Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                          Dated as of November 1, 2001,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                       Mortgage Pass-Through Certificates

                                 Series 2001-S26

<PAGE>

<TABLE>
<CAPTION>

                                                 TABLE OF CONTENTS

                                                                                                               Page

                                                     ARTICLE I

                                                    DEFINITIONS
<S>              <C>                                                                                             <C>
         Section 1.01      Definitions............................................................................5
                           -----------
         Section 1.02      Use of Words and Phrases..............................................................22
                           ------------------------
         Section 1.03      Determination of LIBOR................................................................22
                           ----------------------

                                                    ARTICLE II

                                           CONVEYANCE OF MORTGAGE LOANS;
                                         ORIGINAL ISSUANCE OF CERTIFICATES
         Section 2.01      Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                           -----------------------------------------------------------------------
                            .....................................................................................24
         Section 2.02      Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                           ----------------------------------------------------------------
                            .....................................................................................24
         Section 2.03      Representations, Warranties and Covenants of the Master Servicer and the
                           ------------------------------------------------------------------------
                           Company...............................................................................24
                           -------
         Section 2.04      Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                           ----------------------------------------------------------------------------
                           Terms)
                            .....................................................................................26
         Section 2.05      Execution and Authentication of Certificates..........................................27
                           --------------------------------------------

                                                    ARTICLE III

                                           ADMINISTRATION AND SERVICING
                                                 OF MORTGAGE LOANS

                                                    ARTICLE IV

                                          PAYMENTS TO CERTIFICATEHOLDERS
         Section 4.01      Certificate Account.  (See Section 4.01 of the Standard Terms)
                           --------------------------------------------------------------
                            .....................................................................................29
         Section 4.02      Distributions.........................................................................29
                           -------------
         Section 4.03      Statements to Certificateholders.  (See Section 4.03(a) through (d) of the
                           --------------------------------------------------------------------------
                           Standard Terms and Exhibit Three attached hereto).....................................40
                           -------------------------------------------------
         Section 4.04      Distribution of Reports to the Trustee and the Company; Advances by the
                           -----------------------------------------------------------------------
                           Master Servicer. (See Section 4.04 of the Standard Terms)
                           ---------------------------------------------------------
                            .....................................................................................41
         Section 4.05      Allocation of Realized Losses.........................................................41
                           -----------------------------

<PAGE>

         Section 4.06      Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                           --------------------------------------------------------------------
                           Section 4.06 of the Standard Terms)
                           -----------------------------------
                            .....................................................................................42
         Section 4.07      Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                           ------------------------------------------------------------------------
                           Standard Terms)
                            .....................................................................................42
         Section 4.08      [Reserved]
                           ----------
                            .....................................................................................42
         Section 4.09      Distributions on the Uncertificated REMIC I Regular Interests.........................42
                           --------------------------------------------------------------
         Section 4.10      Distributions on the Uncertificated Class A-V REMIC Regular Interests
                           ---------------------------------------------------------------------
                            .....................................................................................43

                                                     ARTICLE V

                                                 THE CERTIFICATES
         Section 5.01.     The Certificates.  (See Section 5.01 of the Standard Terms)...........................45
                           -----------------------------------------------------------
         Section 5.02.     Registration of Transfer and Exchange of Certificates.................................45
                           ------------------------------------------------------
         Section 5.03.     Mutilated, Destroyed, Lost or Stolen Certificates.  (See Section 5.03 of the
                           ----------------------------------------------------------------------------
                           Standard Terms).......................................................................45
                           ---------------
         Section 5.04.     Persons Deemed Owners.  (See Section 5.04 of the Standard Terms)......................45
                           ----------------------------------------------------------------
         Section 5.05.     Appointment of Paying Agent.  (See Section 5.05 of the Standard Terms)
                           ----------------------------------------------------------------------
                            .....................................................................................45

                                                    ARTICLE VI

                                        THE COMPANY AND THE MASTER SERVICER

                                                    ARTICLE VII

                                                      DEFAULT

                                                   ARTICLE VIII

                                              CONCERNING THE TRUSTEE

                                                    ARTICLE IX

                                                    TERMINATION

                                                     ARTICLE X

                                                 REMIC PROVISIONS
         Section 10.01     REMIC Administration.  (See Section 10.01 of the Standard Terms)......................50
                           ----------------------------------------------------------------
         Section 10.02     Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                           -----------------------------------------------------------------------
                           Section 10.02 of the  Standard Terms).................................................50
                           -------------------------------------
         Section 10.03     Designation of REMIC(s)...............................................................50
                           ------------------------
         Section 10.04     [Reserved]............................................................................50
                           -----------

<PAGE>

         Section 10.05     Compliance with Withholding Requirements..............................................50
                           -----------------------------------------

                                                    ARTICLE XI

                                             MISCELLANEOUS PROVISIONS
         Section 11.01     Amendment.  (See Section 11.01 of the Standard Terms)
                           -----------------------------------------------------
                            .....................................................................................51
         Section 11.02     Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                           ----------------------------------------------------------------------------
                           Terms)
                            .....................................................................................51
         Section 11.03     Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                           ----------------------------------------------------------------------
                           Standard Terms)
                            .....................................................................................51
         Section 11.04     Governing Laws.  (See Section 11.04 of the Standard Terms)
                           ----------------------------------------------------------
                            .....................................................................................51
         Section 11.05     Notices...............................................................................51
                           -------
         Section 11.06     Required Notices to Rating Agency and Subservicer.  (See Section 11.06 of
                           -------------------------------------------------------------------------
                           the Standard Terms)
                            .....................................................................................52
         Section 11.07     Severability of Provisions. (See Section 11.07 of the Standard Terms)
                           ---------------------------------------------------------------------
                            .....................................................................................52
         Section 11.08     Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                           ------------------------------------------------------------------------
                           Standard Terms)
                            .....................................................................................52
         Section 11.09     Allocation of Voting Rights...........................................................52
                           ---------------------------

                                                    ARTICLE XII

                                                    [RESERVED]

    </TABLE>

<PAGE>

EXHIBITS

Exhibit One:               Mortgage Loan Schedule
Exhibit Two:               Schedule of Discount Fractions
Exhibit Three:             Information to be Included in
                           Monthly Distribution Date Statement
Exhibit Four:              Standard Terms of Pooling and Servicing
                           Agreement dated as of July 1, 2001
Exhibit Five:              Aggregate Planned Principal Balances
Exhibit Six:               Aggregate Targeted Principal Balances

<PAGE>

         This is a Series Supplement, dated as of November 1, 2001 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement, the "Pooling and Servicing Agreement" or
"Agreement"), among RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC., as the
company (together with its permitted successors and assigns, the "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors and assigns, the "Master Servicer"), and BANK ONE, NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                                               PRELIMINARY STATEMENT

         The Company intends to sell Mortgage Pass-Through Certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Trust Fund. As provided herein, the REMIC Administrator will make an
election to treat the entire segregated pool of assets described in the
definition of REMIC I (as defined herein), and subject to this Agreement
(including the Mortgage Loans but excluding the Initial Monthly Payment Fund),
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as the "REMIC I."
The Uncertificated REMIC I Regular Interests will be "regular interests" in
REMIC I and the Class R-I Certificates will be the sole class of "residual
interests" in REMIC I for purposes of the REMIC Provisions (as defined herein).
A segregated pool of assets consisting of the Uncertificated REMIC I Regular
Interests will be designated as "REMIC II," and the REMIC Administrator will
make a separate REMIC election with respect thereto. The Class A-1 Certificates,
Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class
A-5 Certificates, Class A-6 Certificates, Class A-7 Certificates, Class A-8
Certificates, Class A-9 Certificates, Class A-10 Certificates, Class A-11
Certificates, Class A-12 Certificates, Class A-13 Certificates, Class A-14
Certificates, Class A-15 Certificates, Class A-16 Certificates, Class A-17
Certificates, Class A-18 Certificates, Class A-19 Certificates, Class A-20
Certificates, Class A-21 Certificates, Class A-22 Certificates, Class A-23
Certificates, Class A-P Certificates, Class M-1 Certificates, Class M-2
Certificates, Class M-3 Certificates, Class B-1 Certificates, Class B-2
Certificates, Class B-3 Certificates and the Uncertificated Class A-V REMIC
Regular Interests will be "regular interests" in REMIC II and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions. The Class A-V Certificates will represent the entire
beneficial ownership interest in the Uncertificated Class A-V REMIC Regular
Interests.

         The terms and provisions of the Standard Terms are hereby incorporated
by reference herein as though set forth in full herein. If any term or provision
contained herein shall conflict with or be inconsistent with any provision
contained in the Standard Terms, the terms and provisions of this Series
Supplement shall govern. Any cross-reference to a section of the Pooling and
Servicing Agreement, to the extent the terms of the Standard Terms and Series
Supplement conflict with respect to that section, shall be a cross-reference to
the related section of the Series Supplement. All capitalized terms not
otherwise defined herein shall have the meanings set forth in the Standard
Terms. The Pooling and Servicing Agreement shall be dated as of the date of the
Series Supplement.

         The following table irrevocably sets forth the designation, the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated Principal
Balance, and solely for purposes of satisfying

                                                        -1-

<PAGE>

Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for each of the Uncertificated REMIC I Regular Interests. None of the
Uncertificated REMIC I Regular Interests will be certificated.

<TABLE>
<CAPTION>

                           Uncertificated         Initial Uncertificated         Latest
                            REMIC-I-Pass             Principal-Balance     Possible-Maturity(1)
         Designation        Through Rate
--------------------------------------------- -------------------------------------------------------

<S>                            <C>            <C>                                      <C> <C>
  REMIC I Regular Interest     6.50%          $    25,028,000.00              November 25, 2031
              Q
  REMIC I Regular Interest     6.50%          $    25,000,000.00              November 25, 2031
              R
  REMIC I Regular Interest     6.50%          $    22,951,000.00              November 25, 2031
              S
  REMIC I Regular Interest     6.50%          $   276,470,817.00              November 25, 2031
              T
  REMIC I Regular Interest     8.00%          $   100,000,000.00              November 25, 2031
              V
  REMIC I Regular Interest     5.50%          $   150,000,000.29              November 25, 2031
              W
  REMIC I Regular Interest     6.50%          $    17,649,000.00              November 25, 2031
              X
  REMIC I Regular Interest     6.50%          $     1,641,461.00              November 25, 2031
              Y
  REMIC I Regular Interest     0.00%          $     1,066,575.36              November 25, 2031
              Z
           REMIC I          Variable (2)                  N/A(3)              November 25, 2031
    IO Regular Interests
             R-I               6.50%          $           100.00              November 25, 2031
</TABLE>

-------------------

(1)  Solely  for  purposes  of  Section   1.860G-1(a)(4)(iii)  of  the  Treasury
     regulations,  the Distribution Date immediately following the maturity date
     for the Mortgage Loan with the latest  maturity date has been designated as
     the "latest possible maturity date" for each REMIC I Regular Interest.

(2)  Calculated in accordance  with the  definition of  "Uncertificated  REMIC I
     Pass-Through Rate" herein

(3)  The REMIC I IO Regular Interests have no Uncertificated Principal Balance.

                                                        -2-

<PAGE>

         The following table sets forth the designation, type, Pass-Through
Rate, aggregate Initial Certificate Principal Balance, Maturity Date, initial
ratings and certain features for each Class of Certificates comprising the
interests in the Trust Fund created hereunder.
<TABLE>
<CAPTION>

  Designation      Pass-          Aggregate               Features1                 Maturity                          Minimum
                  Through          Initial                                            Date           Moody's/     Denominations2
                    Rate         Certificate                                                           S&P
                                  Principal
                                   Balance
<S>     <C>        <C>       <C>                                                         <C> <C>                      <C>
Class A-1          5.50%     $ 25,028,000.00              Senior/PAC            November 25, 2031    Aaa/AAA          $25,000
Class A-2          5.50%     $ 25,000,000.00              Senior/PAC            November 25, 2031    Aaa/AAA          $25,000
Class A-3          6.25%     $ 22,951,000.00              Senior/PAC            November 25, 2031    Aaa/AAA          $25,000
Class A-4        Adjustable  $ 52,725,973.00         Senior/TAC/Floater/        November 25, 2031    Aaa/AAA          $25,000
                    Rate                              Accretion Directed
Class A-5        Adjustable  $ 16,223,377.00          Senior/TAC/Inverse        November 25, 2031    Aaa/AAA          $25,000
                    Rate                          Floater/Accretion Directed
Class A-6          6.50%     $   4,926,650.00      Senior/Accrual/Companion     November 25, 2031    Aaa/AAA          $25,000
Class A-7          6.50%     $     37,863,000.00        Senior/Retail           November 25, 2031    Aaa/AAA          $1,000
                 Adjustable                        Senior/Floater/Accretion
Class A-8           Rate     $    100,000,000.00           Directed             November 25, 2031    Aaa/AAA          $25,000
                 Adjustable                      0.00   Senior/Inverse
Class A-9           Rate     $                      Floater/Interest Only       November 25, 2031    Aaa/AAA          $25,000
Class A-10         5.50%     $ 150,000,000.00     Senior/Accretion Directed     November 25, 2031    Aaa/AAA          $25,000
Class A-11         6.50%     $   10,967,000.00          Senior/Accrual          November 25, 2031    Aaa/AAA          $25,000
                 Adjustable
Class A-12          Rate     $   15,000,000.00     Senior/Floater/Companion     November 25, 2031    Aaa/AAA          $25,000
                 Adjustable                             Senior/Inverse
Class A-13          Rate     $     3,461,539.00       Floater/Companion         November 25, 2031    Aaa/AAA          $25,000
Class A-14         5.75%     $   17,649,000.00            Senior/PAC            November 25, 2031    Aaa/AAA          $25,000
Class A-15         6.50%     $   50,000,000.00              Senior              November 25, 2031    Aaa/AAA          $25,000
Class A-16         6.50%     $     4,728,000.00         Senior/Retail           November 25, 2031    Aaa/AAA          $1,000
Class A-17         5.75%     $     1,641,461.00           Senior/PAC            November 25, 2031    Aaa/AAA          $25,000

--------

1    The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
     A-7, Class A-8, Class A-9, Class A-10,  Class A-11, Class A-12, Class A-13,
     Class A-14,  Class A-15,  Class A-16,  Class A-17,  Class A-18, Class A-19,
     Class A-20,  Class A-21,  Class A-22,  Class A-23 and Class M  Certificates
     shall be Book-Entry  Certificates.  The Class A-P,  Class A-V,  Class R and
     Class B Certificates  shall be delivered to the holders thereof in physical
     form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate  of any of the  Class A-P and  Class B  Certificates  that
     contains  an uneven  multiple of $1,000  shall be issued in a  denomination
     equal to the sum of the related  minimum  denomination  set forth above and
     such uneven multiple for such Class or the sum of such  denomination and an
     integral  multiple  of  $1,000.  The  Class R  Certificates  and  Class A-V
     Certificates shall be issuable in minimum  denominations of not less than a
     20% Percentage Interest;  provided,  however,  that one Class R Certificate
     will be issuable to Residential Funding as "tax matters person" pursuant to
     Section  10.01(c)  and  (e)  in  a  minimum  denomination   representing  a
     Percentage Interest of not less than 0.01%.

                                                        -3-

<PAGE>

Class A-18         6.50%     $                   0.00Senior/Interest Only       November 25, 2031    Aaa/AAA          $25,000
Class A-19         6.50%     $                   0.00Senior/Interest Only       November 25, 2031    Aaa/AAA          $25,000
Class A-20         6.50%     $                   0.00Senior/Interest Only       November 25, 2031    Aaa/AAA          $25,000
Class A-21         6.50%     $   40,000,000.00          Senior/Lockout          November 25, 2031    Aaa/AAA          $25,000
Class A-22         6.50%     $   21,780,000.00       Super Senior/Lockout       November 25, 2031    Aaa/AAA          $25,000
Class A-23         6.50%     $        200,000.00   Senior Support/ Lockout      November 25, 2031    Aaa/AAA          $25,000
Class A-P          0.00%     $      1,066,575.36    Senior/Principal Only       November 25, 2031    Aaa/AAA          $25,000
                  Variable
Class A-V           Rate     $              0.00    Senior/Variable Strip       November 25, 2031    Aaa/AAA            20%
Class R-I          6.50%     $            100.00       Senior/Residual          November 25, 2031    Aaa/AAA            20%
Class R-II         6.50%     $            100.00       Senior/Residual          November 25, 2031    Aaa/AAA            20%
Class M-1          6.50%     $      9,298,000.00          Mezzanine             November 25, 2031     NA/AA           $25,000
Class M-2          6.50%     $      3,409,000.00          Mezzanine             November 25, 2031      NA/A          $250,000
Class M-3          6.50%     $      2,479,100.00          Mezzanine             November 25, 2031     NA/BBB         $250,000
Class B-1          6.50%     $      1,239,700.00         Subordinate            November 25, 2031     NA/BB          $250,000
Class B-2          6.50%     $        929,700.00         Subordinate            November 25, 2031      NA/B          $250,000
Class B-3          6.50%     $      1,239,677.80         Subordinate            November 25, 2031       NA           $250,000
</TABLE>

         The Mortgage Loans have an aggregate principal balance as of the
Cut-off Date of $619,806,953.16.

         In consideration of the mutual agreements herein contained, the
Company, the Master Servicer and the Trustee agree as follows:

                                                        -4-

<PAGE>

                                                     ARTICLE I

                                                    DEFINITIONS

         Section 1.01      Definitions.

         Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.

     Accretion  Directed  Certificates:  Any one of the Class A-4  Certificates,
Class A-5 Certificates, Class A-8 Certificates or Class A-10 Certificates.

     Accretion Directed TAC Certificates:  Any one of the Class A-4 Certificates
and Class A-5 Certificates.

     Accretion  Termination  Date: The Class A-6 Accretion  Termination  Date or
Class A-11 Accretion Termination Date.

     Accrual  Certificates:  Any one of the Class A-6 Certificates or Class A-11
Certificates.

     Accrual  Distribution  Amount: The Class A-6 Accrual Distribution Amount or
Class A-11 Accrual Distribution Amount.

         Accrued Certificate Interest: With respect to each Distribution Date,
(a) in the case of each Class of Certificates (other than the Interest Only
Certificates and Principal Only Certificates), interest accrued during the
related Interest Accrual Period on the Certificate Principal Balance of the
Certificates of that Class immediately prior to such Distribution Date at the
related Pass-Through Rate and (b) as to the Interest Only Certificates, interest
accrued during the related Interest Accrual Period at the related Pass-Through
Rate on the Notional Amount thereof immediately prior to such Distribution Date.
Accrued Certificate Interest will be calculated on the basis of a 360-day year,
consisting of twelve 30-day months. In each case Accrued Certificate Interest on
any Class or Subclass of Certificates will be reduced by the amount of:

          (i)  Prepayment  Interest  Shortfalls  on all  Mortgage  Loans (to the
               extent  not  offset by the  Master  Servicer  with a  payment  of
               Compensating Interest as provided in Section 4.01),

         (ii)     the interest portion (adjusted to the Net Mortgage Rate (or
                  the Modified Net Mortgage Rate in the case of a Modified
                  Mortgage Loan)) of Realized Losses on all Mortgage Loans
                  (including Excess Special Hazard Losses, Excess Fraud Losses,
                  Excess Bankruptcy Losses and Extraordinary Losses) not
                  allocated solely to one or more specific Classes of
                  Certificates pursuant to Section 4.05,

         (iii)    the interest portion of Advances that were (A) previously made
                  with respect to a Mortgage Loan or REO Property on all
                  Mortgage Loans which remained

                                                        -5-

<PAGE>

                  unreimbursed following the Cash Liquidation or REO Disposition
                  of such Mortgage Loan or REO Property or (B) made with respect
                  to delinquencies that were ultimately determined to be Excess
                  Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
                  Losses or Extraordinary Losses, and

         (iv)     any other interest shortfalls not covered by the subordination
                  provided by the Class M Certificates and Class B Certificates,
                  including interest that is not collectible from the Mortgagor
                  pursuant to the Soldiers' and Sailors' Civil Relief Act of
                  1940, as amended, or similar legislation or regulations as in
                  effect from time to time,

with all such reductions allocated among all of the Certificates in proportion
to their respective amounts of Accrued Certificate Interest payable on such
Distribution Date absent such reductions, with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in proportion to their respective amounts of Accrued Certificate Interest
payable on such Distribution Date absent such reductions. In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any Class of Class B Certificates or any Class of Class M Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates or such Class of Class M Certificates pursuant to Section
4.05.

         Aggregate Planned Principal Balance: With respect to the PAC
Certificates and each Distribution Date, the amount set forth for such Classes
on such Distribution Date on Exhibit Five hereto.

         Aggregate Targeted Principal Balance: With respect to the Accretion
Directed TAC Certificates and each Distribution Date, the amount set forth for
such Classes on such Distribution Date on Exhibit Six hereto.

         Bankruptcy Amount: As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05 of
this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

                  (1) the lesser of (a) the Bankruptcy Amount calculated as of
         the close of business on the Business Day immediately preceding the
         most recent anniversary of the Cut-off Date coinciding with or
         preceding such date of determination (or, if such date of determination
         is an anniversary of the Cut-off Date, the Business Day immediately
         preceding such date of determination) (for purposes of this definition,
         the "Relevant Anniversary") and (b) the greater of

                           (A) the greater of (i) 0.0006 times the aggregate
                  principal balance of all the Mortgage Loans in the Mortgage
                  Pool as of the Relevant Anniversary (other than Additional
                  Collateral Loans, if any) having a Loan-to-Value Ratio at
                  origination which exceeds 75% and (ii) $100,000; and

                                                        -6-

<PAGE>

                           (B) the greater of (i) the product of (x) an amount
                  equal to the largest difference in the related Monthly Payment
                  for any Non-Primary Residence Loan remaining in the Mortgage
                  Pool (other than Additional Collateral Loans, if any) which
                  had an original Loan-to-Value Ratio of 80% or greater that
                  would result if the Net Mortgage Rate thereof was equal to the
                  weighted average (based on the principal balance of the
                  Mortgage Loans as of the Relevant Anniversary) of the Net
                  Mortgage Rates of all Mortgage Loans as of the Relevant
                  Anniversary less 1.25% per annum, (y) a number equal to the
                  weighted average remaining term to maturity, in months, of all
                  Non-Primary Residence Loans remaining in the Mortgage Pool as
                  of the Relevant Anniversary, and (z) one plus the quotient of
                  the number of all Non-Primary Residence Loans remaining in the
                  Mortgage Pool divided by the total number of Outstanding
                  Mortgage Loans in the Mortgage Pool as of the Relevant
                  Anniversary, and (ii) $50,000, over (2) the aggregate amount
                  of Bankruptcy Losses allocated solely to one or more specific
                  Classes of Certificates in accordance with Section 4.05 since
                  the Relevant Anniversary.

         The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.

         Certificate:  Any Class A, Class M, Class B or Class R Certificate.
         -----------

         Certificate Account: The separate account or accounts created and
maintained pursuant to Section 4.01 of the Standard Terms, which shall be
entitled "Bank One, National Association, as trustee, in trust for the
registered holders of Residential Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates, Series 2001-S26" and which must be an Eligible
Account.

         Class A Certificate: Any one of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11, Class A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class
A-17, Class A-18, Class A-19, Class A-20, Class A-21, Class A-22, Class A-23,
Class A-P or Class A-V Certificates, executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed to the Standard
Terms as Exhibit A.

         Class A-6 Accretion Termination Date: The earlier to occur of (i) the
Distribution Date on which the aggregate Certificate Principal Balance of the
Class A-4 Certificates and Class A-5 Certificates has been reduced to zero and
(ii) the Credit Support Depletion Date.

         Class A-11 Accretion Termination Date: The earlier to occur of (i) the
Distribution Date on which the aggregate Certificate Principal Balance of the
Class A-8 Certificates and Class A-10 Certificates has been reduced to zero and
(ii) the Credit Support Depletion Date.

                                                        -7-

<PAGE>

         Class A-6 Accrual Distribution Amount: With respect to each
Distribution Date prior to the Class A-6 Accretion Termination Date, an amount
equal to the aggregate amount of Accrued Certificate Interest on the Class A-6
Certificates, for such date, to the extent added to the Certificate Principal
Balance thereof pursuant to Section 4.02(f); provided that, with respect to each
Distribution Date on or after the Class A-6 Accretion Termination Date, the
Accrued Certificate Interest on the Class A-6 Certificates for such date
remaining after reduction of the Certificate Principal Balances of the Class A-4
Certificates and Class A-5 Certificates to zero will be payable to the Class A-6
Certificateholders pursuant to Section 4.02(a)(i) hereof on the Class A-6
Accretion Termination Date; and provided further, that if the Class A-6
Accretion Termination Date is the Credit Support Depletion Date, the entire
amount of Accrued Certificate Interest on the Class A-6 Certificates for that
date will be payable to the Class A-6 Certificateholders pursuant to Section
4.02(a)(i) hereof.

         Class A-11 Accrual Distribution Amount: With respect to each
Distribution Date prior to the Class A-11 Accretion Termination Date, an amount
equal to the aggregate amount of Accrued Certificate Interest on the Class A-11
Certificates, for such date, to the extent added to the amount thereof pursuant
to Section 4.02(g); provided that, with respect to each Distribution Date on or
after the Class A-11 Accretion Termination Date, the Accrued Certificate
Interest on the Class A-11 Certificates, for such date remaining after reduction
of the Certificate Principal Balances of the Class A-8 Certificates and Class
A-10 Certificates to zero will be payable to the Class A-11 Certificateholders
pursuant to Section 4.02(a)(i) hereof on the Class A-11 Accretion Termination
Date; and provided further, that if the Class A-11 Accretion Termination Date is
the Credit Support Depletion Date, the entire amount of Accrued Certificate
Interest on the Class A-11 Certificates, for that date will be payable to the
Class A-11 Certificateholders pursuant to Section 4.02(a)(i) hereof.

         Class R Certificate: Any one of the Class R-I Certificates or Class
R-II Certificates executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in a REMIC for
purposes of the REMIC Provisions.

         Closing Date: November 29, 2001.

         Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
Agreement is located at 1 Bank One Plaza, Suite IL1-0126, Chicago, Illinois
60670-0126, Attention: Residential Funding Corporation Series 2001-S26.

         Corresponding Certificated Interests: With respect to Uncertificated
REMIC I Regular Interest Q, the Class A-1; with respect to Uncertificated REMIC
I Regular Interest R, the Class A-2 Certificates; with respect to Uncertificated
REMIC I Regular Interest S, the Class A-3 Certificates; with respect to
Uncertificated REMIC I Regular Interest T, the Class A-4, Class A-5, Class A-6,
Class A-7, Class A-11, Class A-12, Class A-13, Class A-15, Class A-16, Class
A-21, Class A-22, Class A-23, Class M-1, Class M-2, Class M-3, Class B-1, Class
B-2, Class B-3 and Class R-II Certificates; with respect to Uncertificated REMIC
I Regular Interest V, the Class A-8 Certificates; with respect to Uncertificated
REMIC I Regular Interest W, the Class A-10 Certificates; with respect to
Uncertificated REMIC I Regular Interest X, the Class A-14 Certificates; with
respect to Uncertificated REMIC I Regular Interest Y, the Class A-17
Certificates; with respect to

                                                        -8-

<PAGE>

Uncertificated REMIC I Regular Interest Z, the Class A-P Certificates; and with
respect to the Uncertificated REMIC I IO Regular Interests, the Class A-V
Certificates.

         Cut-off Date: November 1, 2001.

     Determination  Date:  With  respect to any  Distribution  Date,  the second
Business Day prior to each Distribution Date.

         Discount Net Mortgage Rate: 6.50% per annum.

         Due Period: With respect to each Distribution Date and any Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.

         Eligible Funds: On any Distribution Date, the portion, if any, of the
Available Distribution Amount remaining after reduction by the sum of (i) the
aggregate amount of Accrued Certificate Interest on the Senior Certificates,
(ii) the Senior Principal Distribution Amount (determined without regard to
Section 4.02(a)(ii)(Y)(D) of this Series Supplement), (iii) the Class A-P
Principal Distribution Amount (determined without regard to Section
4.02(b)(i)(E) of this Series Supplement) and (iv) the aggregate amount of
Accrued Certificate Interest on the Class M, Class B-1 and Class B-2
Certificates.

     Floater  Certificates:  Any one of the  Class A-4  Certificates,  Class A-8
Certificates or Class A-12 Certificates.

         Fraud Loss Amount: As of any date of determination after the Cut-off
Date, the Fraud Loss Amount shall equal (X) prior to the first anniversary of
the Cut-off Date an amount equal to 3.00% of the aggregate outstanding principal
balance of all of the Mortgage Loans as of the Cut-off Date minus the aggregate
amounts allocated through subordination with respect to Fraud Losses up to that
date of determination, (Y) from the first to the second anniversary of the
Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as
of the most recent anniversary of the Cut-off Date and (b) 2.00% of the
aggregate outstanding principal balance of all of the Mortgage Loans as of the
most recent anniversary of the Cut-off Date minus (2) the aggregate amounts
allocated through subordination with respect to Fraud Losses since the most
recent anniversary of the Cut-off Date up to that date of determination and (Z)
from the second to the fifth anniversary of the Cut-off Date, an amount equal to
(1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of
the Cut-off Date and (b) 1.00% of the aggregate outstanding principal balance of
all of the Mortgage Loans as of the most recent anniversary of the Cut-off Date
minus (2) the aggregate amounts allocated through subordination with respect to
Fraud Losses since the most recent anniversary of the Cut-off Date up to that
date of determination. On and after the fifth anniversary of the cut-off date,
the Fraud Loss Amount shall be zero and Fraud Losses shall not be allocated
through subordination.

         The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that

                                                        -9-

<PAGE>

such reduction shall not reduce the rating assigned to any Class of Certificates
by such Rating Agency below the lower of the then-current rating or the rating
assigned to such Certificates as of the Closing Date by such Rating Agency and
(ii) provide a copy of such written confirmation to the Trustee.

         Indirect Depository Participant: An institution that is not a
Depository Participant but clears through or maintains a custodial relationship
with Participants and has access to the Depository's clearing system.

         Initial Monthly Payment Fund: $626,335, representing scheduled
principal amortization and interest at the Net Mortgage Rate during the Due
Period ending in November 2001, for those Mortgage Loans for which the Trustee
will not be entitled to receive such payment in accordance with the definition
of "Trust Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

         Initial Notional Amount: With respect to the Class A-9 Certificates
approximately, $100,000,000. With respect to the Class A-18 Certificates
approximately $2,225,822.00. However, for federal income tax purposes, the
Initial Notional Amount of the Class A-18 Certificates will be $19,290,461.00.
With respect to the Class A-19 Certificates approximately $3,850,462.00.
However, for federal income tax purposes, the Initial Notional Amount of the
Class A-19 Certificates will be $25,028,000.00. With respect to the Class A-20
Certificates approximately $4,728,885.00. However, for federal income tax
purposes, the Initial Notional Amount of the Class A-20 Certificates will be
$47,951,000.00. With respect to any Class A-V Certificates or Subclass thereof
issued pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance
of the Mortgage Loans corresponding to the Uncertificated Class A-V REMIC
Regular Interests represented by such Class or Subclass on such date.

         Initial Subordinate Class Percentage: With respect to each Class of
Subordinate Certificates, an amount which is equal to the initial aggregate
Certificate Principal Balance of such Class of Subordinate Certificates divided
by the aggregate Stated Principal Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

         Class M-1: 1.50%                            Class B-1: 0.20%
         Class M-2: 0.55%                            Class B-2: 0.15%
         Class M-3: 0.40%                            Class B-3: 0.20%

         Interest Accrual Period: With respect to any Certificates (other than
the Floater Certificates and Inverse Floater Certificates) and any Distribution
Date, the calendar month preceding the month in which such Distribution Date
occurs. With respect to the Floater Certificates and Inverse Floater
Certificates, the one-month period commencing on the 25th day of the month
preceding the month in which the distribution date occurs and ending on the 24th
day of the month in which the distribution date occurs.

     Interest Only Certificates:  Any one of Class A-9 Certificates,  Class A-18
Certificates,  Class A-19  Certificates,  Class A-20  Certificates  or Class A-V
Certificates.  The Interest Only Certificates will have no Certificate Principal
Balance.

                                                       -10-

<PAGE>

     Inverse Floater Certificates: Any one of the Class A-5 Certificates,  Class
A-9 Certificates or Class A-13 Certificates.

         LIBOR Rate Adjustment Date: With respect to each Distribution Date and
the Floater Certificates and Inverse Floater Certificates, the second LIBOR
Business Day immediately preceding the commencement of the related Interest
Accrual Period on which banks are open for dealing in foreign currency and
exchange in London, England.

     Lockout  Certificates:  Any one of the Class A-21 Certificates,  Class A-22
Certificates or Class A-23 Certificates.

         Lockout Percentage: For any Distribution Date occurring prior to the
Distribution Date in December 2006, 0%. For any Distribution Date occurring
after the first five years following the Closing Date, a percentage determined
as follows: (i) for any Distribution Date during the sixth year after the
Closing Date, 30%; (ii) for any Distribution Date during the seventh year after
the Closing Date, 40%; (iii) for any Distribution Date during the eighth year
after the Closing Date, 60%; (iv) for any Distribution Date during the ninth
year after the Closing Date, 80%; and (v) for any Distribution Date thereafter,
100%.

         Maturity Date: With respect to each Class of Certificates, November 25,
2031, the Distribution Date immediately following the latest scheduled maturity
date of any Mortgage Loan.

         Mortgage Loan Schedule: The list or lists of the Mortgage Loans
attached hereto as Exhibit One (as amended from time to time to reflect the
addition of Qualified Substitute Mortgage Loans), which list or lists shall set
forth the following information as to each Mortgage Loan:
         (a)      the Mortgage Loan identifying number ("RFC LOAN #");
         (b)      the maturity of the Mortgage Note ("MATURITY DATE");
         (c)      the Mortgage Rate ("ORIG RATE");
         (d)      the Subservicer pass-through rate ("CURR NET");
         (e)      the Net Mortgage Rate ("NET MTG RT");
         (f)      the Pool Strip Rate ("STRIP");

          (g)  the initial scheduled  monthly payment of principal,  if any, and
               interest ("ORIGINAL P & I");

         (h)      the Cut-off Date Principal Balance ("PRINCIPAL BAL");
         (i)      the Loan-to-Value Ratio at origination ("LTV");

          (j)  the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");

          (k)  a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence; and

         (l)      a code "N" under the column "OCCP CODE," indicating that the
                  Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

                                                       -11-

<PAGE>

         Notional Amount: As of any date of determination, with respect to the
Class A-9 Certificates, an amount equal to the Certificate Principal Balance of
the Class A-8 Certificates. For federal income tax purposes, however, as of any
date of determination, with respect to the Class A-9 Certificates, the
equivalent of the foregoing, expressed as the Uncertificated Principal Balance
of Uncertificated REMIC I Regular Interest V. As of any date of determination,
with respect to the Class A-18 Certificates, an amount equal to the sum of (i)
3/26 multiplied by the Certificate Principal Balance of the Class A-14
Certificates and (ii) 3/26 multiplied by the Certificate Principal Balance of
the Class A-17 Certificates immediately prior to that date. As of the Closing
Date, the Notional Amount of the Class A-18 Certificates is equal to
approximately $2,225,822. However, for federal income tax purposes, the Notional
Amount of the Class A-18 Certificates will be the aggregate Uncertificated
Principal Balances of Uncertificated REMIC I Regular Interest X and
Uncertificated REMIC I Regular Interest Y, and when a Notional Amount equal to
the aggregate of Uncertificated REMIC I Regular Interest X and Uncertificated
REMIC Regular Interest Y is multiplied by a Pass-Through Rate of 0.75%, the
resulting Accrued Certificate Interest will be the economic equivalent of the
Accrued Certificate Interest resulting under the definition thereof. As of any
date of determination, with respect to the Class A-19 Certificates, an amount
equal to 2/13 multiplied by the Certificate Principal Balance of the Class A-1
Certificates immediately prior to that date. As of the Closing Date, the
Notional Amount of the Class A-19 Certificates is equal to approximately
$3,850,462. However, for federal income tax purposes, the Notional Amount of the
Class A-19 Certificates will be the Uncertificated Principal Balance of
Uncertificated REMIC I Regular Interest Q, and when a Notional Amount equal to
Uncertificated REMIC I Regular Interest Q is multiplied by a Pass-Through Rate
of 1.00%, the resulting Accrued Certificate Interest will be the economic
equivalent of the Accrued Certificate Interest resulting under the definition
thereof. As of any date of determination, with respect to the Class A-20
Certificates, an amount equal to the sum of (i) 4/26 multiplied by the
Certificate Principal Balance of the Class A-2 Certificates and (ii) 1/26
multiplied by the Certificate Principal Balance of the Class A-3 Certificates
immediately prior to that date. As of the Closing Date, the Notional Amount of
the Class A-20 Certificates is equal to approximately $4,728,885. However, for
federal income tax purposes, the Notional Amount of the Class A-20 Certificates
will be the aggregate Uncertificated Principal Balances of Uncertificated REMIC
I Regular Interest R and Uncertificated REMIC I Regular Interest S, and when a
Notional Amount equal to the aggregate of Uncertificated REMIC I Regular
Interest R and Uncertificated REMIC I Regular Interest S is multiplied by a
Pass-Through Rate of 1.00% and 0.25%, respectively, the resulting Accrued
Certificate Interest will be the economic equivalent of the Accrued Certificate
Interest resulting under the definition thereof. As of any date of
determination, with respect to any Class A-V Certificates or Subclass thereof
issued pursuant to Section 5.01(c), the aggregate Stated Principal Balance of
the Mortgage Loans corresponding to the Uncertificated Class A-V REMIC Regular
Interests represented by such Class or Subclass as of the day immediately
preceding such Distribution Date (or, with respect to the initial Distribution
Date, at the close of business on the Cut- off Date).

