federal laws, including, but not limited
          to,
          all applicable predatory and abusive lending laws;

        

        (iii)
          No
          Mortgage Loan is a High Cost or Covered Loan, as applicable and no mortgage
          loan
          is a “high cost” or “covered” mortgage loan, as applicable (as such terms are
          defined in the then current Standard and Poor’s LEVELS Glossary which is now
          Version 6.0, Appendix E). No Mortgage Loan is in violation of any applicable
          federal, state, or local predatory or abusive lending law. Any breach of
          this
          representation shall be deemed to materially and adversely affect the value
          of
          the Mortgage Loan and shall require a repurchase of the affected Mortgage
          Loan;

        

        (jjj)
          No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act. Any breach of this representation
          shall be deemed to materially and adversely
          affect the value of the Mortgage Loan and shall require a repurchase of
          the
          affected Mortgage
          Loan;

        

        (kkk)
          No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
          Home Ownership Act, which became effective November 27, 2003; and

        

        (lll)
          There were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        
           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
 

        

        
          	
                  XVI.

                	
                  Seller’s
                    Purchase, Warranties and Interim Servicing Agreement, dated as
                    of June 1,
                    2006 by and between Redwood Mortgage Funding Inc. (“RMF”) and Provident
                    Funding Associates, LLP (“Provident”), and an Assignment dated [January
                    15], 2007, between RMF and RWT Holdings (together, the “Provident-RWT
                    Agreement”).

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the Provident-RWT
          Agreement.

         

        (a) The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Purchaser, is complete,
          true
          and correct in all material respects and the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        (b) The
          Mortgage creates a first lien or a first priority ownership interest in
          an
          estate in fee simple in real property securing the related Mortgage
          Note;

        

        (c) All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; the Company has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

        

        (d) All
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

        

        (e) The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, which have been
          recorded
          to the extent any such recordation is required by law. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer of any related Primary Mortgage Insurance Policy and title
          insurance policy, to the extent required by the related policies;

        

        (f) The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

        

        (g) All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are provided
          for
          in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
          coverage not less than the lesser of (i) the maximum insurable value of
          the
          improvements securing such Mortgage Loans, and (ii) the greater of (a)
          the
          outstanding principal balance of the Mortgage Loan, and (b) an amount such
          that
          the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
          the
          mortgagee from becoming a co-insurer. All such standard hazard policies
          are in
          full force and effect and on the date of origination contained a standard
          mortgagee clause naming the Company and its successors in interest and
          assigns
          as loss payee and such clause is still in effect and all premiums due thereon
          have been paid. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, the Mortgage Loan is covered by a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration
          which policy conforms to Fannie Mae and Freddie Mac requirements, in an
          amount
          not less than the amount required by the Flood Disaster Protection Act
          of 1973,
          as amended. Such policy was issued by an insurer acceptable under Fannie
          Mae or
          Freddie Mac guidelines. The Mortgage obligates the Mortgagor thereunder
          to
          maintain all such insurance at the Mortgagor’s cost and expense, and upon the
          Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
          such insurance at the Mortgagor’s cost and expense and to seek reimbursement
          therefor from the Mortgagor;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (h) Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, fair housing, or disclosure
          laws
          applicable to the Mortgage Loan have been complied with in all material
          respects;

        

        (i) The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          The
          Company has not waived the performance by the Mortgagor of any action,
          if the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has the Company waived any default resulting from any action
          or
          inaction by the Mortgagor;

        

        (j) The
          related Mortgage is a valid, subsisting, enforceable and perfected first
          lien on
          the Mortgaged Property including all buildings on the Mortgaged Property
          and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note’s original principal balance. The Mortgage and the Mortgage Note
          do not contain any evidence of any security interest or other interest
          or right
          thereto. Such lien is free and clear of all adverse claims, liens and
          encumbrances having priority over the first lien of the Mortgage subject
          only to
          (1) the lien of non-delinquent current real property taxes and assessments
          not
          yet due and payable, (2) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          which are acceptable to mortgage lending institutions generally and either
          (A)
          which are referred to or otherwise considered in the appraisal made for
          the
          originator of the Mortgage Loan, or (B) which do not adversely affect the
          appraised value of the Mortgaged Property as set forth in such appraisal,
          and
          (3) other matters to which like properties are commonly subject which do
          not
          materially interfere with the benefits of the security intended to be provided
          by the Mortgage or the use, enjoyment, value or marketability of the related
          Mortgaged Property. Any security agreement, chattel mortgage or equivalent
          document related to and delivered in connection with the Mortgage Loan
          establishes and creates (1) a valid, subsisting, enforceable and perfected
          first
          lien and first priority security interest and on the property described
          therein,
          and the Company has the full right to sell and assign the same to the
          Purchaser;

        

        (k) The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of the Company or the Mortgagor, or, on the part of any other
          party
          involved in the origination of the Mortgage Loan. The proceeds of the Mortgage
          Loan have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          off-site improvements and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage were paid or are in
          the
          process of being paid, and the Mortgagor is not entitled to any refund
          of any
          amounts paid or due under the Mortgage Note or Mortgage;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (l) The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          the
          Company had good and marketable title to and was the sole owner thereof
          and had
          full right to transfer and sell the Mortgage Loan to the Purchaser free
          and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to the Provident-RWT Agreement and following the
          sale of
          the Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear
          of
          any encumbrance, equity, participation interest, lien, pledge, charge,
          claim or
          security interest. The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of servicing
          the
          Mortgage Loan as set forth in the Provident-RWT Agreement. Either the Mortgagor
          is a natural person or the Mortgagor is an inter-vivos trust acceptable
          to
          Fannie Mae;

        

        (m) 
          Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy or other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac
          and qualified to do business in the jurisdiction where the Mortgaged Property
          is
          located, insuring (subject to the exceptions contained in (j)(1), (2) and
          (3)
          above) the Company, its successors and assigns, as to the first priority
          lien of
          the Mortgage in the original principal amount of the Mortgage Loan.
          Additionally, such policy affirmatively insures ingress and egress to and
          from
          the Mortgaged Property. Where required by applicable state law or regulation,
          the Mortgagor has been given the opportunity to choose the carrier of the
          required mortgage title insurance. The Company, its successors and assigns,
          are
          the sole insured of such lender’s title insurance policy, such title insurance
          policy has been duly and validly endorsed to the Purchaser or the assignment
          to
          the Purchaser of the Company’s interest therein does not require the consent of
          or notification to the insurer and such lender’s title insurance policy is in
          full force and effect and will be in full force and effect upon the consummation
          of the transactions contemplated by the Provident-RWT Agreement and the
          related
          Purchase Price and Terms Letter. No claims have been made under such lender’s
          title insurance policy, and no prior holder of the related Mortgage, including
          the Company, has done, by act or omission, anything which would impair
          the
          coverage of such lender’s title insurance policy;

        

        (n) There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration;

        

        (o) As
          of the
          related Closing Date, there are no mechanics’ or similar liens or claims which
          have been filed for work, labor or material (and no rights outstanding
          that
          under law could give rise to such liens) affecting the related Mortgaged
          Property which are or may be liens prior to or equal to the lien of the
          related
          Mortgage;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (p) All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

        

        (q) The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. The Company is currently selling
          loans
          to Fannie Mae and/or Freddie Mac which are the same document forms as the
          Mortgage Notes and Mortgages (inclusive of any riders). The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate set forth in the related Mortgage
          Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day of each month. The Mortgage contains the usual and enforceable
          provisions of the originator at the time of origination for the acceleration
          of
          the payment of the unpaid principal amount of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the mortgagee
          thereunder;

        

        (r) As
          of the
          related Closing Date, the Mortgaged Property is not subject to any material
          damage by waste, fire, earthquake, windstorm, flood or other casualty.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. There have not been any condemnation proceedings with respect
          to the
          Mortgaged Property and there are no such proceedings scheduled to commence
          at a
          future date;

        

        (s) The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including (i) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure.
          Following the date of origination of the Mortgage Loan, the Mortgaged Property
          has not been subject to any bankruptcy proceeding or foreclosure proceeding
          and
          the Mortgagor has not filed for protection under applicable bankruptcy
          laws.
          There is no homestead or other exemption or right available to the Mortgagor
          or
          any other person which would interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the
          Mortgage;

        

        (t) The
          Mortgage Note and Mortgage are on forms acceptable to Fannie Mae or Freddie
          Mac;

        

        (u) If
          the
          Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
          if required under applicable law to act as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale or attempted sale after
          default by the Mortgagor;

        

        (v) The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, who had no interest, direct or indirect, in the Mortgaged Property
          or
          in any loan made on the security thereof, and whose compensation is not
          affected
          by the approval or disapproval of the Mortgage Loan, and the appraisal
          and
          appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and
          Title
          XI of FIRREA and the regulations promulgated thereunder, all as in effect
          on the
          date the Mortgage Loan was originated. The appraisal is in a form acceptable
          to
          Fannie Mae or Freddie Mac;

        

        (w) All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (x) 
          As of
          the related Closing Date, the related Mortgage Note is not and has not
          been
          secured by any collateral except the lien of the corresponding Mortgage
          and the
          security interest of any applicable security agreement or chattel mortgage
          referred to in (j) above and such collateral does not serve as security
          for any
          other obligation;

        

        (y) The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans;

        

        (z) The
          Mortgage Loan does not contain “graduated payment” features and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

        

        (aa) As
          of the
          related Closing Date, the Mortgagor is not in bankruptcy and the Mortgagor
          is
          not insolvent and the Company has no knowledge of any circumstances or
          condition
          with respect to the Mortgage, the Mortgaged Property, the Mortgagor or
          the
          Mortgagor’s credit standing that could reasonably be expected to cause investors
          to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage
          Loan to become delinquent, or materially adversely affect the value or
          marketability of the Mortgage Loan;

        

        (bb) The
          Mortgage Loans have an original term to maturity of not more than 40 years
          with
          interest payable in arrears on the first day of each month. Each Mortgage
          Note
          requires a monthly payment, which is sufficient to fully amortize the unpaid
          principal balance over the remaining term and to pay interest at the related
          Mortgage Interest Rate. Notwithstanding the immediately preceding sentence
          with
          respect to Mortgage Loans with an initial “interest only” payment period, the
          monthly payments due under the related Mortgage Note satisfy only the monthly
          interest on the unpaid principal balance of the applicable Mortgage Loan.
          After
          the initial “interest only” period, each Mortgage Note requires a monthly
          payment, which is sufficient to fully amortize the unpaid principal balance
          over
          the remaining term and to pay interest at the related Mortgage Interest
          Rate. In
          any case, no Mortgage Loan contains terms or provisions which would result
          in
          negative amortization;

        

        (cc) If
          a
          Mortgage Loan has an LTV greater than 80%, the Mortgage Loan will have
          mortgage
          insurance in accordance with the terms of the Fannie Mae Guides and will
          be
          insured as to payment defaults by a Primary Mortgage Insurance Policy issued
          by
          a Qualified Insurer. All provisions of such Primary Mortgage Insurance
          Policy
          have been and are being complied with, such policy is in full force and
          effect,
          and all premiums due thereunder have been paid. No action, inaction, or
          event
          has occurred and no state of facts exists that has, or will result in the
          exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject
          to
          a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder
          to
          maintain the Primary Mortgage Insurance Policy and to pay all premiums
          and
          charges in connection therewith. The mortgage interest rate for the Mortgage
          Loan as set forth on the related Mortgage Loan Schedule is net of any such
          insurance premium. No Mortgage Loan is subject to a lender-paid mortgage
          insurance policy; 

        

        (dd) As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

        

        (ee) The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ff) Payments
          of principal and/or interest on the Mortgage Loan commenced no more than
          sixty
          (60) days after the funds were disbursed in connection with the Mortgage
          Loan.
          The Mortgage Note is payable on the first day of each month. After the
          initial
“interest only” payment period, if any, the Mortgage Note in payable in equal
          monthly installments of principal and interest, with interest calculated
          and
          payable in arrears, sufficient to amortize the Mortgage Loan fully by the
          stated
          maturity date, over an original term of not more than thirty years from
          commencement of amortization;

        

        (gg) The
          Mortgage Loans may be subject to a Prepayment Penalty as identified on
          the
          Mortgage Loan Schedule, except that no Mortgage Loan contains any
          Prepayment  Penalty that extends beyond five years after the date of
          origination;

        

        (hh) As
          of the
          related Closing Date, the Mortgaged Property is lawfully occupied under
          applicable law, and all inspections, licenses and certificates required
          to be
          made or issued with respect to all occupied portions of the Mortgaged Property
          and, with respect to the use and occupancy of the same, including but not
          limited to certificates of occupancy and fire underwriting certificates,
          have
          been made or obtained from the appropriate authorities;

        

        (ii) If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), or stock in a cooperative
          housing
          corporation, such condominium, cooperative or planned unit development
          project
          meets the eligibility requirements of Fannie Mae and Freddie Mac;

        

        (jj) 
          There is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and nothing further remains to be done to satisfy
          in
          full all requirements of each such law, rule or regulation constituting
          a
          prerequisite to use and enjoyment of said property;

        

        (kk) The
          Mortgagor has not notified the Company requesting relief under the
          Servicemembers’ Civil Relief Act, formerly known as the Soldiers’ and Sailors’
Civil Relief Act of 1940, and the Company has no knowledge of any relief
          requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

        

        (ll) As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

        

        (mm) No
          action
          has been taken or failed to be taken by the Company on or prior to the
          Closing
          Date which has resulted or will result in an exclusion from, denial of,
          or
          defense to coverage under any insurance policy related to a Mortgage Loan
          (including, without limitation, any exclusions, denials or defenses which
          would
          limit or reduce the availability of the timely payment of the full amount
          of the
          loss otherwise due thereunder to the insured) whether arising out of actions,
          representations, errors, omissions, negligence, or fraud of the Company,
          or for
          any other reason under such coverage;

        

        (nn) The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (oo) No
          Mortgaged Property is subject to a ground lease;

        

        (pp) With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

        

        (qq) With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

        

        (rr) Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

        

        (ss) 
          Except
          as provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          the Provident-RWT Agreement. With respect to each Mortgage Loan, the Company
          is
          in possession of a complete Mortgage File and Servicing File except for
          such
          documents as have been delivered to the Purchaser or its designee;

        

        (tt) 
          All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that at the time
          provided and as of the Closing Date is or will be inaccurate or misleading
          in
          any material respect; 

        

        (uu) 
          There
          does not exist on the related Mortgage Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation; 

        