         Pass-Through Rate: With respect to the Class A Certificates (other than
the Floater, Inverse Floater, Class A-V and Principal Only Certificates), Class
M Certificates, Class B Certificates and Class R Certificates and any
Distribution Date, the per annum rates set forth in the Preliminary Statement
hereto. With respect to the Class A-4 Certificates and the initial Interest
Accrual Period, 3.417500% per annum, and as to any Interest Accrual Period
thereafter, a per annum rate equal to LIBOR plus 0.90%, subject to a maximum
rate of 8.50% per annum and a minimum rate of 0.90%

                                                       -12-

<PAGE>

per annum. With respect to the Class A-5 Certificates and the initial Interest
Accrual Period, 16.518125% per annum, and as to any Interest Accrual Period
thereafter, a per annum rate equal to 24.70% minus the product of LIBOR and
3.25%, subject to a maximum rate of 24.70% per annum and a minimum rate of 0.00%
per annum. With respect to the Class A-8 Certificates and the initial Interest
Accrual Period, 3.101250% per annum, and as to any Interest Accrual Period
thereafter, a per annum rate equal to LIBOR plus 0.60%, subject to a maximum
rate of 8.00% per annum and a minimum rate of 0.60% per annum. With respect to
the Class A-9 Certificates and the initial Interest Accrual Period, 4.898750%
per annum, and as to any Interest Accrual Period thereafter, a per annum rate
equal to 7.40% minus LIBOR and, subject to a maximum rate of 7.40% per annum and
a minimum rate of 0.00% per annum. With respect to the Class A-12 Certificates
and the initial Interest Accrual Period, 3.813000% per annum, and as to any
Interest Accrual Period thereafter, a per annum rate equal to LIBOR plus 1.35%,
subject to a maximum rate of 8.00% per annum and a minimum rate of 1.35% per
annum. With respect to the Class A-13 Certificates and the initial Interest
Accrual Period, 18.143667% per annum, and as to any Interest Accrual Period
thereafter, a per annum rate equal to 28.816667% minus the product of LIBOR and
4.333333% and, subject to a maximum rate of 28.816667% per annum and a minimum
rate of 0.00% per annum. For federal income tax purposes, however, the
Pass-Through Rate of the Class A-18 Certificates shall be expressed as the
product of (A) 0.75% per annum and (B) a Notional Amount equal to the sum of the
Uncertificated Principal Balances of Uncertificated REMIC I Regular Interest X
and Uncertificated REMIC I Regular Interest Y, the resulting Accrued Certificate
Interest will be the economic equivalent of the Accrued Certificate Interest
resulting under the definition thereof. In addition, for federal income tax
purposes, the Pass-Through Rate of the Class A-19 Certificates shall be
expressed as the product of (A) 1.00% per annum and (B) a Notional Amount equal
to the Uncertificated Principal Balance of Uncertificated REMIC I Regular
Interest Q, the resulting Accrued Certificate Interest will be the economic
equivalent of the Accrued Certificate Interest resulting under the definition
thereof. In addition, for federal income tax purposes, the Pass-Through Rate of
the Class A-20 Certificates shall be expressed as the sum of (i) the product of
(A) 1.00% per annum and (B) a Notional Amount equal to the Uncertificated
Principal Balance of Uncertificated REMIC I Regular Interest R and (ii) the
product of 0.25% per annum and (B) a Notional Amount equal to the Uncertificated
Principal Balance of Uncertificated REMIC I Regular Interest S, the resulting
Accrued Certificate Interest will be the economic equivalent of the Accrued
Certificate Interest resulting under the definition thereof. With respect to the
Class A-V Certificates (other than any Subclass thereof) and any Distribution
Date, a rate equal to the weighted average, expressed as a percentage, of the
Pool Strip Rates of all Mortgage Loans as of the Due Date in the related Due
Period, weighted on the basis of the respective Stated Principal Balances of
such Mortgage Loans as of the day immediately preceding such Distribution Date
(or, with respect to the initial Distribution Date, at the close of business on
the Cut-off Date). With respect to the Class A-V Certificates and the initial
Distribution Date the Pass-Through Rate is equal to 0.2886% per annum. With
respect to any Subclass of Class A-V Certificates and any Distribution Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated Class A-V REMIC
Regular Interests represented by such Subclass as of the Due Date in the related
Due Period, weighted on the basis of the respective Stated Principal Balances of
such Mortgage Loans as of the day immediately preceding such Distribution Date
(or with respect to the initial Distribution Date, at the close of business on
the Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and
are not entitled to Accrued Certificate Interest.

                                                       -13-

<PAGE>

         Prepayment Assumption: A prepayment assumption of 300% of the
prepayment speed assumption, used for determining the accrual of original issue
discount and market discount and premium on the Certificates for federal income
tax purposes. The prepayment speed assumption assumes a constant rate of
prepayment of mortgage loans of 0.2% per annum of the then outstanding principal
balance of such mortgage loans in the first month of the life of the mortgage
loans, increasing by an additional 0.2% per annum in each succeeding month until
the thirtieth month, and a constant 6% per annum rate of prepayment thereafter
for the life of the mortgage loans.

         Prepayment Distribution Percentage: With respect to any Distribution
Date and each Class of Subordinate Certificates, under the applicable
circumstances set forth below, the respective percentages set forth below:

                  (i) For any Distribution Date prior to the Distribution Date
         in December 2006 (unless the Certificate Principal Balances of the
         Senior Certificates (other than the Class A-P Certificates) have been
         reduced to zero), 0%.

                  (ii) For any Distribution Date for which clause (i) above does
         not apply, and on which any Class of Subordinate Certificates are
         outstanding:

                           (a) in the case of the Class of Subordinate
                  Certificates then outstanding with the Highest Priority and
                  each other Class of Subordinate Certificates for which the
                  related Prepayment Distribution Trigger has been satisfied, a
                  fraction, expressed as a percentage, the numerator of which is
                  the Certificate Principal Balance of such Class immediately
                  prior to such date and the denominator of which is the sum of
                  the Certificate Principal Balances immediately prior to such
                  date of (1) the Class of Subordinate Certificates then
                  outstanding with the Highest Priority and (2) all other
                  Classes of Subordinate Certificates for which the respective
                  Prepayment Distribution Triggers have been satisfied; and

                           (b) in the case of each other Class of Subordinate
                  Certificates for which the Prepayment Distribution Triggers
                  have not been satisfied, 0%; and

                  (iii) Notwithstanding the foregoing, if the application of the
         foregoing percentages on any Distribution Date as provided in Section
         4.02 of this Series Supplement (determined without regard to the
         proviso to the definition of "Subordinate Principal Distribution
         Amount") would result in a distribution in respect of principal of any
         Class or Classes of Subordinate Certificates in an amount greater than
         the remaining Certificate Principal Balance thereof (any such class, a
         "Maturing Class"), then: (a) the Prepayment Distribution Percentage of
         each Maturing Class shall be reduced to a level that, when applied as
         described above, would exactly reduce the Certificate Principal Balance
         of such Class to zero; (b) the Prepayment Distribution Percentage of
         each other Class of Subordinate Certificates (any such Class, a
         "Non-Maturing Class") shall be recalculated in accordance with the
         provisions in paragraph (ii) above, as if the Certificate Principal
         Balance of each Maturing Class had been reduced to zero (such
         percentage as recalculated, the "Recalculated Percentage"); (c) the
         total amount of the reductions in the Prepayment Distribution
         Percentages of the Maturing Class or Classes pursuant to clause (a) of
         this sentence, expressed as an aggregate percentage, shall

                                                       -14-

<PAGE>

         be allocated among the Non-Maturing Classes in proportion to their
         respective Recalculated Percentages (the portion of such aggregate
         reduction so allocated to any Non-Maturing Class, the "Adjustment
         Percentage"); and (d) for purposes of such Distribution Date, the
         Prepayment Distribution Percentage of each Non-Maturing Class shall be
         equal to the sum of (1) the Prepayment Distribution Percentage thereof,
         calculated in accordance with the provisions in paragraph (ii) above as
         if the Certificate Principal Balance of each Maturing Class had not
         been reduced to zero, plus (2) the related Adjustment Percentage.

         Principal Only Certificates:  Any one of the Class A-P Certificates.
         ---------------------------

         Record Date: With respect to each Distribution Date and each Class of
Certificates (other than the Floater and Inverse Floater Certificates), the
close of business on the last Business Day of the month next preceding the month
in which the related Distribution Date occurs. With respect to each Distribution
Date and the Floater and Inverse Floater Certificates, the 24th day of the month
in which such Distribution Date occurs.

         REMIC I: The segregated pool of assets related to this Series, with
respect to which a REMIC election is to be made (except as provided below)
pursuant to this Agreement, consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

         (ii)     all payments on and collections in respect of the Mortgage
                  Loans due after the Cut-off Date as shall be on deposit in the
                  Custodial Account or in the Certificate Account and identified
                  as belonging to the Trust Fund, including the proceeds from
                  the liquidation of Pledged Assets for any Pledged Asset Loan,
                  including amounts on deposit in the Initial Monthly Payment
                  Fund,

         (iii)    property that secured a Mortgage Loan and that has been
                  acquired for the benefit of the Certificateholders by
                  foreclosure or deed in lieu of foreclosure,

          (iv) the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and

         (v)      all proceeds of clauses (i) through (iv) above.

         Notwithstanding the foregoing, the REMIC election specifically excludes
the Initial Monthly Payment Fund.

         REMIC I Certificates:  The Class R-I Certificates.

         REMIC II: The segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests conveyed in trust to the Trustee for
the benefit of the holders of the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A- 11,
Class A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class
A-18, Class A- 19, Class A-20, Class A-21, Class A-22, Class A-23, Class A-P,
Class A-V, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and
R-II Certificates pursuant to Section 2.06, with respect to which a separate
REMIC election is to be made.

         REMIC II Certificates: Any of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11, Class A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class
A-17, Class A-18, Class A-19, Class A-20, Class A-21, Class A-22, Class A-23,
Class A-P, Class A-V, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificates.

         Senior Certificate: Any one of the Class A Certificates or Class R
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

         Senior Percentage: As of any Distribution Date, the lesser of 100% and
a fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Senior Certificates (other than the Class
A-P Certificates) immediately prior to such Distribution Date and the
denominator of which is the aggregate Stated Principal Balance of all of the
Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.

         Senior Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount remaining after
the distribution of all amounts required to be distributed pursuant to Section
4.02(a)(i) and Section 4.02(a)(ii)(X) of this Series Supplement, or, after the
Credit Support Depletion Date, the amount required to be distributed to the
Class A-P Certificateholders pursuant to Section 4.02(c) of this Series
Supplement and (b) the sum of the amounts required to be distributed to the
Senior Certificateholders on such Distribution Date pursuant to Section
4.02(a)(ii)(Y), (xvi) and (xvii) of this Series Supplement.

         Senior Support Certificates:  Any of the Class A-23 Certificates.

         Special Hazard Amount: As of any Distribution Date, an amount equal to
$6,198,070 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as
defined below) as most recently calculated. For each anniversary of the Cut- off
Date, the Adjustment Amount shall be equal to the amount, if any, by which the
amount calculated in accordance with the preceding sentence (without giving
effect to the deduction of the Adjustment Amount for such anniversary) exceeds
the greater of (A) the greatest of (i) twice the outstanding principal balance
of the Mortgage Loan in the Trust Fund which has the largest outstanding
principal balance on the Distribution Date immediately preceding such
anniversary, (ii) the product of 1.00% multiplied by the outstanding principal
balance of all Mortgage Loans on the Distribution Date immediately preceding
such anniversary and (iii) the aggregate outstanding principal balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate principal balance as of such anniversary and (B) the greater of (i)
the product of 0.50% multiplied by the outstanding principal balance of all
Mortgage Loans on the Distribution Date immediately

                                                       -15-

<PAGE>

preceding such anniversary multiplied by a fraction, the numerator of which is
equal to the aggregate outstanding principal balance (as of the immediately
preceding Distribution Date) of all of the Mortgage Loans secured by Mortgaged
Properties located in the State of California divided by the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of all of the Mortgage Loans, expressed as a percentage, and the
denominator of which is equal to 40.58% (which percentage is equal to the
percentage of Mortgage Loans initially secured by Mortgaged Properties located
in the State of California) and (ii) the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged Property (or, with respect to a Cooperative Loan, the
related Cooperative Apartment) located in the State of California.

         The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.

         Subordinate Principal Distribution Amount: With respect to any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related Subordinate Class Percentage for such Class and
(y) the aggregate of the amounts calculated for such Distribution Date under
clauses (1), (2) and (3) of Section 4.02(a)(ii)(Y)(A) of this Series Supplement
(without giving effect to the Senior Percentage) to the extent not payable to
the Senior Certificates; (ii) such Class's pro rata share, based on the
Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b) of this Series Supplement (without giving effect to the
Senior Accelerated Distribution Percentage) to the extent such collections are
not otherwise distributed to the Senior Certificates; (iii) the product of (x)
the related Prepayment Distribution Percentage and (y) the aggregate of all
Principal Prepayments in Full received in the related Prepayment Period and
Curtailments received in the preceding calendar month (other than the related
Discount Fraction of such Principal Prepayments in Full and Curtailments with
respect to a Discount Mortgage Loan) to the extent not payable to the Senior
Certificates; (iv) if such Class is the Class of Subordinate Certificates with
the Highest Priority, any Excess Subordinate Principal Amount for such
Distribution Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous Distribution Date, that remain undistributed to
the extent that such amounts are not attributable to Realized Losses which have
been allocated to a Class of Subordinate Certificates minus (b) with respect to
the Class of Subordinate Certificates with the Lowest Priority, any Excess
Subordinate Principal Amount for such Distribution Date; provided, however, that
the Subordinate Principal Distribution Amount for any Class of Subordinate
Certificates on any Distribution Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

         Super Senior Certificates: Any of the Class A-22 Certificates.

         Super Senior Optimal Principal Distribution Amount: As to any
Distribution Date on or after the Credit Support Depletion Date and the Super
Senior Certificates, the product of (a) the then- applicable Super Senior
Optimal Percentage and (b) the Senior Principal Distribution Amount.

                                                       -16-

<PAGE>

         Super Senior Optimal Percentage: As to any Distribution Date on or
after the Credit Support Depletion Date and the Super Senior Certificates, a
fraction, expressed as a percentage, the numerator of which is the Certificate
Principal Balance of the Super Senior Certificates immediately prior to such
Distribution Date and the denominator of which is the aggregate Certificate
Principal Balance of the Senior Certificates (other than the Class A-P
Certificates) immediately prior to such Distribution Date.

         Trust Fund:  REMIC I, REMIC II and the Initial Monthly Payment Fund.

         Uncertificated Class A-V REMIC Accrued Interest: With respect to each
Distribution Date, as to each Uncertificated Class A-V REMIC Regular Interest,
an amount equal to the aggregate amount of Accrued Certificate Interest that
would result under the terms of the definition thereof on each such
uncertificated interest, if the Pass-Through Rate on such uncertificated
interest was equal to the related Uncertificated Class A-V REMIC Pass-Through
Rate and the notional amount of such uncertificated interest was equal to the
related Uncertificated Class A-V REMIC Notional Amount; provided, that any
reduction in the amount of Accrued Certificate Interest resulting from the
allocation of Prepayment Interest Shortfalls, Realized Losses or other amounts
to the Class A-V Certificateholders pursuant to Section 4.05 hereof shall be
allocated to the Uncertificated Class A-V REMIC Regular Interests pro rata in
accordance with the amount of interest accrued with respect to each related
Uncertificated Class A-V REMIC Notional Amount and such Distribution Date.

         Uncertificated Class A-V REMIC Notional Amount: With respect to each
Uncertificated Class A-V REMIC Regular Interest, the amount of the related
Uncertificated REMIC I IO Notional Amount.

         Uncertificated Class A-V REMIC Pass-Through Rate: With respect to each
Uncertificated Class A-V REMIC Regular Interest, 100% of the interest payable on
the related Uncertificated REMIC I IO Regular Interest.

         Uncertificated Class A-V REMIC Regular Interest Distribution Amounts:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated Class A-V REMIC Regular Interests for such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated Class A-V REMIC Regular Interests: The 1,323
uncertificated partial undivided beneficial ownership interests in the Trust
Fund numbered sequentially from 1 through 1,323 each relating to the particular
Mortgage Loan identified by sequential number on the Mortgage Loan Schedule,
each having no principal balance, and each bearing the respective Pool Strip
Rate on the Stated Principal Balance of the related Mortgage Loan.

         Uncertificated Principal Balance: With respect to each Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$25,028,000.00 with respect to Uncertificated REMIC I Regular Interest Q, (ii)
$25,000,000.00 with respect to Uncertificated REMIC I Regular Interest R, (iii)
22,951,000.00 with respect to Uncertificated REMIC I Regular Interest S, (iv)
$276,470,817.00 with respect to Uncertificated REMIC I Regular Interest T, (v)
$100,000,000.00 with respect to Uncertificated REMIC I Regular Interest V, (vi)
$150,000,000.00 with respect to Uncertificated REMIC I Regular Interest W, (vii)
$17,649,000.00 with respect to

                                                       -17-

<PAGE>

Uncertificated REMIC I Regular Interest X and (viii) $1,641,461.00 with respect
to Uncertificated REMIC I Regular Interest Y, minus (B) the sum of (x) the
aggregate of all amounts previously deemed distributed with respect to such
interest and applied to reduce the Uncertificated Principal Balance thereof
pursuant to Section 4.09(a)(ii) and (y) the aggregate of all reductions in
Uncertificated Principal Balance deemed to have occurred in connection with
Realized Losses that were previously deemed allocated to the Uncertificated
Principal Balance of such Uncertificated REMIC I Regular Interest pursuant to
Section 4.09(d).

                  Uncertificated REMIC I Accrued Interest: With respect to each
Distribution Date, (i) as to Uncertificated REMIC I Regular Interest Q, an
amount equal to the aggregate amount of Accrued Certificate Interest that would
result under the terms of the definition thereof on the Class A-1 Certificates
if the Pass-Through Rate on such Class were equal to the Uncertificated REMIC I
Pass-Through Rate and the Uncertificated Principal Balance were the Certificate
Principal Balance, (ii) as to Uncertificated REMIC I Regular Interest R, an
amount equal to the aggregate amount of Accrued Certificate Interest that would
result under the terms of the definition thereof on the Class A-2 Certificates
if the Pass-Through Rate on each such Class were equal to the Uncertificated
REMIC I Pass-Through Rate and the Uncertificated Principal Balance were the
Certificate Principal Balance, (iii) as to Uncertificated REMIC I Regular
Interest S, an amount equal to the aggregate amount of Accrued Certificate
Interest that would result under the terms of the definition thereof on the A-3
Certificates if the Pass-Through Rate on each such Class were equal to the
Uncertificated REMIC I Pass-Through Rate and the Uncertificated Principal
Balance were the Certificate Principal Balance, (iv) as to Uncertificated REMIC
I Regular Interest T, an amount equal to the aggregate amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-4, Class A-5, Class A-6, Class A-7, Class A-11, Class A-12, Class
A-13, Class A-15, Class A-16, Class A-21, Class A-22, Class A-23, Class R-II,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates
if the Pass-Through Rate on each such Class were equal to the Uncertificated
REMIC I Pass-Through Rate and the Uncertificated Principal Balance were the
Certificate Principal Balance, (v) as to Uncertificated REMIC I Regular Interest
V, an amount equal to the aggregate amount of Accrued Certificate Interest that
would result under the terms of the definition thereof on the Class A-8
Certificates if the Uncertificated REMIC I Pass-Through Rate were the
Pass-Through Rate and the Uncertificated Principal Balance were the Certificate
Principal Balance, (vi) as to Uncertificated REMIC I Regular Interest W, an
amount equal to the aggregate amount of Accrued Certificate Interest that would
result under the terms of the definition thereof on the Class A-10 Certificates
if the Uncertificated REMIC I Pass-Through Rate were the Pass- Through Rate and
the Uncertificated Principal Balance were the Certificate Principal Balance,
(vii) as to Uncertificated REMIC I Regular Interest X, an amount equal to the
aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A-14 Certificates if the
Uncertificated REMIC I Pass-Through Rate were the Pass-Through Rate and the
Uncertificated Principal Balance were the Certificate Principal Balance, (viii)
as to Uncertificated REMIC I Regular Interest Y, an amount equal to the
aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A-17 Certificates if the
Uncertificated REMIC I Pass-Through Rate were the Pass-Through Rate and the
Uncertificated Principal Balance were the Certificate Principal Balance, (ix) as
to Uncertificated REMIC I Regular Interest Z, an amount equal to the aggregate
amount of Accrued Certificate Interest that would result under the terms of the
definition thereof on the Class A-P Certificates if the Pass-Through Rate on
each such Class were equal to the Uncertificated REMIC I Pass-Through Rate and
the Uncertificated

                                                       -18-

<PAGE>

Principal Balance were the Certificate Principal Balance and (vii) as to each
Uncertificated REMIC I IO Regular Interest, an amount equal to the aggregate
amount of Accrued Certificate Interest that would result under the terms of the
definition thereof on each such uncertificated interest, if the Pass- Through
Rate on such uncertificated interest was equal to the related Uncertificated
REMIC I Pass- Through Rate and the notional amount of such uncertificated
interest was equal to the related Uncertificated REMIC I IO Notional Amount;
provided, that any reduction in the amount of Accrued Certificate Interest
resulting from the allocation of Prepayment Interest Shortfalls, Realized Losses
or other amounts to the Certificates pursuant to Sections 4.02(a) and 4.05
hereof shall be allocated to the Uncertificated REMIC I Regular Interests for
which such Certificates are the Corresponding Certificated Interests.
         Uncertificated REMIC I IO Notional Amount: With respect to each
Uncertificated REMIC I IO Regular Interest, an amount equal to the aggregate
Stated Principal Balance of the related Non- Discount Mortgage Loan.

         Uncertificated REMIC I IO Regular Interests: The 1,323 uncertificated
partial undivided beneficial ownership interests in REMIC I, each relating to a
Mortgage Loan with a Net Mortgage Rate in excess of 6.50%, each having no
principal balance, and each bearing interest at the related Uncertificated REMIC
I Pass-Through Rate on the related Uncertificated REMIC I IO Notional Amount.

         Uncertificated REMIC I Pass-Through Rate: With respect to each of the
Uncertificated REMIC I Regular Interests Q, R, S, T, V, W, X, Y and Z, 6.50%,
6.50%, 6.50%, 6.50%, 8.00%, 5.50%, 6.50%, 6.50% and 0.00%, respectively. With
respect to Uncertificated REMIC I IO Regular Interest, an amount equal to the
Pool Strip Rate for the related Mortgage Loan.

         Uncertificated REMIC I Regular Interest Q: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Certificate Principal Balance of the Class A-1 Certificates and
which bears interest at a rate equal to 6.50% per annum.

         Uncertificated REMIC I Regular Interest R: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-2
Certificates and which bears interest at a rate equal to 6.50% per annum.

         Uncertificated REMIC I Regular Interest S: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-3
Certificates and which bears interest at a rate equal to 6.50% per annum.

         Uncertificated REMIC I Regular Interest T: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-4, Class
A-5, Class A-6, Class A-7, Class A-11, Class A-12, Class A-13, Class A-15, Class
A-16, Class A-21, Class A-22, Class A-23, Class R-II, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and which bears
interest at a rate equal to 6.50% per annum.

                                                       -19-

<PAGE>

         Uncertificated REMIC I Regular Interest V: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-8
Certificates and which bears interest at a rate equal to 8.00% per annum.

         Uncertificated REMIC I Regular Interest W: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-10
Certificates and which bears interest at a rate equal to 5.50% per annum.

         Uncertificated REMIC I Regular Interest X: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-14
Certificates and which bears interest at a rate equal to 6.50% per annum.

         Uncertificated REMIC I Regular Interest Y: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-17
Certificates and which bears interest at a rate equal to 6.50% per annum.

         Uncertificated REMIC I Regular Interest Z: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the aggregate Certificate Principal Balance of the Class A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

         Uncertificated REMIC I Regular Interests: Uncertificated REMIC I
Regular Interest R, Uncertificated REMIC I Regular Interest S, Uncertificated
REMIC I Regular Interest T, Uncertificated REMIC I Regular Interest V,
Uncertificated REMIC I Regular Interest W Uncertificated REMIC I Regular
Interest X, Uncertificated REMIC I Regular Interest Y, Uncertificated REMIC I
Regular Interest Z and the Uncertificated REMIC I IO Regular Interests.

         Uncertificated REMIC I IO Regular Interest Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I IO Regular Interests for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest Q Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Q for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest R Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest R for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest S Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest S for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest T Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest T for such
Distribution Date pursuant to Section 4.09(a).

                                                       -20-

<PAGE>

         Uncertificated REMIC I Regular Interest V Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest V for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest W Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest W for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest X Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest X for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest Y Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Y for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest Z Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Z for such
Distribution Date pursuant to Section 4.09(a).

         Uncertificated REMIC I Regular Interest Distribution Amounts: The
Uncertificated REMIC I Regular Interest R Distribution Amount, the
Uncertificated REMIC I Regular Interest S Distribution Amount, the
Uncertificated REMIC I Regular Interest T Distribution Amount, the
Uncertificated REMIC I Regular Interest V Distribution Amount, the
Uncertificated REMIC I Regular Interest W Distribution Amount and the
Uncertificated REMIC I IO Regular Interest Distribution Amount.

    Underwriters:  Banc of America Securities LLC and Salomon Smith Barney Inc.

         Section 1.02      Use of Words and Phrases.

         "Herein," "hereby," "hereunder," "hereof," "hereinbefore,"
"hereinafter" and other equivalent words refer to the Pooling and Servicing
Agreement as a whole. All references herein to Articles, Sections or Subsections
shall mean the corresponding Articles, Sections and Subsections in the Pooling
and Servicing Agreement. The definitions set forth herein include both the
singular and the plural.

         Section 1.03      Determination of LIBOR.

         LIBOR applicable to the calculation of the Pass-Through Rates on the
Floater Certificates and Inverse Floater Certificates, if any, for any Interest
Accrual Period (other than the initial Interest Accrual Period) will be
determined on each LIBOR Rate Adjustment Date.

         On each LIBOR Rate Adjustment Date (other than for the initial Interest
Accrual Period), LIBOR shall be established by the Trustee and, as to any
Interest Accrual Period, will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of

                                                       -21-

<PAGE>

11:00 a.m., London time, on such LIBOR Rate Adjustment Date. "Telerate Screen
Page 3750" means the display designated as page 3750 on the Telerate Service (or
such other page as may replace page 3750 on that service for the purpose of
displaying London interbank offered rates of major banks). If such rate does not
appear on such page (or such other page as may replace that page on that
service, or if such service is no longer offered, LIBOR shall be so established
by use of such other service for displaying LIBOR or comparable rates as may be
selected by the Trustee after consultation with the Master Servicer), the rate
will be the Reference Bank Rate. The "Reference Bank Rate" will be determined on
the basis of the rates at which deposits in U.S. Dollars are offered by the
reference banks (which shall be any three major banks that are engaged in
transactions in the London interbank market, selected by the Trustee after
consultation with the Master Servicer) as of 11:00 a.m., London time, on the
LIBOR Rate Adjustment Date to prime banks in the London interbank market for a
period of one month in amounts approximately equal to the aggregate Certificate
Principal Balance of the Floater Certificates and Inverse Floater Certificates
then outstanding. The Trustee will request the principal London office of each
of the reference banks to provide a quotation of its rate. If at least two such
quotations are provided, the rate will be the arithmetic mean of the quotations
rounded up to the next multiple of 1/16%. If on such date fewer than two
quotations are provided as requested, the rate will be the arithmetic mean of
the rates quoted by one or more major banks in New York City, selected by the
Trustee after consultation with the Master Servicer, as of 11:00 a.m., New York
City time, on such date for loans in U.S. Dollars to leading European banks for
a period of one month in amounts approximately equal to, with respect to each of
the Floater Certificates and Inverse Floater Certificates, the Certificate
Principal Balances of the Floater Certificates and Inverse Floater Certificates,
respectively, then outstanding. If no such quotations can be obtained, the rate
will be LIBOR for the prior Distribution Date, or in the case of the first LIBOR
Rate Adjustment Date, 2.5175% with respect to the Class A-4 Certificates and
Class A-5 Certificates, 2.50125% with respect to the Class A-8 Certificates and
Class A-9 Certificates and 2.463% with respect to the Class A-12 Certificates
and Class A-13 Certificates; provided however, if, under the priorities listed
previously in this paragraph, LIBOR for a Distribution Date would be based on
LIBOR for the previous Distribution Date for the third consecutive Distribution
Date, the Trustee shall select an alternative comparable index over which the
Trustee has no control, used for determining one-month Eurodollar lending rates
that is calculated and published or otherwise made available by an independent
party. LIBOR business day means any day other than (i) a Saturday or a Sunday or
(ii) a day on which banking institutions in the city of London, England are
required or authorized by law to be closed.

         The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date and the Trustee's subsequent calculation of the Pass-Through Rates
applicable to each of the Floater Certificates and Inverse Floater Certificates
for the relevant Interest Accrual Period, in the absence of manifest error, will
be final and binding.

         Promptly following each LIBOR Rate Adjustment Date the Trustee shall
supply the Master Servicer with the results of its determination of LIBOR on
such date. Furthermore, the Trustee will supply to any Certificateholder so
requesting by telephone the Pass-Through Rates on each of the Floater
Certificates and Inverse Floater Certificates for the current and the
immediately preceding Interest Accrual Period.

                                                       -22-

<PAGE>

                                                    ARTICLE II

                                           CONVEYANCE OF MORTGAGE LOANS;
                                         ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.01  Conveyance of Mortgage  Loans.  (See Section 2.01 of the
               Standard Terms)

          Section 2.02 Acceptance by Trustee.  (See Section 2.02 of the Standard
               Terms)

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

               (a) For  representations,  warranties and covenants of the Master
          Servicer, see Section 2.03(a) of the Standard Terms.

                  (b) The Company hereby represents and warrants to the Trustee
         for the benefit of Certificateholders that as of the Closing Date (or,
         if otherwise specified below, as of the date so specified):

                           (i) No Mortgage Loan is 30 or more days Delinquent in
                  payment of principal and interest as of the Cut-off Date and
                  no Mortgage Loan has been so Delinquent more than once in the
                  12-month period prior to the Cut-off Date;

                           (ii) The information set forth in Exhibit One hereto
                  with respect to each Mortgage Loan or the Mortgage Loans, as
                  the case may be, is true and correct in all material respects
                  at the date or dates respecting which such information is
                  furnished;

                           (iii) The Mortgage Loans are fully-amortizing,
                  fixed-rate mortgage loans with level Monthly Payments due on
                  the first day of each month and terms to maturity at
                  origination or modification of not more than 30 years;

                           (iv) To the best of the Company's knowledge, if a
                  Mortgage Loan is secured by a Mortgaged Property with a
                  Loan-to-Value Ratio at origination in excess of 80%, such
                  Mortgage Loan is the subject of a Primary Insurance Policy
                  that insures that (a) at least 30% of the Stated Principal
                  Balance of the Mortgage Loan at origination if the
                  Loan-to-Value Ratio is between 95.00% and 90.01%, (b) at least
                  25% of such balance if the Loan-to-Value Ratio is between
                  90.00% and 85.01%, and (c) at least 12% of such balance if the
                  Loan-to-Value Ratio is between 85.00% and 80.01%. To the best
                  of the Company's knowledge, each such Primary Insurance Policy
                  is in full force and effect and the Trustee is entitled to the
                  benefits thereunder. Two Pledged Asset Mortgage Loans
                  representing approximately 0.2% of the Mortgage Loans by
                  aggregate Stated Principal Balance as of the Cut-off Date will
                  be secured by Pledged Assets in addition to the related
                  Mortgaged Property and in lieu of any Primary Insurance
                  Policy;

                                                       -23-

<PAGE>

                         (v) The issuers of the Primary  Insurance  Policies are
                    insurance  companies  whose   claims-paying   abilities  are
                    currently acceptable to each Rating Agency;

                           (vi) No more than 0.6% of the Mortgage Loans by
                  aggregate Stated Principal Balance as of the Cut-off Date are
                  secured by Mortgaged Properties located in any one zip code
                  area in California and no more than 0.7% of the Mortgage Loans
                  by aggregate Stated Principal Balance as of the Cut-off Date
                  are secured by Mortgaged Properties located in any one zip
                  code area outside California;

                           (vii) The improvements upon the Mortgaged Properties
                  are insured against loss by fire and other hazards as required
                  by the Program Guide, including flood insurance if required
                  under the National Flood Insurance Act of 1968, as amended.
                  The Mortgage requires the Mortgagor to maintain such casualty
                  insurance at the Mortgagor's expense, and on the Mortgagor's
                  failure to do so, authorizes the holder of the Mortgage to
                  obtain and maintain such insurance at the Mortgagor's expense
                  and to seek reimbursement therefor from the Mortgagor;

                           (viii) Immediately prior to the assignment of the
                  Mortgage Loans to the Trustee, the Company had good title to,
                  and was the sole owner of, each Mortgage Loan free and clear
                  of any pledge, lien, encumbrance or security interest (other
                  than rights to servicing and related compensation) and such
                  assignment validly transfers ownership of the Mortgage Loans
                  to the Trustee free and clear of any pledge, lien, encumbrance
                  or security interest;

                         (ix)  11.23% of the  Mortgage  Loans were  underwritten
                    under a reduced loan documentation program;

                           (x) Each Mortgagor represented in its loan
                  application with respect to the related Mortgage Loan that the
                  Mortgaged Property would be owner-occupied and therefore would
                  not be an investor property as of the date of origination of
                  such Mortgage Loan. No Mortgagor is a corporation or a
                  partnership;

                         (xi) One of the  Mortgage  Loans is a Buydown  Mortgage
                    Loan;

                           (xii) 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);

                           (xiii) A policy of title insurance was effective as
                  of the closing of each Mortgage Loan and is valid and binding
                  and remains in full force and effect, unless the Mortgaged
                  Properties are located in the State of Iowa and an attorney's
                  certificate has been provided as described in the Program
                  Guide;

                         (xiv) None of the Mortgage Loans are Cooperative Loans;

                           (xv) With respect to each Mortgage Loan originated
                  under a "streamlined" Mortgage Loan program (through which no
                  new or updated appraisals of Mortgaged

                                                       -24-

<PAGE>

                  Properties are obtained in connection with the refinancing
                  thereof), the related Seller has represented that either (a)
                  the value of the related Mortgaged Property as of the date the
                  Mortgage Loan was originated was not less than the appraised
                  value of such property at the time of origination of the
                  refinanced Mortgage Loan or (b) the Loan- to-Value Ratio of
                  the Mortgage Loan as of the date of origination of the
                  Mortgage Loan generally meets the Company's underwriting
                  guidelines;

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

                         (xvii)  None  of the  Mortgage  Loans  contains  in the
                    related Mortgage File a Destroyed Mortgage Note; and

                           (xviii) Two of the Mortgage Loans, representing
                  approximately 0.2% of the Mortgage Loans by aggregate Stated
                  Principal Balance as of the Cut-off Date, are Pledged Asset
                  Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.

         Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) that materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); provided, however, that in the
event of a breach of the representation and warranty set forth in Section
2.03(b)(xii), the party discovering such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that the Company
shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders or the Trustee on behalf of the Certificateholders.
Notwithstanding the foregoing, the Company shall not be required to cure
breaches or purchase or substitute for Mortgage Loans as provided in this
Section 2.03(b) if the substance of the breach of a representation set forth
above also constitutes fraud in the origination of the Mortgage Loan.

          Section 2.04  Representations and Warranties of Sellers.  (See Section
               2.04 of the Standard Terms)

                                                       -25-

<PAGE>

         Section 2.05      Execution and Authentication of Certificates.

         The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Company executed by an officer of the Company has
executed and caused to be authenticated and delivered to or upon the order of
the Company the Certificates in authorized denominations which evidence
ownership of the entire Trust Fund.

                                                       -26-

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS
                     (See Article III of the Standard Terms)

                                      -27-

<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

          Section 4.01  Certificate  Account.  (See Section 4.01 of the Standard
               Terms)

         Section 4.02      Distributions.