        (vv) All
          disclosure materials required by applicable law with respect to the making
          of
          fixed rate and adjustable rate mortgage loans have been received by the
          borrower;

        

        (ww) No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          95%;

        

        (xx) None
          of
          the Mortgage Loans are subject to the Home Ownership and Equity Protection
          Act
          of 1994 or any comparable state law;

        

        (yy) None
          of
          the proceeds of the Mortgage Loan were used to finance single-premium credit
          insurance policies;

        

        (zz) Any
          principal advances made to the Mortgagor prior to the Closing Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first lien priority by
          a title
          insurance policy, an endorsement to the policy insuring the mortgagee’s
          consolidated interest or by other title evidence acceptable to Fannie Mae
          and
          Freddie Mac. The consolidated principal amount does not exceed the original
          principal amount of the Mortgage Loan;

        

        (aaa) Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

        

        (bbb) No
          Mortgage Loan is a Balloon Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        (ccc) With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the Mortgage Loan Schedule. The related assignment
          of
          Mortgage to MERS has been duly and properly recorded;

        

        (ddd) With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

        

        (eee) None
          of
          the Mortgaged
          Properties are manufactured housing; 

        

        (fff) With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Company, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations; 

        

        (ggg) The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); and the Company has
          established an anti-money laundering compliance program as required by
          the
          Anti-Money Laundering Laws;

        

        (hhh) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

        

        (iii) No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable, and no
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable as such
          terms
          are defined in the current Standard & Poor’s LEVELS ® Glossary Revised,
          Appendix E. No Mortgage Loan is in violation of any applicable federal,
          state,
          or local predatory or abusive lending law. Any breach of this representation
          shall be deemed to materially and adversely affect the value of the Mortgage
          Loan and shall require a repurchase of the affected Mortgage Loan;

        

        (jjj) No
          Mortgage Loan was originated on or after October 1, 2002 and prior to March
          7,
          2003, which is secured by property located in the State of Georgia. No
          Mortgage
          Loan was originated on or after March 7, 2003 which is a “high cost home loan”
as defined under the Georgia Fair Lending Act. Any breach of this representation
          shall be deemed to materially and adversely affect the value of the Mortgage
          Loan and shall require a repurchase of the affected Mortgage Loan;

        

        (kkk) No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
          Ownership Act, which became effective November 27, 2003; and

        

        (lll) There
          were no
          adverse selection procedures used in selecting the Mortgage Loan from among
          the
          residential mortgage loans which were available for inclusion in the Mortgage
          Loans.

        
           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

           

        

        
          	
                  XVII.

                	
                  With
                    respect to Mortgage Loans purchased under the Seller’s Warranties and
                    Servicing Agreement, dated as of May 1, 2007 by and between Redwood
                    Trust,
                    Inc. and Wells Fargo Bank, N.A. (the "Redwood-Wells Fargo
                    Agreement")

                

        

        

        With
          respect to each Mortgage Loan, RWT Holdings hereby makes the following
          representations and warranties. Such representations and warranties speak
          as of
          the Closing Date with respect to the Mortgage Loans (as such capitalized
          terms
          are defined in the Pooling and Servicing Agreement), unless otherwise indicated.
          Capitalized terms are as defined in this Schedule A or in the Redwood-Wells
          Fargo Agreement.

        

        
          	
                  (a)

                	
                  Mortgage
                    Loans as Described.

                

        

        

        The
          information set forth in the Mortgage Loan Schedules attached hereto as
          Exhibit
          A and Exhibit A-1 and the information contained on the respective Data
          Files
          delivered to the Purchaser are true and correct; provided that the Company
          makes
          no representation or warranty as to the accuracy of Unverified Information;
          and
          the
          information provided to the rating agencies, including the loan level detail,
          is
          true and correct according to the rating agency requirements;

        

        
          	
                  (b)

                	
                  Payments
                    Current.

                

        

        

        All
          payments required to be made up to the Cut-off Date for the Mortgage Loan
          under
          the terms of the Mortgage Note have been made and credited. No payment
          under any
          Mortgage Loan has been thirty (30) days delinquent more than one (1) time
          within
          twelve (12) months prior to the Closing Date;

        

        
          	
                  (c)

                	
                  No
                    Outstanding Charges.

                

        

        

        There
          are
          no defaults in complying with the terms of the Mortgages, and all taxes,
          governmental assessments, insurance premiums, leasehold payments, water,
          sewer
          and municipal charges, which previously became due and owing have been
          paid, or
          an escrow of funds has been established in an amount sufficient to pay
          for every
          such item which remains unpaid and which has been assessed but is not yet
          due
          and payable. The Company has not advanced funds, or induced, or solicited
          directly or indirectly, the payment of any amount required under the Mortgage
          Loan, except for interest accruing from the date of the Mortgage Note or
          date of
          disbursement of the Mortgage Loan proceeds, whichever is later, to the
          day which
          precedes by one month the Due Date of the first installment of principal
          and
          interest;

        

        
          	
                  (d)

                	
                  Original
                    Terms Unmodified.

                

        

        

        The
          terms
          of the Mortgage Note and Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by a written instrument which has been
          recorded
          or registered with the MERS System, if necessary, to protect the interests
          of
          the Purchaser and is retained by the Company in the Retained Mortgage File;
          and
          the related Mortgage Note which has been delivered to the Custodian. The
          substance of any such waiver, alteration or modification has been approved
          by
          the issuer of any related PMI Policy and the title insurer, to the extent
          required by the policy, and its terms are reflected on the related Mortgage
          Loan
          Schedule. No Mortgagor has been released, in whole or in part, except in
          connection with an assumption agreement approved by the issuer of any related
          PMI Policy and the title insurer, to the extent required by the policy,
          and
          which assumption agreement is part of the Custodial Mortgage File delivered
          to
          the Custodian and the terms of which are reflected in the related Mortgage
          Loan
          Schedule;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (e)

                	
                  No
                    Defenses.

                

        

        

        The
          Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
          or defense, including without limitation the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note or the Mortgage, or
          the
          exercise of any right thereunder, render either the Mortgage Note or the
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including without limitation
          the
          defense of usury, and no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto;

        

        
          	
                  (f)

                	
                  No
                    Satisfaction of Mortgage.

                

        

        

        The
          Mortgage has not been satisfied, canceled, subordinated or rescinded, in
          whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, release, cancellation, subordination
          or
          rescission;

        

        
          	
                  (g)

                	
                  Validity
                    of Mortgage Documents.

                

        

        

        The
          Mortgage Note and the Mortgage and related documents are genuine, and each
          is
          the legal, valid and binding obligation of the maker thereof enforceable
          in
          accordance with its terms. All parties to the Mortgage Note and the Mortgage
          had
          legal capacity to enter into the Mortgage Loan and to execute and deliver
          the
          Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage
          have been
          duly and properly executed by such parties. The Company has reviewed all
          documents constituting the Retained Mortgage File and Custodial Mortgage
          File
          and has made such inquiries as it deems necessary to make and confirm the
          accuracy of the representations set forth herein;

        

        With
          respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the
          Pledge
          Agreement, and related documents are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof enforceable in accordance with
          its
          terms. All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
          the
          Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
          of
          Proprietary Lease had legal capacity to enter into the Mortgage Loan and
          to
          execute and deliver such documents, and such documents have been duly and
          properly executed by such parties;

        

        
          	
                  (h)

                	
                  No
                    Fraud.

                

        

        

        No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Company,
          or the
          Mortgagor (except with respect to the accuracy of Unverified Information),
          or to
          the best of the Company’s knowledge, any appraiser, any builder, or any
          developer, or any other party involved in the origination of the Mortgage
          Loan
          or in the application of any insurance in relation to such Mortgage
          Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (i)

                	
                  Compliance
                    with Applicable Laws.

                

        

        

        Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection and privacy, equal credit opportunity, disclosure or
          predatory
          and abusive lending laws applicable to the Mortgage Loan have been complied
          with. All inspections, licenses and certificates required to be made or
          issued
          with respect to all occupied portions of the Mortgaged Property and, with
          respect to the use and occupancy of the same, including, but not limited
          to,
          certificates of occupancy and fire underwriting certificates, have been
          made or
          obtained from the appropriate authorities;

        

        
          	
                  (j)

                	
                  Location
                    and Type of Mortgaged Property.

                

        

        

        The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a contiguous parcel of real property with
          a
          detached single family residence erected thereon, or a two- to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          a
          Cooperative Apartment, or an individual unit in a planned unit development
          or a
          townhouse, provided, however, that any condominium project or planned unit
          development shall conform to the applicable Fannie Mae or Freddie Mac
          requirements, the Company Underwriting Guidelines (other than the exception
          identified for Exception Mortgage Loans) or the Third-Party Underwriting
          Guidelines, as applicable, regarding such dwellings, and no residence or
          dwelling is a mobile home or manufactured dwelling. As of the respective
          appraisal date for each Mortgaged Property, any Mortgaged Property being
          used
          for commercial purposes conforms to the Company Underwriting Guidelines
          (other
          than the exception identified for Exception Mortgage Loans) or the Third-Party
          Underwriting Guidelines, as applicable and, to the best of the Company’s
          knowledge, since the date of such appraisal, no portion of the Mortgaged
          Property was being used for commercial purposes outside of the Company
          Underwriting Guidelines (other than the exception identified for Exception
          Mortgage Loans) or the Third-Party Underwriting Guidelines, as
          applicable;

        

        
          	
                  (k)

                	
                  Valid
                    First Lien.

                

        

        

        The
          Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
          Property, including all buildings on the Mortgaged Property and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems located in or annexed to such buildings, and all additions, alterations
          and replacements made at any time with respect to the foregoing. The lien
          of the
          Mortgage is subject only to:

        

        
          	 	
                  (1)
                    

                	
                  the
                    lien of current real property taxes and assessments not yet due
                    and
                    payable;

                

        

        

        
          	 	
                  (2)
                    

                	
                  covenants,
                    conditions and restrictions, rights of way, easements and other
                    matters of
                    the public record as of the date of recording acceptable to mortgage
                    lending institutions generally and specifically referred to in
                    the
                    lender's title insurance policy delivered to the originator of
                    the
                    Mortgage Loan and (i) referred to or otherwise considered in
                    the appraisal
                    made for the originator of the Mortgage Loan and (ii) which do
                    not
                    adversely affect the Appraised Value of the Mortgaged Property
                    set forth
                    in such appraisal; and

                

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (3)
                    

                	
                  other
                    matters to which like properties are commonly subject which do
                    not
                    materially interfere with the benefits of the security intended
                    to be
                    provided by the mortgage or the use, enjoyment, value or marketability
                    of
                    the related Mortgaged Property.

                

        

        

        Any
          security agreement, chattel mortgage or equivalent document related to
          and
          delivered in connection with the Mortgage Loan establishes and creates
          a valid,
          subsisting and enforceable first lien and first priority security interest
          on
          the property described therein and the Company has full right to sell and
          assign
          the same to the Purchaser;

        

        With
          respect to each Cooperative Loan, each Pledge Agreement creates a valid,
          enforceable and subsisting first security interest in the Cooperative Shares
          and
          Proprietary Lease, subject only to (i) the lien of the related Cooperative
          for
          unpaid assessments representing the Mortgagor’s pro rata share of the
          Cooperative’s payments for its blanket mortgage, current and future real
          property taxes, insurance premiums, maintenance fees and other assessments
          to
          which like collateral is commonly subject and (ii) other matters to which
          like
          collateral is commonly subject which do not materially interfere with the
          benefits of the security intended to be provided by the Pledge Agreement;
          provided, however, that the appurtenant Proprietary Lease may be subordinated
          or
          otherwise subject to the lien of any mortgage on the Project;

        

        
          	
                  (l)
                    

                	
                  Full
                    Disbursement of Proceeds.

                

        

        

        The
          proceeds of the Mortgage Loan have been fully disbursed, except for escrows
          established or created due to seasonal weather conditions, and there is
          no
          requirement for future advances thereunder. All costs, fees and expenses
          incurred in making or closing the Mortgage Loan and the recording of the
          Mortgage were paid, and the Mortgagor is not entitled to any refund of
          any
          amounts paid or due under the Mortgage Note or Mortgage;

        

        
          	
                  (m)

                	
                  Consolidation
                    of Future Advances.

                

        

        

        Any
          future advances made prior to the Cut-off Date, have been consolidated
          with the
          outstanding principal amount secured by the Mortgage, and the secured principal
          amount, as consolidated, bears a single interest rate and single repayment
          term
          reflected on the related Mortgage Loan Schedule. The lien of the Mortgage
          securing the consolidated principal amount is expressly insured as having
          first
          lien priority by a title insurance policy, an endorsement to the policy
          insuring
          the mortgagee’s consolidated interest or by other title evidence acceptable to
          Fannie Mae or Freddie Mac; the consolidated principal amount does not exceed
          the
          original principal amount of the Mortgage Loan; the Company shall not make
          future advances after the Cut-off Date;

        

        
          	
                  (n)

                	
                  Ownership.

                

        

        

        The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          related Mortgage Note and the Mortgage are not assigned or pledged, and
          the
          Company has good and marketable title thereto and has full right and authority
          to transfer and sell the Mortgage Loan to the Purchaser. The Company is
          transferring the Mortgage Loan free and clear of any and all encumbrances,
          liens, pledges, equities, participation interests, claims, charges or security
          interests of any nature encumbering such Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (o)

                	
                  Origination/Doing
                    Business.

                

        

        

        The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a commercial bank, a credit union, an insurance company, or similar institution
          that is supervised and examined by a federal or state authority or by a
          mortgagee approved by the Secretary of Housing and Urban Development pursuant
          to
          Sections 203 and 211 of the National Housing Act. All parties which have
          had any
          interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee
          or
          otherwise, are (or, during the period in which they held and disposed of
          such
          interest, were) (1) in compliance with any and all applicable licensing
          requirements of the laws of the state wherein the Mortgaged Property is
          located,
          and (2) organized under the laws of such state, or (3) qualified to do
          business
          in such state, or (4) federal savings and loan associations or national
          banks
          having principal offices in such state, or (5) not doing business in such
          state;

        

        
          	
                  (p)

                	
                  LTV,
                    PMI Policy.