                  (a) On each Distribution Date (x) the Master Servicer on
         behalf of the Trustee or (y) the Paying Agent appointed by the Trustee,
         shall distribute to the Master Servicer, in the case of a distribution
         pursuant to Section 4.02(a)(iii) below, the amount required to be
         distributed to the Master Servicer or a Sub-Servicer pursuant to
         Section 4.02(a)(iii) below, and to each Certificateholder of record on
         the next preceding Record Date (other than as provided in Section 9.01
         respecting the final distribution) either in immediately available
         funds (by wire transfer or otherwise) to the account of such
         Certificateholder at a bank or other entity having appropriate
         facilities therefor, if such Certificateholder has so notified the
         Master Servicer or the Paying Agent, as the case may be, or, if such
         Certificateholder has not so notified the Master Servicer or the Paying
         Agent by the Record Date, by check mailed to such Certificateholder at
         the address of such Holder appearing in the Certificate Register such
         Certificateholder's share (which share (A) with respect to each Class
         of Certificates (other than any Subclass of the Class A-V
         Certificates), shall be based on the aggregate of the Percentage
         Interests represented by Certificates of the applicable Class held by
         such Holder or (B) with respect to any Subclass of the Class A-V
         Certificates, shall be equal to the amount (if any) distributed
         pursuant to Section 4.02(a)(i) below to each Holder of a Subclass
         thereof) of the following amounts, in the following order of priority
         (subject to the provisions of Section 4.02(b) below), in each case to
         the extent of the Available Distribution Amount:

                           (i) to the Senior Certificates (other than the
                  Principal Only Certificates, and prior to the Accretion
                  Termination Date, the Accrual Certificates, to the extent of
                  the related Accrual Distribution Amount) on a pro rata basis
                  based on Accrued Certificate Interest payable on such
                  Certificates with respect to such Distribution Date, Accrued
                  Certificate Interest on such Classes of Certificates (or
                  Subclasses, if any, with respect to the Class A-V
                  Certificates) for such Distribution Date, plus any Accrued
                  Certificate Interest thereon remaining unpaid from any
                  previous Distribution Date except as provided in the last
                  paragraph of this Section 4.02(a) (the "Senior Interest
                  Distribution Amount"); and

                         (ii) (X) to the Class A-P  Certificates,  the Class A-P
                    Principal   Distribution   Amount  (as  defined  in  Section
                    4.02(b)(i) herein); and

                                    (Y) to the Senior Certificates (other than
                  the Class A-P Certificates), in the priorities and amounts set
                  forth in Section 4.02(b)(ii) through Section 4.02(g), the sum
                  of the following (applied to reduce the Certificate Principal
                  Balances of such Senior Certificates, as applicable):

                                                       -28-

<PAGE>

                                    (A) the Senior Percentage for such
                           Distribution Date times the sum of the following:

                                            (1) the principal portion of each
                                    Monthly Payment due during the related Due
                                    Period on each Outstanding Mortgage Loan
                                    (other than the related Discount Fraction of
                                    the principal portion of such payment with
                                    respect to a Discount Mortgage Loan),
                                    whether or not received on or prior to the
                                    related Determination Date, minus the
                                    principal portion of any Debt Service
                                    Reduction (other than the related Discount
                                    Fraction of the principal portion of such
                                    Debt Service Reductions with respect to each
                                    Discount Mortgage Loan) which together with
                                    other Bankruptcy Losses exceeds the
                                    Bankruptcy Amount;

                                            (2) the Stated Principal Balance of
                                    any Mortgage Loan repurchased during the
                                    preceding calendar month (or deemed to have
                                    been so repurchased in accordance with
                                    Section 3.07(b) of the Standard Terms)
                                    pursuant to Sections 2.02, 2.04 or 4.07 of
                                    the Standard Terms and Section 2.03 of the
                                    Standard Terms and this Series Supplement,
                                    and the amount of any shortfall deposited in
                                    the Custodial Account in connection with the
                                    substitution of a Deleted Mortgage Loan
                                    pursuant to Section 2.04 of the Standard
                                    Terms or Section 2.03 of the Standard Terms
                                    and this Series Supplement, during the
                                    preceding calendar month (other than the
                                    related Discount Fraction of such Stated
                                    Principal Balance or shortfall with respect
                                    to each Discount Mortgage Loan); and

                                            (3) the principal portion of all
                                    other unscheduled collections (other than
                                    Principal Prepayments in Full and
                                    Curtailments and amounts received in
                                    connection with a Cash Liquidation or REO
                                    Disposition of a Mortgage Loan described in
                                    Section 4.02(a)(ii)(Y)(B) of this Series
                                    Supplement, including without limitation
                                    Insurance Proceeds, Liquidation Proceeds and
                                    REO Proceeds) received during the preceding
                                    calendar month (or deemed to have been so
                                    received in accordance with Section 3.07(b)
                                    of the Standard Terms) to the extent applied
                                    by the Master Servicer as recoveries of
                                    principal of the related Mortgage Loan
                                    pursuant to Section 3.14 of the Standard
                                    Terms (other than the related Discount
                                    Fraction of the principal portion of such
                                    unscheduled collections, with respect to
                                    each Discount Mortgage Loan);

                                    (B) with respect to each Mortgage Loan for
                           which a Cash Liquidation or a REO Disposition
                           occurred during the preceding calendar month (or was
                           deemed to have occurred during such period in
                           accordance with Section 3.07(b) of the Standard
                           Terms) and did not result in any Excess Special
                           Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
                           Losses or

                                                       -29-

<PAGE>

                           Extraordinary Losses, an amount equal to the lesser
                           of (a) the Senior Percentage for such Distribution
                           Date times the Stated Principal Balance of such
                           Mortgage Loan (other than the related Discount
                           Fraction of such Stated Principal Balance, with
                           respect to each Discount Mortgage Loan) and (b) the
                           Senior Accelerated Distribution Percentage for such
                           Distribution Date times the related unscheduled
                           collections (including without limitation Insurance
                           Proceeds, Liquidation Proceeds and REO Proceeds) to
                           the extent applied by the Master Servicer as
                           recoveries of principal of the related Mortgage Loan
                           pursuant to Section 3.14 of the Standard Terms (in
                           each case other than the portion of such unscheduled
                           collections, with respect to a Discount Mortgage
                           Loan, included in Section 4.02(b)(i)(C) of this
                           Series Supplement);

                                    (C) the Senior Accelerated Distribution
                           Percentage for such Distribution Date times the
                           aggregate of all Principal Prepayments in Full
                           received in the related Prepayment Period and
                           Curtailments received in the preceding calendar month
                           (other than the related Discount Fraction of such
                           Principal Prepayments in Full and Curtailments, with
                           respect to each Discount Mortgage Loan);

                         (D) any Excess  Subordinate  Principal  Amount for such
                    Distribution Date; and

                                    (E) any amounts described in subsection
                           (ii)(Y), clauses (A), (B) and (C) of this Section
                           4.02(a), as determined for any previous Distribution
                           Date, which remain unpaid after application of
                           amounts previously distributed pursuant to this
                           clause (E) to the extent that such amounts are not
                           attributable to Realized Losses which have been
                           allocated to the Subordinate Certificates;

                           (iii) if the Certificate Principal Balances of the
                  Subordinate Certificates have not been reduced to zero, to the
                  Master Servicer or a Sub-Servicer, by remitting for deposit to
                  the Custodial Account, to the extent of and in reimbursement
                  for any Advances or Sub-Servicer Advances previously made with
                  respect to any Mortgage Loan or REO Property which remain
                  unreimbursed in whole or in part following the Cash
                  Liquidation or REO Disposition of such Mortgage Loan or REO
                  Property, minus any such Advances that were made with respect
                  to delinquencies that ultimately constituted Excess Special
                  Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses
                  or Extraordinary Losses;

                           (iv) to the Holders of the Class M-1 Certificates,
                  the Accrued Certificate Interest thereon for such Distribution
                  Date, plus any Accrued Certificate Interest thereon remaining
                  unpaid from any previous Distribution Date, except as provided
                  below;

                         (v) to the  Holders of the Class M-1  Certificates,  an
                    amount equal to (x) the Subordinate  Principal  Distribution
                    Amount for such Class of Certificates for such

                                                       -30-

<PAGE>

                  Distribution Date, minus (y) the amount of any Class A-P
                  Collection Shortfalls for such Distribution Date or remaining
                  unpaid for all previous Distribution Dates, to the extent the
                  amounts available pursuant to clause (x) of Sections
                  4.02(a)(vii), (ix), (xi), (xiii), (xiv) and (xv) of this
                  Series Supplement are insufficient therefor, applied in
                  reduction of the Certificate Principal Balance of the Class
                  M-1 Certificates;

                           (vi) to the Holders of the Class M-2 Certificates,
                  the Accrued Certificate Interest thereon for such Distribution
                  Date, plus any Accrued Certificate Interest thereon remaining
                  unpaid from any previous Distribution Date, except as provided
                  below;

                           (vii) to the Holders of the Class M-2 Certificates,
                  an amount equal to (x) the Subordinate Principal Distribution
                  Amount for such Class of Certificates for such Distribution
                  Date, minus (y) the amount of any Class A-P Collection
                  Shortfalls for such Distribution Date or remaining unpaid for
                  all previous Distribution Dates, to the extent the amounts
                  available pursuant to clause (x) of Sections 4.02(a)(ix),
                  (xi), (xiii), (xiv) and (xv) of this Series Supplement are
                  insufficient therefor, applied in reduction of the Certificate
                  Principal Balance of the Class M-2 Certificates;

                           (viii) to the Holders of the Class M-3 Certificates,
                  the Accrued Certificate Interest thereon for such Distribution
                  Date, plus any Accrued Certificate Interest thereon remaining
                  unpaid from any previous Distribution Date, except as provided
                  below;

                           (ix) to the Holders of the Class M-3 Certificates, an
                  amount equal to (x) the Subordinate Principal Distribution
                  Amount for such Class of Certificates for such Distribution
                  Date minus (y) the amount of any Class A-P Collection
                  Shortfalls for such Distribution Date or remaining unpaid for
                  all previous Distribution Dates, to the extent the amounts
                  available pursuant to clause (x) of Sections 4.02(a)(xi),
                  (xiii), (xiv) and (xv) of this Series Supplement are
                  insufficient therefor, applied in reduction of the Certificate
                  Principal Balance of the Class M-3 Certificates;

                           (x) to the Holders of the Class B-1 Certificates, the
                  Accrued Certificate Interest thereon for such Distribution
                  Date, plus any Accrued Certificate Interest thereon remaining
                  unpaid from any previous Distribution Date, except as provided
                  below;

                           (xi) to the Holders of the Class B-1 Certificates, an
                  amount equal to (x) the Subordinate Principal Distribution
                  Amount for such Class of Certificates for such Distribution
                  Date minus (y) the amount of any Class A-P Collection
                  Shortfalls for such Distribution Date or remaining unpaid for
                  all previous Distribution Dates, to the extent the amounts
                  available pursuant to clause (x) of Sections 4.02(a)(xiii),
                  (xiv) and (xv) of this Series Supplement are insufficient
                  therefor, applied in reduction of the Certificate Principal
                  Balance of the Class B-1 Certificates;

                                                       -31-

<PAGE>

                           (xii) to the Holders of the Class B-2 Certificates,
                  the Accrued Certificate Interest thereon for such Distribution
                  Date, plus any Accrued Certificate Interest thereon remaining
                  unpaid from any previous Distribution Date, except as provided
                  below;

                           (xiii) to the Holders of the Class B-2 Certificates,
                  an amount equal to (x) the Subordinate Principal Distribution
                  Amount for such Class of Certificates for such Distribution
                  Date minus (y) the amount of any Class A-P Collection
                  Shortfalls for such Distribution Date or remaining unpaid for
                  all previous Distribution Dates, to the extent the amounts
                  available pursuant to clause (x) of Sections 4.02(a)(xiv) and
                  (xv) of this Series Supplement are insufficient therefor,
                  applied in reduction of the Certificate Principal Balance of
                  the Class B-2 Certificates;

                           (xiv) to the Holders of the Class B-3 Certificates,
                  an amount equal to (x) the Accrued Certificate Interest
                  thereon for such Distribution Date, plus any Accrued
                  Certificate Interest thereon remaining unpaid from any
                  previous Distribution Date, except as provided below, minus
                  (y) the amount of any Class A-P Collection Shortfalls for such
                  Distribution Date or remaining unpaid for all previous
                  Distribution Dates, to the extent the amounts available
                  pursuant to clause (x) of Section 4.02(a) (xv) of this Series
                  Supplement are insufficient therefor;

                           (xv) to the Holders of the Class B-3 Certificates, an
                  amount equal to (x) the Subordinate Principal Distribution
                  Amount for such Class of Certificates for such Distribution
                  Date minus (y) the amount of any Class A-P Collection
                  Shortfalls for such Distribution Date or remaining unpaid for
                  all previous Distribution Dates applied in reduction of the
                  Certificate Principal Balance of the Class B-3 Certificates;

                           (xvi) to the Senior Certificates, in the priority set
                  forth in Section 4.02(b) of this Series Supplement, the
                  portion, if any, of the Available Distribution Amount
                  remaining after the foregoing distributions, applied to reduce
                  the Certificate Principal Balances of such Senior
                  Certificates, but in no event more than the aggregate of the
                  outstanding Certificate Principal Balances of each such Class
                  of Senior Certificates, and thereafter, to each Class of
                  Subordinate Certificates then outstanding beginning with such
                  Class with the Highest Priority, any portion of the Available
                  Distribution Amount remaining after the Senior Certificates
                  have been retired, applied to reduce the Certificate Principal
                  Balance of each such Class of Subordinate Certificates, but in
                  no event more than the outstanding Certificate Principal
                  Balance of each such Class of Subordinate Certificates; and

                         (xvii) to the Class R-II Certificates,  the balance, if
                    any, of the Available Distribution Amount.

         Notwithstanding the foregoing, on any Distribution Date, with respect
to the Class of Subordinate Certificates outstanding on such Distribution Date
with the Lowest Priority, or in the event the Subordinate Certificates are no
longer outstanding, the Senior Certificates, Accrued Certificate Interest
thereon remaining unpaid from any previous Distribution Date will be

                                                       -32-

<PAGE>

distributable only to the extent that such unpaid Accrued Certificate Interest
was attributable to interest shortfalls relating to the failure of the Master
Servicer to make any required Advance, or the determination by the Master
Servicer that any proposed Advance would be a Nonrecoverable Advance with
respect to the related Mortgage Loan where such Mortgage Loan has not yet been
the subject of a Cash Liquidation or REO Disposition or the related Liquidation
Proceeds, Insurance Proceeds and REO Proceeds have not yet been distributed to
the Certificateholders.

                  (b) Distributions of principal on the Senior Certificates on
         each Distribution Date occurring prior to the Credit Support Depletion
         Date will be made as follows:

                           (i) to the Class A-P Certificates, until the
                  Certificate Principal Balance thereof is reduced to zero, an
                  amount (the "Class A-P Principal Distribution Amount") equal
                  to the aggregate of:

                                    (A) the related Discount Fraction of the
                           principal portion of each Monthly Payment on each
                           Discount Mortgage Loan due during the related Due
                           Period, whether or not received on or prior to the
                           related Determination Date, minus the Discount
                           Fraction of the principal portion of any related Debt
                           Service Reduction which together with other
                           Bankruptcy Losses exceeds the Bankruptcy Amount;

                                    (B) the related Discount Fraction of the
                           principal portion of all unscheduled collections on
                           each Discount Mortgage Loan received during the
                           preceding calendar month or, in the case of Principal
                           Prepayments in Full, during the related Prepayment
                           Period (other than amounts received in connection
                           with a Cash Liquidation or REO Disposition of a
                           Discount Mortgage Loan described in clause (C)
                           below), including Principal Prepayments in Full,
                           Curtailments and repurchases (including deemed
                           repurchases under Section 3.07(b) of the Standard
                           Terms) of Discount Mortgage Loans (or, in the case of
                           a substitution of a Deleted Mortgage Loan, the
                           Discount Fraction of the amount of any shortfall
                           deposited in the Custodial Account in connection with
                           such substitution);

                                    (C) in connection with the Cash Liquidation
                           or REO Disposition of a Discount Mortgage Loan that
                           did not result in any Excess Special Hazard Losses,
                           Excess Fraud Losses, Excess Bankruptcy Losses or
                           Extraordinary Losses, an amount equal to the lesser
                           of (1) the applicable Discount Fraction of the Stated
                           Principal Balance of such Discount Mortgage Loan
                           immediately prior to such Distribution Date and (2)
                           the aggregate amount of the collections on such
                           Discount Mortgage Loan to the extent applied as
                           recoveries of principal;

                                    (D) any amounts allocable to principal for
                           any previous Distribution Date (calculated pursuant
                           to clauses (A) through (C) above) that remain
                           undistributed; and

                                                       -33-

<PAGE>

                                    (E) the amount of any Class A-P Collection
                           Shortfalls for such Distribution Date and the amount
                           of any Class A-P Collection Shortfalls remaining
                           unpaid for all previous Distribution Dates, but only
                           to the extent of the Eligible Funds for such
                           Distribution Date;

                           (ii) an amount equal to the Class A-6 Accrual
                  Distribution Amount shall be distributed, concurrently on a
                  pro rata basis, to the Class A-4 Certificates and Class A-5
                  Certificates, until the Certificate Principal Balances thereof
                  have been reduced to zero; and:

                           (iii) an amount equal to the Class A-11 Accrual
                  Distribution Amount shall be distributed, concurrently on a
                  pro rata basis, to the Class A-8 Certificates and Class A-10
                  Certificates, until the Certificate Principal Balances thereof
                  have been reduced to zero;

                           (iv) the Senior Principal Distribution Amount shall
                  be distributed, concurrently, to the Class R-I Certificates
                  and Class R-II Certificates, on a pro rata basis, until the
                  Certificate Principal Balances thereof have been reduced to
                  zero;

                           (v) the balance of the Senior Principal Distribution
                  Amount remaining after the distributions, if any, described in
                  clause (iv) above shall be distributed, concurrently on a pro
                  rata basis, to the Lockout Certificates, in reduction of the
                  Certificate Principal Balances thereof, until the Certificate
                  Principal Balances thereof have been reduced to zero, in an
                  amount equal to the Lockout Percentage of the Lockout
                  Certificates' pro rata share (based on the Certificate
                  Principal Balance thereof relative to the aggregate Stated
                  Principal Balance of the Mortgage Loans (other than the
                  Discount Fraction of the Discount Mortgage Loans)) of the
                  aggregate of the collections described in Section
                  4.02(a)(ii)(Y)(A), (B), (C) and (E) without any application of
                  the Senior Percentage or Senior Accelerated Distribution
                  Percentage;

                  provided that, if the aggregate of the amounts set forth in
                  Section 4.02(a)(ii)(Y)(A), (B), (C) and (E) is more than the
                  balance of the Available Distribution Amount remaining after
                  the Senior Interest Distribution Amount and the Class A-P
                  Distribution Amount have been distributed, the amount paid to
                  the Lockout Certificates pursuant to this clause (v) shall be
                  reduced by an amount equal to the Lockout Certificates' pro
                  rata share (based on the Certificate Principal Balance thereof
                  relative to the aggregate Stated Principal Balance of the
                  Mortgage Loans (other than the Discount Fraction of the
                  Discount Mortgage Loans)) of such difference;

                           (vi) the balance of the Senior Principal Distribution
                  Amount remaining after the distributions, if any, described in
                  clauses (iv) and (v) above shall be distributed in the
                  concurrently as follows:

                           (A) 7.01494895% in the following order of priority:

                                                       -34-

<PAGE>

                                            (1) first, sequentially, to the
                                            Class A-14 Certificates and Class
                                            A-17 Certificates, in each case
                                            until the aggregate Certificate
                                            Principal Balance of the Class A-14
                                            Certificates and Class A- 17
                                            Certificates has been reduced to the
                                            applicable Aggregate Planned
                                            Principal Balance for such
                                            Distribution Date;

                                            (2) second, concurrently on a pro
                                            rata basis, to the Class A-12
                                            Certificates and Class A-13
                                            Certificates, until the Certificate
                                            Principal Balances thereof have been
                                            reduced to zero; and

                                            (3) third, sequentially, to the
                                            Class A-14 Certificates and Class
                                            A-17 Certificates, without regard to
                                            the Aggregate Planned Principal
                                            Balance for such Distribution Date,
                                            in each case until the Certificate
                                            Principal Balance thereof has been
                                            reduced to zero;

                           (B) 92.98505105%, in the following order of priority:

          (1)  first,  concurrently  as  follows:  :  (a)  31.74900011%,  in the
               following manner and priority:

                         (i) first,  to the Class  A-1,  Class A-2 and Class A-3
                    Certificates,  in each case until the aggregate  Certificate
                    Principal  Balance of the Class A-1, Class A-2 and Class A-3
                    Certificates  has been reduced to the  applicable  Aggregate
                    Planned Principal Balance for such Distribution Date, in the
                    following manner and priority:

               (1)  first, to the Class A-1 Certificates; and

               (2)  second,  concurrently  on a pro rata basis, to the Class A-2
                    Certificates and Class A-3 Certificates;

               (ii) second,  concurrently  on a pro rata basis, to the Class A-4
                    Certificates and Class A-5 Certificates, until the aggregate
                    Certificate  Principal Balance of the Class A-4 Certificates
                    and  Class  A-5   Certificates   has  been  reduced  to  the
                    applicable  Aggregate  Targeted  Principal  Balance for such
                    Distribution Date;

                                                       -35-

<PAGE>

               (iii)third, to the Class A-6 Certificates,  until the Certificate
                    Principal Balance thereof has been reduced to zero;

               (iv) fourth,  concurrently  on a pro rata basis, to the Class A-4
                    Certificates and Class A-5  Certificates,  without regard to
                    the   Aggregate   Planned   Principal   Balance   for   such
                    Distribution Date, until the Certificate  Principal Balances
                    thereof have been reduced to zero;

               (v)  fifth,   to  the  Class   A-1,   Class  A-2  and  Class  A-3
                    Certificates, in the manner and priority set forth in clause
                    (vi)(B)(1)(a)(i)  above,  without  regard  to the  Aggregate
                    Planned  Principal  Balance for such  Distribution  Date, in
                    each case until the  Certificate  Principal  Balance thereof
                    have been reduced to zero;

               (b)  56.41919792%, in the following manner and priority:

               (i)  first,  concurrently  on a pro rata basis,  to the Class A-8
                    Certificates   and  Class  A-10   Certificates,   until  the
                    Certificate  Principal Balances thereof have been reduced to
                    zero; and

               (ii) second,   to  the  Class   A-11   Certificates,   until  the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero; and

               (c)  11.83180197%,  sequentially,  to the Class A-15 Certificates
                    and  Class  A-16  Certificates,   in  each  case  until  the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero; and

               (2)  second, to the Class A-7 Certificates, until the Certificate
                    Principal Balance thereof has been reduced to zero; and

                           (vii) the balance of the Senior Principal
                  Distribution Amount remaining after the distributions, if any,
                  described in clauses (iv) through (vi) above shall be
                  distributed to the Lockout Certificates, concurrently on a pro
                  rata basis, until the Certificate Principal Balances thereof
                  have been reduced to zero.
 .
                  (c) On or after the occurrence of the Credit Support Depletion
         Date but prior to the reduction of the Certificate Principal Balance of
         the Senior Support Certificates to zero, all priorities relating to
         distributions as described above in respect of principal among the
         various Classes of Senior Certificates (other than the Class A-P
         Certificates) will be

                                                       -36-

<PAGE>

         disregarded, and (i) the remaining Senior Principal Distribution Amount
         will be distributed to the Senior Certificates (other than the Class
         A-P Certificates) pro rata in accordance with their respective
         outstanding Certificate Principal Balances, (ii) the Senior Interest
         Distribution Amount will be distributed as described in Section
         4.02(a)(i) and (iii) an amount equal to the Discount Fraction of the
         principal portion of scheduled payments and unscheduled collections
         received or advanced in respect of Discount Mortgage Loans will be
         distributed to the Class A-P Certificates; provided, that the aggregate
         amount distributable to the Senior Support Certificates and Super
         Senior Certificates will be distributed among such Certificates in the
         following priority: first, to the related Super Senior Certificates, up
         to an amount equal to the Accrued Certificate Interest thereon; second
         to the Super Senior Certificates, up to the Super Senior Optimal
         Principal Distribution Amount, in reduction of the Certificate
         Principal Balance thereof, until such Certificate Principal Balance has
         been reduced to zero; third, to the Senior Support Certificates, up to
         an amount equal to the Accrued Certificate Interest thereon; and
         fourth, to the Senior Support Certificates, the remainder, until the
         Certificate Principal Balance thereof is reduced to zero.

                  (d) On or after the occurrence of the Credit Support Depletion
         Date and upon reduction of the Certificate Principal Balances of the
         Senior Support Certificates to zero, all priorities relating to
         distributions as described above in respect of principal among the
         various Classes of Senior Certificates (other than the Class A-P
         Certificates) will be disregarded, and (i) the remaining Senior
         Principal Distribution Amount will be distributed to the Senior
         Certificates (other than the Class A-P Certificates) pro rata in
         accordance with their respective outstanding Certificate Principal
         Balances, (ii) the Senior Interest Distribution Amount will be
         distributed as described in Section 4.02(a)(i) and (iii) an amount
         equal to the Discount Fraction of the principal portion of scheduled
         payments and unscheduled collections received or advanced in respect of
         Discount Mortgage Loans will be distributed to the related Class A-P
         Certificates

                  (e) After the reduction of the Certificate Principal Balances
         of the Senior Certificates (other than the Class A-P Certificates) to
         zero but prior to the Credit Support Depletion Date, the Senior
         Certificates (other than the Class A-P Certificates) will be entitled
         to no further distributions of principal thereon and the Available
         Distribution Amount will be paid solely to the holders of the Class A-P
         Certificates, Class A-V Certificates, Class M Certificates and Class B
         Certificates in each case as described herein.

                  (f) On each Distribution Date prior to the Class A-6 Accretion
         Termination Date, an amount equal to the Accrued Certificate Interest
         that would otherwise be distributed on the Class A-6 Certificates shall
         be added to Certificate Principal Balances of the Class A-4
         Certificates and Class A-5 Certificates. On or after the Class A-6
         Accretion Termination Date, the entire amount of Accrued Certificate
         Interest on the Class A-6 Certificates for such Distribution Date shall
         be payable to the Class A-6 Certificateholders pursuant to Section
         4.02(a)(i) of this Series Supplement to the extent not required to
         reduce the Certificate Principal Balances of the Class A-4 Certificates
         and Class A-5 Certificates to zero on such Accretion Termination Date;
         provided that if the Class A-6 Accretion Termination Date is the Credit
         Support Depletion Date, the entire amount of Accrued Certificate
         Interest on the Class A-6 Certificates for such Distribution Date will
         be paid to the Class A-6

                                                       -37-

<PAGE>

         Certificateholders. Any such Accrued Certificate Interest on the Class
         A-6 Certificates which is required to be paid to the holders of the
         Class A-4 Certificates and Class A-5 Certificates on such Accretion
         Termination Date will be added to the Certificate Principal Balance of
         the Class A-6 Certificates in the manner described in the first
         sentence of this Section 4.02(f).

                  (g) On each Distribution Date prior to the Class A-11
         Accretion Termination Date, an amount equal to the Accrued Certificate
         Interest that would otherwise be distributed on the Class A-11
         Certificates shall be added to Certificate Principal Balance of the
         Class A-8 Certificates and Class A-10 Certificates. On or after the
         Class A-11 Accretion Termination Date, the entire amount of Accrued
         Certificate Interest on the Class A-11 Certificates for such
         Distribution Date shall be payable to the Class A-11 Certificateholders
         pursuant to Section 4.02(a)(i) of this Series Supplement to the extent
         not required to reduce the Certificate Principal Balances of the Class
         A-8 Certificates and Class A-10 Certificates to zero on such Accretion
         Termination Date; provided that if the Class A-11 Accretion Termination
         Date is the Credit Support Depletion Date, the entire amount of Accrued
         Certificate Interest on the Class A-11 Certificates for such
         Distribution Date will be paid to the Class A-11 Certificateholders.
         Any such Accrued Certificate Interest on the Class A-11 Certificates
         which is required to be paid to the holders of the Class A-11
         Certificates on such Accretion Termination Date will be added to the
         Certificate Principal Balance of the Class A-8 Certificates and Class
         A-10 Certificates in the manner described in the first sentence of this
         Section 4.02(g).

                  (h) In addition to the foregoing distributions, with respect
         to any Mortgage Loan that was previously the subject of a Cash
         Liquidation or an REO Disposition that resulted in a Realized Loss, in
         the event that within two years of the date on which such Realized Loss
         was determined to have occurred the Master Servicer receives amounts,
         which the Master Servicer reasonably believes to represent subsequent
         recoveries (net of any related liquidation expenses), or determines
         that it holds surplus amounts previously reserved to cover estimated
         expenses, specifically related to such Mortgage Loan (including, but
         not limited to, recoveries in respect of the representations and
         warranties made by the related Seller pursuant to the applicable
         Seller's Agreement and assigned to the Trustee pursuant to Section
         2.04), the Master Servicer shall distribute such amounts to the
         applicable Certificateholders of the Class or Classes to which such
         Realized Loss was allocated (with the amounts to be distributed
         allocated among such Classes in the same proportions as such Realized
         Loss was allocated), and within each such Class to the
         Certificateholders of record as of the Record Date immediately
         preceding the date of such distribution (or if such Class of
         Certificates is no longer outstanding, to the Certificateholders of
         record at the time that such Realized Loss was allocated); provided
         that no such distribution to any Class of Certificates of subsequent
         recoveries related to a Mortgage Loan shall exceed, either individually
         or in the aggregate and together with any other amounts paid in
         reimbursement therefor, the amount of the related Realized Loss that
         was allocated to such Class of Certificates. Notwithstanding the
         foregoing, no such distribution shall be made with respect to the
         Certificates of any Class to the extent that either (i) such Class was
         protected against the related Realized Loss pursuant to any instrument
         or fund established under Section 11.01(e) or (ii) such Class of
         Certificates has been deposited into a separate trust fund or

                                                       -38-

<PAGE>

         other structuring vehicle and separate certificates or other
         instruments representing interests therein have been issued in one or
         more classes, and any of such separate certificates or other
         instruments were protected against the related Realized Loss pursuant
         to any limited guaranty, payment obligation, irrevocable letter of
         credit, surety bond, insurance policy or similar instrument or a
         reserve fund, or a combination thereof. Any amount to be so distributed
         with respect to the Certificates of any Class shall be distributed by
         the Master Servicer to the Certificateholders of record as of the
         Record Date immediately preceding the date of such distribution (i)
         with respect to the Certificates of any Class (other than the Class A-V
         Certificates), on a pro rata basis based on the Percentage Interest
         represented by each Certificate of such Class as of such Record Date
         and (ii) with respect to the Class A-V Certificates, to the Class A-V
         Certificates or any Subclass thereof in the same proportion as the
         related Realized Loss was allocated. Any amounts to be so distributed
         shall not be remitted to or distributed from the Trust Fund, and shall
         constitute subsequent recoveries with respect to Mortgage Loans that
         are no longer assets of the Trust Fund.

                  (i) Each distribution with respect to a Book-Entry Certificate
         shall be paid to the Depository, as Holder thereof, and the Depository
         shall be solely responsible for crediting the amount of such
         distribution to the accounts of its Depository Participants in
         accordance with its normal procedures. Each Depository Participant
         shall be responsible for disbursing such distribution to the
         Certificate Owners that it represents and to each indirect
         participating brokerage firm (a "brokerage firm") for which it acts as
         agent. Each brokerage firm shall be responsible for disbursing funds to
         the Certificate Owners that it represents. None of the Trustee, the
         Certificate Registrar, the Company or the Master Servicer shall have
         any responsibility therefor.

                  (j) Except as otherwise provided in Section 9.01, if the
         Master Servicer anticipates that a final distribution with respect to
         any Class of Certificates will be made on the next Distribution Date,
         the Master Servicer shall, no later than the Determination Date in the
         month of such final distribution, notify the Trustee and the Trustee
         shall, no later than two (2) Business Days after such Determination
         Date, mail on such date to each Holder of such Class of Certificates a
         notice to the effect that: (i) the Trustee anticipates that the final
         distribution with respect to such Class of Certificates will be made on
         such Distribution Date but only upon presentation and surrender of such
         Certificates at the office of the Trustee or as otherwise specified
         therein, and (ii) no interest shall accrue on such Certificates from
         and after the end of the related Interest Accrual Period. In the event
         that Certificateholders required to surrender their Certificates
         pursuant to Section 9.01(c) do not surrender their Certificates for
         final cancellation, the Trustee shall cause funds distributable with
         respect to such Certificates to be withdrawn from the Certificate
         Account and credited to a separate escrow account for the benefit of
         such Certificateholders as provided in Section 9.01(d).

               Section  4.03  Statements  to  Certificateholders.  (See  Section
                    4.03(a)  through (d) of the Standard Terms and Exhibit Three
                    attached hereto)

         (e) The Trustee will make the reports referred to in this Section 4.03
(and, at its option, any additional files containing the same information in an
alternative format) available each month to Certificateholders and other parties
to the Agreement via the Trustee's website, which is presently

                                                       -39-

<PAGE>

located at www.abs.bankone.com. Persons that are unable to use the above website
are entitled to have a paper copy mailed to them via first class mail by calling
the Trustee at (800) 524-9472. The Trustee shall have the right to change the
way the reports referred to in this Section 4.03 are distributed in order to
make such distribution more convenient and/or more accessible to the above
parties and to the Certificateholders. The Trustee shall provide timely and
adequate notification to all the parties mentioned above and to the
Certificateholders regarding any such change.

               Section 4.04  Distribution  of  Reports  to the  Trustee  and the
                    Company;  Advances by the Master Servicer. (See Section 4.04
                    of the Standard Terms)

         Section 4.05      Allocation of Realized Losses.

         Prior to each Distribution Date, the Master Servicer shall determine
the total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due during the related Due Period. The amount of each
Realized Loss shall be evidenced by an Officers' Certificate. All Realized
Losses, other than Excess Special Hazard Losses, Extraordinary Losses, Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows: first,
to the Class B-3 Certificates until the Certificate Principal Balance thereof
has been reduced to zero; second, to the Class B-2 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; third, to the
Class B-1 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; fourth, to the Class M-3 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; fifth, to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; sixth, to the Class M-1 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; and, thereafter, if any such Realized
Losses are on a Discount Mortgage Loan, to the Class A-P Certificates in an
amount equal to the Discount Fraction of the principal portion thereof, and the
remainder of such Realized Losses on the Discount Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount Mortgage Loans will be allocated
among all the Senior Certificates (other than the Class A-P Certificates) on a
pro rata basis, as described below. Any Excess Special Hazard Losses, Excess
Bankruptcy Losses, Excess Fraud Losses, Extraordinary Losses on Non-Discount
Mortgage Loans will be allocated among the Senior Certificates (other than the
Class A-P Certificates) and Subordinate Certificates, on a pro rata basis, as
described below. The principal portion of such Realized Losses on the Discount
Mortgage Loans will be allocated to the Class A-P Certificates in an amount
equal to the Discount Fraction thereof and the remainder of such Realized Losses
on the Discount Mortgage Loans and the entire amount of such Realized Losses on
Non-Discount Mortgage Loans will be allocated among the Senior Certificates
(other than the Class A-P Certificates) and Subordinate Certificates, on a pro
rata basis, as described below, provided, however, that Realized Losses
otherwise allocable to the Super Senior Certificates will be allocated to the
Senior Support Certificates until the Certificate Principal Balance of such
Senior Support Certificates is reduced to zero.

         As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes

                                                       -40-

<PAGE>

so specified, to each such Class of Certificates on the basis of their then
outstanding Certificate Principal Balances prior to giving effect to
distributions to be made on such Distribution Date in the case of the principal
portion of a Realized Loss or based on the Accrued Certificate Interest thereon
payable on such Distribution Date (without regard to any Compensating Interest
for such Distribution Date) in the case of an interest portion of a Realized
Loss; provided that, in determining the Certificate Principal Balance of the
Accrual Certificates for the purpose of allocating any portion of a Realized
Loss thereto, the Certificate Principal Balance of the Accrual Certificates
shall be deemed to be equal to the lesser of (a) the original Certificate
Principal Balance of such Certificate and (b) the Certificate Principal Balance
of such Certificate prior to giving effect to distributions made on such
Distribution Date. Except as provided in the following sentence, any allocation
of the principal portion of Realized Losses (other than Debt Service Reductions)
to a Class of Certificates shall be made by reducing the Certificate Principal
Balance thereof by the amount so allocated, which allocation shall be deemed to
have occurred on such Distribution Date. Any allocation of the principal portion
of Realized Losses (other than Debt Service Reductions) to the Subordinate
Certificates then outstanding with the Lowest Priority shall be made by
operation of the definition of "Certificate Principal Balance" and by operation
of the provisions of Section 4.02(a). Allocations of the interest portions of
Realized Losses shall be made in proportion to the amount of Accrued Certificate
Interest and by operation of the definition of "Accrued Certificate Interest"
and by operation of the provisions of Section 4.02(a). Allocations of the
principal portion of Debt Service Reductions shall be made by operation of the
provisions of Section 4.02(a). All Realized Losses and all other losses
allocated to a Class of Certificates hereunder will be allocated among the
Certificates of such Class in proportion to the Percentage Interests evidenced
thereby; provided that if any Subclasses of the Class A-V Certificates have been
issued pursuant to Section 5.01(c), such Realized Losses and other losses
allocated to the Class A-V Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate Interest payable
on such Distribution Date that would have resulted absent such reductions.

               Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged
                    Property. (See Section 4.06 of the Standard Terms)

               Section 4.07 Optional Purchase of Defaulted  Mortgage Loans. (See
                    Section 4.07 of the Standard Terms)

               Section 4.08 [Reserved]

               Section 4.09 Distributions on the Uncertificated  REMIC I Regular
                    Interests.

         (a) On each Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated REMIC I Regular Interests, from
REMIC I, the following amounts in the following order of priority to the extent
of the Available Distribution Amount reduced by distributions made to the Class
R-I Certificates pursuant to Section 4.02(a):

                (i) Uncertificated REMIC I Accrued Interest on the
         Uncertificated REMIC I Regular Interests for such Distribution Date,
         plus any Uncertificated REMIC I Accrued Interest thereon remaining
         unpaid from any previous Distribution Date; and

                                                       -41-

<PAGE>

               (ii) In accordance with the priority set forth in Section
         4.09(b), an amount equal to the sum of the amounts in respect of
         principal distributable on the Class A-1 Certificates, Class A-2
         Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5
         Certificates, Class A-6 Certificates, Class A-7 Certificates, Class A-8
         Certificates, Class A-9 Certificates, Class A-10 Certificates, Class
         A-11 Certificates, Class A-12 Certificates, Class A-13 Certificates,
         Class A-14 Certificates, Class A-15 Certificates, Class A-16
         Certificates, Class A-17 Certificates, Class A-18 Certificates, Class
         A-19 Certificates, Class A-20 Certificates, Class A-21 Certificates,
         Class A-22 Certificates, Class A-23 Certificates, Class A-P
         Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3
         Certificates, Class B- 1 Certificates, Class B-2 Certificates, Class
         B-3 Certificates and Class R-II Certificates under Section 4.02(a), as
         allocated thereto pursuant to Section 4.02(b).

         (b) The amount described in Section 4.09(a)(ii) shall be deemed
distributed to (i) Uncertificated REMIC I Regular Interest Q, (ii)Uncertificated
REMIC I Regular Interest R, (iii) Uncertificated REMIC I Regular Interest S,
(iv) Uncertificated REMIC I Regular Interest T, (v) Uncertificated REMIC I
Regular Interest V, (vi) Uncertificated REMIC I Regular Interest W, (vii)
Uncertificated REMIC I Regular Interest X, (viii) Uncertificated REMIC I Regular
Interest Y and (ix) Uncertificated REMIC I Regular Interest Z with the amount to
be distributed allocated among such interests in accordance with the priority
assigned to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii)
Class A-3 Certificates, (iv) Class A-4, Class A-5, Class A-6, Class A-7, Class
A-11, Class A-12, Class A-13, Class A-15, Class A-16, Class A-21, Class A-22,
Class A-23, Class R-II, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2
and Class B-3 Certificates, (v) Class A-8 Certificates, (vi) Class A-10
Certificates, (vii) Class A-14 Certificates, (viii) Class A-17 Certificates and
(ix) Class A-P Certificates, respectively, under Section 4.02(b) until the
Uncertificated Principal Balance of each such interest is reduced to zero.

         (c) The portion of the Uncertificated REMIC I Regular Interest
Distribution Amounts described in Section 4.09(a)(i) shall be deemed distributed
by REMIC I to REMIC II in accordance with the priority assigned to the REMIC II
Certificates relative to that assigned to the REMIC I Certificates under Section
4.02(b).

         (d) In determining from time to time the Uncertificated REMIC I Regular
Interest Distribution Amounts, Realized Losses allocated to the Certificates
shall be allocated to Uncertificated REMIC I Regular Interests in the same
amounts and priorities as allocated to the Corresponding Certificated Interests.

         (e) Notwithstanding the deemed distributions on the Uncertificated
REMIC I Regular Interests described in this Section 4.09, distributions of funds
from the Certificate Account shall be made only in accordance with Section 4.02.

               Section 4.10 Distributions on the Uncertificated  Class A-V REMIC
                    Regular Interests.

         (a) On each Distribution Date, the Trustee shall be deemed to
distribute to itself, as the holder of the Uncertificated Class A-V REMIC
Regular Interests, from REMIC II, Uncertificated Class A-V REMIC Accrued
Interest on the Uncertificated Class A-V REMIC Regular Interests for

                                                       -42-

<PAGE>

such Distribution Date, plus any Uncertificated Class A-V REMIC Accrued Interest
thereon remaining unpaid from any previous Distribution Date.

         (b) In determining from time to time the Uncertificated Class A-V REMIC
Regular Interest Distribution Amounts, Realized Losses allocated to the Class
A-V Certificates under Section 4.05 shall be deemed allocated to Uncertificated
Class A-V REMIC Regular Interests on a pro rata basis based on the
Uncertificated Class A-V REMIC Accrued Interest for the related Distribution
Date.

         (c) On each Distribution Date, the Trustee shall be deemed to
distribute from the Trust Fund, in the priority set forth in Sections 4.02(a),
to the Class A-V Certificates, the amounts distributable thereon from the
Uncertificated Class A-V REMIC Regular Interest Distribution Amounts deemed to
have been received by the Trustee from the Trust Fund under this Section 4.08.
The amount deemed distributable hereunder with respect to the Class A-V
Certificates shall equal 100% of the amounts payable with respect to the
Uncertificated Class A-V REMIC Regular Interests.

         (d) Notwithstanding the deemed distributions on the Uncertificated
Class A-V REMIC Regular Interests described in this Section 4.10, distributions
of funds from the Certificate Account shall be made only in accordance with
Section 4.02.

                                                       -43-

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES

               Section 5.01. The Certificates. (See Section 5.01 of the Standard
                    Terms)

               Section  5.02.   Registration   of  Transfer   and   Exchange  of
                    Certificates.

               (a) -  (e)(iii)(A).  (See Section  5.02(a) -  (e)(iii)(A)  of the
               Standard Terms)

                  (B) Any purported Certificate Owner whose acquisition or
                  holding of any Class M Certificate (or interest therein) was
                  effected in violation of the restrictions in this Section
                  5.02(e) shall indemnify and hold harmless the Company, the
                  Trustee, the Master Servicer, any Subservicer, the
                  Underwriters and the Trust Fund from and against any and all
                  liabilities, claims, costs or expenses incurred by such
                  parties as a result of such acquisition or holding.

                  (f) - (h).  (See Section 5.02(f) - (h) of the Standard Terms)

               Section 5.03. Mutilated,  Destroyed, Lost or Stolen Certificates.
                    (See Section 5.03 of the Standard Terms)

               Section 5.04.  Persons  Deemed  Owners.  (See Section 5.04 of the
                    Standard Terms)

               Section 5.05.  Appointment of Paying Agent.  (See Section 5.05 of
                    the Standard Terms)

                                                       -44-

<PAGE>

                                                    ARTICLE VI

                                        THE COMPANY AND THE MASTER SERVICER
                                      (See Article VI of the Standard Terms)

                                                       -45-

<PAGE>

                                                    ARTICLE VII

                                                      DEFAULT
                                      (See Article VII of the Standard Terms)

                                                       -46-

<PAGE>

                                                   ARTICLE VIII

                                              CONCERNING THE TRUSTEE
                                     (See Article VIII of the Standard Terms)

                                                       -47-

<PAGE>

                                                    ARTICLE IX

                                                    TERMINATION
                                      (See Article IX of the Standard Terms)

                                                       -48-

<PAGE>

                                                     ARTICLE X

                                                 REMIC PROVISIONS

               Section 10.01 REMIC  Administration.  (See  Section  10.01 of the
                    Standard Terms)

               Section 10.02 Master Servicer;  REMIC  Administrator  and Trustee
                    Indemnification. (See Section 10.02 of the Standard Terms)

               Section 10.03 Designation of REMIC(s).

         The REMIC Administrator will make elections to treat each of REMIC I
and REMIC II, and subject to this Agreement (including the Mortgage Loans but
excluding the Initial Monthly Payment Fund) as a REMIC for federal income tax
purposes.

         The Uncertificated REMIC I Regular Interests shall be designated as the
"regular interests" and the Class R-I Certificates shall be designated as the
sole class of "residual interest" in the REMIC I. The Class A-1 Certificates,
Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class
A-5 Certificates, Class A-6 Certificates, Class A-7 Certificates, Class A-8
Certificates, Class A-9 Certificates, Class A-10 Certificates, Class A-11
Certificates, Class A-12 Certificates, Class A-13 Certificates, Class A-14
Certificates, Class A-15 Certificates, Class A-16 Certificates, Class A-17
Certificates, Class A-18 Certificates, Class A-19 Certificates, Class A-20
Certificates, Class A-21 Certificates, Class A-22 Certificates, Class A-23
Certificates, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2
and Class B-3 Certificates and the rights in and to which will be represented by
the Class A-V Certificates, will be "regular interests" in REMIC II, and the
Class R-II Certificates will be the sole class of "residual interests" therein
for purposes of the REMIC Provisions (as defined in the Standard Terms) under
federal income tax law. On and after the date of issuance of any Subclass of
Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, any
such Subclass will represent the Uncertificated Class A-V REMIC Regular Interest
or Interests specified by the initial Holder of the Class A-V Certificates
pursuant to said Section.

         Section 10.04     [Reserved].
                           -----------

         Section 10.05     Compliance with Withholding Requirements.
                           -----------------------------------------

         Notwithstanding any other provision of this Agreement, the Trustee or
any Paying Agent, as applicable, shall comply with all federal withholding
requirements respecting payments to Certificateholders, including interest or
original interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable, reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying Agent, as applicable, does withhold any
amount from interest or original issue discount payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements, the Trustee
or any Paying Agent, as applicable, shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                                       -49-

<PAGE>

                                                    ARTICLE XI

                                             MISCELLANEOUS PROVISIONS

               Section 11.01  Amendment.  (See  Section  11.01  of the  Standard
                    Terms)

               Section  11.02  Recordation  of  Agreement.   Counterparts.  (See
                    Section 11.02 of the Standard Terms)

               Section 11.03  Limitation on Rights of  Certificateholders.  (See
                    Section 11.03 of the Standard Terms)

               Section 11.04  Governing Laws. (See Section 11.04 of the Standard
                    Terms)

               Section 11.05 Notices. All demands and notices hereunder shall be
                    in  writing  and shall be deemed to have been duly  given if
                    personally  delivered  at  or  mailed  by  registered  mail,
                    postage  prepaid  (except for  notices to the Trustee  which
                    shall be deemed to have been duly given only when received),
                    to the appropriate  address for each recipient listed in the
                    table  below or, in each  case,  such  other  address as may
                    hereafter be  furnished  in writing to the Master  Servicer,
                    the Trustee and the Company, as applicable:

               Recipient                         Address

                           8400 Normandale Lake Boulevard
                           Suite 250, Minneapolis, Minnesota  55437,
Company                    Attention:  President
                           2255 N. Ontario Street, Suite 400
                           Burbank, California 91504-2130,
Master Servicer            Attention:  Managing Director/Master Servicing
                           Corporate Trust Office
                           The Trustee designates its offices
                           located at 55 Water Street, 1th Floor
                           New York, New York 10041`, for the
                           purposes of Section 8.12
Trustee                    of the Standard Terms
                           99 Church Street
Moody's                    New York, New York 10007
                           55 Water Street
Standard & Poor's          New York, New York 10041

Any notice required or permitted to be mailed to a Certificateholder shall be
given by first class mail, postage prepaid, at the address of such holder as
shown in the Certificate Register. Any notice so

                                                       -50-

<PAGE>

mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives
such notice.

               Section 11.06 Required  Notices to Rating Agency and Subservicer.
                    (See Section 11.06 of the Standard Terms)

               Section 11.07  Severability of Provisions.  (See Section 11.07 of
                    the Standard Terms)

               Section 11.08 Supplemental Provisions for Resecuritization.  (See
                    Section 11.08 of the Standard Terms)

               Section 11.09 Allocation of Voting Rights.

         94.0% of all Voting Rights shall be allocated among Holders of
Certificates, other than the Interest Only Certificates and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates, 1.0% of all Voting Rights shall be allocated
among the Holders of the Class A-9 Certificates in accordance with their
respective Percentage Interests, 1.0% of all Voting Rights shall be allocated
among the Holders of the Class A-18 Certificates in accordance with their
respective Percentage Interests, 1.0% of all Voting Rights shall be allocated
among the Holders of the Class A-19 Certificates in accordance with their
respective Percentage Interests, 1.0% of all Voting Rights shall be allocated
among the Holders of the Class A-20 Certificates in accordance with their
respective Percentage Interests, 1.0% of all Voting Rights shall be allocated
among the Holders of the Class A-V Certificates in accordance with their
respective Percentage Interests; and 0.5% and 0.5% of all Voting Rights shall be
allocated among the Holders of the Class R-I Certificates and Class R-II
Certificates, respectively, in accordance with their respective Percentage
Interests.

                                                       -51-

<PAGE>

                                   ARTICLE XII

                                   [RESERVED]

                                      -52-

<PAGE>

         IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.

[Seal]                             RESIDENTIAL FUNDING MORTGAGE
                                            SECURITIES I, INC.

Attest:                            By:
        ---------------------------
         Name:    Lisa Lundsten             Name:  Randy Van Zee
         Title:   Vice President            Title:    Vice President

[Seal]
                                   RESIDENTIAL FUNDING CORPORATION

Attest:                            By:
        ---------------------------
         Name:    Randy Van Zee             Name:  Lisa Lundsten
         Title:   Director                  Title:    Managing Director

[Seal]                             BANK ONE, NATIONAL ASSOCIATION
                                                          as Trustee

Attest:
        ---------------------------
         Name:                     By:
                                      --------------------------------------
         Title:                             Name:   Keith R. Richardson
                                            Title:     Vice President

                                                        -1-

<PAGE>

STATE OF MINNESOTA                     )
                                       ) ss.:
COUNTY OF HENNEPIN                     )

                  On the 29th day of November, 2001 before me, a notary public
in and for said State, personally appeared Randy Van Zee, known to me to be a
Vice President of Residential Funding Mortgage Securities I, Inc., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                               Notary Public

                                                               -----------------

[Notarial Seal]

                                                        -2-

<PAGE>

STATE OF MINNESOTA                     )
                                       ) ss.:
COUNTY OF HENNEPIN                     )

                  On the 29th day of November, 2001 before me, a notary public
in and for said State, personally appeared Lisa Lundsten, known to me to be a
Managing Director of Residential Funding Corporation, one of the corporations
that executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                               Notary Public

                                                               ----------------

[Notarial Seal]

                                                        -3-

<PAGE>

STATE OF ILLINOIS                      )
                                       ) ss.:
COUNTY OF COOK                         )

                  On the 29th day of November, 2001 before me, a notary public
in and for said State, personally appeared Keith R. Richardson, known to me to
be a Vice President of Bank One, National Association, a national banking
association that executed the within instrument, and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                               Notary Public

                                                               ----------------

[Notarial Seal]

                                                        -4-

<PAGE>

                                                    EXHIBIT ONE
                                              MORTGAGE LOAN SCHEDULE
                                             (Available Upon Request)

  RUN ON     : 11/26/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 11.34.21           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S26                                 CUTOFF : 11/01/01
  POOL       : 0004551
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ---------------------------------------------------------------------------

      4035607                              .2500
      343,434.41                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      4509604                              .2500
      296,247.15                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      4640585                              .2500
      466,632.11                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      4683134                              .2500
      398,459.53                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      4743944                              .2500
      454,599.23                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      4822592                              .2500
      586,238.01                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
1

      4922269                              .2500
      366,335.51                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      4948740                              .2500
      318,736.65                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      4970509                              .2500
      448,991.81                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      4981813                              .2500
      460,471.89                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      4987524                              .2500
      349,542.79                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5050390                              .2500
      184,575.08                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5072321                              .2500
      616,782.31                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5096542                              .2500
      339,219.06                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      5103031                              .2500
      116,557.27                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5134358                              .2500
      419,082.25                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5154795                              .2500
      338,594.88                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5162997                              .2500
      348,629.46                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5178554                              .2500
      404,782.56                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5191791                              .2500
      374,700.12                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5196631                              .2500
      288,705.68                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5201202                              .2500
      400,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000
1

      5201651                              .2500
      449,571.99                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5205885                              .2500
      332,026.68                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5224197                              .2500
      573,008.82                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5232589                              .2500
      535,602.21                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5235818                              .2500
      306,056.92                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5240855                              .2500
      392,369.59                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5254230                              .2500
      360,406.46                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5255682                              .2500
      319,268.76                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1

      5259171                              .2500
      398,343.97                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5259397                              .2500
      316,500.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5259908                              .2500
      335,228.27                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5265948                              .2500
      374,441.66                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5266087                              .2500
      350,995.77                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5285666                              .2500
      648,469.59                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5298845                              .2500
      337,321.28                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5303681                              .2500
      307,505.92                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5314362                              .2500
      314,455.27                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5317580                              .2500
      572,464.60                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5329529                              .2500
      343,500.46                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5343483                              .2500
      247,685.75                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      5343584                              .2500
      298,815.62                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5364976                              .2500
      629,532.45                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5374239                              .2500
      309,280.59                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5374240                              .2500
      338,181.86                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5378542                              .2500
      295,525.17                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5380467                              .2500
      289,556.30                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5380545                              .2500
      490,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5385485                              .2500
      256,500.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5387534                              .2500
      398,390.93                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5391939                              .2500
      358,159.11                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5391941                              .2500
      457,097.38                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5391942                              .2500
      402,984.97                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450
1

      5391943                              .2500
      290,707.25                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5393484                              .2500
      475,236.42                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5393985                              .2500
      377,705.12                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5394170                              .2500
      314,754.27                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5398076                              .2500
      424,660.13                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5398208                              .2500
      286,300.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5407991                              .2500
      356,957.94                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5408098                              .2500
      342,741.12                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5408233                              .2500
      355,980.49                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5409488                              .2500
      611,034.70                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5409518                              .2500
      297,178.56                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5410178                              .2500
      348,221.31                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5415936                              .2500
      347,901.06                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5417586                              .2500
      269,226.91                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5419305                              .2500
      328,535.07                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5419664                              .2500
      715,849.83                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5421789                              .2500
      287,592.15                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5422886                              .2500
      393,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5422952                              .2500
      808,763.53                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5423892                              .2500
      327,486.71                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5425161                              .2500
      346,970.21                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5425174                              .2500
      328,335.94                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5428855                              .2500
      315,753.49                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5429034                              .2500
      461,639.60                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5432074                              .2500
      395,603.39                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5437312                              .2500
      329,736.11                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5439746                              .2500
      368,557.84                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5442013                              .2500
      125,311.49                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5444118                              .2500
      299,530.53                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5445862                              .2500
      649,492.93                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5446784                              .2500
      377,682.44                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5452388                              .2500
      309,775.62                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1

      5453670                              .2500
      287,775.33                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5454334                              .2500
      342,938.85                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5458806                              .2500
      369,704.12                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5458910                              .2500
      299,016.56                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5462931                              .2500
      332,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5465154                              .2500
       54,112.73                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5466478                              .2500
      334,125.89                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5466769                              .2500
      416,349.76                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5468161                              .2500
      307,759.73                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5468510                              .2500
      297,038.26                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5468575                              .2500
      423,661.77                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5468609                              .2500
      501,492.75                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5468635                              .2500
      415,165.13                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5468797                              .2500
      316,781.84                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5468834                              .2500
      398,003.73                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5468955                              .2500
      368,992.64                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1

      5472135                              .2500
      378,194.29                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5472539                              .2500
      456,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5474759                              .2500
      335,235.93                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5474793                              .2500
      329,195.18                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5476751                              .2500
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            6.5000                         .2950

      6280948                              .2500
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            7.0000                         .0000
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            6.5000                         .1700

      6281388                              .2500
      373,162.08                          .0800
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            7.2500                         .0000
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            6.5000                         .6700

      6281536                              .2500
      408,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6283240                              .2500
      399,000.00                          .0300
            6.7500                         .0000
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            6.4700                         .0000

      6283242                              .2500
      322,200.00                          .0800
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            6.5000                         .0450

      6283248                              .2500
      370,000.00                          .0300
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            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6283406                              .2500
      399,687.96                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      6283808                              .2500
      337,429.94                          .0800
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            6.7950                         .0000
            6.5000                         .2950

      6284430                              .2500
      499,217.55                          .0800
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            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6284786                              .2500
      329,755.09                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6291762                              .2500
      328,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6292146                              .2500
      375,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6292282                              .2500
      403,200.00                          .0800
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            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6292570                              .2500
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            6.5000                         .5450

      6293846                              .2500
      359,900.00                          .0800
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            6.5000                         .0450
1

      6293872                              .2500
      600,000.00                          .0800
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            6.5000                         .0450

      6294456                              .2500
      404,500.00                          .0800
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            6.5000                         .0450

      6295054                              .2500
      633,505.42                          .0800
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            6.9200                         .0000
            6.5000                         .4200

      6295498                              .2500
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      6296396                              .2500
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      6298714                              .2500
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      6299094                              .2500
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      6299396                              .2500
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            6.6700                         .0000
            6.5000                         .1700
1

      6299882                              .2500
      528,000.00                          .0800
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            6.7950                         .0000
            6.5000                         .2950

      6300352                              .2500
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      6300586                              .2500
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            6.5000                         .4200

      6300602                              .2500
      334,738.66                          .0800
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            6.9200                         .0000
            6.5000                         .4200

      6300778                              .2500
      309,775.62                          .0800
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            6.5000                         .7950

      6301040                              .2500
      310,000.00                          .0300
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            6.2500                         .0000
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            6.2200                         .0000

      6302090                              .2500
      552,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6302506                              .2500
      305,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
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            6.5000                         .6700
1

      6302610                              .2500
      409,655.55                          .0800
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            6.5000                         .0450

      6303498                              .2500
      382,500.00                          .0800
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            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6306916                              .2500
      640,000.00                          .0300
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            6.4700                         .0000

      6307208                              .2500
      400,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6307418                              .2500
      650,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6307650                              .2500
      409,655.55                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6307710                              .2500
      463,110.60                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6308002                              .2500
      495,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      6308362                              .2500
      452,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6308476                              .2500
      580,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6308906                              .2500
      650,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6309068                              .2500
      377,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6309534                              .2500
      337,300.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6309910                              .2500
      324,733.59                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6309972                              .2500
      350,000.00                          .0300
            6.7500                         .0000
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            6.4700                         .0000

      6310088                              .2500
      514,588.15                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      6310378                              .2500
      300,000.00                          .0800
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            6.5000                         .1700

      6311160                              .2500
      411,500.00                          .0300
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      6311376                              .2500
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      6312074                              .2500
      465,000.00                          .0800
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      6312176                              .2500
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      6312500                              .2500
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      6313762                              .2500
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      6313972                              .2500
      421,870.64                          .0800
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            6.5000                         .4200
1

      6314502                              .2500
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      6315344                              .2500
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      6319690                              .2500
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      6319728                              .2500
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      6319794                              .2500
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      6319826                              .2500
      152,000.00                          .0800
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      6320354                              .2500
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      6320562                              .2500
      399,703.14                          .0800
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            6.5000                         .6700
1

      6321098                              .2500
      516,000.00                          .0800
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            6.5000                         .1700

      6321256                              .2500
      640,000.00                          .0800
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      6321370                              .2500
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      6321414                              .2500
      300,000.00                          .0800
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            6.5000                         .6700

      6321976                              .2500
      472,000.00                          .0300
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      6322084                              .2500
      418,000.00                          .0300
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      6322170                              .2500
      346,000.00                          .0800
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            6.9200                         .0000
            6.5000                         .4200

      6322330                              .2500
      349,705.95                          .0800
            6.8750                         .0000
            6.6250                         .0000
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            6.5000                         .0450
1

      6322530                              .2500
      300,000.00                          .0800
            7.2500                         .0000
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            6.9200                         .0000
            6.5000                         .4200

      6322726                              .2500
      357,750.00                          .0300
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      6327252                              .2500
      600,000.00                          .0800
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            6.9200                         .0000
            6.5000                         .4200

      6330686                              .2500
      285,500.00                          .0800
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            6.5000                         .1700

      6331328                              .2500
      372,000.00                          .0800
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            6.5000                         .1700

      6331514                              .2500
      375,000.00                          .0800
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            6.5000                         .1700

      6332524                              .2500
      374,500.00                          .0800
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            6.5000                         .0450

      6333014                              .2500
      535,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      6334378                              .2500
      428,800.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6334722                              .2500
      448,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6335850                              .2500
      416,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
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            6.4700                         .0000

      6336490                              .2500
      334,800.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
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            6.4700                         .0000

      6336492                              .2500
      356,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6336498                              .2500
      640,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6344296                              .2500
      320,000.00                          .0800
            7.2500                         .0000
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            6.9200                         .0000
            6.5000                         .4200

      6344300                              .2500
      411,800.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6345076                              .2500
      500,500.00                          .0800
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            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6345134                              .2500
      774,200.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
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            6.5000                         .0450

      6345226                              .2500
      553,000.00                          .0300
            6.7500                         .0000
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            6.4700                         .0000

      6345230                              .2500
      336,000.00                          .0300
            6.7500                         .0000
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            6.4700                         .0000
            6.4700                         .0000

      6345232                              .2500
      520,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6345244                              .2500
      336,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6345250                              .2500
      375,500.00                          .0300
            6.7500                         .0000
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            6.4700                         .0000
            6.4700                         .0000

      6345252                              .2500
      366,500.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      6345494                              .2500
      335,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6346688                              .2500
      352,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6346910                              .2500
      306,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6347496                              .2500
      479,200.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6347970                              .2500
      321,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6348650                              .2500
      311,250.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6348868                              .2500
      370,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6348966                              .2500
      384,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      6350712                              .2500
      359,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6352762                              .2500
      336,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6353596                              .2500
      343,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6355758                              .2500
      650,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6358684                              .2500
      344,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6362148                              .2500
      330,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      6363952                              .2500
      480,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      6376070                              .2500
      388,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6376096                              .2500
      343,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6376102                              .2500
      381,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6376104                              .2500
      999,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6378630                              .2500
      440,800.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6401710                              .2500
      412,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6408302                              .2500
      323,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6408320                              .2500
      286,900.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6408428                              .2500
      122,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      6425222                              .2500
      387,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6426434                              .2500
      388,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6426442                              .2500
      500,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6426450                              .2500
      650,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6426454                              .2500
      798,200.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6426460                              .2500
      355,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6426534                              .2500
      428,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6436396                              .2500
      320,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6448108                              .2500
      309,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6450738                              .2500
      391,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

  TOTAL NUMBER OF LOANS:     1536
  TOTAL BALANCE........:        619,806,953.16

  RUN ON     : 11/26/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 11.34.21            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S26       FIXED SUMMARY REPORT      CUTOFF : 11/01/01
  POOL       : 0004551
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        7.1275            6.2500      8.3750
  RFC NET RATE                          6.8503            6.0000      8.1250
  NET MTG RATE(INVSTR RATE)             6.7774            5.9700      8.0450
  POST STRIP RATE                       6.4888            5.9700      6.5000
  SUB SERV FEE                           .2771             .2500       .7500
  MSTR SERV FEE                          .0729             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .2886             .0000      1.5450

  TOTAL NUMBER OF LOANS:  1536
  TOTAL BALANCE........:     619,806,953.16

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 11/26/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 11.34.21          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S26                                 CUTOFF : 11/01/01
  POOL       : 0004551
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    4035607          F26/G01             F          344,000.00         ZZ
                                         360        343,434.41          1
                                       7.000          2,288.64         64
                                       6.750          2,288.64
    KENMORE          WA   98028          4            09/05/01         00
    0433262656                           05           10/01/01          0
    7142699100                           O            09/01/31
    0

    4509604          369/G01             F          297,000.00         ZZ
                                         360        296,247.15          1
                                       6.875          1,951.08         67
                                       6.625          1,951.08
    GLEN MILLS       PA   19342          1            07/31/01         00
    0433117660                           05           09/01/01          0
    16898612                             O            08/01/31
    0

    4640585          994/X14             F          468,000.00         ZZ
                                         360        466,632.11          1
                                       7.625          3,312.48         80
                                       7.375          3,312.48
    CLOISTER         NJ   07624          1            06/13/01         00
    1000290641                           05           08/01/01          0
    1000290641                           O            07/01/31
    0

    4683134          994/X14             F          399,950.00         ZZ
                                         360        398,459.53          1
                                       7.625          2,830.82         73
                                       7.375          2,830.82
    FAIRFIELD        NJ   07004          1            05/22/01         00
    001999992123                         05           07/01/01          0
1

    001999992123                         O            06/01/31
    0

    4743944          664/G01             F          456,000.00         ZZ
                                         360        454,599.23          1
                                       7.375          3,149.48         80
                                       7.125          3,149.48
    TUSTIN           CA   92782          1            06/04/01         00
    0433219433                           03           08/01/01          0
    0008079410                           O            07/01/31
    0

    4822592          994/X14             F          588,000.00         ZZ
                                         360        586,238.01          1
                                       7.500          4,111.39         67
                                       7.250          4,111.39
    UPPER BROOKVILL  NY   11771          1            06/05/01         00
    1000268793                           05           08/01/01          0
    1000268793                           O            07/01/31
    0

    4922269          W64/G01             F          368,000.00         ZZ
                                         360        366,335.51          1
                                       7.500          2,573.11         80
                                       7.250          2,573.11
    MONTCLAIR        NJ   07043          2            04/19/01         00
    0433009990                           05           06/01/01          0
    7141401                              O            05/01/31
    0

    4948740          286/286             F          320,000.00         ZZ
                                         360        318,736.65          1
                                       7.250          2,182.97         59
                                       7.000          2,182.97
    JAMAICA ESTATES  NY   11354          1            05/22/01         00
    9382602                              05           07/01/01          0
    9382602                              O            06/01/31
    0

    4970509          994/X14             F          450,000.00         ZZ
                                         360        448,991.81          1
                                       7.500          3,146.47         47
                                       7.250          3,146.47
    ROSLYN           NY   11577          1            07/02/01         00
    1000281587                           05           09/01/01          0
    1000281587                           O            08/01/31
    0

1

    4981813          B60/G01             F          462,000.00         ZZ
                                         360        460,471.89          1
                                       7.000          3,073.70         80
                                       6.750          3,073.70
    LOS ANGELES      CA   90064          1            06/12/01         00
    0433010139                           05           08/01/01          0
    323402                               O            07/01/31
    0

    4987524          B60/G01             F          350,980.00         ZZ
                                         360        349,542.79          1
                                       7.125          2,364.62         78
                                       6.875          2,364.62
    FAIRFAX          VA   22030          2            06/24/01         00
    0433220837                           03           08/01/01          0
    336561                               O            07/01/31
    0

    5050390          B60/G01             F          185,000.00         ZZ
                                         360        184,575.08          1
                                       7.375          1,277.75         49
                                       7.125          1,277.75
    LOS ANGELES      CA   90019          1            06/27/01         00
    0433050606                           05           09/01/01          0
    336553                               O            08/01/31
    0

    5072321          H06/G01             F          620,000.00         ZZ
                                         360        616,782.31          1
                                       7.125          4,177.05         69
                                       6.875          4,177.05
    ROCHESTER        MN   55902          1            07/13/01         00
    0433301694                           05           09/01/01          0
    0600044507                           O            08/01/31
    0

    5096542          L75/G01             F          340,000.00         ZZ
                                         360        339,219.06          1
                                       7.375          2,348.30         63
                                       7.125          2,348.30
    WEST JEFFERSON   NC   28694          5            07/19/01         00
    0433118718                           05           09/01/01          0
    011001089                            O            08/01/31
    0

    5103031          U05/G01             F          116,800.00         ZZ
                                         360        116,557.27          1
                                       7.875            846.88         80
                                       7.625            846.88
1

    BROWNSVILLE      TX   78521          5            07/25/01         00
    0433242872                           05           09/01/01          0
    3150036                              O            08/01/31
    0

    5134358          Q97/G01             F          420,000.00         ZZ
                                         360        419,082.25          1
                                       7.625          2,972.73         80
                                       7.375          2,972.73
    WALPOLE          MA   02068          1            07/31/01         00
    0433219680                           05           09/01/01          0
    16070045                             O            08/01/31
    0

    5154795          A35/G01             F          339,300.00         ZZ
                                         360        338,594.88          1
                                       7.875          2,460.16         90
                                       7.625          2,460.16
    PLAINVIEW        NY   11803          1            07/30/01         10
    0433294253                           05           09/01/01         25
    S11835                               O            08/01/31
    0

    5162997          994/X14             F          350,000.00         ZZ
                                         360        348,629.46          1
                                       7.625          2,477.28         77
                                       7.375          2,477.28
    GRESHAM          OR   97080          1            07/26/01         00
    818617953                            05           09/01/01          0
    818617953                            O            08/01/31
    0

    5178554          144/144             F          405,669.00         ZZ
                                         360        404,782.56          1
                                       7.625          2,871.30         53
                                       7.375          2,871.30
    GREENWICH        CT   06831          5            07/30/01         00
    160670497                            05           09/01/01          0
    160670497                            O            08/01/31
    0

    5191791          A35/G01             F          375,000.00         ZZ
                                         360        374,700.12          1
                                       7.125          2,526.44         72
                                       6.875          2,526.44
    PORT JEFFERSON   NY   11777          1            09/17/01         00
    0433236510                           05           11/01/01          0
    S12234                               O            10/01/31
    0
1

    5196631          025/025             F          290,000.00         ZZ
                                         360        288,705.68          1
                                       7.500          2,027.72         68
                                       7.250          2,027.72
    BEAVERTON        OR   97007          2            05/18/01         00
    0130319247                           03           07/01/01          0
    0130319247                           O            06/01/31
    0

    5201202          D03/D03             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.500          2,528.27         27
                                       6.250          2,528.27
    LOS ALTOS        CA   94024          5            10/01/01         00
    1010001150                           05           12/01/01          0
    1010001150                           O            11/01/31
    0

    5201651          367/367             F          451,475.22         ZZ
                                         312        449,571.99          1
                                       7.500          3,293.09         76
                                       7.250          3,293.09
    BETHESDA         MD   20817          2            07/12/01         00
    8341                                 05           08/01/01          0
    8341                                 O            07/01/27
    0

    5205885          286/286             F          333,000.00         ZZ
                                         360        332,026.68          1
                                       7.625          2,356.96         56
                                       7.375          2,356.96
    LEES SUMMIT      MO   64086          2            06/12/01         00
    303402                               03           08/01/01          0
    303402                               O            07/01/31
    0

    5224197          N47/G01             F          574,000.00         ZZ
                                         360        573,008.82          1
                                       6.750          3,722.95         80
                                       6.500          3,722.95
    HOLLISTER        CA   95023          2            08/03/01         00
    0433058344                           05           10/01/01          0
    20111468                             O            09/01/31
    0

    5232589          822/G01             F          536,000.00         ZZ
                                         360        535,602.21          1
1

                                       7.500          3,747.79         71
                                       7.250          3,747.79
    HARTFORD         CT   06105          2            09/10/01         00
    0433333168                           05           11/01/01          0
    3806032262                           O            10/01/31
    0

    5235818          225/G01             F          307,000.00         ZZ
                                         360        306,056.92          1
                                       7.375          2,120.38         56
                                       7.125          2,120.38
    PARK RIDGE       IL   60068          2            06/05/01         00
    0433028966                           05           08/01/01          0
    7272128                              O            07/01/31
    0

    5240855          470/G01             F          393,000.00         ZZ
                                         360        392,369.59          1
                                       7.125          2,647.71         78
                                       6.875          2,647.71
    NORCO            CA   92860          1            08/16/01         00
    0433281219                           05           10/01/01          0
    170100005                            O            09/01/31
    0

    5254230          964/G01             F          361,000.00         ZZ
                                         360        360,406.46          1
                                       7.000          2,401.74         43
                                       6.750          2,401.74
    WALNUT CREEK     CA   94595          2            08/27/01         00
    0433263274                           05           10/01/01          0
    139634                               O            09/01/31
    0

    5255682          A35/G01             F          319,500.00         ZZ
                                         360        319,268.76          1
                                       7.625          2,261.40         90
                                       7.375          2,261.40
    FREEPORT         NY   11520          1            09/10/01         04
    0433270923                           05           11/01/01         25
    1                                    O            10/01/31
    0

    5259171          H06/G01             F          399,000.00         ZZ
                                         360        398,343.97          1
                                       7.000          2,654.56         65
                                       6.750          2,654.56
    ROCHESTER        MN   55902          2            08/07/01         00
    0433289055                           05           10/01/01          0
1

    010070234                            O            09/01/31
    0

    5259397          757/G01             F          316,500.00         ZZ
                                         360        316,500.00          1
                                       7.375          2,185.99         75
                                       7.125          2,185.99
    STAMFORD         CT   06902          5            10/11/01         00
    0433314986                           05           12/01/01          0
    133783183                            O            11/01/31
    0

    5259908          E11/G01             F          336,000.00         ZZ
                                         360        335,228.27          1
                                       7.375          2,320.67         80
                                       7.125          2,320.67
    PLYMOUTH         MN   55446          1            07/30/01         00
    0433061066                           05           09/01/01          0
    1                                    O            08/01/31
    0

    5265948          E84/G01             F          375,000.00         ZZ
                                         360        374,441.66          1
                                       7.500          2,622.05         75
                                       7.250          2,622.05
    DAVIDSONVILLE    MD   21035          5            08/20/01         00
    0433190717                           03           10/01/01          0
    66810191                             O            09/01/31
    0

    5266087          994/994             F          351,250.00         ZZ
                                         360        350,995.77          1
                                       7.625          2,486.13         94
                                       7.375          2,486.13
    NORTH ANDOVER    MA   01845          1            09/28/01         11
    1000245580                           05           11/01/01         30
    1000245580                           O            10/01/31
    0

    5285666          714/G01             F          650,000.00         ZZ
                                         360        648,469.59          1
                                       7.250          4,434.15         71
                                       7.000          4,434.15
    MEQUON           WI   53097          2            07/26/01         00
    0433253408                           05           09/01/01          0
    472715                               O            08/01/31
    0

1

    5298845          L46/L46             F          337,850.00         ZZ
                                         360        337,321.28          1
                                       7.250          2,304.74         75
                                       7.000          2,304.74
    ALLEN            TX   75013          2            08/17/01         00
    0000941849                           03           10/01/01          0
    0000941849                           O            09/01/31
    0

    5303681          944/G01             F          308,000.00         ZZ
                                         360        307,505.92          1
                                       7.125          2,075.06         79
                                       6.875          2,075.06
    SEATTLE          WA   98105          5            08/21/01         00
    0433206315                           05           10/01/01          0
    W01070878                            O            09/01/31
    0

    5314362          356/G01             F          315,000.00         ZZ
                                         360        314,455.27          1
                                       7.250          2,148.86         70
                                       7.000          2,148.86
    FREMONT          CA   94536          2            08/15/01         00
    0433292810                           03           10/01/01          0
    2894244                              O            09/01/31
    0

    5317580          477/G01             F          573,750.00         ZZ
                                         360        572,464.60          1
                                       7.500          4,011.74         75
                                       7.250          4,011.74
    IRVINE           CA   92612          2            07/25/01         00
    0433132495                           03           09/01/01          0
    130222                               O            08/01/31
    0

    5329529          964/G01             F          344,000.00         T
                                         360        343,500.46          1
                                       7.625          2,434.81         80
                                       7.375          2,434.81
    BANDON           OR   97411          2            08/20/01         00
    0433177417                           05           10/01/01          0
    140086                               O            09/01/31
    0

    5343483          L60/F27             F          248,420.00         ZZ
                                         360        247,685.75          1
                                       8.000          1,822.82         67
                                       7.750          1,822.82
1

    BOLIVIA          NC   28422          2            06/15/01         00
    6610520780                           03           08/01/01          0
    6610520780                           O            07/01/31
    0

    5343584          L60/F27             F          300,000.00         ZZ
                                         360        298,815.62          1
                                       7.250          2,046.53         67
                                       7.000          2,046.53
    SIMPSONVILLE     SC   29681          2            05/02/01         00
    6610686611                           05           07/01/01          0
    6610686611                           O            06/01/31
    0

    5364976          144/144             F          630,000.00         ZZ
                                         360        629,532.45          1
                                       7.500          4,405.05         57
                                       7.250          4,405.05
    UPPER GRANDVIEW  NY   10960          2            09/05/01         00
    160672709                            05           11/01/01          0
    160654970                            O            10/01/31
    0

    5374239          623/G01             F          310,000.00         ZZ
                                         360        309,280.59          1
                                       7.375          2,141.09         45
                                       7.125          2,141.09
    SHERBORN         MA   01770          2            07/23/01         00
    0433111705                           05           09/01/01          0
    5364110                              O            08/01/31
    0

    5374240          623/G01             F          339,000.00         ZZ
                                         360        338,181.86          1
                                       7.125          2,283.91         80
                                       6.875          2,283.91
    ATLANTA          GA   30319          1            07/27/01         00
    0433109634                           05           09/01/01          0
    5364152                              O            08/01/31
    0

    5378542          757/G01             F          296,000.00         ZZ
                                         360        295,525.17          1
                                       7.125          1,994.21         70
                                       6.875          1,994.21
    EATONTON         GA   31024          2            08/30/01         00
    0433235009                           05           10/01/01          0
    1000383602                           O            09/01/31
    0
1

    5380467          D03/D03             F          290,000.00         ZZ
                                         360        289,556.30          1
                                       7.375          2,002.96         54
                                       7.125          2,002.96
    SANTA CLARA      CA   95054          1            08/23/01         00
    1103353                              03           10/01/01          0
    1103353                              O            09/01/31
    0

    5380545          964/G01             F          490,500.00         ZZ
                                         360        490,500.00          1
                                       6.875          3,222.24         66
                                       6.625          3,222.24
    ALAMEDA          CA   94502          2            10/11/01         00
    0433313715                           03           12/01/01          0
    400142942                            O            11/01/31
    0

    5385485          F96/G01             F          256,500.00         ZZ
                                         360        256,500.00          1
                                       7.000          1,706.50         42
                                       6.750          1,706.50
    WYCKOFF TOWNSHI  NJ   07481          2            10/23/01         00
    0433320140                           01           12/01/01          0
    1                                    O            11/01/31
    0

    5387534          714/G01             F          399,000.00         ZZ
                                         360        398,390.93          1
                                       7.375          2,755.79         75
                                       7.125          2,755.79
    CEDARBURG        WI   53012          1            08/03/01         00
    0433112018                           05           10/01/01          0
    1KUTZKE                              O            09/01/31
    0

    5391939          286/286             F          360,000.00         ZZ
                                         360        358,159.11          1
                                       6.875          2,364.95         90
                                       6.625          2,364.95
    WALTHAM          MA   02452          1            04/25/01         14
    440428                               05           06/01/01         25
    440428                               O            05/01/31
    0

    5391941          286/286             F          460,000.00         ZZ
                                         360        457,097.38          1
1

                                       7.000          3,060.39         72
                                       6.750          3,060.39
    POTOMAC          MD   20854          5            05/01/01         00
    438940                               05           06/01/01          0
    438940                               O            05/01/31
    0

    5391942          286/286             F          404,000.00         ZZ
                                         360        402,984.97          1
                                       8.375          3,070.70         63
                                       8.125          3,070.70
    NAPERVILLE       IL   60564          2            06/14/01         00
    382664                               03           08/01/01          0
    382664                               O            07/01/31
    0

    5391943          286/286             F          291,650.00         ZZ
                                         360        290,707.25          1
                                       8.250          2,191.07         95
                                       8.000          2,191.07
    LAKELAND         TN   38002          1            06/05/01         04
    438465                               03           07/01/01         30
    438465                               O            06/01/31
    0

    5393484          950/G01             F          476,000.00         ZZ
                                         360        475,236.42          1
                                       7.125          3,206.91         80
                                       6.875          3,206.91
    ISSAQUAH         WA   98027          1            08/27/01         00
    0433339215                           03           10/01/01          0
    E1108056                             O            09/01/31
    0

    5393985          964/G01             F          378,000.00         ZZ
                                         360        377,705.12          1
                                       7.250          2,578.63         63
                                       7.000          2,578.63
    ANAHEIM          CA   92807          2            09/25/01         00
    0433284205                           03           11/01/01          0
    39213                                O            10/01/31
    0

    5394170          356/G01             F          315,000.00         ZZ
                                         360        314,754.27          1
                                       7.250          2,148.86         78
                                       7.000          2,148.86
    UNION CITY       CA   94587          2            08/27/01         00
    0433264462                           05           11/01/01          0
1

    2894830                              O            10/01/31
    0

    5398076          757/G01             F          425,000.00         ZZ
                                         360        424,660.13          1
                                       7.125          2,863.31         71
                                       6.875          2,863.31
    PARK RIDGE       IL   60068          2            09/18/01         00
    0433282449                           05           11/01/01          0
    1000234482                           O            10/01/31
    0

    5398208          253/253             F          286,300.00         ZZ
                                         360        286,300.00          1
                                       7.000          1,904.77         75
                                       6.750          1,904.77
    PARKER           CO   80138          2            10/17/01         00
    977220                               05           12/01/01          0
    977220                               O            11/01/31
    0

    5407991          E84/G01             F          357,900.00         ZZ
                                         360        356,957.94          1
                                       7.250          2,441.51         80
                                       7.000          2,441.51
    CASTLE ROCK      CO   80104          1            07/12/01         00
    0433082039                           03           09/01/01          0
    81050747                             O            08/01/31
    0

    5408098          E84/G01             F          343,550.00         ZZ
                                         360        342,741.12          1
                                       7.250          2,343.62         80
                                       7.000          2,343.62
    LAFAYETTE        CO   80026          1            07/13/01         00
    0433103470                           03           09/01/01          0
    32800556                             O            08/01/31
    0

    5408233          E84/G01             F          356,800.00         ZZ
                                         360        355,980.49          1
                                       7.375          2,464.33         80
                                       7.125          2,464.33
    PORTLAND         OR   97214          1            07/13/01         00
    0433141488                           05           09/01/01          0
    60303110                             O            08/01/31
    0

1

    5409488          738/G01             F          611,500.00         ZZ
                                         360        611,034.70          1
                                       7.375          4,223.48         62
                                       7.125          4,223.48
    GREENVILLE       SC   29609          2            09/04/01         00
    0433324852                           05           11/01/01          0
    5882502                              O            10/01/31
    0