                

        

        

        No
          Mortgage Loan has an LTV greater than 95%. Except as set forth on the related
          Data File, each Mortgage Loan with an LTV greater than 80% at the time
          of
          origination, a portion of the unpaid principal balance of the Mortgage
          Loan is
          and will be insured as to payment defaults by a PMI Policy. If the Mortgage
          Loan
          is insured by a PMI Policy which is not an LPMI Policy, the coverage will
          remain
          in place until (i) the LTV decreases to 78% or (ii) the PMI Policy is otherwise
          terminated pursuant to the Homeowners Protection Act of 1998, 12 USC §4901, et
          seq. All provisions of such PMI Policy or LPMI Policy have been and are
          being
          complied with, such policy is in full force and effect, and all premiums
          due
          thereunder have been paid. The Qualified Insurer has a claims paying ability
          acceptable to Fannie Mae or Freddie Mac. Any Mortgage Loan subject to a
          PMI
          Policy or LPMI Policy obligates the Mortgagor or the Company to maintain
          the PMI
          Policy or LPMI Policy, as applicable, and to pay all premiums and charges
          in
          connection therewith. The Mortgage Interest Rate for the Mortgage Loan
          as set
          forth on the related Mortgage Loan Schedule is net of any such insurance
          premium;

        

        
          	
                  (q)

                	
                  Title
                    Insurance.

                

        

        

        The
          Mortgage Loan is covered by an ALTA lender's title insurance policy (or
          in the
          case of any Mortgage Loan secured by a Mortgaged Property located in a
          jurisdiction where such policies are generally not available, an opinion
          of
          counsel of the type customarily rendered in such jurisdiction in lieu of
          title
          insurance) or other generally acceptable form of policy of insurance acceptable
          to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie
          Mae
          or Freddie Mac and qualified to do business in the jurisdiction where the
          Mortgaged Property is located, insuring the Company, its successors and
          assigns,
          as to the first priority lien of the Mortgage in the original principal
          amount
          of the Mortgage Loan, subject only to the exceptions contained in clauses
          (1),
          (2) and (3) of subclause (k) of this Section 3.02, and against any loss
          by
          reason of the invalidity or unenforceability of the lien resulting from
          the
          provisions of the Mortgage providing for adjustment to the Mortgage Interest
          Rate and Monthly Payment. The Company is the sole insured of such lender's
          title
          insurance policy, and such lender's title insurance policy is in full force
          and
          effect and will be in force and effect upon the consummation of the transactions
          contemplated by the Redwood-Wells Fargo Agreement. No claims have been
          made
          under such lender's title insurance policy, and no prior holder of the
          Mortgage,
          including the Company, has done, by act or omission, anything which would
          impair
          the coverage of such lender's title

        insurance
          policy;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (r)

                	
                  No
                    Defaults.

                

        

        

        There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and neither the Company
          nor
          its predecessors have waived any default, breach, violation or event of
          acceleration;

        

        
          	
                  (s)

                	
                  No
                    Mechanics' Liens.

                

        

        

        There
          are
          no mechanics' or similar liens or claims which have been filed for work,
          labor
          or material (and no rights are outstanding that under the law could give
          rise to
          such liens) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related Mortgage
          which
          are not insured against by the title insurance policy referenced in subclause
          (q) of Section 3.02 of the Redwood-Wells Fargo Agreement;

        

        
          	
                  (t)

                	
                  Location
                    of Improvements; No Encroachments.

                

        

        

        Except
          as
          insured against by the title insurance policy referenced in subclause (q)
          of
          Section 3.02 of the Redwood-Wells Fargo Agreement, all improvements which
          were
          considered in determining the Appraised Value of the Mortgaged Property
          lay
          wholly within the boundaries and building restriction lines of the Mortgaged
          Property and no improvements on adjoining properties encroach upon the
          Mortgaged
          Property. No improvement located on or being part of the Mortgaged Property
          is
          in violation of any applicable zoning law or regulation;

        

        
          	
                  (u)

                	
                  Payment
                    Terms.

                

        

        

        Except
          with respect to the Interest Only Mortgage Loans, principal payments commenced
          no more than sixty (60) days after the funds were disbursed to the Mortgagor
          in
          connection with the Mortgage Loan. Except with respect to the Interest
          Only
          Mortgage Loans, each Mortgage Loan is payable in equal monthly installments
          of
          principal and interest, with interest calculated and payable in arrears,
          sufficient to amortize the Mortgage Loan fully by the stated maturity date
          set
          forth in the Mortgage Note over an original term to maturity of not more
          than
          thirty (30) years. As to each Adjustable Rate Mortgage Loan on each applicable
          Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the
          sum of
          the Index plus the applicable Gross Margin, rounded up or down to the nearest
          multiple of 0.125% indicated by the Mortgage Note; provided that the Mortgage
          Interest Rate will not increase or decrease by more than the Periodic Interest
          Rate Cap on any Adjustment Date, and will in no event exceed the Maximum
          Mortgage Interest Rate or be lower than the Minimum Mortgage Interest Rate
          listed on the Mortgage Note for such Mortgage Loan. As to each Adjustable
          Rate
          Mortgage Loan that is not an Interest Only Mortgage Loan, each Mortgage
          Note
          requires a monthly payment which is sufficient, during the period prior
          to the
          first adjustment to the Mortgage Interest Rate, to fully amortize the
          outstanding principal balance as of the first day of such period over the
          then
          remaining term of such Mortgage Note and to pay interest at the related
          Mortgage
          Interest Rate. With respect to each Interest Only Mortgage Loan, the
          interest-only period shall not exceed fifteen (15) years (or such other
          period
          specified on the related Data File) and following the expiration of such
          interest-only period, the remaining Monthly Payments shall be sufficient
          to
          fully amortize the original principal balance over the remaining term of
          the
          Mortgage Loan and to pay interest at the related Mortgage Interest Rate.
          As to
          each Adjustable Rate Mortgage Loan, if the related Mortgage Interest Rate
          changes on an Adjustment Date or, with respect to an Interest Only Mortgage
          Loan, on an Adjustment Date following the related interest-only period,
          the then
          outstanding principal balance will be reamortized over the remaining life
          of
          such Mortgage Loan. No Adjustable Rate Mortgage Loan contains terms or
          provisions which would result in negative amortization;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (v)

                	
                  Customary
                    Provisions.

                

        

        

        The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (i) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (ii) otherwise by judicial foreclosure.
          There
          is no homestead or other exemption available to a Mortgagor which would
          interfere with the right to sell the Mortgaged Property at a trustee's
          sale or
          the right to foreclose the Mortgage;

        

        
          	
                  (w)

                	
                  Occupancy
                    of the Mortgaged Property.

                

        

        

        As
          of the
          date of origination, the Mortgaged Property was lawfully occupied under
          applicable law;

        

        
          	
                  (x)

                	
                  No
                    Additional Collateral.

                

        

        

        Except
          in
          the case of a Pledged Asset Mortgage Loan and as indicated on the related
          Data
          File, the Mortgage Note is not and has not been secured by any collateral,
          pledged account or other security except the lien of the corresponding
          Mortgage
          and the security interest of any applicable security agreement or chattel
          mortgage referred to in subclause (k) of Section 3.02 of the Redwood-Wells
          Fargo
          Agreement;

        

        
          	
                  (y)

                	
                  Deeds
                    of Trust.

                

        

        

        In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the mortgagee to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

        

        
          	
                  (z)

                	
                  Acceptable
                    Investment.

                

        

        

        The
          Company has no knowledge of any circumstances or conditions with respect
          to the
          Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's
          credit
          standing that can reasonably be expected to cause private institutional
          investors to regard the Mortgage Loan as an unacceptable investment, cause
          the
          Mortgage Loan to become delinquent, or adversely affect the value or
          marketability of the Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (aa)

                	
                  Transfer
                    of Mortgage Loans.

                

        

        

        If
          the
          Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage,
          upon the
          insertion of the name of the assignee and recording information, is in
          recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

        

        
          	
                  (bb)

                	
                  Mortgaged
                    Property Undamaged.

                

        

        

        The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth

        movement,
          windstorm, flood, tornado or other casualty so as to affect adversely the
          value
          of the Mortgaged Property as security for the Mortgage Loan or the use
          for which
          the premises were intended;

        

        
          	
                  (cc)

                	
                  Collection
                    Practices; Escrow Deposits.

                

        

        

        The
          origination, servicing and collection practices used with respect to the
          Mortgage Loan have been in accordance with Accepted Servicing Practices,
          and
          have been in all material respects legal and proper. With respect to escrow
          deposits and Escrow Payments, all such payments are in the possession of
          the
          Company and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made. All Escrow
          Payments have been collected in full compliance with state and federal
          law. No
          escrow deposits or Escrow Payments or other charges or payments due the
          Company
          have been capitalized under the Mortgage Note;

        

        
          	
                  (dd)

                	
                  No
                    Condemnation.

                

        

        

        There
          is
          no proceeding pending or to the best of the Company’s knowledge threatened for
          the total or partial condemnation of the related Mortgaged
          Property;

        

        
          	
                  (ee)

                	
                  The
                    Appraisal.

                

        

        

        The
          Servicing File for each Mortgage Loan includes an appraisal of the related
          Mortgaged Property. As to each Time$aver® Mortgage Loan, the appraisal may be
          from the original of the existing Company-serviced loan, which was refinanced
          via such Time$aver® Mortgage Loan. The appraisal was conducted by an appraiser
          who had no interest, direct or indirect, in the Mortgaged Property or in
          any
          loan made on the security thereof; and whose compensation is not affected
          by the
          approval or disapproval of the Mortgage Loan, and the appraisal and the
          appraiser both satisfy the applicable requirements of Title XI of the Financial
          Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations
          promulgated thereunder, all as in effect on the date the Mortgage Loan
          was
          originated;

        

        
          	
                  (ff)

                	
                  Insurance.

                

        

        

        The
          Mortgaged Property securing each Mortgage Loan is insured by an insurer
          acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards
          as
          are covered under a standard extended coverage endorsement and such other
          hazards as are customary in the area where the Mortgaged Property is located
          pursuant to insurance policies conforming to the requirements of Section
          4.10,
          in an amount which is at least equal to the lesser of (i) 100% of the insurable
          value, on a replacement cost basis, of the improvements on the related
          Mortgaged
          Property and (ii) the greater of (a) the outstanding principal balance
          of the
          Mortgage Loan or (b) an amount such that the proceeds of such insurance
          shall be
          sufficient to prevent the application to the Mortgagor or the loss payee
          of any
          coinsurance clause under the policy. If the Mortgaged Property is a condominium
          unit, it is included under the coverage afforded by a blanket policy for
          the
          project. If the improvements on the Mortgaged Property are in an area identified
          in the Federal Register by the Federal Emergency Management Agency as having
          special flood hazards, a flood insurance policy meeting the requirements
          of the
          current guidelines of the Federal Insurance Administration is in effect
          with a
          generally acceptable insurance carrier, in an amount representing coverage
          not
          less than the least of (A) the outstanding principal balance of the Mortgage
          Loan, (B) the full insurable value and (C) the maximum amount of insurance
          which
          was available under the Flood Disaster Protection Act of 1973, as amended.
          All
          individual insurance policies contain a standard mortgagee clause naming
          the
          Company and its successors and assigns as mortgagee, and all premiums thereon
          have been paid. The Mortgage obligates the Mortgagor thereunder to maintain
          a
          hazard insurance policy at the Mortgagor's cost and expense, and on the
          Mortgagor's failure to do so, authorizes the holder of the Mortgage to
          obtain
          and maintain such insurance at such Mortgagor's cost and expense, and to
          seek
          reimbursement therefor from the Mortgagor. The hazard insurance policy
          is the
          valid and binding obligation of the insurer, is in full force and effect,
          and
          will be in full force and effect and inure to the benefit of the Purchaser
          upon
          the consummation of the transactions contemplated by the Redwood-Wells
          Fargo
          Agreement. The Company has not acted or failed to act so as to impair the
          coverage of any such insurance policy or the validity, binding effect and
          enforceability thereof;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (gg)

                	
                  Servicemembers
                    Civil Relief Act.

                

        

        

        The
          Mortgagor has not notified the Company, and the Company has no knowledge
          of any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act, as amended;

        

        
          	
                  (hh)

                	
                  No
                    Balloon Payments, Graduated Payments or Contingent
                    Interests.

                

        

        

        The
          Mortgage Loan is not a graduated payment mortgage loan and the Mortgage
          Loan
          does not have a shared appreciation or other contingent interest feature.
          No
          Mortgage Loan has a balloon payment feature;

        

        
          	
                  (ii)

                	
                  No
                    Construction Loans.

                

        

        

        No
          Mortgage Loan was made in connection with (i) the construction or rehabilitation
          of a Mortgage Property or (ii) facilitating the trade-in or exchange of
          a
          Mortgaged Property other than a construction-to-permanent loan which has
          converted to a permanent Mortgage Loan;

        

        
          	
                  (jj)

                	
                  Underwriting.

                

        

        

        
          	 	
                  (i)

                	
                  Each
                    Company Mortgage Loan was underwritten in accordance with the
                    Company
                    Underwriting Guidelines;

                

        

        

        
          	 	
                  (ii)

                	
                  Each
                    Third-Party Mortgage Loan was underwritten in accordance with
                    the
                    Third-Party Underwriting
                    Guidelines;

                

        

        

        
          	 	
                  (iii)

                	
                  Each
                    Exception Mortgage Loan was underwritten in accordance with the
                    Company
                    Underwriting Guidelines; and

                

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (iv)

                	
                  Each
                    Mortgage Note and Mortgage are on forms acceptable to Freddie
                    Mac or
                    Fannie Mae;

                

        

        

        
          	
                  (kk)

                	
                  No
                    Bankruptcy.

                

        

        

        No
          Mortgagor was a debtor in any state or federal bankruptcy or insolvency
          proceeding at the time the Mortgage Loan was originated and as of the Closing
          Date, the Company has not received notice that any Mortgagor is a debtor
          under
          any state or federal bankruptcy or insolvency proceeding;

        

        
          	
                  (ll)

                	
                  The
                    Mortgagor.

                

        

        

        The
          Mortgagor is one or more natural Persons and/or an Illinois land trust
          or a
“living trust” and such “living trust” is in compliance with the Company
          Underwriting Guidelines (other than the exception identified for Exception
          Mortgage Loans) or the Third-Party Underwriting Guidelines, as
          applicable;

        

        
          	
                  (mm)

                	
                  Interest
                    Calculation.

                

        

        

        Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

        

        
          	
                  (nn)

                	
                  Environmental
                    Status.

                

        

        

        There
          is
          no pending action or proceeding directly involving the Mortgaged Property
          of
          which the Company is aware in which compliance with any environmental law,
          rule
          or regulation is an issue; and to the best of the Company’s knowledge, nothing
          further remains to be done to satisfy in full all requirements of each
          such law,
          rule or regulation constituting a prerequisite to the use and enjoyment
          of the
          Mortgaged Property;

        

        
          	
                  (oo)

                	
                  No
                    High Cost Loans.