    5409518          N47/G01             F          297,600.00         ZZ
                                         360        297,178.56          1
                                       7.750          2,132.04         80
                                       7.500          2,132.04
    TALLAHASSEE      FL   32312          1            08/30/01         00
    0433186855                           03           10/01/01          0
    40111824                             O            09/01/31
    0

    5410178          757/G01             F          348,500.00         ZZ
                                         360        348,221.31          1
                                       7.125          2,347.91         89
                                       6.875          2,347.91
    FRANKLIN         MA   02038          2            09/14/01         01
    0433306602                           05           11/01/01         25
    1000388056                           O            10/01/31
    0

    5415936          025/025             F          349,000.00         ZZ
                                         360        347,901.06          1
                                       7.250          2,380.80         79
                                       7.000          2,380.80
    CLARKSVILLE      MD   21029          2            06/06/01         00
    0139219257                           03           08/01/01          0
    0139219257                           O            07/01/31
    0

    5417586          M66/G01             F          270,000.00         ZZ
                                         360        269,226.91          1
                                       7.375          1,864.83         75
                                       7.125          1,864.83
    WARRINGTON TOWN  PA   18976          1            08/31/01         00
    0433288503                           05           10/01/01          0
    91901537                             O            09/01/31
    0

    5419305          L94/G01             F          329,050.00         ZZ
                                         360        328,535.07          1
                                       7.250          2,244.70         80
                                       7.000          2,244.70
1

    SANDY            UT   84092          1            08/29/01         00
    0433191160                           05           10/01/01          0
    1000005472                           O            09/01/31
    0

    5419664          A06/G01             F          717,000.00         ZZ
                                         360        715,849.83          1
                                       7.125          4,830.57         48
                                       6.875          4,830.57
    BLOOMFIELD HILL  MI   48302          2            08/31/01         00
    0433216553                           05           10/01/01          0
    1                                    O            09/01/31
    0

    5421789          369/G01             F          288,000.00         ZZ
                                         360        287,592.15          1
                                       7.750          2,063.27         80
                                       7.500          2,063.27
    MIDWAY           UT   84049          2            08/29/01         00
    0433246774                           05           10/01/01          0
    0073334211                           O            09/01/31
    0

    5422886          964/G01             F          393,000.00         ZZ
                                         360        393,000.00          1
                                       7.125          2,647.71         44
                                       6.875          2,647.71
    PIEDMONT         CA   94611          2            10/02/01         00
    0433287638                           05           12/01/01          0
    140210                               O            11/01/31
    0

    5422952          A06/G01             F          810,000.00         ZZ
                                         360        808,763.53          1
                                       7.375          5,594.47         65
                                       7.125          5,594.47
    BLOOMFIELD HILL  MI   48302          5            08/31/01         00
    0433247426                           05           10/01/01          0
    021000020135240                      O            09/01/31
    0

    5423892          696/G01             F          328,000.00         ZZ
                                         360        327,486.71          1
                                       7.250          2,237.54         80
                                       7.000          2,237.54
    FAIRFAX          VA   22033          1            08/21/01         00
    0433182326                           03           10/01/01          0
    25101213                             O            09/01/31
    0
1

    5425161          025/025             F          348,750.00         ZZ
                                         360        346,970.21          1
                                       7.250          2,379.09         80
                                       7.000          2,379.09
    ORLANDO          FL   32836          1            04/19/01         00
    0021976113                           03           06/01/01          0
    0021976113                           O            05/01/31
    0

    5425174          025/025             F          329,500.00         ZZ
                                         360        328,335.94          1
                                       7.375          2,275.78         78
                                       7.125          2,275.78
    FAIRFAX          VA   22030          2            06/20/01         00
    0130286826                           05           08/01/01          0
    0130286826                           O            07/01/31
    0

    5428855          M18/G01             F          316,000.00         ZZ
                                         360        315,753.49          1
                                       7.250          2,155.68         78
                                       7.000          2,155.68
    GLENDALE         CA   91206          2            09/05/01         00
    0433255890                           05           11/01/01          0
    980101400                            O            10/01/31
    0

    5429034          369/G01             F          462,000.00         ZZ
                                         360        461,639.60          1
                                       7.250          3,151.65         73
                                       7.000          3,151.65
    MARBLEHEAD       MA   01945          1            09/28/01         00
    0433304508                           05           11/01/01          0
    17899406                             O            10/01/31
    0

    5432074          470/G01             F          395,920.00         ZZ
                                         360        395,603.39          1
                                       7.125          2,667.39         80
                                       6.875          2,667.39
    LA QUINTA        CA   92253          1            09/05/01         00
    0433252004                           03           11/01/01          0
    12034417                             O            10/01/31
    0

    5437312          470/G01             F          330,000.00         ZZ
                                         360        329,736.11          1
1

                                       7.125          2,223.27         53
                                       6.875          2,223.27
    WHITTIER         CA   90602          1            09/07/01         00
    0433258944                           05           11/01/01          0
    110100067                            O            10/01/31
    0

    5439746          A06/G01             F          369,150.00         ZZ
                                         360        368,557.84          1
                                       7.125          2,487.04         72
                                       6.875          2,487.04
    WEST BLOOMFIELD  MI   48323          2            08/30/01         00
    0433197019                           05           10/01/01          0
    5000020139146                        O            09/01/31
    0

    5442013          K89/G01             F          125,400.00         ZZ
                                         360        125,311.49          1
                                       7.750            898.38         95
                                       7.500            898.38
    MIAMI            FL   33125          1            09/24/01         10
    0433279908                           05           11/01/01         30
    200108168                            O            10/01/31
    0

    5444118          738/G01             F          300,000.00         ZZ
                                         360        299,530.53          1
                                       7.250          2,046.53         79
                                       7.000          2,046.53
    KENNESAW         GA   30152          2            08/20/01         00
    0433342763                           05           10/01/01          0
    5596238                              O            09/01/31
    0

    5445862          926/926             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         48
                                       7.000          4,434.15
    HILTON HEAD ISL  SC   29928          5            09/06/01         00
    01088965                             03           11/01/01          0
    01088965                             O            10/01/31
    0

    5446784          Q59/G01             F          378,000.00         ZZ
                                         360        377,682.44          1
                                       6.875          2,483.19         52
                                       6.625          2,483.19
    LA CANADA FLINT  CA   91011          2            09/26/01         00
    0433320520                           05           11/01/01          0
1

    304040                               O            10/01/31
    0

    5452388          575/G01             F          310,000.00         ZZ
                                         360        309,775.62          1
                                       7.625          2,194.17         88
                                       7.375          2,194.17
    GERMANTOWN       MD   20876          1            09/14/01         10
    0433319589                           09           11/01/01         25
    0011170784                           O            10/01/31
    0

    5453670          757/G01             F          288,000.00         ZZ
                                         360        287,775.33          1
                                       7.250          1,964.67         90
                                       7.000          1,964.67
    CHICAGO          IL   60645          1            09/12/01         14
    0433307188                           05           11/01/01         25
    1                                    O            10/01/31
    0

    5454334          N47/G01             F          343,200.00         ZZ
                                         360        342,938.85          1
                                       7.375          2,370.40         80
                                       7.125          2,370.40
    MILPITAS         CA   95035          1            09/21/01         00
    0433271913                           05           11/01/01          0
    20311263                             O            10/01/31
    0

    5458806          E60/G01             F          370,000.00         ZZ
                                         360        369,704.12          1
                                       7.125          2,492.76         80
                                       6.875          2,492.76
    ARROYO GRANDE    CA   93420          1            09/18/01         00
    0433259587                           05           11/01/01          0
    513750                               O            10/01/31
    0

    5458910          B57/G01             F          299,250.00         ZZ
                                         360        299,016.56          1
                                       7.250          2,041.41         75
                                       7.000          2,041.41
    REDONDO BEACH    CA   90278          5            09/24/01         00
    0433264116                           05           11/01/01          0
    2116819                              O            10/01/31
    0

1

    5462931          R65/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.875          2,181.00         45
                                       6.625          2,181.00
    PHILADELPHIA     PA   19106          5            10/19/01         00
    0433301561                           05           12/01/01          0
    20014820                             O            11/01/31
    0

    5465154          K89/G01             F           54,150.00         ZZ
                                         360         54,112.73          1
                                       7.875            392.63         95
                                       7.625            392.63
    WILTON MANORS    FL   33305          1            09/04/01         01
    0433220746                           02           11/01/01         30
    200108136                            O            10/01/31
    0

    5466478          944/G01             F          334,400.00         ZZ
                                         360        334,125.89          1
                                       7.000          2,224.78         80
                                       6.750          2,224.78
    NEWTOWN          CT   06470          2            09/13/01         00
    0433253192                           05           11/01/01          0
    W88016743                            O            10/01/31
    0

    5466769          J37/286             F          418,000.00         ZZ
                                         360        416,349.76          1
                                       7.250          2,851.50         59
                                       7.000          2,851.50
    ATLANTA          GA   30319          2            05/01/01         00
    5391490                              05           07/01/01          0
    5391490                              O            06/01/31
    0

    5468161          470/G01             F          308,000.00         ZZ
                                         360        307,759.73          1
                                       7.250          2,101.10         80
                                       7.000          2,101.10
    ORANGE           CA   92867          1            09/10/01         00
    0433299286                           05           11/01/01          0
    110100077                            O            10/01/31
    0

    5468510          L60/F27             F          298,000.00         ZZ
                                         360        297,038.26          1
                                       7.125          2,007.68         75
                                       6.875          2,007.68
1

    MANAKIN-SABOT    VA   23103          4            06/25/01         11
    6610282154                           05           08/01/01         25
    6610282154                           O            07/01/31
    0

    5468575          L60/F27             F          425,000.00         ZZ
                                         360        423,661.77          1
                                       7.250          2,899.25         54
                                       7.000          2,899.25
    VIENNA           VA   22182          1            06/28/01         00
    6610545015                           03           08/01/01          0
    6610545015                           O            07/01/31
    0

    5468609          L60/F27             F          503,000.00         ZZ
                                         360        501,492.75          1
                                       7.500          3,517.05         80
                                       7.250          3,517.05
    ANNAPOLIS        MD   21401          2            06/28/01         00
    6990394901                           03           08/01/01          0
    6990394901                           O            07/01/31
    0

    5468635          L60/F27             F          417,700.00         ZZ
                                         360        415,165.13          1
                                       7.500          2,920.62         78
                                       7.250          2,920.62
    MILLERSVILLE     MD   21108          2            02/27/01         00
    6990293536                           03           04/01/01          0
    6990293536                           O            03/01/31
    0

    5468797          E86/G01             F          317,000.00         ZZ
                                         360        316,781.84          1
                                       7.875          2,298.47         69
                                       7.625          2,298.47
    LONG BEACH       CA   90803          1            09/05/01         00
    0433276540                           01           11/01/01          0
    0000137897                           O            10/01/31
    0

    5468834          286/286             F          398,920.00         ZZ
                                         360        398,003.73          1
                                       7.375          2,755.25         66
                                       7.125          2,755.25
    BETHESDA         MD   20816          2            07/13/01         00
    146365                               05           09/01/01          0
    146365                               O            08/01/31
    0
1

    5468955          286/286             F          370,350.00         ZZ
                                         360        368,992.64          1
                                       7.625          2,621.31         75
                                       7.375          2,621.31
    TUCSON           AZ   85749          4            06/01/01         11
    126622                               05           07/01/01         25
    126622                               O            06/01/31
    0

    5472135          J37/286             F          380,000.00         ZZ
                                         360        378,194.29          1
                                       7.250          2,592.27         80
                                       7.000          2,592.27
    SEVERNA PARK     MD   21146          1            04/30/01         00
    5391376                              03           06/01/01          0
    5391376                              O            05/01/31
    0

    5472539          U80/U80             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       7.250          3,110.72         80
                                       7.000          3,110.72
    IRMO             SC   29063          2            09/28/01         00
    10003449                             03           12/01/01          0
    10003449                             O            11/01/31
    0

    5474759          994/X14             F          336,500.00         ZZ
                                         360        335,235.93          1
                                       7.250          2,295.53         77
                                       7.000          2,295.53
    BROOKLINE        MA   02446          1            06/08/01         00
    1000254602                           06           08/01/01          0
    1000254602                           O            07/01/31
    0

    5474793          J37/286             F          330,500.00         ZZ
                                         360        329,195.18          1
                                       7.250          2,254.60         79
                                       7.000          2,254.60
    SPRING           TX   77389          2            05/03/01         00
    5391295                              03           07/01/01          0
    5391295                              O            06/01/31
    0

    5476751          956/G01             F          311,000.00         ZZ
                                         360        310,324.02          1
1

                                       7.375          2,148.00         79
                                       7.125          2,148.00
    SEATTLE          WA   98119          2            08/17/01         00
    0433133352                           05           10/01/01          0
    1311080055                           O            09/01/31
    0

    5476825          J37/286             F          335,150.00         ZZ
                                         360        333,596.15          1
                                       7.375          2,314.80         79
                                       7.125          2,314.80
    RENTON           WA   98058          2            04/27/01         00
    5391209                              03           06/01/01          0
    5391209                              O            05/01/31
    0

    5479726          470/G01             F          346,400.00         ZZ
                                         360        346,136.42          1
                                       7.375          2,392.50         80
                                       7.125          2,392.50
    ORANGE           CA   92867          1            09/05/01         00
    0433270089                           09           11/01/01          0
    11000700                             O            10/01/31
    0

    5480141          K79/G01             F          542,150.00         ZZ
                                         360        541,727.07          1
                                       7.250          3,698.42         80
                                       7.000          3,698.42
    HOPKINTON        MA   01748          1            09/21/01         00
    0433264314                           05           11/01/01          0
    13134                                O            10/01/31
    0

    5481841          W55/G01             F          299,200.00         ZZ
                                         360        298,948.64          1
                                       6.875          1,965.53         80
                                       6.625          1,965.53
    SAN JOSE         CA   95138          1            09/24/01         00
    0433245982                           01           11/01/01          0
    000215641900                         O            10/01/31
    0

    5482536          420/G01             F          345,000.00         ZZ
                                         360        344,730.87          1
                                       7.250          2,353.51         73
                                       7.000          2,353.51
    MENDOCINO        CA   95460          1            09/07/01         00
    0433318573                           03           11/01/01          0
1

    51001790                             O            10/01/31
    0

    5482671          356/G01             F          570,000.00         ZZ
                                         360        569,566.27          1
                                       7.375          3,936.85         57
                                       7.125          3,936.85
    CARMEL           CA   93923          5            09/11/01         00
    0433270709                           05           11/01/01          0
    2894673                              O            10/01/31
    0

    5484103          144/144             F          700,000.00         ZZ
                                         360        699,453.94          1
                                       7.250          4,775.23         72
                                       7.000          4,775.23
    COLD SPRING      NY   10516          2            09/28/01         00
    160653329                            05           11/01/01          0
    160653329                            O            10/01/31
    0

    5484200          J37/286             F          300,000.00         ZZ
                                         360        298,581.33          1
                                       7.125          2,021.16         77
                                       6.875          2,021.16
    ROSWELL          GA   30075          5            04/27/01         00
    5391299                              03           07/01/01          0
    5391299                              O            06/01/31
    0

    5484232          J37/286             F          320,000.00         ZZ
                                         360        318,736.65          1
                                       7.250          2,182.97         80
                                       7.000          2,182.97
    ANDOVER          NJ   07860          1            05/15/01         00
    0005391702                           05           07/01/01          0
    0005391702                           O            06/01/31
    0

    5484239          Q73/G01             F          500,000.00         ZZ
                                         360        499,600.16          1
                                       7.125          3,368.59         80
                                       6.875          3,368.59
    GUNTERSVILLE     AL   35976          2            09/21/01         00
    0433284734                           05           11/01/01          0
    2848134                              O            10/01/31
    0

1

    5484623          J37/286             F          334,000.00         ZZ
                                         360        331,003.62          1
                                       7.500          2,335.38         77
                                       7.250          2,335.38
    MUKILTEO         WA   98275          2            04/25/01         00
    5391281                              05           06/01/01          0
    5391281                              O            05/01/31
    0

    5487292          J37/286             F          391,000.00         ZZ
                                         360        389,456.37          1
                                       7.250          2,667.31         70
                                       7.000          2,667.31
    ERIE             CO   80516          2            05/01/01         00
    0005391413                           03           07/01/01          0
    0005391413                           O            06/01/31
    0

    5489577          E11/G01             F          412,500.00         ZZ
                                         360        412,178.21          1
                                       7.250          2,813.98         75
                                       7.000          2,813.98
    PRIOR LAKE       MN   55372          5            09/17/01         00
    0433254729                           05           11/01/01          0
    0004001035064                        O            10/01/31
    0

    5490852          356/G01             F          408,000.00         ZZ
                                         360        407,673.72          1
                                       7.125          2,748.78         76
                                       6.875          2,748.78
    FREMONT          CA   94536          2            09/10/01         00
    0433267929                           05           11/01/01          0
    2897825                              O            10/01/31
    0

    5493069          944/G01             F          319,600.00         ZZ
                                         360        319,338.02          1
                                       7.000          2,126.31         80
                                       6.750          2,126.31
    BERKELEY         CA   94710          1            09/18/01         00
    0433254919                           05           11/01/01          0
    W01082134                            O            10/01/31
    0

    5494365          E22/G01             F          494,000.00         ZZ
                                         360        493,226.94          1
                                       7.250          3,369.95         75
                                       7.000          3,369.95
1

    SEATTLE          WA   98118          2            08/23/01         00
    0412905812                           05           10/01/01          0
    0412905812                           O            09/01/31
    0

    5494686          J37/286             F          359,900.00         ZZ
                                         360        358,231.36          1
                                       7.375          2,485.75         80
                                       7.125          2,485.75
    TALL TIMBERS     MD   20690          1            04/30/01         00
    5391307                              03           06/01/01          0
    5391307                              O            05/01/31
    0

    5496546          696/G01             F          304,000.00         ZZ
                                         360        303,535.94          1
                                       7.375          2,099.65         80
                                       7.125          2,099.65
    ARLINGTON        VA   22207          1            08/29/01         00
    0433176153                           05           10/01/01          0
    22801151                             O            09/01/31
    0

    5499993          253/253             F           91,500.00         T
                                         360         91,430.37          1
                                       7.375            631.97         50
                                       7.125            631.97
    MIDDLEVILLE      MI   49333          2            09/21/01         00
    972456                               05           11/01/01          0
    972456                               O            10/01/31
    0

    5503509          356/G01             F          302,000.00         ZZ
                                         360        302,000.00          1
                                       7.250          2,060.18         37
                                       7.000          2,060.18
    FREMONT          CA   94539          2            10/02/01         00
    0433330446                           05           12/01/01          0
    2895555                              O            11/01/31
    0

    5507155          L48/G01             F          298,487.00         ZZ
                                         360        298,248.31          1
                                       7.125          2,010.96         70
                                       6.875          2,010.96
    ADA              MI   49301          2            09/13/01         00
    0433255247                           05           11/01/01          0
    201697                               O            10/01/31
    0
1

    5507473          825/G01             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         71
                                       6.625          4,270.04
    BRECKENRIDGE     CO   80424          2            09/19/01         00
    0433254992                           05           11/01/01          0
    NIES08600                            O            10/01/31
    0

    5507585          E23/G01             F          416,750.00         ZZ
                                         360        416,432.89          1
                                       7.375          2,878.39         76
                                       7.125          2,878.39
    TRACY            CA   95304          2            09/10/01         00
    0433283454                           03           11/01/01          0
    11006060                             O            10/01/31
    0

    5508460          470/G01             F          609,700.00         ZZ
                                         360        609,187.77          1
                                       6.875          4,005.30         70
                                       6.625          4,005.30
    MENLO PARK       CA   94025          1            09/05/01         00
    0433251741                           05           11/01/01          0
    93103554                             O            10/01/31
    0

    5510319          A35/G01             F          294,500.00         ZZ
                                         360        294,292.15          1
                                       7.750          2,109.83         95
                                       7.500          2,109.83
    LYNBROOK         NY   11563          1            09/14/01         12
    0433249059                           05           11/01/01         30
    HV12403                              O            10/01/31
    0

    5512023          E21/G01             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       7.375          1,464.23         74
                                       7.125          1,464.23
    AURORA           IL   60504          2            10/05/01         00
    0433346855                           03           12/01/01          0
    100732                               O            11/01/31
    0

    5513409          K79/G01             F          360,000.00         ZZ
                                         360        359,712.11          1
1

                                       7.125          2,425.39         56
                                       6.875          2,425.39
    NORWELL          MA   02061          2            09/24/01         00
    0433254984                           05           11/01/01          0
    14069                                O            10/01/31
    0

    5513964          E21/G01             F          365,000.00         ZZ
                                         360        364,715.27          1
                                       7.250          2,489.94         56
                                       7.000          2,489.94
    SOUTH BARRINGTO  IL   60010          1            09/25/01         00
    0433346673                           05           11/01/01          0
    1007742                              O            10/01/31
    0

    5514995          F19/G01             F          319,950.00         ZZ
                                         360        319,694.14          1
                                       7.125          2,155.56         80
                                       6.875          2,155.56
    SAN JOSE         CA   95124          1            09/12/01         00
    0433266194                           05           11/01/01          0
    708488                               O            10/01/31
    0

    5515339          N47/G01             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       6.750          2,380.36         73
                                       6.500          2,380.36
    HOLLISTER        CA   95023          2            10/08/01         00
    0433303864                           03           12/01/01          0
    20111612                             O            11/01/31
    0

    5515449          E60/G01             F          400,000.00         ZZ
                                         360        399,695.62          1
                                       7.375          2,762.71         48
                                       7.125          2,762.71
    SHERMAN OAKS     CA   91423          1            09/19/01         00
    0433285749                           05           11/01/01          0
    521770                               O            10/01/31
    0

    5517289          994/X14             F          432,000.00         ZZ
                                         360        430,931.46          1
                                       7.000          2,874.11         80
                                       6.750          2,874.11
    SIOUX FALLS      SD   57108          1            08/01/01         00
    80780597                             05           09/01/01          0
1

    80780597                             O            08/01/31
    0

    5517617          E82/G01             F          350,000.00         ZZ
                                         360        346,144.13          1
                                       7.375          2,417.36         75
                                       7.125          2,417.36
    TACOMA           WA   98466          2            09/14/01         00
    0400491445                           05           11/01/01          0
    1637489                              O            10/01/31
    0

    5518239          994/X14             F          385,000.00         ZZ
                                         360        383,813.70          1
                                       7.375          2,659.10         49
                                       7.125          2,659.10
    NANTUCKET        MA   02554          2            06/08/01         00
    1000309160                           05           08/01/01          0
    1000309160                           O            07/01/31
    0

    5518769          994/X14             F          875,000.00         BB
                                         360        864,491.86          1
                                       7.125          5,895.04         70
                                       6.875          5,895.04
    MANCHESTER       MA   01944          1            06/22/01         00
    1000314638                           05           08/01/01          0
    1000314638                           O            07/01/31
    0

    5519091          994/X14             F          344,000.00         ZZ
                                         360        342,707.44          1
                                       7.500          2,405.30         50
                                       7.250          2,405.30
    KEY LARGO        FL   33037          5            05/25/01         00
    1000269522                           05           07/01/01          0
    1000269522                           O            06/01/31
    0

    5520602          U97/G01             F          307,000.00         ZZ
                                         360        306,777.80          1
                                       7.625          2,172.93         20
                                       7.375          2,172.93
    SAN JOSE         CA   95119          2            09/30/01         00
    0433291168                           05           11/01/01          0
    5290174                              O            10/01/31
    0

1

    5520621          964/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.875          2,680.27         80
                                       6.625          2,680.27
    WALNUT CREEK     CA   94596          1            10/01/01         00
    0433254380                           05           12/01/01          0
    147293                               O            11/01/31
    0

    5520981          964/G01             F          458,500.00         ZZ
                                         360        458,133.34          1
                                       7.125          3,089.00         70
                                       6.875          3,089.00
    WEST LINN        OR   97068          5            09/04/01         00
    0433235157                           03           11/01/01          0
    124622                               O            10/01/31
    0

    5521504          757/G01             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         58
                                       7.000          2,387.62
    MILTON           MA   02186          5            09/10/01         00
    0433305927                           05           11/01/01          0
    1000334266                           O            10/01/31
    0

    5523136          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         50
                                       7.000          2,387.62
    SAN FRANCISCO    CA   94127          5            10/03/01         00
    0433293768                           05           12/01/01          0
    145065                               O            11/01/31
    0

    5523848          E22/G01             F          399,950.00         ZZ
                                         360        399,292.41          1
                                       7.000          2,660.88         76
                                       6.750          2,660.88
    PEMBROKE PINES   FL   33028          1            09/07/01         00
    0412902645                           03           10/01/01          0
    0412902645                           O            09/01/31
    0

    5524637          964/G01             F          352,000.00         ZZ
                                         360        351,725.41          1
                                       7.250          2,401.26         80
                                       7.000          2,401.26
1

    CAVE CREEK       AZ   85331          1            09/13/01         00
    0433303229                           05           11/01/01          0
    145389                               O            10/01/31
    0

    5525163          A06/G01             F          396,000.00         ZZ
                                         360        395,683.32          1
                                       7.125          2,667.93         59
                                       6.875          2,667.93
    NORTHVILLE       MI   48167          2            09/15/01         00
    0433282159                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5525219          144/144             F          918,000.00         ZZ
                                         360        917,318.71          1
                                       7.500          6,418.79         60
                                       7.250          6,418.79
    WEST HARRISON    NY   10604          2            09/14/01         00
    160673269                            05           11/01/01          0
    01DEBOISJ                            O            10/01/31
    0

    5525407          994/X14             F          420,000.00         ZZ
                                         360        419,148.92          2
                                       8.000          3,081.81         80
                                       7.750          3,081.81
    BROOKLYN         NY   11230          1            07/11/01         00
    218485625                            05           09/01/01          0
    218485625                            O            08/01/31
    0

    5528233          893/G01             F          399,999.00         ZZ
                                         360        399,694.64          1
                                       7.375          2,762.69         50
                                       7.125          2,762.69
    REDWOOD CITY     CA   94062          5            09/20/01         00
    0433261005                           05           11/01/01          0
    M10906031                            O            10/01/31
    0

    5528396          144/144             F          479,000.00         ZZ
                                         360        479,000.00          1
                                       7.125          3,227.11         80
                                       6.875          3,227.11
    SCARSDALE        NY   10583          1            10/05/01         00
    160674556                            05           12/01/01          0
    160674556                            O            11/01/31
    0
1

    5528909          470/G01             F          346,000.00         ZZ
                                         360        345,709.31          1
                                       6.875          2,272.98         80
                                       6.625          2,272.98
    PETALUMA         CA   94954          1            09/25/01         00
    0433254679                           05           11/01/01          0
    56002957                             O            10/01/31
    0

    5528999          A21/G01             F          450,000.00         ZZ
                                         360        449,631.13          1
                                       7.000          2,993.87         57
                                       6.750          2,993.87
    FORT SALONGA     NY   11768          5            09/20/01         00
    0433260767                           05           11/01/01          0
    0100121387                           O            10/01/31
    0

    5530534          G51/G01             F          325,000.00         ZZ
                                         360        324,733.60          1
                                       7.000          2,162.23         79
                                       6.750          2,162.23
    SILVER CITY      NM   88061          2            09/28/01         00
    0433308707                           05           11/01/01          0
    0496818                              O            10/01/31
    0

    5530688          696/G01             F          313,200.00         ZZ
                                         360        312,961.68          1
                                       7.375          2,163.19         80
                                       7.125          2,163.19
    WASHINGTON       DC   20003          1            09/06/01         00
    0433261328                           05           11/01/01          0
    25601197                             O            10/01/31
    0

    5533424          B98/G01             F          329,000.00         ZZ
                                         360        328,743.35          1
                                       7.250          2,244.36         80
                                       7.000          2,244.36
    DALY CITY        CA   94014          2            09/27/01         00
    0433312386                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5534194          E22/G01             F          390,000.00         ZZ
                                         360        389,688.13          1
1

                                       7.125          2,627.50         77
                                       6.875          2,627.50
    MONUMENT         CO   80132          2            08/28/01         00
    0412915076                           03           11/01/01          0
    0412915076                           O            10/01/31
    0

    5534406          664/G01             F          348,000.00         ZZ
                                         360        347,200.71          1
                                       7.375          2,403.55         60
                                       7.125          2,403.55
    SILVERTHORNE     CO   80498          1            07/17/01         00
    0433151404                           05           09/01/01          0
    0008199325                           O            08/01/31
    0

    5535448          994/X14             F          420,000.00         ZZ
                                         360        419,170.19          1
                                       8.125          3,118.49         70
                                       7.875          3,118.49
    SHOREWOOD        WI   53211          1            08/01/01         00
    218647984                            05           09/01/01          0
    218647984                            O            08/01/31
    0

    5538292          664/G01             F          310,500.00         ZZ
                                         360        309,569.55          1
                                       7.500          2,171.07         90
                                       7.250          2,171.07
    LAKE STEVENS     WA   98258          1            06/08/01         11
    0433150505                           05           08/01/01         25
    8158388                              O            07/01/31
    0

    5538331          664/G01             F          382,500.00         ZZ
                                         360        379,477.89          1
                                       7.000          2,544.79         90
                                       6.750          2,544.79
    PLANTATION       FL   33325          1            06/18/01         10
    0433247665                           05           08/01/01         25
    0008064990                           O            07/01/31
    0

    5538998          664/G01             F          336,000.00         ZZ
                                         360        334,822.15          1
                                       6.750          2,179.29         80
                                       6.500          2,179.29
    CENTREVILLE      VA   20120          2            07/25/01         00
    0433148277                           05           09/01/01          0
1

    8129942                              O            08/01/31
    0

    5539023          664/G01             F          550,000.00         ZZ
                                         360        547,996.79          1
                                       7.000          3,659.17         72
                                       6.750          3,659.17
    THOUSAND OAKS    CA   91320          2            06/16/01         00
    0433247533                           03           08/01/01          0
    0008132029                           O            07/01/31
    0

    5539281          664/G01             F          369,600.00         ZZ
                                         360        368,751.08          1
                                       7.375          2,552.74         80
                                       7.125          2,552.74
    SPRINGFIELD      VA   22152          1            07/31/01         00
    0433150620                           03           09/01/01          0
    8267684                              O            08/01/31
    0

    5539314          W39/G01             F          840,000.00         ZZ
                                         360        839,311.46          1
                                       7.000          5,588.54         70
                                       6.750          5,588.54
    MANDEVILLE       LA   70448          1            09/14/01         00
    0433252848                           05           11/01/01          0
    991764                               O            10/01/31
    0

    5539508          783/G01             F          390,000.00         ZZ
                                         360        389,680.32          1
                                       7.000          2,594.68         75
                                       6.750          2,594.68
    COUPEVILLE       WA   98239          5            09/20/01         00
    0433272200                           05           11/01/01          0
    00111501200015                       O            10/01/31
    0

    5539790          926/926             F          388,751.29         ZZ
                                         347        387,750.91          1
                                       7.250          2,680.16         75
                                       7.000          2,680.16
    HILTON HEAD ISL  SC   29928          4            08/17/01         00
    142001881                            09           09/01/01          0
    142001881                            O            07/01/30
    0

1

    5539818          664/G01             F          498,000.00         ZZ
                                         360        496,507.41          1
                                       7.500          3,482.09         70
                                       7.250          3,482.09
    ATLANTA          GA   30345          1            06/19/01         00
    0433142643                           05           08/01/01          0
    8090011                              O            07/01/31
    0

    5539915          664/G01             F          343,900.00         ZZ
                                         360        343,203.12          1
                                       8.000          2,523.42         80
                                       7.750          2,523.42
    CAMARILLO        CA   93012          1            07/03/01         00
    0433247467                           05           09/01/01          0
    8169922                              O            08/01/31
    0

    5539947          664/G01             F          360,000.00         ZZ
                                         360        359,131.19          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    BERWYN           PA   19312          1            06/22/01         00
    0433139383                           05           08/01/01          0
    6941272                              O            07/01/31
    0

    5542065          N60/N60             F          468,300.00         T
                                         360        467,302.01          1
                                       7.750          3,354.96         74
                                       7.500          3,354.96
    TABERNASH        CO   80446          4            07/31/01         00
    1                                    05           09/01/01          0
    1                                    O            08/01/31
    0

    5547294          L46/L46             F          296,350.00         ZZ
                                         360        296,118.82          1
                                       7.250          2,021.63         66
                                       7.000          2,021.63
    GOODRICH         MI   48438          2            09/18/01         00
    0002095040                           05           11/01/01          0
    0002095040                           O            10/01/31
    0

    5548203          E48/G01             F          415,000.00         ZZ
                                         360        414,692.00          1
                                       7.500          2,901.75         61
                                       7.250          2,901.75
1

    BRENTWOOD        TN   37027          2            09/18/01         00
    0433251436                           05           11/01/01          0
    0801PA156                            O            10/01/31
    0

    5551078          369/G01             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         80
                                       6.875          2,021.16
    BRIGHTON         CO   80603          1            09/27/01         00
    0433302361                           03           11/01/01          0
    73392292                             O            10/01/31
    0

    5552044          E87/G01             F          348,000.00         ZZ
                                         360        347,714.75          1
                                       7.000          2,315.25         80
                                       6.750          2,315.25
    THOUSAND OAKS    CA   91360          1            09/17/01         00
    0433260312                           01           11/01/01          0
    70003731                             O            10/01/31
    0

    5552249          B57/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.000          2,660.88         80
                                       6.750          2,660.88
    LOS ANGELES      CA   90027          2            10/17/01         00
    0433345394                           05           12/01/01          0
    2116909                              O            11/01/31
    0

    5555964          696/G01             F          544,000.00         ZZ
                                         360        543,148.69          1
                                       7.250          3,711.04         80
                                       7.000          3,711.04
    ARLINGTON        VA   22205          2            09/20/00         00
    0433247889                           05           10/01/01          0
    10001045                             O            09/01/31
    0

    5556206          664/G01             F          394,100.00         ZZ
                                         360        393,194.80          1
                                       7.375          2,721.96         80
                                       7.125          2,721.96
    CUMMING          GA   30041          1            07/31/01         00
    0433214350                           03           09/01/01          0
    8144537                              O            08/01/31
    0
1

    5557354          L81/G01             F          345,000.00         ZZ
                                         360        344,743.96          1
                                       7.500          2,412.29         77
                                       7.250          2,412.29
    BROOMFIELD       CO   80020          2            09/10/01         00
    0433288685                           05           11/01/01          0
    012829                               O            10/01/31
    0

    5557418          664/G01             F          354,850.00         ZZ
                                         360        354,074.59          1
                                       7.625          2,511.61         90
                                       7.375          2,511.61
    PEMBROKE         MA   02359          1            06/25/01         11
    0433151891                           05           08/01/01         30
    8102386                              O            07/01/31
    0

    5557469          S43/G01             F          360,000.00         T
                                         360        360,000.00          1
                                       7.000          2,395.09         80
                                       6.750          2,395.09
    SANTA FE         NM   87501          1            10/17/01         00
    0433332772                           05           12/01/01          0
    011294                               O            11/01/31
    0

    5557817          975/G01             F          388,800.00         ZZ
                                         360        388,481.30          1
                                       7.000          2,586.70         60
                                       6.750          2,586.70
    FULLERTON        CA   92835          1            09/25/01         00
    0433284999                           03           11/01/01          0
    2014052                              O            10/01/31
    0

    5558342          E11/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.750          2,432.24         75
                                       6.500          2,432.24
    MAPLE GROVE      MN   55369          5            10/05/01         00
    0433310539                           05           12/01/01          0
    0010001036051                        O            11/01/31
    0

    5559163          A06/G01             F          475,000.00         ZZ
                                         360        474,620.15          1
1

                                       7.125          3,200.16         71
                                       6.875          3,200.16
    WEST BLOOMFIELD  MI   48323          2            09/19/01         00
    0433216421                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5561511          356/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.375          2,072.03         67
                                       7.125          2,072.03
    FREMONT          CA   94538          2            09/19/01         00
    0433304565                           05           12/01/01          0
    2898765                              O            11/01/31
    0

    5562159          470/G01             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         67
                                       6.875          2,021.16
    AUBURN           CA   95602          5            09/25/01         00
    0433287612                           05           11/01/01          0
    58000008                             O            10/01/31
    0

    5563683          738/G01             F          333,000.00         ZZ
                                         360        332,740.23          1
                                       7.250          2,271.65         80
                                       7.000          2,271.65
    MORRISVILLE      NC   27560          1            09/27/01         00
    0433251915                           03           11/01/01          0
    5906556                              O            10/01/31
    0

    5564333          R88/G01             F          350,000.00         ZZ
                                         360        349,334.09          1
                                       6.250          2,155.01         66
                                       6.000          2,155.01
    ARLINGTON        VA   22202          5            08/24/01         00
    0433175270                           05           10/01/01          0
    1242123                              O            09/01/31
    0

    5567743          E22/G01             F          498,000.00         ZZ
                                         360        497,571.23          1
                                       6.750          3,230.02         60
                                       6.500          3,230.02
    HENDERSON        NV   89052          2            09/06/01         00
    0412809113                           03           11/01/01          0
1

    0412809113                           O            10/01/31
    0

    5567747          E22/G01             F          304,000.00         ZZ
                                         360        303,762.85          1
                                       7.250          2,073.82         51
                                       7.000          2,073.82
    LOS ANGELES      CA   90034          2            09/06/01         00
    0412919391                           05           11/01/01          0
    0412919391                           O            10/01/31
    0

    5567759          E22/G01             F           80,750.00         ZZ
                                         360         80,694.43          1
                                       7.875            585.49         95
                                       7.625            585.49
    BATH             MI   48808          1            09/13/01         01
    0412978827                           05           11/01/01         30
    0412978827                           O            10/01/31
    0

    5568380          R88/G01             F          356,000.00         ZZ
                                         360        355,120.80          1
                                       7.625          2,519.75         80
                                       7.375          2,519.75
    MONTROSE         CO   81401          1            07/25/01         00
    0433164290                           05           09/01/01          0
    1198799                              O            08/01/31
    0

    5569046          757/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.000          1,995.91         90
                                       6.750          1,995.91
    KATHLEEN         GA   31047          2            10/05/01         01
    0433298296                           05           12/01/01         25
    1000407963                           O            11/01/31
    0

    5569745          286/286             F          472,000.00         ZZ
                                         360        471,297.21          1
                                       7.500          3,300.30         80
                                       7.250          3,300.30
    NEWTON           MA   02468          1            08/15/01         00
    440739                               05           10/01/01          0
    440739                               O            09/01/31
    0

1

    5570619          U43/G01             F          380,000.00         ZZ
                                         360        379,419.92          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    KALISPELL        MT   59901          1            08/30/01         00
    0433304185                           05           10/01/01          0
    0250635                              O            09/01/31
    0

    5570735          R88/G01             F          524,000.00         ZZ
                                         360        523,179.99          1
                                       7.250          3,574.60         80
                                       7.000          3,574.60
    PASADENA         CA   91107          1            08/09/01         00
    0433162021                           05           10/01/01          0
    1212051                              O            09/01/31
    0

    5571468          356/G01             F          334,000.00         ZZ
                                         360        334,000.00          1
                                       7.250          2,278.47         48
                                       7.000          2,278.47
    REDWOOD CITY     CA   94062          2            09/24/01         00
    0433313376                           05           12/01/01          0
    2898526                              O            11/01/31
    0

    5572027          H12/G01             F          600,000.00         ZZ
                                         360        599,531.94          1
                                       7.250          4,093.06         56
                                       7.000          4,093.06
    OMAHA            NE   68130          2            09/06/01         00
    0433235256                           05           11/01/01          0
    0800011544701                        O            10/01/31
    0

    5573019          994/X14             F          335,000.00         ZZ
                                         360        334,501.21          1
                                       7.500          2,342.37         67
                                       7.250          2,342.37
    GREENLAWN        NY   11740          1            08/17/01         00
    1000272187                           05           10/01/01          0
    1000272187                           O            09/01/31
    0

    5573867          696/G01             F          348,000.00         ZZ
                                         360        347,468.77          1
                                       7.375          2,403.55         80
                                       7.125          2,403.55
1

    MCLEAN           VA   22101          1            09/06/01         00
    0433190360                           05           10/01/01          0
    23101064                             O            09/01/31
    0

    5574471          E22/G01             F          115,200.00         ZZ
                                         360        115,116.62          1
                                       7.625            815.38         80
                                       7.375            815.38
    GEORGETOWN       TX   78626          5            09/07/01         00
    0412968778                           05           11/01/01          0
    0412968778                           O            10/01/31
    0

    5575170          A06/G01             F          324,000.00         ZZ
                                         360        323,740.90          1
                                       7.125          2,182.85         77
                                       6.875          2,182.85
    WEST BLOOMFIELD  MI   48323          2            09/06/01         00
    0433285814                           05           11/01/01          0
    001000010012825                      O            10/01/31
    0

    5577420          L94/G01             F          375,000.00         ZZ
                                         360        374,692.62          1
                                       7.000          2,494.88         75
                                       6.750          2,494.88
    MURRAY           UT   84123          5            09/27/01         00
    0433259686                           05           11/01/01          0
    1000005320                           O            10/01/31
    0

    5579206          N47/G01             F          329,000.00         ZZ
                                         360        328,743.35          1
                                       7.250          2,244.36         63
                                       7.000          2,244.36
    FALLBROOK        CA   92028          1            09/24/01         00
    0433294956                           05           11/01/01          0
    30111847                             O            10/01/31
    0

    5580529          253/253             F          402,500.00         ZZ
                                         360        401,870.12          1
                                       7.250          2,745.76         79
                                       7.000          2,745.76
    PEARLAND         TX   77581          4            08/27/01         00
    956484                               05           10/01/01          0
    956484                               O            09/01/31
    0
1

    5580671          405/405             F          350,000.00         ZZ
                                         360        349,478.86          1
                                       7.500          2,447.26         51
                                       7.000          2,447.26
    NORWOOD          NJ   07648          2            07/27/01         00
    0012295747                           05           10/01/01          0
    0012295747                           O            09/01/31
    0

    5581706          E23/G01             F          388,400.00         ZZ
                                         360        388,081.64          1
                                       7.000          2,584.03         80
                                       6.750          2,584.03
    SAN DIEGO        CA   92106          1            09/19/01         00
    0433270683                           05           11/01/01          0
    11006084                             O            10/01/31
    0

    5581753          B44/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.375          2,590.03         69
                                       7.125          2,590.03
    VACAVILLE        CA   95688          5            10/02/01         00
    0433330057                           05           12/01/01          0
    3011774                              O            11/01/31
    0

    5581817          405/405             F          530,000.00         ZZ
                                         360        528,919.17          1
                                       7.125          3,570.71         80
                                       6.750          3,570.71
    SAN FRANCISCO    CA   94131          2            08/10/01         00
    0012248290                           05           10/01/01          0
    0012248290                           O            09/01/31
    0

    5581819          405/405             F          540,000.00         ZZ
                                         360        538,696.81          1
                                       7.125          3,638.08         80
                                       6.750          3,638.08
    SAN ANTONIO      TX   78204          1            07/16/01         00
    0012293775                           05           09/01/01          0
    0012293775                           O            08/01/31
    0

    5581834          405/405             F          300,000.00         ZZ
                                         360        299,031.78          1
1

                                       7.125          2,021.16         66
                                       6.750          2,021.16
    FORT MYERS BEAC  FL   33931          5            07/06/01         00
    0017529504                           05           08/01/01          0
    0017529504                           O            07/01/31
    0

    5581837          405/405             F          544,000.00         ZZ
                                         360        540,307.86          1
                                       7.125          3,665.03         80
                                       6.750          3,665.03
    SUDBURY          MA   01776          1            06/29/01         00
    0017548256                           05           08/01/01          0
    0017548256                           O            07/01/31
    0

    5581846          405/405             F          304,000.00         ZZ
                                         360        301,678.62          1
                                       7.250          2,073.82         64
                                       6.750          2,073.82
    THOUSAND OAKS    CA   91320          2            08/14/01         00
    0017612615                           03           10/01/01          0
    0017612615                           O            09/01/31
    0

    5581870          405/405             F          650,000.00         ZZ
                                         360        648,957.31          1
                                       7.125          4,379.18         57
                                       6.750          4,379.18
    KINGS POINT      NY   11024          1            08/24/01         00
    0017665936                           05           10/01/01          0
    0017665936                           O            09/01/31
    0

    5581886          405/405             F          364,000.00         ZZ
                                         360        363,391.67          1
                                       7.750          2,607.74         65
                                       7.250          2,607.74
    MANHATTAN BEACH  CA   90266          5            08/10/01         00
    0017676735                           05           10/01/01          0
    0017676735                           O            09/01/31
    0

    5581952          405/405             F          336,000.00         ZZ
                                         360        335,189.13          1
                                       7.125          2,263.69         80
                                       6.750          2,263.69
    HOUSTON          TX   77019          1            07/25/01         00
    0012359865                           05           09/01/01          0
1

    0012359865                           O            08/01/31
    0

    5581992          405/405             F          482,000.00         ZZ
                                         360        481,226.81          1
                                       7.125          3,247.33         80
                                       6.750          3,247.33
    POTOMAC          MD   20854          1            08/06/01         00
    0017649336                           05           10/01/01          0
    0017649336                           O            09/01/31
    0

    5582009          405/405             F          437,700.00         ZZ
                                         360        436,997.87          1
                                       7.125          2,948.87         80
                                       6.750          2,948.87
    SUWANEE          GA   30024          1            08/15/01         00
    0017676800                           03           10/01/01          0
    0017676800                           O            09/01/31
    0

    5582079          405/405             F          679,000.00         ZZ
                                         360        677,937.40          1
                                       7.250          4,631.98         79
                                       6.750          4,631.98
    PASADENA         CA   91107          2            08/01/01         00
    0017559253                           05           10/01/01          0
    0017559253                           O            09/01/31
    0

    5582112          405/405             F          500,000.00         ZZ
                                         360        499,197.93          1
                                       7.125          3,368.60         67
                                       6.750          3,368.60
    ST AUGUSTINE     FL   32080          5            08/10/01         00
    0017672080                           05           10/01/01          0
    0017672080                           O            09/01/31
    0

    5582150          405/405             F          364,000.00         ZZ
                                         360        362,517.99          1
                                       7.000          2,421.70         80
                                       6.750          2,421.70
    SUGAR LAND       TX   77479          1            07/26/01         00
    0012365177                           03           09/01/01          0
    0012365177                           O            08/01/31
    0

1

    5582290          405/405             F          400,000.00         ZZ
                                         360        399,389.39          1
                                       7.375          2,762.70         80
                                       6.875          2,762.70
    ARLINGTON        VA   22201          2            08/03/01         00
    0012184081                           03           10/01/01          0
    0012184081                           O            09/01/31
    0

    5582291          405/405             F          430,000.00         ZZ
                                         360        429,327.09          1
                                       7.250          2,933.36         77
                                       6.750          2,933.36
    CHARLOTTE        NC   28226          2            08/15/01         00
    0012340170                           03           10/01/01          0
    0012340170                           O            09/01/31
    0

    5582293          405/405             F          563,200.00         ZZ
                                         360        562,361.43          1
                                       7.500          3,937.98         80
                                       7.000          3,937.98
    LADUE            MO   63124          1            08/16/01         00
    0012364006                           03           10/01/01          0
    0012364006                           O            09/01/31
    0

    5582295          405/405             F          397,550.00         ZZ
                                         360        396,927.85          1
                                       7.250          2,712.00         80
                                       6.750          2,712.00
    DENVER           CO   80218          1            08/17/01         00
    0012372686                           05           10/01/01          0
    0012372686                           O            09/01/31
    0

    5582296          405/405             F          364,850.00         ZZ
                                         360        364,279.04          1
                                       7.250          2,488.92         69
                                       6.750          2,488.92
    CLAYTON          MO   63105          2            08/23/01         00
    0012407037                           05           10/01/01          0
    0012407037                           O            09/01/31
    0

    5582299          405/405             F          400,000.00         ZZ
                                         360        399,404.42          1
                                       7.500          2,796.86         58
                                       7.000          2,796.86
1

    OXNARD           CA   93035          1            08/16/01         00
    0012413084                           05           10/01/01          0
    0012413084                           O            09/01/31
    0

    5582302          405/405             F          392,000.00         ZZ
                                         360        390,398.53          1
                                       7.375          2,707.45         80
                                       6.875          2,707.45
    CLARKSON VALLEY  MO   63005          2            08/23/01         00
    0012418893                           03           10/01/01          0
    0012418893                           O            09/01/31
    0

    5582303          405/405             F          600,000.00         ZZ
                                         360        599,005.26          1
                                       7.000          3,991.82         80
                                       6.750          3,991.82
    DALLAS           TX   75205          1            08/21/01         00
    0012423877                           03           10/01/01          0
    0012423877                           O            09/01/31
    0

    5582305          405/405             F          461,250.00         ZZ
                                         360        459,736.70          1
                                       7.500          3,225.13         75
                                       7.000          3,225.13
    ALEXANDRIA       VA   22314          5            07/10/01         00
    0017551631                           05           09/01/01          0
    0017551631                           O            08/01/31
    0

    5582307          405/405             F          350,000.00         ZZ
                                         360        349,409.48          1
                                       6.875          2,299.25         65
                                       6.625          2,299.25
    LOS ANGELES      CA   91607          5            08/27/01         00
    0017592221                           05           10/01/01          0
    0017592221                           O            09/01/31
    0

    5582309          405/405             F          538,000.00         ZZ
                                         360        537,136.98          1
                                       7.125          3,624.61         52
                                       6.750          3,624.61
    ENCINO           CA   91316          2            08/22/01         00
    0017617960                           05           10/01/01          0
    0017617960                           O            09/01/31
    0
1

    5582310          405/405             F          420,000.00         ZZ
                                         360        419,342.74          1
                                       7.250          2,865.14         80
                                       6.750          2,865.14
    LOS ANGELES      CA   91356          2            08/22/01         00
    0017655564                           05           10/01/01          0
    0017655564                           O            09/01/31
    0

    5582313          405/405             F          650,000.00         ZZ
                                         360        648,931.29          1
                                       7.000          4,324.47         55
                                       6.750          4,324.47
    LOS ANGELES      CA   90049          2            08/29/01         00
    0017671835                           05           10/01/01          0
    0017671835                           O            09/01/31
    0

    5582314          405/405             F          412,000.00         ZZ
                                         360        411,322.59          1
                                       7.000          2,741.05         64
                                       6.750          2,741.05
    LOS ANGELES      CA   90291          5            08/27/01         00
    0017673401                           05           10/01/01          0
    0017673401                           O            09/01/31
    0

    5582315          405/405             F          400,000.00         ZZ
                                         360        399,374.03          1
                                       7.250          2,728.71         77
                                       6.750          2,728.71
    GREAT FALLS      VA   22066          5            08/29/01         00
    0017676644                           03           10/01/01          0
    0017676644                           O            09/01/31
    0

    5582316          405/405             F          636,000.00         ZZ
                                         360        635,004.72          1
                                       7.250          4,338.64         67
                                       6.750          4,338.64
    PIKESVILLE       MD   21208          2            08/31/01         00
    0017676701                           05           10/01/01          0
    0017676701                           O            09/01/31
    0

    5582318          405/405             F          520,000.00         ZZ
                                         360        519,186.25          1
1

                                       7.250          3,547.32         80
                                       6.750          3,547.32
    SAN JOSE         CA   95120          1            08/21/01         00
    0017679291                           05           10/01/01          0
    0017679291                           O            09/01/31
    0

    5582319          405/405             F          325,000.00         ZZ
                                         360        324,491.39          1
                                       7.250          2,217.08         52
                                       6.750          2,217.08
    SANTA ANA        CA   92705          1            08/20/01         00
    0017679440                           05           10/01/01          0
    0017679440                           O            09/01/31
    0

    5582323          405/405             F          650,000.00         ZZ
                                         360        648,714.95          1
                                       7.125          4,379.18         69
                                       6.750          4,379.18
    LONG BEACH       CA   90803          1            08/24/01         00
    0017683103                           05           10/01/01          0
    0017683103                           O            09/01/31
    0

    5582325          405/405             F          368,000.00         ZZ
                                         360        367,208.53          1
                                       7.000          2,448.32         80
                                       6.750          2,448.32
    PASADENA         CA   91104          1            08/27/01         00
    0017684408                           05           10/01/01          0
    0017684408                           O            09/01/31
    0

    5582326          405/405             F          371,000.00         ZZ
                                         360        370,390.00          1
                                       7.000          2,468.28         72
                                       6.750          2,468.28
    RIVERSIDE        CA   92506          2            08/28/01         00
    0017685835                           03           10/01/01          0
    0017685835                           O            09/01/31
    0

    5582328          405/405             F          292,000.00         ZZ
                                         360        291,543.04          1
                                       7.250          1,991.96         59
                                       6.750          1,991.96
    ROCKVILLE        MD   20852          2            08/29/01         00
    0017690595                           05           10/01/01          0
1

    0017690595                           O            09/01/31
    0

    5582331          405/405             F          424,000.00         ZZ
                                         360        423,336.48          1
                                       7.250          2,892.43         80
                                       6.750          2,892.43
    OAKLAND          CA   94618          1            08/16/01         00
    0017692104                           05           10/01/01          0
    0017692104                           O            09/01/31
    0

    5582332          405/405             F          400,000.00         ZZ
                                         360        399,341.49          1
                                       7.000          2,661.21         64
                                       6.750          2,661.21
    BETHESDA         MD   20816          1            08/31/01         00
    0017693680                           05           10/01/01          0
    0017693680                           O            09/01/31
    0

    5582333          405/405             F          650,000.00         ZZ
                                         360        648,957.31          1
                                       7.125          4,379.18         77
                                       6.750          4,379.18
    GAITHERSBURG     MD   20882          1            08/30/01         00
    0017694217                           05           10/01/01          0
    0017694217                           O            09/01/31
    0

    5582335          405/405             F          465,000.00         ZZ
                                         360        464,254.07          1
                                       7.125          3,132.80         65
                                       6.750          3,132.80
    NEWPORT COAST    CA   92657          5            08/23/01         00
    0017694803                           03           10/01/01          0
    0017694803                           O            09/01/31
    0

    5582336          405/405             F          302,000.00         ZZ
                                         360        301,527.38          1
                                       7.250          2,060.18         68
                                       6.750          2,060.18
    ENCINITAS        CA   92024          2            08/27/01         00
    0017695073                           05           10/01/01          0
    0017695073                           O            09/01/31
    0

1

    5582338          405/405             F          332,000.00         ZZ
                                         360        331,480.44          1
                                       7.250          2,264.83         80
                                       6.750          2,264.83
    SAN JOSE         CA   95126          1            08/27/01         00
    0017698267                           05           10/01/01          0
    0017698267                           O            09/01/31
    0

    5582339          405/405             F          592,000.00         ZZ
                                         360        591,002.45          1
                                       6.875          3,889.02         80
                                       6.625          3,889.02
    BURLINGAME       CA   94010          1            08/23/01         00
    0017699067                           05           10/01/01          0
    0017699067                           O            09/01/31
    0

    5582344          405/405             F          520,000.00         ZZ
                                         360        519,102.04          1
                                       6.750          3,372.72         59
                                       6.500          3,372.72
    PIEDMONT         CA   94611          5            08/23/01         00
    0017700675                           05           10/01/01          0
    0017700675                           O            09/01/31
    0

    5582345          405/405             F          410,000.00         ZZ
                                         360        409,374.12          1
                                       7.375          2,831.77         70
                                       6.875          2,831.77
    LOS ANGELES      CA   90049          2            08/23/01         00
    0017700790                           05           10/01/01          0
    0017700790                           O            09/01/31
    0

    5582347          405/405             F          424,000.00         ZZ
                                         360        423,352.74          1
                                       7.375          2,928.47         80
                                       6.875          2,928.47
    LOS ANGELES      CA   90004          1            08/31/01         00
    0017704321                           05           10/01/01          0
    0017704321                           O            09/01/31
    0

    5582348          405/405             F          386,000.00         ZZ
                                         360        385,395.94          1
                                       7.250          2,633.20         69
                                       6.750          2,633.20
1

    GAITHERSBURG     MD   20878          2            08/24/01         00
    0017705583                           03           10/01/01          0
    0017705583                           O            09/01/31
    0

    5582349          405/405             F          333,000.00         ZZ
                                         360        332,478.89          1
                                       7.250          2,271.65         47
                                       6.750          2,271.65
    SIMI VALLEY      CA   93065          2            08/21/01         00
    0017708983                           03           10/01/01          0
    0017708983                           O            09/01/31
    0

    5582350          405/405             F          506,250.00         ZZ
                                         360        505,417.62          1
                                       7.000          3,368.10         75
                                       6.750          3,368.10
    LOS ANGELES      CA   90066          1            08/31/01         00
    0017709379                           05           10/01/01          0
    0017709379                           O            09/01/31
    0

    5582351          405/405             F          304,200.00         ZZ
                                         360        303,712.01          1
                                       7.125          2,049.46         90
                                       6.750          2,049.46
    ATLANTA          GA   30328          1            08/31/01         04
    0017709619                           05           10/01/01         25
    0017709619                           O            09/01/31
    0

    5582352          405/405             F          377,000.00         ZZ
                                         360        376,410.02          1
                                       7.250          2,571.81         60
                                       6.750          2,571.81
    DANVILLE         CA   94526          5            08/23/01         00
    0017709759                           03           10/01/01          0
    0017709759                           O            09/01/31
    0

    5582355          405/405             F          344,000.00         ZZ
                                         360        343,461.66          1
                                       7.250          2,346.69         80
                                       6.750          2,346.69
    PACIFICA         CA   94044          1            08/21/01         00
    0017713249                           05           10/01/01          0
    0017713249                           O            09/01/31
    0
1

    5582362          405/405             F          325,600.00         ZZ
                                         360        325,064.65          1
                                       7.000          2,166.23         80
                                       6.750          2,166.23
    MANHATTAN BEACH  CA   90266          2            08/29/01         00
    0017719709                           01           10/01/01          0
    0017719709                           O            09/01/31
    0

    5582363          405/405             F          380,000.00         ZZ
                                         360        379,405.33          1
                                       7.250          2,592.27         73
                                       6.750          2,592.27
    GLEN ELLEN       CA   95442          2            08/24/01         00
    0017719741                           05           10/01/01          0
    0017719741                           O            09/01/31
    0

    5582364          405/405             F          332,000.00         ZZ
                                         360        331,234.50          1
                                       7.125          2,236.75         80
                                       6.750          2,236.75
    GLENDALE         CA   91208          1            08/31/01         00
    0017720277                           05           11/01/01          0
    0017720277                           O            10/01/31
    0

    5582365          405/405             F          312,000.00         ZZ
                                         360        311,511.75          1
                                       7.250          2,128.39         80
                                       6.750          2,128.39
    SANTA CLARA      CA   95050          1            08/23/01         00
    0017722513                           05           10/01/01          0
    0017722513                           O            09/01/31
    0

    5582366          405/405             F          380,000.00         ZZ
                                         360        379,405.33          1
                                       7.250          2,592.27         80
                                       6.750          2,592.27
    SAN JOSE         CA   95124          1            08/22/01         00
    0017722711                           05           10/01/01          0
    0017722711                           O            09/01/31
    0

    5582367          405/405             F          418,500.00         ZZ
                                         360        417,876.87          1
1

                                       7.500          2,926.22         56
                                       7.000          2,926.22
    DANVILLE         CA   94506          2            08/27/01         00
    0017722885                           05           10/01/01          0
    0017722885                           O            09/01/31
    0

    5582370          405/405             F          650,000.00         ZZ
                                         360        648,957.31          1
                                       7.125          4,379.18         76
                                       6.750          4,379.18
    THOUSAND OAKS    CA   91362          1            08/27/01         00
    0017725755                           03           10/01/01          0
    0017725755                           O            09/01/31
    0

    5582371          405/405             F          450,000.00         ZZ
                                         360        449,329.97          1
                                       7.500          3,146.47         67
                                       7.000          3,146.47
    REDMOND          OR   97756          2            08/30/01         00
    0017726449                           05           10/01/01          0
    0017726449                           O            09/01/31
    0

    5582373          405/405             F          450,000.00         ZZ
                                         360        448,304.13          1
                                       7.125          3,031.74         62
                                       6.750          3,031.74
    IRVINE           CA   92612          5            08/30/01         00
    0017728429                           05           10/01/01          0
    0017728429                           O            09/01/31
    0

    5582374          405/405             F          365,000.00         ZZ
                                         360        361,971.51          1
                                       7.000          2,428.36         72
                                       6.750          2,428.36
    SOQUEL           CA   95073          5            08/27/01         00
    0017728544                           05           10/01/01          0
    0017728544                           O            09/01/31
    0

    5582376          405/405             F          320,000.00         ZZ
                                         360        319,744.10          1
                                       7.125          2,155.90         80
                                       6.750          2,155.90
    BUFFALO GROVE    IL   60089          5            09/05/01         00
    0017730086                           05           11/01/01          0
1

    0017730086                           O            10/01/31
    0

    5582378          405/405             F          420,000.00         ZZ
                                         360        419,309.45          1
                                       7.000          2,794.27         56
                                       6.750          2,794.27
    LOS ANGELES      CA   91364          1            08/31/01         00
    0017746488                           05           10/01/01          0
    0017746488                           O            09/01/31
    0

    5582381          405/405             F          320,700.00         ZZ
                                         360        320,198.13          1
                                       7.250          2,187.74         80
                                       6.750          2,187.74
    DUBLIN           CA   94568          1            08/21/01         00
    0019916030                           01           10/01/01          0
    0019916030                           O            09/01/31
    0

    5582382          405/405             F          351,000.00         ZZ
                                         360        350,464.20          1
                                       7.375          2,424.27         46
                                       6.875          2,424.27
    LA CANADA        CA   91011          1            08/29/01         00
    0019916774                           05           10/01/01          0
    0019916774                           O            09/01/31
    0

    5582383          405/405             F          291,600.00         ZZ
                                         360        291,366.81          1
                                       7.125          1,964.57         90
                                       6.750          1,964.57
    LAS VEGAS        NV   89123          1            09/04/01         11
    0019928258                           03           11/01/01         25
    0019928258                           O            10/01/31
    0

    5584140          356/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.250          2,701.42         62
                                       7.000          2,701.42
    SALINAS          CA   93908          2            09/26/01         00
    0433315652                           05           12/01/01          0
    2895068                              O            11/01/31
    0

1

    5586728          U62/G01             F          610,500.00         ZZ
                                         360        610,023.75          1
                                       7.250          4,164.69         66
                                       7.000          4,164.69
    FAIRVIEW         TX   75069          5            09/24/01         00
    0433255569                           05           11/01/01          0
    2001290166                           O            10/01/31
    0

    5588177          E22/G01             F          315,000.00         ZZ
                                         360        314,754.27          1
                                       7.250          2,148.86         75
                                       7.000          2,148.86
    SEATTLE          WA   98125          5            09/10/01         00
    0412985806                           05           11/01/01          0
    0412985806                           O            10/01/31
    0

    5588182          E22/G01             F          399,950.00         ZZ
                                         360        399,613.99          1
                                       6.875          2,627.39         60
                                       6.625          2,627.39
    MERCER ISLAND    WA   98040          2            09/06/01         00
    0412993966                           05           11/01/01          0
    0412993966                           O            10/01/31
    0

    5592772          994/X14             F          315,000.00         ZZ
                                         360        314,276.49          1
                                       7.375          2,175.63         80
                                       7.125          2,175.63
    TUCSON           AZ   85718          1            07/10/01         00
    218569816                            05           09/01/01          0
    218569816                            O            08/01/31
    0

    5592842          U80/U80             F          527,000.00         ZZ
                                         360        526,568.03          1
                                       7.000          3,506.14         65
                                       6.750          3,506.14
    COLUMBIA         SC   29223          2            09/20/01         00
    10003795                             03           11/01/01          0
    10003795                             O            10/01/31
    0

    5593124          994/X14             F          400,000.00         ZZ
                                         360        398,859.74          1
                                       7.750          2,865.65         64
                                       7.500          2,865.65
1

    BOXFORD          MA   01921          1            06/25/01         00
    1000296940                           05           08/01/01          0
    1000296940                           O            07/01/31
    0

    5594002          822/G01             F          475,000.00         ZZ
                                         360        474,274.90          1
                                       7.375          3,280.71         77
                                       7.125          3,280.71
    WESTBOROUGH      MA   01581          1            08/31/01         00
    0433277241                           05           10/01/01          0
    3446010041                           O            09/01/31
    0

    5595216          964/G01             F          500,000.00         ZZ
                                         360        499,579.93          1
                                       6.875          3,284.65         75
                                       6.625          3,284.65
    SEBASTOPOL       CA   95472          1            09/24/01         00
    0433264892                           05           11/01/01          0
    400148902                            O            10/01/31
    0

    5595962          E60/G01             F          307,500.00         ZZ
                                         360        307,271.79          1
                                       7.500          2,150.09         75
                                       7.250          2,150.09
    NEWBURY PARK AR  CA   91320          5            09/21/01         00
    0433285079                           05           11/01/01          0
    820187                               O            10/01/31
    0

    5596283          994/X14             F          315,200.00         ZZ
                                         360        314,694.36          1
                                       7.125          2,123.57         80
                                       6.875          2,123.57
    NORTH  KINGSTOW  RI   02852          1            08/15/01         00
    1000329015                           05           10/01/01          0
    1000329015                           O            09/01/31
    0

    5596733          356/G01             F          438,000.00         ZZ
                                         360        438,000.00          1
                                       7.250          2,987.94         64
                                       7.000          2,987.94
    CASTRO VALLEY    CA   94552          2            09/24/01         00
    0433311461                           03           12/01/01          0
    28851392                             O            11/01/31
    0
1

    5596913          356/G01             F          297,500.00         ZZ
                                         360        297,500.00          1
                                       7.125          2,004.32         69
                                       6.875          2,004.32
    FREMONT          CA   94555          5            10/04/01         00
    0433339868                           05           12/01/01          0
    2898567                              O            11/01/31
    0

    5598235          964/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    ALAMEDA          CA   94501          2            10/18/01         00
    0433343605                           05           12/01/01          0
    149415                               O            11/01/31
    0

    5598823          944/G01             F          352,000.00         ZZ
                                         360        351,711.46          1
                                       7.000          2,341.87         80
                                       6.750          2,341.87
    ROSEVILLE        CA   95661          2            09/22/01         00
    0433269982                           05           11/01/01          0
    W01031315                            O            10/01/31
    0

    5599118          253/253             F          316,000.00         ZZ
                                         360        315,505.49          1
                                       7.250          2,155.68         80
                                       7.000          2,155.68
    SANDY            UT   84092          1            08/29/01         00
    973406                               05           10/01/01          0
    973406                               O            09/01/31
    0

    5600323          E22/G01             F          153,000.00         ZZ
                                         360        152,829.66          1
                                       6.875          1,005.10         85
                                       6.625          1,005.10
    FLAGSTAFF        AZ   86004          2            09/07/01         11
    0412984510                           03           11/01/01         12
    0412984510                           O            10/01/31
    0

    5600781          A21/A21             F          334,400.00         ZZ
                                         360        334,139.13          1
1

                                       7.250          2,281.20         80
                                       7.000          2,281.20
    TENAFLY          NJ   07670          1            09/14/01         00
    0100120354                           05           11/01/01          0
    0100120354                           O            10/01/31
    0

    5600793          994/X14             F          367,000.00         ZZ
                                         360        366,177.77          1
                                       7.500          2,566.12         72
                                       7.250          2,566.12
    BELLEVUE         WA   98006          2            07/05/01         00
    218540502                            05           09/01/01          0
    218540502                            O            08/01/31
    0

    5600839          994/X14             F          306,000.00         ZZ
                                         360        305,555.65          1
                                       7.625          2,165.85         90
                                       7.375          2,165.85
    TYLER            TX   75703          2            08/23/01         14
    80813273                             03           10/01/01         25
    80813273                             O            09/01/31
    0

    5602872          964/G01             F          324,000.00         ZZ
                                         360        323,740.90          1
                                       7.125          2,182.85         45
                                       6.875          2,182.85
    FOUNTAIN HILLS   AZ   85268          2            09/27/01         00
    0433255999                           03           11/01/01          0
    144664                               O            10/01/31
    0

    5604613          369/G01             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         74
                                       6.875          2,021.16
    ATLANTA          GA   30319          5            09/24/01         00
    0433302445                           05           11/01/01          0
    0073391369                           O            10/01/31
    0

    5604972          757/G01             F          313,000.00         ZZ
                                         360        312,755.83          1
                                       7.250          2,135.21         78
                                       7.000          2,135.21
    LUTHERVILLE      MD   21093          1            09/27/01         00
    0433311370                           05           11/01/01          0
1

    1                                    O            10/01/31
    0

    5605335          964/G01             F          359,960.00         ZZ
                                         360        359,960.00          1
                                       6.875          2,364.68         80
                                       6.625          2,364.68
    PEORIA           AZ   85382          1            10/15/01         00
    0433286499                           03           12/01/01          0
    149081                               O            11/01/31
    0

    5606678          025/025             F          331,350.00         ZZ
                                         360        330,135.58          1
                                       7.625          2,345.27         80
                                       7.375          2,345.27
    HINGHAM          MA   02043          2            05/04/01         00
    0139015937                           05           07/01/01          0
    0139015937                           O            06/01/31
    0

    5606796          025/025             F          327,200.00         ZZ
                                         360        326,243.66          1
                                       7.625          2,315.90         80
                                       7.375          2,315.90
    ORLANDO          FL   32806          1            06/14/01         00
    0025404302                           05           08/01/01          0
    0025404302                           O            07/01/31
    0

    5606910          227/G01             F          369,900.00         ZZ
                                         360        369,050.58          1
                                       7.375          2,554.81         90
                                       7.125          2,554.81
    ORION            MI   48359          1            08/29/01         14
    0433281177                           05           10/01/01         25
    1950593                              O            09/01/31
    0

    5606996          964/G01             F          450,000.00         ZZ
                                         360        449,631.14          1
                                       7.000          2,993.86         59
                                       6.750          2,993.86
    LAGUNA NIGUEL    CA   92677          1            09/21/01         00
    0433253432                           03           11/01/01          0
    148007                               O            10/01/31
    0

1

    5607266          N47/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.94         80
                                       6.625          2,364.94
    FREMONT          CA   94536          1            10/01/01         00
    0433255775                           05           12/01/01          0
    20311350                             O            11/01/31
    0

    5607926          369/G01             F          386,800.00         ZZ
                                         360        386,505.68          1
                                       7.375          2,671.53         80
                                       7.125          2,671.53
    SCOTTSDALE       AZ   85259          2            09/21/01         00
    0433298890                           03           11/01/01          0
    007352528                            O            10/01/31
    0

    5608080          N47/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       7.000          2,627.94         50
                                       6.750          2,627.94
    DANVILLE         CA   94506          5            10/02/01         00
    0433271673                           05           12/01/01          0
    20211296                             O            11/01/31
    0

    5608143          025/025             F          374,300.00         ZZ
                                         360        373,482.10          1
                                       7.625          2,649.27         80
                                       7.375          2,649.27
    ALBANY           GA   31707          1            07/13/01         00
    0025643263                           05           09/01/01          0
    0025643263                           O            08/01/31
    0

    5609535          470/G01             F          342,000.00         ZZ
                                         360        341,726.51          1
                                       7.125          2,304.12         52
                                       6.875          2,304.12
    PETALUMA         CA   94954          2            09/24/01         00
    0433284213                           05           11/01/01          0
    56002983                             O            10/01/31
    0

    5609756          W53/G01             F          247,425.00         ZZ
                                         360        246,896.58          1
                                       7.750          1,772.58         75
                                       7.500          1,772.58
1

    ANCHORAGE        AK   99516          1            07/20/01         00
    0433278173                           03           09/01/01          0
    8040585400                           O            08/01/31
    0

    5609852          U97/G01             F          302,200.00         ZZ
                                         360        301,970.05          1
                                       7.375          2,087.22         72
                                       7.125          2,087.22
    CAMPBELL         CA   95008          5            09/19/01         00
    0433291671                           09           11/01/01          0
    5269715                              O            10/01/31
    0

    5615065          E22/G01             F          221,250.00         ZZ
                                         360        221,064.12          1
                                       6.875          1,453.46         75
                                       6.625          1,453.46
    RENO             NV   89509          1            09/17/01         00
    0413044520                           03           11/01/01          0
    0413044520                           O            10/01/31
    0

    5615162          E82/G01             F          323,900.00         ZZ
                                         360        323,653.54          1
                                       7.375          2,237.10         70
                                       7.125          2,237.10
    RESTON           VA   20191          2            09/11/01         00
    0400487435                           03           11/01/01          0
    3570501                              O            10/01/31
    0

    5615235          W53/G01             F          300,000.00         ZZ
                                         360        299,239.54          1
                                       6.875          1,970.79         26
                                       6.625          1,970.79
    FRANKLIN LAKES   NJ   07417          5            07/26/01         00
    0433252269                           05           09/01/01          0
    5400588800                           O            08/01/31
    0

    5615405          025/025             F          365,000.00         ZZ
                                         360        364,241.47          1
                                       7.875          2,646.50         79
                                       7.625          2,646.50
    PURCELLVILLE     VA   20132          2            07/20/01         00
    0137874822                           05           09/01/01          0
    0137874822                           O            08/01/31
    0
1

    5615520          025/025             F          450,000.00         ZZ
                                         360        449,016.70          1
                                       7.625          3,185.07         68
                                       7.375          3,185.07
    WICHITA          KS   67206          2            07/10/01         00
    0138369384                           03           09/01/01          0
    0138369384                           O            08/01/31
    0

    5615560          025/025             F          349,600.00         ZZ
                                         360        348,816.70          1
                                       7.500          2,444.45         80
                                       7.250          2,444.45
    TAMPA            FL   33647          1            07/25/01         00
    0025572587                           03           09/01/01          0
    0025572587                           O            08/01/31
    0

    5616060          025/025             F          465,000.00         ZZ
                                         360        462,657.63          1
                                       7.750          3,331.32         80
                                       7.500          3,331.32
    POLSON           MT   59860          2            03/15/01         00
    0138982111                           05           05/01/01          0
    0138982111                           O            04/01/31
    0

    5616346          025/025             F          364,650.00         ZZ
                                         360        363,584.20          1
                                       7.625          2,580.97         43
                                       7.375          2,580.97
    SAINT SIMONS IS  GA   31522          2            06/14/01         00
    0025565987                           09           08/01/01          0
    0025565987                           O            07/01/31
    0

    5616376          M82/G01             F          999,950.00         ZZ
                                         360        999,950.00          1
                                       7.125          6,736.85         52
                                       6.875          6,736.85
    ATLANTA          GA   30305          2            10/09/01         00
    0433308046                           05           12/01/01          0
    10092                                O            11/01/31
    0

    5616741          K79/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
1

                                       7.125          2,640.98         53
                                       6.875          2,640.98
    NEWTON           MA   02459          2            10/17/01         00
    0433315082                           05           12/01/01          0
    14127                                O            11/01/31
    0

    5619282          369/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.125          2,688.14         72
                                       6.875          2,688.14
    ATLANTA          GA   30307          5            10/05/01         00
    0433337151                           05           12/01/01          0
    0073425324                           O            11/01/31
    0

    5620323          025/025             F          400,000.00         ZZ
                                         360        399,081.27          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    WATERFORD        WI   53185          2            07/21/01         00
    0130358914                           05           09/01/01          0
    0130358914                           O            08/01/31
    0

    5620818          R65/G01             F          465,600.00         ZZ
                                         360        465,600.00          1
                                       7.000          3,097.65         80
                                       6.750          3,097.65
    MINNEAPOLIS      MN   55449          1            10/05/01         00
    0433295235                           05           12/01/01          0
    20015266                             O            11/01/31
    0

    5621144          025/025             F          407,900.00         ZZ
                                         360        407,008.68          1
                                       7.625          2,887.09         80
                                       7.375          2,887.09
    ST CHARLES       IL   60174          1            07/27/01         00
    0139371959                           05           09/01/01          0
    0139371959                           O            08/01/31
    0

    5621354          025/025             F          408,000.00         ZZ
                                         360        405,094.59          1
                                       7.125          2,748.77         80
                                       6.875          2,748.77
    LONGWOOD         FL   32779          2            05/29/01         00
    0021984976                           03           07/01/01          0
1

    0021984976                           O            06/01/31
    0

    5621714          025/025             F          364,000.00         T
                                         360        362,708.38          1
                                       7.375          2,514.06         67
                                       7.125          2,514.06
    SANDPOINT        ID   83864          2            07/10/01         00
    0139372528                           03           09/01/01          0
    0139372528                           O            08/01/31
    0

    5621976          369/G01             F          296,250.00         ZZ
                                         360        296,018.89          1
                                       7.250          2,020.95         75
                                       7.000          2,020.95
    HOUMA            LA   70360          5            09/25/01         00
    0433303385                           05           11/01/01          0
    0073405615                           O            10/01/31
    0

    5622487          696/G01             F          307,900.00         ZZ
                                         360        307,653.78          1
                                       7.125          2,074.38         80
                                       6.875          2,074.38
    CLIFTON          VA   20124          1            09/17/01         00
    0433188695                           03           11/01/01          0
    21701233                             O            10/01/31
    0

    5622957          964/G01             F          449,000.00         ZZ
                                         360        449,000.00          1
                                       7.125          3,025.00         37
                                       6.875          3,025.00
    CORONA DEL MAR   CA   92625          2            10/09/01         00
    0433286457                           03           12/01/01          0
    143487                               O            11/01/31
    0

    5623049          893/G01             F          452,000.00         ZZ
                                         360        451,629.50          1
                                       7.000          3,007.17         64
                                       6.750          3,007.17
    CARDIFF BY THE   CA   92007          5            09/25/01         00
    0433272440                           03           11/01/01          0
    M10831011                            O            10/01/31
    0

1

    5625131          944/G01             F          223,000.00         ZZ
                                         360        223,000.00          4
                                       7.250          1,521.26         35
                                       7.000          1,521.26
    MONTEREY         CA   93940          2            10/04/01         00
    0433338605                           05           12/01/01          0
    W01082316                            O            11/01/31
    0

    5625451          356/G01             F          287,000.00         ZZ
                                         360        287,000.00          1
                                       7.250          1,957.85         42
                                       7.000          1,957.85
    LIVERMORE        CA   94550          2            09/28/01         00
    0433330099                           05           12/01/01          0
    2895472                              O            11/01/31
    0

    5626773          B68/G01             F          364,000.00         ZZ
                                         360        363,224.28          1
                                       7.750          2,607.74         80
                                       7.500          2,607.74
    NEEDHAM          MA   02192          1            07/30/01         00
    0433189073                           05           09/01/01          0
    1031036827                           O            08/01/31
    0