                

        

        

        No
          Mortgage Loan is a High Cost Loan or Covered Loan;

        

        
          	
                  (pp)

                	
                  Anti-Money
                    Laundering Laws.

                

        

        

        The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot ACT of 2001
          (collectively, the “Anti-Money Laundering Laws”); the Company has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the identity of the applicable Mortgagor
          and the
          origin of assets used by the said Mortgagor to purchase the related Mortgaged
          Property, and maintains sufficient information to identify the applicable
          Mortgagor for purposes of the Anti-Money Laundering Laws;

        

        
          	
                  (qq)

                	
                  Single
                    Premium Credit Life Insurance.

                

        

        

        No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g. life, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.
          life, disability, accident, unemployment or health insurance product) as
          part of
          the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
          were
          used to purchase single premium credit insurance policies or debt cancellation
          agreements as part of the origination of, or as a condition to closing,
          such
          Mortgage Loan;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (rr)

                	
                  Buydown
                    Mortgage Loans.

                

        

        

        With
          respect to each Mortgage Loan that is a Buydown Mortgage Loan:

        

        
          	 	
                  (i)

                	
                  On
                    or before the date of origination of such Mortgage Loan, the
                    Company and
                    the Mortgagor, or the Company, the Mortgagor and the seller of
                    the
                    Mortgaged Property or a third party entered into a Buydown Agreement.
                    The
                    Buydown Agreement provides that the seller of the Mortgaged Property
                    (or
                    third party) shall deliver to the Company temporary Buydown Funds
                    in an
                    amount equal to the aggregate undiscounted amount of payments
                    that, when
                    added to the amount the Mortgagor on such Mortgage Loan is obligated
                    to
                    pay on each Due Date in accordance with the terms of the Buydown
                    Agreement, is equal to the full scheduled Monthly Payment due
                    on such
                    Mortgage Loan. The temporary Buydown Funds enable the Mortgagor
                    to qualify
                    for the Buydown Mortgage Loan. The effective interest rate of
                    a Buydown
                    Mortgage Loan if less than the interest rate set forth in the
                    related
                    Mortgage Note will increase within the Buydown Period as provided
                    in the
                    related Buydown Agreement so that the effective interest rate
                    will be
                    equal to the interest rate as set forth in the related Mortgage
                    Note. The
                    Buydown Mortgage Loan satisfies the requirements of the Company
                    Underwriting Guidelines (other than the exception identified
                    for Exception
                    Mortgage Loans) or the Third-Party Underwriting Guidelines, as
                    applicable;

                

        

        

        
          	 	
                  (ii)

                	
                  The
                    Mortgage and Mortgage Note reflect the permanent payment terms
                    rather than
                    the payment terms of the Buydown Agreement. The Buydown Agreement
                    provides
                    for the payment by the Mortgagor of the full amount of the Monthly
                    Payment
                    on any Due Date that the Buydown Funds are available. The Buydown
                    Funds
                    were not used to reduce the original principal balance of the
                    Mortgage
                    Loan or to increase the Appraised Value of the Mortgage Property
                    when
                    calculating the Loan-to-Value Ratios for purposes of the Agreement
                    and, if
                    the Buydown Funds were provided by the Company and if required
                    under the
                    Company Underwriting Guidelines (other than the exception identified
                    for
                    Exception Mortgage Loans) or the Third-Party Underwriting Guidelines,
                    as
                    applicable, the terms of the Buydown Agreement were disclosed
                    to the
                    appraiser of the Mortgaged
                    Property;

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    Buydown Funds may not be refunded to the Mortgagor unless the
                    Mortgagor
                    makes a principal payment for the outstanding balance of the
                    Mortgage
                    Loan;

                

        

        

        
          	
                	(iv)	
                  As
                    of the date of origination of the Mortgage Loan, the provisions
                    of the
                     related
                    Buydown Agreement complied with the requirements of the Company
                    Underwriting Guidelines (other than the exception identified
                    for Exception
                    Mortgage Loans) or the Third-Party Underwriting Guidelines, as
                    applicable,
                    regarding buydown agreements;

                

        

        

        
          	
                  (ss)

                	
                  Cooperative
                    Loans.

                

        

        

        With
          respect to each Cooperative Loan:

        

        
          	
                	(i)	
                  The
                    Cooperative Shares are held by a Person as a tenant-stockholder
                    in a
                     Cooperative.
                    Each original UCC financing statement, continuation statement
                    or other
                    governmental filing or recordation necessary to create or preserve
                    the
                    perfection and priority of the first lien and security interest
                    in the
                    Cooperative Loan and Proprietary Lease has been timely and properly
                    made.
                    Any security agreement, chattel mortgage or equivalent document
                    related to
                    the Cooperative Loan and delivered to Purchaser or its designee
                    establishes in Purchaser a valid and subsisting perfected first
                    lien on
                    and security interest in the Mortgaged Property described therein,
                    and
                    Purchaser has full right to sell and assign the same. The Proprietary
                    Lease term expires no less than five years after the Mortgage
                    Loan term or
                    such other term acceptable to Fannie Mae, Freddie Mac, the Company
                    Underwriting Guidelines (other than the exception identified
                    for Exception
                    Mortgage Loans) or the Third-Party Underwriting Guidelines, as
                    applicable;

                

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (ii)

                	
                  A
                    Cooperative Lien Search has been made by a company competent
                    to make the
                    same which company is acceptable to Fannie Mae or Freddie Mac
                    and
                    qualified to do business in the jurisdiction where the Cooperative
                    is
                    located;

                

        

        

        
          	 	
                  (iii)

                	
                  (a)
                    The term of the related Proprietary Lease is not less than the
                    terms of
                    the Cooperative Loan; (b) there is no provision in any Proprietary
                    Lease
                    which requires the Mortgagor to offer for sale the Cooperative
                    Shares
                    owned by such Mortgagor first to the Cooperative; (c) there is
                    no
                    prohibition in any Proprietary Lease against pledging the Cooperative
                    Shares or assigning the Proprietary Lease; (d) the Cooperative
                    has been
                    created and exists in full compliance with the requirements for
                    residential cooperatives in the jurisdiction in which the Project
                    is
                    located and qualifies as a cooperative housing corporation under
                    Section
                    216 of the Code; (e) the Recognition Agreement is on a form published
                    by
                    Aztech Document Services, Inc. or includes similar provisions;
                    and (f) the
                    Cooperative has good and marketable title to the Project, and
                    owns the
                    Project either in fee simple or under a leasehold that complies
                    with the
                    requirements of the Fannie Mae guidelines, Freddie Mac guidelines,
                    the
                    Company Underwriting Guidelines (other than the exception identified
                    for
                    Exception Mortgage Loans) or the Third-Party Underwriting Guidelines,
                    as
                    applicable; such title is free and clear of any adverse liens
                    or
                    encumbrances, except the lien of any blanket
                    mortgage;

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    Company has the right under the terms of the Mortgage Note, Pledge
                    Agreement and Recognition Agreement to pay any maintenance charges
                    or
                    assessments owed by the Mortgagor;
                    and

                

        

        

        
          	 	
                  (v)

                	
                  Each
                    Stock Power (i) has all signatures guaranteed or (ii) if all
                    signatures
                    are not guaranteed, then such Cooperative Shares will be transferred
                    by
                    the stock transfer agent of the Cooperative if the Company undertakes
                    to
                    convert the ownership of the collateral securing the related
                    Cooperative
                    Loan;

                

        

        

        
          	
                  (tt)

                	
                  Delivery
                    of Custodial Mortgage Files.