    5627942          B68/G01             F          780,000.00         ZZ
                                         360        778,895.40          1
                                       7.750          5,588.02         80
                                       7.500          5,588.02
    MANCHESTER-BY-T  MA   01944          1            08/21/01         00
    0433189693                           05           10/01/01          0
    1031036380                           O            09/01/31
    0

    5632901          253/253             F          463,000.00         ZZ
                                         360        463,000.00          1
                                       7.125          3,119.32         43
                                       6.875          3,119.32
    SANTA FE         NM   87501          5            10/02/01         00
    978642                               05           12/01/01          0
    978642                               O            11/01/31
    0

    5633946          369/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.250          3,751.97         64
                                       7.000          3,751.97
1

    RICHLAND         MI   49083          5            09/27/01         00
    0433301751                           05           12/01/01          0
    0073362709                           O            11/01/31
    0

    5636839          964/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.000          2,162.23         77
                                       6.750          2,162.23
    SCOTTS VALLEY    CA   95066          2            10/09/01         00
    0433309036                           02           12/01/01          0
    151730                               O            11/01/31
    0

    5636965          964/G01             F          291,000.00         ZZ
                                         360        291,000.00          1
                                       6.875          1,911.66         58
                                       6.625          1,911.66
    SAN ANSELMO      CA   94960          2            10/05/01         00
    0433287752                           05           12/01/01          0
    151733                               O            11/01/31
    0

    5637345          964/G01             F          381,500.00         ZZ
                                         360        381,500.00          1
                                       7.250          2,602.50         80
                                       7.000          2,602.50
    SHERMAN OAKS     CA   91423          2            10/09/01         00
    0433288701                           05           12/01/01          0
    400149785                            O            11/01/31
    0

    5637642          E60/G01             F          420,000.00         ZZ
                                         360        419,672.35          1
                                       7.250          2,865.15         68
                                       7.000          2,865.15
    JAMUL            CA   91935          2            09/24/01         00
    0433288693                           05           11/01/01          0
    525260                               O            10/01/31
    0

    5637682          964/G01             F          474,000.00         ZZ
                                         360        474,000.00          1
                                       6.875          3,113.84         80
                                       6.625          3,113.84
    SUNNYVALE        CA   94087          2            10/09/01         00
    0433313475                           05           12/01/01          0
    400151762                            O            11/01/31
    0
1

    5637847          356/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.750          2,140.38         45
                                       6.500          2,140.38
    FREMONT          CA   94539          5            10/03/01         00
    0433338878                           05           12/01/01          0
    2896660                              O            11/01/31
    0

    5638225          964/G01             F          379,500.00         ZZ
                                         360        379,500.00          1
                                       6.750          2,461.43         80
                                       6.500          2,461.43
    SACRAMENTO       CA   95864          1            10/09/01         00
    0433289121                           05           12/01/01          0
    140583                               O            11/01/31
    0

    5638415          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.09         64
                                       6.500          2,270.09
    ORANGE           CA   92867          5            10/09/01         00
    0433301587                           05           12/01/01          0
    148707                               O            11/01/31
    0

    5640502          F25/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.250          2,251.18         74
                                       7.000          2,251.18
    GLEN ROCK        NJ   07452          5            10/05/01         00
    0433297595                           05           12/01/01          0
    0497409                              O            11/01/31
    0

    5644815          356/G01             F          477,500.00         ZZ
                                         360        477,500.00          1
                                       6.875          3,136.84         24
                                       6.625          3,136.84
    PLEASANTON       CA   94588          2            10/05/01         00
    0433335809                           03           12/01/01          0
    2946                                 O            11/01/31
    0

    5645091          F96/G01             F          585,000.00         ZZ
                                         360        585,000.00          1
1

                                       6.875          3,843.03         72
                                       6.625          3,843.03
    BOROUGH OF PARA  NJ   07652          2            10/11/01         00
    0433294576                           05           12/01/01          0
    0106099                              O            11/01/31
    0

    5645110          025/025             F          350,000.00         ZZ
                                         360        349,145.87          1
                                       7.125          2,358.01         53
                                       6.875          2,358.01
    BOULDER          CO   80301          5            08/07/01         00
    0139385959                           05           10/01/01          0
    0139385959                           O            09/01/31
    0

    5646719          U43/G01             F          385,000.00         ZZ
                                         360        384,699.66          1
                                       7.250          2,626.38         75
                                       7.000          2,626.38
    STUDIO CITY      CA   91604          2            09/11/01         00
    0433269784                           05           11/01/01          0
    0840229102                           O            10/01/31
    0

    5646955          025/025             F          290,000.00         ZZ
                                         360        289,173.30          1
                                       7.750          2,077.60         51
                                       7.500          2,077.60
    MARLBOROUGH      MA   01752          2            06/12/01         00
    0139138135                           05           08/01/01          0
    0139138135                           O            07/01/31
    0

    5648181          286/286             F          415,000.00         ZZ
                                         360        414,382.10          1
                                       7.500          2,901.74         62
                                       7.250          2,901.74
    BAYSIDE          WI   53217          1            08/20/01         00
    438481                               05           10/01/01          0
    438481                               O            09/01/31
    0

    5648186          286/286             F          400,000.00         ZZ
                                         360        399,358.34          1
                                       7.125          2,694.88         58
                                       6.875          2,694.88
    NEW ROCHELLE     NY   10804          5            08/27/01         00
    477640                               05           10/01/01          0
1

    477640                               O            09/01/31
    0

    5648188          286/286             F          456,500.00         ZZ
                                         360        455,749.43          1
                                       7.000          3,037.11         79
                                       6.750          3,037.11
    BURLINGTON       MA   01803          2            08/29/01         00
    144845                               05           10/01/01          0
    144845                               O            09/01/31
    0

    5648204          286/286             F          379,000.00         ZZ
                                         360        378,689.33          1
                                       7.000          2,521.50         80
                                       6.750          2,521.50
    ANN ARBOR        MI   48103          2            08/29/01         00
    519412                               05           11/01/01          0
    519412                               O            10/01/31
    0

    5648206          286/286             F          340,000.00         ZZ
                                         360        339,339.38          1
                                       7.125          2,290.65         80
                                       6.875          2,290.65
    ARLINGTON        VA   22207          1            08/28/01         00
    145191                               05           10/01/01          0
    145191                               O            09/01/31
    0

    5648211          286/286             F          488,000.00         ZZ
                                         360        487,217.18          1
                                       7.125          3,287.75         80
                                       6.875          3,287.75
    ALEXANDRIA       VA   22314          1            08/30/01         00
    509365                               03           10/01/01          0
    509365                               O            09/01/31
    0

    5648218          286/286             F          360,000.00         ZZ
                                         360        358,240.93          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    DENVER           CO   80231          1            08/14/01         00
    512705                               05           10/01/01          0
    512705                               O            09/01/31
    0

1

    5648219          286/286             F          393,000.00         ZZ
                                         360        392,677.86          1
                                       7.000          2,614.64         61
                                       6.750          2,614.64
    SALINE           MI   48176          5            08/28/01         00
    509956                               05           11/01/01          0
    509956                               O            10/01/31
    0

    5648221          286/286             F          335,300.00         ZZ
                                         360        334,679.07          1
                                       7.000          2,230.76         59
                                       6.750          2,230.76
    UNIVERSITY PARK  TX   75205          2            08/24/01         00
    533521                               05           10/01/01          0
    533521                               O            09/01/31
    0

    5648231          286/286             F          383,000.00         ZZ
                                         360        382,400.63          1
                                       7.250          2,612.74         78
                                       7.000          2,612.74
    OAK HILL         VA   20171          2            08/27/01         00
    540943                               05           10/01/01          0
    540943                               O            09/01/31
    0

    5648236          286/286             F          999,990.00         ZZ
                                         360        998,573.86          1
                                       7.750          7,164.06         28
                                       7.500          7,164.06
    ENGLEWOOD        CO   80111          2            08/24/01         00
    322699                               05           10/01/01          0
    322699                               O            09/01/31
    0

    5648246          286/286             F          305,500.00         ZZ
                                         360        305,021.92          1
                                       7.250          2,084.05         80
                                       7.000          2,084.05
    BRISTOW          VA   20136          1            08/23/01         00
    502539                               03           10/01/01          0
    502539                               O            09/01/31
    0

    5648250          286/286             F          450,000.00         ZZ
                                         348        449,217.24          1
                                       7.125          3,062.10         72
                                       6.875          3,062.10
1

    BELLE MEAD       NJ   08502          2            08/27/01         00
    479414                               05           10/01/01          0
    479414                               O            09/01/30
    0

    5648262          286/286             F          377,500.00         ZZ
                                         360        376,909.24          1
                                       7.250          2,575.22         80
                                       7.000          2,575.22
    ARLINGTON HEIGH  IL   60004          2            08/24/01         00
    542200                               05           10/01/01          0
    542200                               O            09/01/31
    0

    5648265          286/286             F          407,000.00         ZZ
                                         360        406,347.13          1
                                       7.125          2,742.03         46
                                       6.875          2,742.03
    EDGEWATER        MD   21037          2            08/22/01         00
    520545                               03           10/01/01          0
    520545                               O            09/01/31
    0

    5648270          286/286             F          440,000.00         ZZ
                                         360        439,344.88          1
                                       7.500          3,076.54         66
                                       7.250          3,076.54
    HINGHAM          MA   02043          2            08/24/01         00
    514471                               05           10/01/01          0
    514471                               O            09/01/31
    0

    5648273          286/286             F          335,800.00         ZZ
                                         360        334,910.79          1
                                       7.125          2,262.35         68
                                       6.875          2,262.35
    ASHLAND          OR   97520          2            08/22/01         00
    514408                               05           10/01/01          0
    514408                               O            09/01/31
    0

    5648277          286/286             F          380,000.00         ZZ
                                         240        378,580.53          1
                                       7.250          3,003.43         80
                                       7.000          3,003.43
    MORELAND HILLS   OH   44022          1            08/30/01         00
    534242                               05           10/01/01          0
    534242                               O            09/01/21
    0
1

    5648278          286/286             F          791,000.00         T
                                         360        789,879.84          1
                                       7.750          5,666.82         59
                                       7.500          5,666.82
    GOLD CANYON      AZ   85218          2            08/08/01         00
    445894                               03           10/01/01          0
    445894                               O            09/01/31
    0

    5648284          286/286             F          595,000.00         ZZ
                                         360        594,068.88          1
                                       7.250          4,058.95         80
                                       7.000          4,058.95
    AVON LAKE        OH   44012          2            08/27/01         00
    501128                               05           10/01/01          0
    501128                               O            09/01/31
    0

    5648303          286/286             F          575,000.00         ZZ
                                         360        574,100.19          1
                                       7.250          3,922.51         71
                                       7.000          3,922.51
    MESA             AZ   85207          4            08/10/01         00
    23289                                03           10/01/01          0
    23289                                O            09/01/31
    0

    5648316          286/286             F          436,000.00         ZZ
                                         360        434,899.40          1
                                       7.125          2,937.42         80
                                       6.875          2,937.42
    POTOMAC          MD   20854          1            08/29/01         00
    501323                               05           10/01/01          0
    501323                               O            09/01/31
    0

    5648318          286/286             F          334,000.00         ZZ
                                         360        333,477.32          1
                                       7.250          2,278.47         80
                                       7.000          2,278.47
    WOODSTOCK        MD   21163          1            08/24/01         00
    258870                               03           10/01/01          0
    258870                               O            09/01/31
    0

    5648319          286/286             F          329,000.00         ZZ
                                         360        328,485.13          1
1

                                       7.250          2,244.37         70
                                       7.000          2,244.37
    ST CHARLES       MO   63304          2            08/17/01         00
    511756                               03           10/01/01          0
    511756                               O            09/01/31
    0

    5648351          286/286             F          515,950.00         ZZ
                                         360        515,142.59          1
                                       7.250          3,519.69         80
                                       7.000          3,519.69
    PHOENIX          MD   21131          2            08/15/01         00
    9953380                              05           10/01/01          0
    9953380                              O            09/01/31
    0

    5648363          286/286             F          499,000.00         ZZ
                                         360        498,219.11          1
                                       7.250          3,404.06         78
                                       7.000          3,404.06
    CHANHASSEN       MN   55317          2            08/21/01         00
    9808056                              05           10/01/01          0
    9808056                              O            09/01/31
    0

    5648375          286/286             F          363,500.00         ZZ
                                         360        362,916.90          1
                                       7.125          2,448.97         71
                                       6.875          2,448.97
    FAIRFAX STATION  VA   22039          2            08/27/01         00
    9936632                              03           10/01/01          0
    9936632                              O            09/01/31
    0

    5648380          286/286             F          352,050.00         ZZ
                                         360        351,485.27          1
                                       7.125          2,371.83         80
                                       6.875          2,371.83
    BOSTON           MA   02110          1            08/17/01         00
    9939634                              01           10/01/01          0
    9939634                              O            09/01/31
    0

    5648449          757/G01             F          388,000.00         ZZ
                                         360        387,674.03          1
                                       6.875          2,548.89         80
                                       6.625          2,548.89
    MARIETTA         GA   30066          1            10/01/01         00
    0433297884                           05           11/01/01          0
1

    1000407740                           O            10/01/31
    0

    5649051          025/025             F          344,000.00         ZZ
                                         360        342,502.34          1
                                       6.750          2,231.18         75
                                       6.500          2,231.18
    WEST HARTFORD    CT   06117          1            05/30/01         00
    0139008494                           05           07/01/01          0
    0139008494                           O            06/01/31
    0

    5649358          025/025             F          314,200.00         ZZ
                                         360        313,496.08          1
                                       7.500          2,196.93         75
                                       7.250          2,196.93
    KENNEDYVILLE     MD   21645          5            07/06/01         00
    0139243877                           05           09/01/01          0
    0139243877                           O            08/01/31
    0

    5650037          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.625          2,177.06         57
                                       6.375          2,177.06
    SAN JOSE         CA   95121          2            10/12/01         00
    0433300753                           05           12/01/01          0
    150606                               O            11/01/31
    0

    5650093          A48/G01             F          350,000.00         ZZ
                                         360        349,424.54          1
                                       7.000          2,328.56         52
                                       6.750          2,328.56
    DIX HILLS        NY   11746          1            08/24/01         00
    0433291929                           05           10/01/01          0
    2570702903                           O            09/01/31
    0

    5652507          E22/G01             F          474,000.00         ZZ
                                         360        473,611.47          1
                                       7.000          3,153.53         80
                                       6.750          3,153.53
    DALLAS           TX   75230          1            09/26/01         00
    0413000431                           05           11/01/01          0
    0413000431                           O            10/01/31
    0

1

    5652516          E22/G01             F          312,000.00         ZZ
                                         360        311,762.59          1
                                       7.375          2,154.91         80
                                       7.125          2,154.91
    ANNISTON         AL   36207          2            09/21/01         00
    0413007303                           05           11/01/01          0
    0413007303                           O            10/01/31
    0

    5652754          E84/G01             F          324,000.00         ZZ
                                         360        323,505.40          1
                                       7.375          2,237.79         48
                                       7.125          2,237.79
    PALATINE         IL   60067          2            08/20/01         00
    0433192903                           05           10/01/01          0
    11304637                             O            09/01/31
    0

    5653102          E84/G01             F          435,000.00         ZZ
                                         360        434,319.26          1
                                       7.250          2,967.47         73
                                       7.000          2,967.47
    PORTLAND         OR   97212          2            08/22/01         00
    0433202108                           05           10/01/01          0
    60107875                             O            09/01/31
    0

    5653447          E84/G01             F          341,250.00         ZZ
                                         360        340,688.93          1
                                       7.000          2,270.34         75
                                       6.750          2,270.34
    DERWOOD          MD   20855          5            08/13/01         00
    0433190212                           05           10/01/01          0
    70309311                             O            09/01/31
    0

    5653478          E84/G01             F          440,000.00         ZZ
                                         360        439,311.43          1
                                       7.250          3,001.58         52
                                       7.000          3,001.58
    PORTLAND         OR   97219          5            07/27/01         00
    0433191871                           05           10/01/01          0
    60902472                             O            09/01/31
    0

    5653482          U42/G01             F          303,000.00         ZZ
                                         360        302,763.64          1
                                       7.250          2,066.99         74
                                       7.000          2,066.99
1

    LITTLETON        CO   80127          2            09/21/01         00
    0433307287                           05           11/01/01          0
    28100615                             O            10/01/31
    0

    5653853          E84/G01             F          326,000.00         ZZ
                                         360        325,526.60          1
                                       7.625          2,307.41         77
                                       7.375          2,307.41
    CHICAGO          IL   60626          2            08/08/01         00
    0433203858                           05           10/01/01          0
    11008620                             O            09/01/31
    0

    5655733          470/G01             F          333,900.00         ZZ
                                         360        333,619.48          1
                                       6.875          2,193.49         74
                                       6.625          2,193.49
    IRVINE           CA   92620          5            09/28/01         00
    0433310315                           03           11/01/01          0
    110100151                            O            10/01/31
    0

    5657894          253/253             F          341,064.00         ZZ
                                         360        340,530.27          1
                                       7.250          2,326.66         63
                                       7.000          2,326.66
    EL PASO          TX   79912          4            08/08/01         00
    957592                               05           10/01/01          0
    957592                               O            09/01/31
    0

    5658491          550/550             F          755,000.00         ZZ
                                         360        754,381.13          1
                                       7.000          5,023.04         12
                                       6.750          5,023.04
    SAN FRANCISCO    CA   94115          2            09/14/01         00
    120544106                            05           11/01/01          0
    120544106                            O            10/01/31
    0

    5658669          664/G01             F          418,400.00         ZZ
                                         360        416,521.57          1
                                       7.125          2,818.84         80
                                       6.875          2,818.84
    SAN DIEGO        CA   92131          1            05/16/01         00
    0433221165                           05           07/01/01          0
    0008016701                           O            06/01/31
    0
1

    5659774          664/G01             F          403,200.00         ZZ
                                         360        401,180.36          1
                                       7.375          2,784.81         90
                                       7.125          2,784.81
    SHERWOOD         OR   97140          1            06/26/01         11
    0433222379                           05           08/01/01         25
    0008186983                           O            07/01/31
    0

    5659916          286/286             F          599,200.00         ZZ
                                         360        597,753.90          1
                                       7.125          4,036.93         80
                                       6.875          4,036.93
    WASHINGTON       DC   20015          1            08/03/01         00
    501104                               05           09/01/01          0
    501104                               O            08/01/31
    0

    5659923          286/286             F          338,700.00         ZZ
                                         360        338,143.12          1
                                       7.000          2,253.38         80
                                       6.750          2,253.38
    EVERGREEN        CO   80439          1            08/09/01         00
    436908                               05           10/01/01          0
    436908                               O            09/01/31
    0

    5659925          286/286             F          454,000.00         ZZ
                                         360        453,289.52          1
                                       7.250          3,097.09         72
                                       7.000          3,097.09
    GLENCOE          IL   60022          2            08/13/01         00
    284289                               05           10/01/01          0
    284289                               O            09/01/31
    0

    5659927          286/286             F          335,000.00         ZZ
                                         360        334,475.74          1
                                       7.250          2,285.30         71
                                       7.000          2,285.30
    GLENVIEW         IL   60025          1            08/01/01         00
    399178                               05           10/01/01          0
    399178                               O            09/01/31
    0

    5659929          286/286             F          325,000.00         ZZ
                                         360        323,726.97          1
1

                                       7.000          2,162.24         62
                                       6.750          2,162.24
    BELMONT          MA   02478          1            07/30/01         00
    443030                               05           09/01/01          0
    443030                               O            08/01/31
    0

    5659930          286/286             F          430,400.00         ZZ
                                         360        429,709.58          1
                                       7.125          2,899.69         80
                                       6.875          2,899.69
    EVERGREEN        CO   80439          1            08/10/01         00
    322737                               05           10/01/01          0
    322737                               O            09/01/31
    0

    5659931          286/286             F          348,000.00         ZZ
                                         360        347,441.77          1
                                       7.125          2,344.54         80
                                       6.875          2,344.54
    LITTLETON        CO   80122          1            08/10/01         00
    510176                               03           10/01/01          0
    510176                               O            09/01/31
    0

    5659939          286/286             F          550,000.00         ZZ
                                         360        549,160.41          1
                                       7.375          3,798.72         69
                                       7.125          3,798.72
    BLOOMFIELD HILL  MI   48302          5            08/09/01         00
    499748                               05           10/01/01          0
    499748                               O            09/01/31
    0

    5659942          286/286             F          305,600.00         ZZ
                                         360        305,133.49          1
                                       7.375          2,110.71         80
                                       7.125          2,110.71
    BRIGHTON         MI   48116          1            08/09/01         00
    67985                                01           10/01/01          0
    67985                                O            09/01/31
    0

    5659943          286/286             F          550,000.00         ZZ
                                         360        548,705.05          1
                                       7.250          3,751.97         80
                                       7.000          3,751.97
    HAWTHORN WOODS   IL   60047          1            07/31/01         00
    383314                               05           09/01/01          0
1

    383314                               O            08/01/31
    0

    5659945          286/286             F          375,750.00         ZZ
                                         360        375,132.19          1
                                       7.000          2,499.88         78
                                       6.750          2,499.88
    SEVERNA PARK     MD   21146          2            08/10/01         00
    506004                               05           10/01/01          0
    506004                               O            09/01/31
    0

    5659949          286/286             F          412,500.00         ZZ
                                         360        411,575.85          1
                                       7.500          2,884.26         69
                                       7.250          2,884.26
    MASON            OH   45040          5            07/24/01         00
    438795                               05           09/01/01          0
    438795                               O            08/01/31
    0

    5659958          286/286             F          547,500.00         ZZ
                                         360        546,242.48          1
                                       7.375          3,781.45         75
                                       7.125          3,781.45
    INCLINE VILLAGE  NV   89451          5            07/24/01         00
    442090                               05           09/01/01          0
    442090                               O            08/01/31
    0

    5659965          286/286             F          415,000.00         ZZ
                                         360        414,366.48          1
                                       7.375          2,866.31         68
                                       7.125          2,866.31
    EMERSON          NJ   07630          5            08/07/01         00
    347819                               05           10/01/01          0
    347819                               O            09/01/31
    0

    5659971          286/286             F          410,450.00         ZZ
                                         360        409,775.14          1
                                       7.000          2,730.74         74
                                       6.750          2,730.74
    AUSTIN           TX   78746          2            08/13/01         00
    510743                               03           10/01/01          0
    510743                               O            09/01/31
    0

1

    5659972          286/286             F          509,600.00         ZZ
                                         360        508,370.17          1
                                       7.125          3,433.27         80
                                       6.875          3,433.27
    UNIVERSITY PARK  TX   75225          2            07/26/01         00
    510833                               05           09/01/01          0
    510833                               O            08/01/31
    0

    5659975          286/286             F          380,000.00         ZZ
                                         360        379,390.43          1
                                       7.125          2,560.13         79
                                       6.875          2,560.13
    DUNWOODY         GA   30338          2            08/10/01         00
    515467                               03           10/01/01          0
    515467                               O            09/01/31
    0

    5659976          286/286             F          452,000.00         ZZ
                                         358        450,059.87          1
                                       7.250          3,088.27         80
                                       7.000          3,088.27
    PITTSBURGH       PA   15238          1            08/07/01         00
    167393                               05           10/01/01          0
    167393                               O            07/01/31
    0

    5659977          286/286             F          310,000.00         ZZ
                                         360        309,514.88          1
                                       7.250          2,114.75         80
                                       7.000          2,114.75
    CHATTANOOGA      TN   37421          2            08/13/01         00
    427754                               05           10/01/01          0
    427754                               O            09/01/31
    0

    5659993          286/286             F          600,000.00         ZZ
                                         360        598,625.33          1
                                       7.375          4,144.06         66
                                       7.125          4,144.06
    DAYTON           OH   45458          2            08/13/01         00
    501271                               05           10/01/01          0
    501271                               O            09/01/31
    0

    5660011          286/286             F          296,000.00         ZZ
                                         360        295,501.22          1
                                       6.875          1,944.51         80
                                       6.625          1,944.51
1

    KEYMAR           MD   21757          1            08/13/01         00
    377069                               05           10/01/01          0
    377069                               O            09/01/31
    0

    5660026          286/286             F          360,000.00         ZZ
                                         360        359,152.41          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    CINCINNATI       OH   45208          1            07/25/01         00
    510943                               05           09/01/01          0
    510943                               O            08/01/31
    0

    5660036          286/286             F          364,000.00         ZZ
                                         360        363,430.36          1
                                       7.250          2,483.13         80
                                       7.000          2,483.13
    OAKTON           VA   22124          1            08/10/01         00
    463546                               05           10/01/01          0
    463546                               O            09/01/31
    0

    5660040          286/286             F          307,200.00         ZZ
                                         360        306,458.60          1
                                       7.125          2,069.67         80
                                       6.875          2,069.67
    BETHESDA         MD   20814          1            07/31/01         00
    449113                               05           09/01/01          0
    449113                               O            08/01/31
    0

    5660043          286/286             F          350,000.00         ZZ
                                         360        349,277.69          1
                                       7.500          2,447.26         73
                                       7.250          2,447.26
    WARREN           NJ   07059          5            08/10/01         00
    497162                               05           10/01/01          0
    497162                               O            09/01/31
    0

    5660045          286/286             F          354,150.00         ZZ
                                         360        353,581.91          1
                                       7.125          2,385.97         80
                                       6.875          2,385.97
    ASHBURN          VA   20148          1            08/02/01         00
    511656                               03           10/01/01          0
    511656                               O            09/01/31
    0
1

    5660056          286/286             F          317,000.00         ZZ
                                         360        316,516.08          1
                                       7.375          2,189.45         70
                                       7.125          2,189.45
    ROCHESTER        MI   48306          2            08/13/01         00
    505636                               05           10/01/01          0
    505636                               O            09/01/31
    0

    5660112          286/286             F          383,000.00         ZZ
                                         360        382,075.69          1
                                       7.125          2,580.34         79
                                       6.875          2,580.34
    NORFOLK          VA   23508          1            07/31/01         00
    9937954                              05           09/01/01          0
    9937954                              O            08/01/31
    0

    5660135          286/286             F          579,800.00         ZZ
                                         360        578,846.72          1
                                       7.000          3,857.42         76
                                       6.750          3,857.42
    NORFOLK          VA   23509          2            07/31/01         00
    9869840                              05           10/01/01          0
    9869840                              O            09/01/31
    0

    5660145          286/286             F          308,000.00         ZZ
                                         360        307,256.71          1
                                       7.125          2,075.05         80
                                       6.875          2,075.05
    OAK HILL         VA   20171          1            08/02/01         00
    9949816                              03           09/01/01          0
    9949816                              O            08/01/31
    0

    5660148          286/286             F          520,000.00         ZZ
                                         360        519,186.25          1
                                       7.250          3,547.32         80
                                       7.000          3,547.32
    DAVIDSONVILLE    MD   21035          2            08/08/01         00
    9936700                              05           10/01/01          0
    9936700                              O            09/01/31
    0

    5660151          286/286             F          395,200.00         ZZ
                                         360        394,246.24          1
1

                                       7.125          2,662.54         80
                                       6.875          2,662.54
    AUSTIN           TX   78759          2            07/26/01         00
    9878645                              03           09/01/01          0
    9878645                              O            08/01/31
    0

    5660159          286/286             F          351,250.00         ZZ
                                         360        350,672.48          1
                                       7.000          2,336.88         74
                                       6.750          2,336.88
    AURORA           CO   80016          1            08/10/01         00
    9936501                              03           10/01/01          0
    9936501                              O            09/01/31
    0

    5660172          286/286             F          340,000.00         ZZ
                                         360        339,454.61          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    ALPINE           UT   84004          1            08/10/01         00
    9882002                              05           10/01/01          0
    9882002                              O            09/01/31
    0

    5660731          E82/G01             F          434,000.00         ZZ
                                         360        433,693.69          1
                                       7.750          3,109.23         60
                                       7.500          3,109.23
    SAN JOSE         CA   95129          2            09/10/01         00
    0400478343                           05           11/01/01          0
    3776785                              O            10/01/31
    0

    5660737          E82/G01             F          286,700.00         ZZ
                                         360        286,476.35          1
                                       7.250          1,955.80         79
                                       7.000          1,955.80
    OVERLAND PARK    KS   66213          2            09/20/01         00
    0400492807                           03           11/01/01          0
    1951119                              O            10/01/31
    0

    5661376          M66/G01             F          500,000.00         ZZ
                                         360        499,647.10          1
                                       7.750          3,582.07         77
                                       7.500          3,582.07
    MIDDLESEX        NJ   08807          1            09/07/01         00
    0433293719                           05           11/01/01          0
1

    216163                               O            10/01/31
    0

    5661894          N47/G01             F          443,000.00         ZZ
                                         360        443,000.00          1
                                       7.000          2,947.29         71
                                       6.750          2,947.29
    PACIFIC GROVE    CA   93950          2            10/08/01         00
    0433308822                           05           12/01/01          0
    20111750                             O            11/01/31
    0

    5662182          664/G01             F          550,000.00         ZZ
                                         360        548,135.77          1
                                       6.875          3,613.11         76
                                       6.625          3,613.11
    HIGHWOOD         IL   60040          1            06/25/01         00
    0433222304                           03           08/01/01          0
    0008209215                           O            07/01/31
    0

    5663018          N47/G01             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       7.750          2,478.79         71
                                       7.500          2,478.79
    LIVERMORE        CA   94550          2            10/01/01         00
    0433273885                           05           12/01/01          0
    20510712                             O            11/01/31
    0

    5665057          E22/G01             F          333,600.00         ZZ
                                         360        333,319.74          1
                                       6.875          2,191.51         80
                                       6.625          2,191.51
    CASTLE ROCK      CO   80104          2            09/21/01         00
    0413025586                           03           11/01/01          0
    0413025586                           O            10/01/31
    0

    5665597          116/116             F          844,500.00         ZZ
                                         360        843,824.66          1
                                       7.125          5,689.56         63
                                       6.875          5,689.56
    HOUSTON          TX   77005          2            09/27/01         00
    091020586                            05           11/01/01          0
    091020586                            O            10/01/31
    0

1

    5665757          696/G01             F          503,500.00         ZZ
                                         360        503,116.88          1
                                       7.375          3,477.55         79
                                       7.125          3,477.55
    ALEXANDRIA       VA   22308          2            09/14/01         00
    0433254158                           05           11/01/01          0
    24601254                             O            10/01/31
    0

    5666035          N74/G01             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.875          1,208.75         92
                                       6.625          1,208.75
    CLEMMONS         NC   27012          2            09/28/01         10
    0433265303                           05           12/01/01         30
    0029346010                           O            11/01/31
    0

    5667651          253/253             F          385,000.00         ZZ
                                         360        384,412.30          1
                                       7.375          2,659.10         50
                                       7.125          2,659.10
    BARTONVILLE      TX   76226          4            08/14/01         00
    957016                               05           10/01/01          0
    957016                               O            09/01/31
    0

    5668278          964/G01             F          222,350.00         ZZ
                                         360        222,163.20          1
                                       6.875          1,460.68         80
                                       6.625          1,460.68
    CYPRESS          CA   90630          1            09/26/01         00
    0433290780                           29           11/01/01          0
    145729                               O            10/01/31
    0

    5669040          168/168             F          600,000.00         ZZ
                                         360        597,417.73          1
                                       7.750          4,298.48         60
                                       7.500          4,298.48
    ALEXANDRIA       VA   22301          5            04/17/01         00
    0169652076                           05           06/01/01          0
    0169652076                           O            05/01/31
    0

    5669334          956/G01             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         78
                                       6.750          1,995.91
1

    WAYNE            NJ   07470          1            09/11/01         00
    0433243730                           05           11/01/01          0
    911080121                            O            10/01/31
    0

    5671107          964/G01             F          588,850.00         ZZ
                                         360        588,850.00          1
                                       7.000          3,917.63         80
                                       6.750          3,917.63
    CHINO HILLS      CA   91709          1            10/05/01         00
    0433290855                           03           12/01/01          0
    148661                               O            11/01/31
    0

    5671532          K15/G01             F          299,900.00         ZZ
                                         360        299,900.00          1
                                       7.125          2,020.48         75
                                       6.875          2,020.48
    BOSTON           MA   02120          5            10/01/01         00
    0433273810                           05           12/01/01          0
    0033305305849                        O            11/01/31
    0

    5671626          W40/G01             F          355,000.00         ZZ
                                         360        354,736.54          1
                                       7.500          2,482.21         60
                                       7.250          2,482.21
    NORTHVILLE       MI   48167          2            09/18/01         00
    0433282084                           05           11/01/01          0
    101001437                            O            10/01/31
    0

    5672687          B57/G01             F          343,200.00         ZZ
                                         360        343,200.00          1
                                       6.750          2,225.99         80
                                       6.500          2,225.99
    LOS ANGELES      CA   90039          1            10/05/01         00
    0433284437                           05           12/01/01          0
    2117519                              O            11/01/31
    0

    5672879          W53/G01             F          489,600.00         ZZ
                                         360        489,208.47          1
                                       7.125          3,298.53         80
                                       6.875          3,298.53
    SARASOTA         FL   34238          1            09/28/01         00
    0433330875                           05           11/01/01          0
    1301000058                           O            10/01/31
    0
1

    5672891          E23/G01             F          314,000.00         ZZ
                                         360        314,000.00          1
                                       7.000          2,089.05         59
                                       6.750          2,089.05
    SAN DIEGO        CA   92130          2            10/01/01         00
    0433277563                           03           12/01/01          0
    11005905                             O            11/01/31
    0

    5672970          G82/G01             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         77
                                       7.000          4,434.15
    RANCHO VIEJO     TX   78575          4            09/24/01         00
    0433317310                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5674160          U97/G01             F          360,000.00         ZZ
                                         360        359,732.83          1
                                       7.500          2,517.17         71
                                       7.250          2,517.17
    SANTA CLARA      CA   95051          5            09/24/01         00
    0433333382                           05           11/01/01          0
    5499928                              O            10/01/31
    0

    5675433          696/G01             F          320,000.00         ZZ
                                         360        319,737.70          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    KENSINGTON       MD   20895          1            09/25/01         00
    0433202074                           05           11/01/01          0
    10101112                             O            10/01/31
    0

    5675437          696/G01             F          370,900.00         ZZ
                                         360        370,303.40          1
                                       7.125          2,498.82         63
                                       6.875          2,498.82
    WARRENTON        VA   20187          5            09/21/01         00
    0433203155                           05           11/01/01          0
    21401101                             O            10/01/31
    0

    5678141          E82/G01             F          422,600.00         ZZ
                                         360        422,197.44          1
1

                                       7.125          2,847.13         77
                                       6.875          2,847.13
    DALLAS           TX   75214          2            09/24/01         00
    0400491874                           05           11/01/01          0
    0400491874                           O            10/01/31
    0

    5678151          E82/G01             F          347,800.00         ZZ
                                         360        347,528.68          1
                                       7.250          2,372.61         80
                                       7.000          2,372.61
    COLUMBIA         MD   21044          2            09/24/01         00
    0400492344                           05           11/01/01          0
    0400492344                           O            10/01/31
    0

    5678160          E82/G01             F          308,000.00         ZZ
                                         360        307,777.08          1
                                       7.625          2,180.00         80
                                       7.375          2,180.00
    COSTA MESA       CA   92626          2            09/19/01         00
    0400456547                           05           11/01/01          0
    1976842                              O            10/01/31
    0

    5678166          E82/G01             F          375,000.00         ZZ
                                         360        374,707.47          1
                                       7.250          2,558.16         75
                                       7.000          2,558.16
    EDINA            MN   55436          5            09/21/01         00
    0400484143                           09           11/01/01          0
    0400484143                           O            10/01/31
    0

    5678175          E82/G01             F          299,500.00         ZZ
                                         360        299,277.73          1
                                       7.500          2,094.15         79
                                       7.250          2,094.15
    HERNDON          VA   20170          2            09/20/01         00
    0400486098                           03           11/01/01          0
    0400486098                           O            10/01/31
    0

    5678927          H12/G01             F          350,500.00         ZZ
                                         240        349,847.33          1
                                       7.250          2,770.27         79
                                       7.000          2,770.27
    OMAHA            NE   68118          2            09/18/01         00
    0433236700                           05           11/01/01          0
1

    0800014979801                        O            10/01/21
    0

    5682030          964/G01             F          217,500.00         ZZ
                                         360        217,500.00          1
                                       7.125          1,465.34         75
                                       6.875          1,465.34
    SUNRIVER         OR   97707          2            10/03/01         00
    0433286606                           03           12/01/01          0
    149033                               O            11/01/31
    0

    5682072          E47/G01             F          389,500.00         ZZ
                                         360        389,500.00          1
                                       7.375          2,690.18         95
                                       7.125          2,690.18
    ANAHEIM HILLS    CA   92808          1            10/05/01         11
    0433290939                           05           12/01/01         30
    7333011637                           O            11/01/31
    0

    5682544          E60/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.000          3,991.82         27
                                       6.750          3,991.82
    ENCINO           CA   91436          2            10/03/01         00
    0433326428                           05           12/01/01          0
    521788                               O            11/01/31
    0

    5684171          S43/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.250          2,346.69         67
                                       7.000          2,346.69
    ALBUQUERQUE      NM   87114          2            10/15/01         00
    0433313202                           05           12/01/01          0
    011442                               O            11/01/31
    0

    5684195          025/025             F          308,800.00         ZZ
                                         360        308,328.62          1
                                       7.375          2,132.80         80
                                       7.125          2,132.80
    NORMANDY PARK    WA   98166          1            08/17/01         00
    130416308                            05           10/01/01          0
    130416308                            O            09/01/31
    0

1

    5685533          696/G01             F          418,000.00         ZZ
                                         360        417,673.92          1
                                       7.250          2,851.50         75
                                       7.000          2,851.50
    FAIRFAX          VA   22033          5            09/19/01         00
    0433216512                           03           11/01/01          0
    25101223                             O            10/01/31
    0

    5687246          964/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       6.750          2,367.38         76
                                       6.500          2,367.38
    HUNTINGTON BEAC  CA   92647          2            10/05/01         00
    0433276714                           05           12/01/01          0
    149967                               O            11/01/31
    0

    5688049          B57/G01             F          309,000.00         ZZ
                                         360        309,000.00          1
                                       7.000          2,055.78         65
                                       6.750          2,055.78
    SIMI VALLEY      CA   93065          1            10/19/01         00
    0433295664                           05           12/01/01          0
    2140379                              O            11/01/31
    0

    5688165          964/G01             F          348,500.00         ZZ
                                         360        348,500.00          1
                                       6.875          2,289.40         75
                                       6.625          2,289.40
    FAIRFAX          CA   94930          5            10/04/01         00
    0433256203                           05           12/01/01          0
    148369                               O            11/01/31
    0

    5689049          E82/G01             F          299,700.00         ZZ
                                         360        299,466.21          1
                                       7.250          2,044.48         79
                                       7.000          2,044.48
    SNOHOMISH        WA   98290          2            09/25/01         00
    0400488748                           05           11/01/01          0
    1998471                              O            10/01/31
    0

    5690138          714/G01             F          587,000.00         ZZ
                                         360        586,530.58          1
                                       7.125          3,954.73         64
                                       6.875          3,954.73
1

    MEQUON           WI   53092          2            09/20/01         00
    0433281425                           03           11/01/01          0
    1                                    O            10/01/31
    0

    5692583          N47/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.625          1,997.77         80
                                       6.375          1,997.77
    SALINAS          CA   93907          1            10/09/01         00
    0433296175                           05           12/01/01          0
    20111901                             O            11/01/31
    0