                

        

        

        The
          Mortgage Note, Assignment of Mortgage and any other documents required
          to be
          delivered by the Company have been delivered to the Custodian in accordance
          with
          the Redwood-Wells Fargo Agreement. The Company is in possession of a complete,
          true and accurate Retained Mortgage File in compliance with Exhibit C,
          except
          for such documents the originals of which have been delivered to the Custodian
          or for such documents where the originals of which have been sent for
          recordation;

        

        
          	
                  (uu)

                	
                  Credit
                    Reporting.

                

        

        

        With
          respect to each Mortgage Loan, the Company has furnished complete information
          on
          the related borrower credit files to Equifax, Experian and Trans Union
          Credit
          Information Company, in accordance with the Fair Credit Reporting Act and
          its
          implementing regulations;

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  (vv)

                	
                  Contents
                    of Retained Mortgage File.

                

        

        

        The
          Retained Mortgage File contains the Mortgage Loan Documents listed as items
          6
          through 12 of Exhibit C attached to the Redwood-Wells Fargo Agreement,
          except
          for such documents where the originals of which have been sent for
          recordation;

        

        
          	
                  (ww)

                	
                  Pledged
                    Asset Mortgage Loan.

                

        

        

        With
          respect to a Pledged Asset Mortgage Loan:

        

        
          	 	
                  (i)

                	
                  The
                    Pledge Holder has a rating of at least “AA” (or the equivalent) or better
                    from at least two Rating Agencies and the Pledge Holder is obligated
                    to
                    give the beneficiary of each Letter of Credit at least sixty
                    (60) days
                    notice of any non-renewal of any Letter of
                    Credit;

                

        

        

        
          	 	
                  (ii)

                	
                  With
                    respect to each Pledged Asset Mortgage Loan, the Company is the
                    named
                    beneficiary and no Person has drawn any funds against such Letter
                    of
                    Credit;

                

        

        

        
          	 	
                  (iii)

                	
                  Each
                    Letter of Credit is for an amount at least equal to an LTV of
                    20% of the
                    lower of the purchase price or the Appraised Value of the related
                    Mortgaged Property;

                

        

        

        
          	 	
                  (iv)

                	
                  As
                    of the Closing Date, the Company has complied with all the requirements
                    of
                    any Letter of Credit, and each Letter of Credit is a valid and
                    enforceable
                    obligation of the Pledge Holder;

                

        

        

        
          	 	
                  (v)

                	
                  The
                    Company has the right to draw on each Letter of Credit if the
                    related
                    Pledged Asset Mortgage Loan becomes ninety (90) days or more
                    delinquent
                    and to apply such proceeds as a partial prepayment
                    thereon;

                

        

        

        
          	 	
                  (vi)

                	
                  The
                    Company has not received notice of any non-renewal of any Letter
                    of
                    Credit;

                

        

        

        
          	 	
                  (vii)

                	
                  Upon
                    a default by the Pledge Holder, the Company will have a perfected
                    first
                    priority security interest in the assets pledged to secure the
                    Letter of
                    Credit and has the right to obtain possession thereof and the
                    right to
                    liquidate such assets and apply the proceeds thereof to prepay
                    the related
                    Pledged Asset Mortgage Loan; and 

                

        

         

        
          	 	
                  (viii)
                    

                	
                  The
                    Letter of Credit is required to be in effect (either for its
                    original term
                    or through renewal) until such time as all amounts owed under
                    the related
                    Pledged Asset Mortgage Loan by the related Mortgagor are less
                    than 80% of
                    the lesser of the Purchase Price or the Appraised Value of the
                    related
                    Mortgaged Property;

                

        

        

        
          	
                  (xx)

                	
                  Indiana.

                

        

        

        There
          is
          no Mortgage Loan that was originated on or after January 1, 2005, which
          is
          a
“high cost home loan” as defined under the Indiana Home Loan Practices Act
(I.C.
          24-9); and 

         

        
          	
                  (yy)

                	
                  Leasehold
                    Estate.

                

        

        

        With
          respect to each Mortgage Loan secured in whole or in part by the interest
          of
the
          Mortgagor as a lessee under a ground lease of the related Mortgaged Property
          (a
          “Ground Lease”) and not by a fee interest in such Mortgaged
          Property:

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	 	
                  (i)

                	
                  The
                    Mortgagor is the owner of a valid and subsisting interest as
                    tenant under
                    the Ground Lease;

                

        

        

        
          	 	
                  (ii)

                	
                  The
                    Ground Lease is in full force and
                    effect;

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    Mortgagor is not in default under any provision of the
                    lease;

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    lessor under the Ground Lease is not in default under any of
                    the terms or
                    provisions thereof on the part of the lessor to be observed or
                    performed;

                

        

        

        
          	 	
                  (v)

                	
                  The
                    term of the Ground Lease exceeds the maturity date of the related
                    Mortgage
                    Loan by at least five (5) years;

                

        

        

        
          	 	
                  (vi)

                	
                  The
                    Mortgagee under the Mortgage Loan is given at least sixty (60)
                    days’
                    notice of any default and an opportunity to cure any defaults
                    under the
                    Ground Lease or to take over the Mortgagor’s rights under the Ground
                    Lease;

                

        

        

        
          	 	
                  (vii)

                	
                  The
                    Ground Lease does not contain any default provisions that could
                    result in
                    forfeiture or termination of the Ground Lease except for non-payment
                    of
                    the Ground Lease or a court order;

                

        

        

        
          	 	
                  (viii)

                	
                  The
                    Ground Lease provides that the leasehold can be transferred,
                    mortgaged and
                    sublet an unlimited number of times either without restriction
                    or on
                    payment of a reasonable fee and delivery of reasonable documentation
                    to
                    the lessor;

                

        

        

        
          	 	
                  (ix)

                	
                  The
                    Ground Lease or a memorandum thereof has been recorded and by
                    its terms
                    permits the leasehold estate to be mortgaged;
                    and

                

        

        

        
          	 	
                  (x)

                	
                  The
                    execution, delivery and performance of the Mortgage do not require
                    consent
                    (other than those consents which have been obtained and are in
                    full force
                    and effect) under, and will not contravene any provision of or
                    cause a
                    default under, the Ground Lease.

                

        

        

        
          	
                  (zz)

                	
                  Prepayment
                    Penalty.

                

        

        

        No
          Mortgage Loan contains prepayment penalties that extend beyond five years
          after
          the date of origination;

        

        
          	
                  (aaa)

                	
                  Qualified
                    Mortgage Loan.

                

        

        

        Each
          Mortgage Loan would be a “qualified mortgage” within the meaning of Section
          860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1)
          if
          transferred to a REMIC on its startup date in exchange for the regular
          or
          residual interests of the REMIC; and

        

        
          	
                  (bbb)

                	
                  No
                    Adverse Selection.

                

        

        

        
          	 	
                  There
                    were no adverse selection procedures used in selecting the Mortgage
                    Loan
                    from among the residential mortgage loans which were available
                    for
                    inclusion in the Mortgage Loans.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]