    5693429          964/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.750          2,853.83         80
                                       6.500          2,853.83
    NEVADA CITY      CA   95959          1            10/03/01         00
    0433255965                           05           12/01/01          0
    5693429                              O            11/01/31
    0

    5696942          964/G01             F          379,000.00         ZZ
                                         360        379,000.00          1
                                       6.875          2,489.76         80
                                       6.625          2,489.76
    SANTA ANA        CA   92706          2            10/08/01         00
    0433290889                           03           12/01/01          0
    147277                               O            11/01/31
    0

    5697438          964/G01             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.500          2,875.91         35
                                       6.250          2,875.91
    BELVEDERE TIBUR  CA   94920          5            10/09/01         00
    0433286523                           05           12/01/01          0
    152775                               O            11/01/31
    0

    5701556          964/G01             F          311,800.00         ZZ
                                         360        311,800.00          1
                                       6.875          2,048.30         63
                                       6.625          2,048.30
    CAMPBELL         CA   95005          2            10/12/01         00
    0433346616                           09           12/01/01          0
    152293                               O            11/01/31
    0
1

    5701635          964/G01             F          290,600.00         ZZ
                                         360        290,600.00          1
                                       7.375          2,007.10         74
                                       7.125          2,007.10
    FALLBROOK        CA   92028          5            10/03/01         00
    0433286614                           05           12/01/01          0
    141245                               O            11/01/31
    0

    5701816          964/G01             F          507,000.00         ZZ
                                         360        507,000.00          1
                                       6.875          3,330.63         79
                                       6.625          3,330.63
    LOS ANGELES      CA   90025          2            10/02/01         00
    0433257334                           05           12/01/01          0
    143800                               O            11/01/31
    0

    5702693          964/G01             F          386,000.00         ZZ
                                         360        386,000.00          1
                                       6.875          2,535.75         66
                                       6.625          2,535.75
    MONTARA          CA   94037          5            10/09/01         00
    0433305745                           05           12/01/01          0
    152537                               O            11/01/31
    0

    5703347          964/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         75
                                       7.000          2,046.53
    WALNUT CREEK     CA   94596          5            10/11/01         00
    0433310646                           05           12/01/01          0
    142339                               O            11/01/31
    0

    5704544          E22/G01             F          346,000.00         ZZ
                                         360        345,716.38          1
                                       7.000          2,301.95         69
                                       6.750          2,301.95
    STAMFORD         CT   06905          2            09/24/01         00
    0413013392                           05           11/01/01          0
    0413013392                           O            10/01/31
    0

    5704688          E22/G01             F          220,000.00         ZZ
                                         360        219,819.66          1
1

                                       7.000          1,463.67         68
                                       6.750          1,463.67
    DALLAS           TX   75230          5            09/24/01         00
    0413072281                           05           11/01/01          0
    0413072281                           O            10/01/31
    0

    5705017          E82/G01             F          392,900.00         ZZ
                                         360        392,593.50          1
                                       7.250          2,680.27         79
                                       7.000          2,680.27
    KANSAS CITY      MO   64113          2            09/26/01         00
    0400492781                           05           11/01/01          0
    3845858                              O            10/01/31
    0

    5705031          E82/G01             F          555,000.00         ZZ
                                         360        554,545.07          1
                                       7.000          3,692.43         70
                                       6.750          3,692.43
    GREENFIELD       MN   55357          2            09/27/01         00
    0400502803                           05           11/01/01          0
    4126086                              O            10/01/31
    0

    5705035          E82/G01             F          314,900.00         ZZ
                                         360        314,660.38          1
                                       7.375          2,174.94         77
                                       7.125          2,174.94
    SEATTLE          WA   98105          2            09/26/01         00
    0400485835                           05           11/01/01          0
    1728476                              O            10/01/31
    0

    5705039          E82/G01             F          784,000.00         ZZ
                                         360        783,432.57          1
                                       7.625          5,549.10         56
                                       7.375          5,549.10
    RANCHO MIRAGE    CA   92270          2            09/21/01         00
    0400492815                           03           11/01/01          0
    0400492815                           O            10/01/31
    0

    5705048          W56/W56             F          338,900.00         ZZ
                                         360        338,628.99          1
                                       7.125          2,283.23         58
                                       6.875          2,283.23
    SAINT PAUL       MN   55105          2            09/27/01         00
    0400477600                           05           11/01/01          0
1

    0400477600                           O            10/01/31
    0

    5706842          A06/G01             F          963,000.00         ZZ
                                         360        963,000.00          1
                                       6.875          6,326.22         51
                                       6.625          6,326.22
    SCOTTSDALE       AZ   85255          2            10/05/01         00
    0433311255                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5707042          B49/G01             F          301,000.00         ZZ
                                         360        301,000.00          1
                                       7.125          2,027.90         70
                                       6.875          2,027.90
    DENVER           CO   80209          5            10/08/01         00
    0433302858                           05           12/01/01          0
    0002043501202                        O            11/01/31
    0

    5707841          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.750          2,464.67         74
                                       6.500          2,464.67
    ATASCADERO       CA   93422          5            10/16/01         00
    0433305778                           05           12/01/01          0
    152928                               O            11/01/31
    0

    5707984          A06/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.875          3,613.11         73
                                       6.625          3,613.11
    BLOOMFIELD HILL  MI   48301          2            10/11/01         00
    0433308988                           05           12/01/01          0
    021000020142624                      O            11/01/31
    0

    5715343          253/253             F          536,040.00         ZZ
                                         360        535,611.33          1
                                       7.125          3,611.41         39
                                       6.875          3,611.41
    SOUTHLAKE        TX   76092          1            09/10/01         00
    958508                               05           11/01/01          0
    958508                               O            10/01/31
    0

1

    5718187          964/G01             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       6.750          1,919.85         79
                                       6.500          1,919.85
    BLACK DIAMOND    WA   98010          2            10/03/01         00
    0433275039                           05           12/01/01          0
    149060                               O            11/01/31
    0

    5718239          A06/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.125          2,459.08         70
                                       6.875          2,459.08
    FRANKLIN         MI   48025          2            10/10/01         00
    0433287794                           05           12/01/01          0
    1000020145635                        O            11/01/31
    0

    5718759          026/G01             F          375,000.00         ZZ
                                         360        374,700.11          1
                                       7.125          2,526.45         75
                                       6.875          2,526.45
    DANIEL ISLAND    SC   29492          5            09/24/01         00
    0433240702                           03           11/01/01          0
    0201370198                           O            10/01/31
    0

    5718909          994/X14             F          383,200.00         T
                                         360        382,922.65          1
                                       7.625          2,712.27         55
                                       7.375          2,712.27
    PINE RIVER       MN   56474          2            09/04/01         00
    3018676967                           05           11/01/01          0
    3018676967                           O            10/01/31
    0

    5719250          994/X14             F          368,000.00         ZZ
                                         360        366,924.41          1
                                       7.625          2,604.68         80
                                       7.375          2,604.68
    ROCKVILLE        MD   20850          1            06/19/01         00
    918465486                            05           08/01/01          0
    918465486                            O            07/01/31
    0

    5719439          964/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.125          2,128.95         80
                                       6.875          2,128.95
1

    COTATI           CA   94931          1            10/11/01         00
    0433287851                           05           12/01/01          0
    136112                               O            11/01/31
    0

    5720141          964/G01             F          356,997.00         ZZ
                                         360        356,997.00          1
                                       7.000          2,375.11         90
                                       6.750          2,375.11
    SACRAMENTO       CA   95826          1            10/24/01         04
    0433331105                           03           12/01/01         25
    108035                               O            11/01/31
    0

    5721997          975/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         75
                                       6.625          2,627.72
    ROWLAND HEIGHTS  CA   91748          1            10/01/01         00
    0433294295                           03           12/01/01          0
    2014352                              O            11/01/31
    0

    5724087          E22/G01             F          620,000.00         ZZ
                                         360        619,479.12          1
                                       6.875          4,072.96         80
                                       6.625          4,072.96
    DELRAY BEACH     FL   33483          1            10/01/01         00
    0413032764                           09           11/01/01          0
    0413032764                           O            10/01/31
    0

    5724091          E22/G01             F          432,000.00         ZZ
                                         360        431,645.89          1
                                       7.000          2,874.11         80
                                       6.750          2,874.11
    DOVE CANYON      CA   92679          1            09/21/01         00
    0413033846                           03           11/01/01          0
    0413033846                           O            10/01/31
    0

    5724125          E22/G01             F          158,800.00         ZZ
                                         360        158,673.01          1
                                       7.125          1,069.87         80
                                       6.875          1,069.87
    MIDLOTHIAN       TX   76065          1            10/01/01         00
    0413057415                           05           11/01/01          0
    0413057415                           O            10/01/31
    0
1

    5724166          E22/G01             F          326,000.00         ZZ
                                         360        325,732.78          1
                                       7.000          2,168.89         73
                                       6.750          2,168.89
    MARBLE FALLS     TX   78654          4            10/01/01         00
    0413089681                           03           11/01/01          0
    0413089681                           O            10/01/31
    0

    5724226          696/G01             F          520,000.00         ZZ
                                         360        519,584.16          1
                                       7.125          3,503.34         80
                                       6.875          3,503.34
    WASHINGTON       DC   20009          1            09/27/01         00
    0433213188                           05           11/01/01          0
    32601249                             O            10/01/31
    0

    5724265          R65/G01             F          499,000.00         ZZ
                                         360        499,000.00          1
                                       6.875          3,278.07         71
                                       6.625          3,278.07
    MC LEAN          VA   22102          2            10/12/01         00
    0433307238                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5724379          F26/G01             F          475,000.00         ZZ
                                         360        472,851.56          1
                                       7.500          3,321.27         68
                                       7.250          3,321.27
    WOODINVILLE      WA   98072          2            05/12/01         00
    0433264652                           05           06/01/01          0
    7142683803                           O            05/01/31
    0

    5724440          696/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.875          2,562.02         66
                                       6.625          2,562.02
    ALEXANDRIA       VA   22307          2            10/24/01         00
    0433303237                           05           12/01/01          0
    22601220                             O            11/01/31
    0

    5724471          A06/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
1

                                       7.000          2,195.50         63
                                       6.750          2,195.50
    HUNTINGTON WOOD  MI   48070          5            10/17/01         00
    0433311065                           05           12/01/01          0
    1000020146711                        O            11/01/31
    0

    5725541          994/X14             F          340,000.00         ZZ
                                         360        339,454.61          1
                                       7.125          2,290.64         71
                                       6.875          2,290.64
    CONIFER          CO   80433          2            08/24/01         00
    218670697                            05           10/01/01          0
    218670697                            O            09/01/31
    0

    5725872          K79/G01             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       6.875          2,010.20         66
                                       6.625          2,010.20
    WESTBOROUGH      MA   01581          2            10/15/01         00
    0433323771                           05           12/01/01          0
    13998                                O            11/01/31
    0

    5726807          952/G01             F          552,000.00         ZZ
                                         360        551,569.38          1
                                       7.250          3,765.62         80
                                       7.000          3,765.62
    FORT LEE         NJ   07024          1            09/27/01         00
    0433295730                           05           11/01/01          0
    20014349                             O            10/01/31
    0

    5726971          994/X14             F          489,950.00         ZZ
                                         360        488,905.89          1
                                       7.750          3,510.06         80
                                       7.500          3,510.06
    FLOWER MOUND     TX   75028          1            06/19/01         00
    218475709                            05           08/01/01          0
    218475709                            O            07/01/31
    0

    5728290          356/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       7.375          2,817.96         61
                                       7.125          2,817.96
    DANVILLE         CA   94526          5            10/17/01         00
    0433343464                           05           12/01/01          0
1

    2900728                              O            11/01/31
    0

    5728304          E82/G01             F          310,350.00         ZZ
                                         360        310,125.38          1
                                       7.625          2,196.64         80
                                       7.375          2,196.64
    HERNDON          VA   20170          2            09/24/01         00
    0400462982                           03           11/01/01          0
    3235980                              O            10/01/31
    0

    5728307          E82/G01             F          389,500.00         ZZ
                                         360        389,210.94          1
                                       7.500          2,723.44         71
                                       7.250          2,723.44
    MONTEREY         CA   93940          2            09/26/01         00
    0400488953                           05           11/01/01          0
    1576902                              O            10/01/31
    0

    5728310          E82/G01             F          385,100.00         ZZ
                                         360        384,266.76          1
                                       7.375          2,659.79         71
                                       7.125          2,659.79
    PETALUMA         CA   94954          2            09/24/01         00
    0400491643                           05           11/01/01          0
    4076286                              O            10/01/31
    0

    5728311          E82/G01             F          393,700.00         ZZ
                                         360        393,078.60          1
                                       7.250          2,685.73         75
                                       7.000          2,685.73
    ALEXANDRIA       VA   22302          2            09/21/01         00
    0400483665                           05           11/01/01          0
    0400483665                           O            10/01/31
    0

    5728313          E82/G01             F          361,000.00         ZZ
                                         360        360,718.38          1
                                       7.250          2,462.66         80
                                       7.000          2,462.66
    SOUTH SAN FRANC  CA   94080          2            10/28/01         00
    0400491346                           05           11/01/01          0
    1958590                              O            10/01/31
    0

1

    5728475          994/X14             F          519,900.00         ZZ
                                         360        518,735.22          1
                                       7.500          3,635.22         80
                                       7.250          3,635.22
    SUWANEE          GA   30024          1            07/31/01         00
    403478017                            03           09/01/01          0
    403478017                            O            08/01/31
    0

    5728785          994/X14             F          391,000.00         ZZ
                                         360        390,388.12          1
                                       7.250          2,667.31         80
                                       7.000          2,667.31
    MIAMI BEACH      FL   33139          1            08/30/01         00
    1000202909                           06           10/01/01          0
    1000202909                           O            09/01/31
    0

    5728970          N47/G01             F          337,450.00         ZZ
                                         360        337,450.00          1
                                       7.500          2,359.50         90
                                       7.250          2,359.50
    CONCORD          CA   94518          2            10/04/01         04
    0433294766                           03           12/01/01         25
    20410250                             O            11/01/31
    0

    5729686          R65/G01             F          962,500.00         ZZ
                                         360        962,500.00          1
                                       7.000          6,403.54         55
                                       6.750          6,403.54
    GREENWICH        CT   06831          5            10/18/01         00
    0433301736                           05           12/01/01          0
    20015329                             O            11/01/31
    0

    5731329          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.000          2,328.56         70
                                       6.750          2,328.56
    SAN BRUNO        CA   94066          5            10/18/01         00
    0433320074                           05           12/01/01          0
    153005                               O            11/01/31
    0

    5731865          964/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         40
                                       6.625          1,970.79
1

    PETALUMA         CA   94952          2            10/16/01         00
    0433300852                           05           12/01/01          0
    400152495                            O            11/01/31
    0

    5732251          P21/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.500          2,123.75         80
                                       6.250          2,123.75
    HAYWARD          CA   94544          1            10/15/01         00
    0433330784                           05           12/01/01          0
    0109039                              O            11/01/31
    0

    5733101          N47/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.875          3,416.03         79
                                       6.625          3,416.03
    FELTON           CA   95018          2            10/15/01         00
    0433323664                           05           12/01/01          0
    20111892                             O            11/01/31
    0

    5733975          H58/G01             F          351,000.00         ZZ
                                         360        351,000.00          1
                                       7.125          2,364.75         80
                                       6.875          2,364.75
    GREENSBURG       IN   47240          2            10/10/01         00
    0433342771                           05           12/01/01          0
    0000075453                           O            11/01/31
    0

    5734210          N47/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.625          1,997.77         80
                                       6.375          1,997.77
    MILPITAS         CA   95035          1            10/08/01         00
    0433305182                           05           12/01/01          0
    20311423                             O            11/01/31
    0

    5734565          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.83         33
                                       7.000          2,455.83
    NEWPORT BEACH    CA   92660          5            10/10/01         00
    0433289147                           05           12/01/01          0
    147526                               O            11/01/31
    0
1

    5734663          470/G01             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       7.000          2,301.95         75
                                       6.750          2,301.95
    PETALUMA         CA   94952          2            10/18/01         00
    0433329315                           05           12/01/01          0
    SONOMA                               O            11/01/31
    0

    5736150          E22/G01             F          324,900.00         ZZ
                                         360        324,640.18          1
                                       7.125          2,188.91         80
                                       6.875          2,188.91
    CLOVIS           CA   93611          2            09/05/01         00
    0412937013                           05           11/01/01          0
    0412937013                           O            10/01/31
    0

    5736162          E22/G01             F          500,000.00         T
                                         360        499,600.16          1
                                       7.125          3,368.59         27
                                       6.875          3,368.59
    PALM SPRINGS     CA   92262          2            09/28/01         00
    0412961732                           05           11/01/01          0
    0412961732                           O            10/01/31
    0

    5736210          E22/G01             F          306,000.00         ZZ
                                         360        305,761.29          1
                                       7.250          2,087.46         70
                                       7.000          2,087.46
    TACOMA           WA   98466          2            09/24/01         00
    0413012857                           05           11/01/01          0
    0413012857                           O            10/01/31
    0

    5743442          E82/G01             F          316,100.00         T
                                         360        315,865.41          1
                                       7.500          2,210.22         72
                                       7.250          2,210.22
    MAMMOTH LAKES    CA   93546          2            09/10/01         00
    0400479234                           01           11/01/01          0
    0400479234                           O            10/01/31
    0

    5743448          E82/G01             F          410,300.00         ZZ
                                         360        409,979.93          1
1

                                       7.250          2,798.97         80
                                       7.000          2,798.97
    REMINGTON        VA   22734          2            09/26/01         00
    0400494688                           05           11/01/01          0
    0400494688                           O            10/01/31
    0

    5743458          E82/G01             F          284,200.00         ZZ
                                         360        283,983.75          1
                                       7.375          1,962.90         79
                                       7.125          1,962.90
    OAKLAND          CA   94619          2            09/26/01         00
    0400480638                           05           11/01/01          0
    0400480638                           O            10/01/31
    0

    5744680          994/994             F          324,900.00         ZZ
                                         360        324,900.00          1
                                       7.375          2,244.00         90
                                       7.125          2,244.00
    LOS ANGELES      CA   91367          1            10/05/01         04
    61885985                             05           12/01/01         25
    61885985                             O            11/01/31
    0

    5746596          Q59/G01             F          498,000.00         ZZ
                                         360        498,000.00          1
                                       6.875          3,271.51         57
                                       6.625          3,271.51
    NORTHRIDGE AREA  CA   91326          2            10/09/01         00
    0433310786                           05           12/01/01          0
    304102                               O            11/01/31
    0

    5748550          E11/G01             F          318,750.00         ZZ
                                         360        318,750.00          1
                                       6.875          2,093.96         75
                                       6.625          2,093.96
    EAGAN            MN   55123          2            10/08/01         00
    0433302809                           05           12/01/01          0
    0010001035265                        O            11/01/31
    0

    5748924          964/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.875          2,135.02         42
                                       6.625          2,135.02
    LIVERMORE        CA   94550          2            10/12/01         00
    0433305828                           05           12/01/01          0
1

    150113                               O            11/01/31
    0

    5749114          E11/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    DEEPHAVEN        MN   55391          2            10/11/01         00
    0433308566                           05           12/01/01          0
    0014001031818                        O            11/01/31
    0

    5753130          893/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.750          2,432.24         66
                                       6.500          2,432.24
    PACIFICA         CA   94044          1            10/05/01         00
    0433279759                           05           12/01/01          0
    M10917021                            O            11/01/31
    0

    5754434          964/G01             F          508,000.00         ZZ
                                         360        508,000.00          1
                                       6.875          3,337.20         51
                                       6.625          3,337.20
    LOS ANGELES      CA   90019          2            10/08/01         00
    0433306131                           05           12/01/01          0
    152771                               O            11/01/31
    0

    5755884          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.000          2,494.89         43
                                       6.750          2,494.89
    FREMONT          CA   94539          5            10/15/01         00
    0433316221                           03           12/01/01          0
    400153977                            O            11/01/31
    0

    5757054          964/G01             F          305,500.00         ZZ
                                         360        305,500.00          1
                                       7.000          2,032.50         40
                                       6.750          2,032.50
    GREENBRAE        CA   94904          2            10/15/01         00
    0433321957                           05           12/01/01          0
    153102                               O            11/01/31
    0

1

    5760744          964/G01             F          299,250.00         ZZ
                                         360        299,250.00          1
                                       7.000          1,990.92         75
                                       6.750          1,990.92
    EL DORADO HILLS  CA   95762          5            10/11/01         00
    0433316403                           03           12/01/01          0
    155337                               O            11/01/31
    0

    5764692          L81/G01             F          360,000.00         ZZ
                                         360        359,719.17          1
                                       7.250          2,455.83         71
                                       7.000          2,455.83
    RIVERSIDE        CA   92504          5            09/11/01         00
    0433262235                           05           11/01/01          0
    013132                               O            10/01/31
    0

    5764836          N47/G01             F          298,600.00         ZZ
                                         360        298,600.00          1
                                       6.875          1,961.59         75
                                       6.625          1,961.59
    FAYETTEVILLE     GA   30215          2            10/19/01         00
    0433297199                           03           12/01/01          0
    4012375                              O            11/01/31
    0

    5766854          E82/G01             F          375,700.00         ZZ
                                         360        375,414.12          1
                                       7.375          2,594.87         80
                                       7.125          2,594.87
    FREMONT          CA   94538          2            09/26/01         00
    0400490074                           05           11/01/01          0
    3847721                              O            10/01/31
    0

    5766862          E82/G01             F          312,000.00         ZZ
                                         360        311,750.50          1
                                       7.125          2,102.00         80
                                       6.875          2,102.00
    VISALIA          CA   93291          2            09/26/01         00
    0400492336                           03           11/01/01          0
    1997060                              O            10/01/31
    0

    5766878          E82/G01             F          304,100.00         ZZ
                                         360        303,856.81          1
                                       7.125          2,048.78         74
                                       6.875          2,048.78
1

    LITTLETON        CO   80127          2            10/01/01         00
    0400491353                           03           11/01/01          0
    3334230                              O            10/01/31
    0

    5766880          E82/G01             F          347,600.00         ZZ
                                         360        347,600.00          1
                                       7.125          2,341.85         62
                                       6.875          2,341.85
    LAS VEGAS        NV   89107          2            09/28/01         00
    0400492609                           05           12/01/01          0
    0400492609                           O            11/01/31
    0

    5766888          E82/G01             F          423,100.00         ZZ
                                         360        422,761.66          1
                                       7.125          2,850.50         80
                                       6.875          2,850.50
    OAKLAND          CA   94610          2            09/27/01         00
    0400489563                           05           11/01/01          0
    0400489563                           O            10/01/31
    0

    5767350          E22/G01             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       7.000          2,641.25         53
                                       6.750          2,641.25
    SAN RAMON        CA   94583          2            09/26/01         00
    0413035841                           05           12/01/01          0
    0413035841                           O            11/01/31
    0

    5767400          E22/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.125          2,182.85         80
                                       6.875          2,182.85
    LIVERMORE        CA   94550          5            09/26/01         00
    0413066499                           05           12/01/01          0
    0413066499                           O            11/01/31
    0

    5769194          964/G01             F          317,500.00         ZZ
                                         360        317,500.00          1
                                       6.750          2,059.30         70
                                       6.500          2,059.30
    RANCHO SANTA MA  CA   92688          1            10/11/01         00
    0433322252                           03           12/01/01          0
    149631                               O            11/01/31
    0
1

    5770952          944/G01             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.750          1,867.97         80
                                       6.500          1,867.97
    SEATTLE          WA   98126          2            10/11/01         00
    0433321619                           05           12/01/01          0
    W01093063                            O            11/01/31
    0

    5771882          B57/G01             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.250          1,125.59         80
                                       7.000          1,125.59
    PASADENA         CA   91107          2            10/09/01         00
    0433318847                           01           12/01/01          0
    2117057                              O            11/01/31
    0

    5772030          994/X14             F          355,000.00         ZZ
                                         360        353,909.25          1
                                       7.375          2,451.90         75
                                       7.125          2,451.90
    NEW RICHMOND     OH   45157          2            06/29/01         00
    218450421                            05           08/01/01          0
    218450421                            O            07/01/31
    0

    5772692          994/X14             F          345,000.00         ZZ
                                         360        344,499.01          1
                                       7.625          2,441.89         84
                                       7.375          2,441.89
    WAYNE            NJ   07470          1            08/28/01         04
    80890665                             05           10/01/01         12
    80890665                             O            09/01/31
    0

    5773392          994/X14             F          310,000.00         ZZ
                                         360        307,429.48          1
                                       6.875          2,036.48         65
                                       6.625          2,036.48
    YORBA LINDA      CA   92886          1            08/15/01         00
    218669764                            03           10/01/01          0
    218669764                            O            09/01/31
    0

    5774530          994/X14             F          305,500.00         ZZ
                                         360        305,033.43          1
1

                                       7.375          2,110.02         36
                                       7.125          2,110.02
    CAPE ELIZABETH   ME   04107          2            07/31/01         00
    1000254545                           05           10/01/01          0
    1000254545                           O            09/01/31
    0

    5774898          N47/G01             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       6.500          2,939.12         79
                                       6.250          2,939.12
    LAFAYETTE        CA   94549          2            10/09/01         00
    0433299617                           05           12/01/01          0
    20211556                             O            11/01/31
    0

    5775324          830/G01             F          324,000.00         ZZ
                                         360        323,721.04          1
                                       6.750          2,101.46         80
                                       6.500          2,101.46
    EAGLE            ID   83616          1            09/26/01         00
    0433269602                           03           11/01/01          0
    CHRISTIAN546005                      O            10/01/31
    0

    5775514          994/X14             F          325,000.00         ZZ
                                         360        324,503.90          1
                                       7.375          2,244.69         63
                                       7.125          2,244.69
    SYOSSET          NY   11791          1            08/24/01         00
    1000322712                           05           10/01/01          0
    1000322712                           O            09/01/31
    0

    5777346          964/G01             F          356,250.00         ZZ
                                         360        356,250.00          1
                                       6.750          2,310.63         75
                                       6.500          2,310.63
    SAN RAFAEL       CA   94901          2            10/12/01         00
    0433297793                           05           12/01/01          0
    400144761                            O            11/01/31
    0

    5778380          N47/G01             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.125          2,048.10         80
                                       6.875          2,048.10
    SAN JOSE         CA   95127          1            10/22/01         00
    0433328820                           05           12/01/01          0
1

    20311438                             O            11/01/31
    0

    5778468          E23/G01             F          448,000.00         ZZ
                                         360        447,667.52          1
                                       7.500          3,132.48         80
                                       7.250          3,132.48
    HUNTINGTON BEAC  CA   92649          1            09/26/01         00
    0433284197                           05           11/01/01          0
    51007261                             O            10/01/31
    0

    5780788          253/253             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.875          2,167.87         71
                                       6.625          2,167.87
    LOVELAND         CO   80538          5            10/11/01         00
    982139                               05           12/01/01          0
    982139                               O            11/01/31
    0

    5781098          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.875          2,627.39         70
                                       6.625          2,627.39
    SAN RAFAEL       CA   94903          2            10/17/01         00
    0433300530                           05           12/01/01          0
    400152164                            O            11/01/31
    0

    5781794          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         77
                                       6.750          2,528.15
    SCOTTSDALE       AZ   85259          2            10/12/01         00
    0433313582                           03           12/01/01          0
    155893                               O            11/01/31
    0

    5782328          E23/G01             F          317,600.00         ZZ
                                         360        317,600.00          1
                                       6.750          2,059.95         80
                                       6.500          2,059.95
    HUNTINGTON BEAC  CA   92647          1            10/05/01         00
    0433342623                           05           12/01/01          0
    51007955                             O            11/01/31
    0

1

    5785362          E22/G01             F          348,000.00         ZZ
                                         360        347,692.97          1
                                       6.625          2,228.28         80
                                       6.375          2,228.28
    KENT             WA   98042          1            09/28/01         00
    0413024761                           05           11/01/01          0
    0413024761                           O            10/01/31
    0

    5785394          E22/G01             F           75,000.00         ZZ
                                         360         74,942.51          1
                                       7.750            537.31         67
                                       7.500            537.31
    HOUSTON          TX   77080          5            09/24/01         00
    0413048570                           03           11/01/01          0
    0413048570                           O            10/01/31
    0

    5786644          952/G01             F          318,000.00         ZZ
                                         360        317,745.71          1
                                       7.125          2,142.43         80
                                       6.875          2,142.43
    WYCKOFF          NJ   07481          1            09/28/01         00
    0433320462                           05           11/01/01          0
    20014487                             O            10/01/31
    0

    5791766          944/G01             F          320,900.00         ZZ
                                         360        320,900.00          1
                                       6.875          2,108.09         95
                                       6.625          2,108.09
    DANBURY          CT   06811          1            10/26/01         04
    0433333143                           01           12/01/01         30
    W88016563                            O            11/01/31
    0

    5794892          Q06/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         70
                                       6.625          4,270.04
    EASTON           CT   06612          5            10/12/01         00
    0433304326                           05           12/01/01          0
    99999999999                          O            11/01/31
    0

    5795502          N47/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.875          2,463.48         67
                                       6.625          2,463.48
1

    SAN RAFAEL       CA   94903          2            10/10/01         00
    0433295615                           05           12/01/01          0
    30111976                             O            11/01/31
    0

    5795688          A06/G01             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.000          1,829.59         69
                                       6.750          1,829.59
    CLINTON TWP      MI   48038          2            10/12/01         00
    0433291754                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5797208          964/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.750          2,853.83         80
                                       6.500          2,853.83
    IRVINE           CA   92602          2            10/24/01         00
    0433327814                           03           12/01/01          0
    155494                               O            11/01/31
    0

    5797492          B57/G01             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       6.875          3,186.10         70
                                       6.625          3,186.10
    LOS ANGELES      CA   90068          2            10/25/01         00
    0433346939                           05           12/01/01          0
    2116763                              O            11/01/31
    0

    5797768          975/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.875          2,299.25         54
                                       6.625          2,299.25
    LAGUNA HILLS     CA   92653          5            10/04/01         00
    0433314655                           03           12/01/01          0
    2014497                              O            11/01/31
    0

    5798528          964/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.000          2,162.23         49
                                       6.750          2,162.23
    BAINBRIDGE ISLA  WA   98110          5            10/15/01         00
    0433301413                           05           12/01/01          0
    144931                               O            11/01/31
    0
1

    5799660          964/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.000          4,324.47         78
                                       6.750          4,324.47
    LAGUNA NIGUEL    CA   92677          1            10/24/01         00
    0433330156                           03           12/01/01          0
    153360                               O            11/01/31
    0

    5799870          N47/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.500          2,212.24         50
                                       6.250          2,212.24
    BERKELEY         CA   94706          2            10/09/01         00
    0433295722                           05           12/01/01          0
    20211557                             O            11/01/31
    0

    5800086          H22/G01             F          375,000.00         ZZ
                                         360        375,000.00          3
                                       7.000          2,494.88         75
                                       6.750          2,494.88
    WOODSIDE         NY   11377          2            10/16/01         00
    0433329323                           05           12/01/01          0
    0107021                              O            11/01/31
    0

    5802894          994/994             F          437,800.00         ZZ
                                         360        437,800.00          1
                                       7.250          2,986.57         80
                                       7.000          2,986.57
    MIRAMAR          FL   33029          1            10/09/01         00
    7718878878                           03           12/01/01          0
    7718878878                           O            11/01/31
    0

    5807524          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    CARLSBAD         CA   92009          1            10/16/01         00
    0433339769                           05           12/01/01          0
    155306                               O            11/01/31
    0

    5807612          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
1

                                       6.875          2,463.48         75
                                       6.625          2,463.48
    SAN JOSE         CA   95130          2            10/17/01         00
    0433339389                           05           12/01/01          0
    152955                               O            11/01/31
    0

    5808452          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.750          2,594.07         55
                                       6.500          2,594.07
    BERKELEY         CA   94707          5            10/15/01         00
    0433339819                           05           12/01/01          0
    147274                               O            11/01/31
    0

    5809616          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.250          2,592.27         70
                                       7.000          2,592.27
    IRVINE           CA   92614          2            10/24/01         00
    0433333077                           05           12/01/01          0
    148038                               O            11/01/31
    0

    5811702          E22/G01             F          610,000.00         ZZ
                                         360        609,474.80          1
                                       6.750          3,956.45         33
                                       6.500          3,956.45
    DEL MAR          CA   92014          2            09/28/01         00
    0412962078                           05           11/01/01          0
    0412962078                           O            10/01/31
    0

    5811718          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.625          2,654.23         70
                                       7.375          2,654.23
    LAGUNA NIGUEL    CA   92677          5            09/26/01         00
    0412995003                           03           12/01/01          0
    0412995003                           O            11/01/31
    0

    5811736          E22/G01             F          341,000.00         ZZ
                                         360        340,706.41          1
                                       6.750          2,211.72         45
                                       6.500          2,211.72
    ERIE             CO   80516          5            10/01/01         00
    0413009317                           05           11/01/01          0
1

    0413009317                           O            10/01/31
    0

    5811812          E22/G01             F          500,000.00         ZZ
                                         360        499,619.54          1
                                       7.375          3,453.38         69
                                       7.125          3,453.38
    SAN JOSE         CA   95120          5            09/19/01         00
    0413048620                           05           11/01/01          0
    0413048620                           O            10/01/31
    0

    5811930          E22/G01             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.125          1,077.95         89
                                       6.875          1,077.95
    PUEBLO           CO   81006          1            10/05/01         04
    0413099086                           05           12/01/01         25
    0413099086                           O            11/01/31
    0

    5812108          696/G01             F          330,000.00         ZZ
                                         360        329,742.57          1
                                       7.250          2,251.18         77
                                       7.000          2,251.18
    ALEXANDRIA       VA   22308          1            09/27/01         00
    0433259470                           05           11/01/01          0
    31201444                             O            10/01/31
    0

    5815466          G52/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.000          2,927.33         34
                                       6.750          2,927.33
    PHOENIX          AZ   85018          2            10/11/01         00
    0433318987                           05           12/01/01          0
    6900001230                           O            11/01/31
    0

    5817156          N47/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       7.000          2,687.82         66
                                       6.750          2,687.82
    SALINAS          CA   93908          2            10/11/01         00
    0433305349                           05           12/01/01          0
    20111950                             O            11/01/31
    0

1

    5819078          E33/G01             F          644,000.00         ZZ
                                         360        644,000.00          1
                                       6.750          4,176.97         63
                                       6.500          4,176.97
    LAKE BLUFF       IL   60044          2            10/03/01         00
    0433284783                           05           12/01/01          0
    LOGUE                                O            11/01/31
    0

    5819638          E33/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.750          3,242.99         50
                                       6.500          3,242.99
    METTEWA          IL   60048          1            10/08/01         00
    0433306735                           05           12/01/01          0
    MONS                                 O            11/01/31
    0

    5819958          964/G01             F          310,700.00         ZZ
                                         360        310,700.00          1
                                       6.750          2,015.19         74
                                       6.500          2,015.19
    LONG BEACH       CA   90803          2            10/16/01         00
    0433323888                           05           12/01/01          0
    150999                               O            11/01/31
    0

    5820298          N47/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.750          2,231.18         80
                                       6.500          2,231.18
    CLAYTON          CA   94517          1            10/18/01         00
    0433337383                           05           12/01/01          0
    20211603                             O            11/01/31
    0

    5820528          470/G01             F          320,750.00         ZZ
                                         360        320,750.00          1
                                       6.750          2,080.38         80
                                       6.500          2,080.38
    NORCO            CA   92860          1            10/12/01         00
    0433333689                           05           12/01/01          0
    170100082                            O            11/01/31
    0

    5821792          696/G01             F          397,500.00         ZZ
                                         360        397,189.91          1
                                       7.250          2,711.65         75
                                       7.000          2,711.65
1

    ARLINGTON        VA   22202          2            09/24/01         00
    0433243557                           05           11/01/01          0
    22601204                             O            10/01/31
    0

    5821842          696/G01             F          315,900.00         ZZ
                                         360        315,900.00          1
                                       6.750          2,048.92         80
                                       6.500          2,048.92
    VIENNA           VA   22182          1            10/26/01         00
    0433307139                           05           12/01/01          0
    25401197                             O            11/01/31
    0

    5822828          964/G01             F          333,750.00         ZZ
                                         360        333,750.00          1
                                       6.875          2,192.50         75
                                       6.625          2,192.50
    CARMICHAEL       CA   95608          5            10/20/01         00
    0433328697                           05           12/01/01          0
    155465                               O            11/01/31
    0

    5823394          964/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.000          2,128.97         40
                                       6.750          2,128.97
    SAN CARLOS       CA   94070          5            10/16/01         00
    0433326683                           05           12/01/01          0
    156766                               O            11/01/31
    0

    5825534          964/G01             F          292,500.00         ZZ
                                         360        292,500.00          1
                                       6.875          1,921.52         43
                                       6.625          1,921.52
    BELMONT          CA   94002          2            10/23/01         00
    0433324928                           09           12/01/01          0
    400149930                            O            11/01/31
    0

    5827014          W40/G01             F          305,340.00         ZZ
                                         360        305,340.00          1
                                       6.750          1,980.43         70
                                       6.500          1,980.43
    WEST BLOOMFIELD  MI   48324          1            10/12/01         00
    0433327871                           29           12/01/01          0
    101001459                            O            11/01/31
    0
1

    5829064          E30/G01             F          300,000.00         ZZ
                                         360        299,782.87          1
                                       7.625          2,123.38         80
                                       7.375          2,123.38
    CHINO HILLS      CA   91709          2            09/25/01         00
    0433259355                           03           11/01/01          0
    1011728WH                            O            10/01/31
    0

    5831582          944/G01             F          313,000.00         ZZ
                                         360        313,000.00          1
                                       6.875          2,056.19         76
                                       6.625          2,056.19
    SAN JOSE         CA   95123          2            10/15/01         00
    0433331550                           05           12/01/01          0
    R00091436                            O            11/01/31
    0

    5831734          964/G01             F          374,800.00         ZZ
                                         360        374,800.00          1
                                       6.625          2,399.89         80
                                       6.375          2,399.89
    MISSION VIEJO    CA   92692          1            10/15/01         00
    0433305802                           03           12/01/01          0
    152425                               O            11/01/31
    0

    5831932          964/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.625          2,689.31         72
                                       6.375          2,689.31
    ANAHEIM          CA   92807          1            10/18/01         00
    0433321916                           03           12/01/01          0
    157323                               O            11/01/31
    0

    5831934          N47/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.875          2,253.27         63
                                       6.625          2,253.27
    SOQUEL           CA   95073          2            10/17/01         00
    0433323292                           05           12/01/01          0
    20111968                             O            11/01/31
    0

    5832744          964/G01             F          369,000.00         ZZ
                                         360        369,000.00          1
1

                                       6.750          2,393.33         79
                                       6.500          2,393.33
    SAN FRANCISCO    CA   94112          1            10/19/01         00
    0433316825                           05           12/01/01          0
    400152453                            O            11/01/31
    0

    5833412          893/G01             F          449,000.00         ZZ
                                         360        449,000.00          1
                                       6.875          2,949.61         58
                                       6.625          2,949.61
    SAN JOSE         CA   95120          2            10/11/01         00
    0433322708                           05           12/01/01          0
    M10926021                            O            11/01/31
    0

    5834518          964/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.875          2,594.87         55
                                       6.625          2,594.87
    NOVATO           CA   94945          5            10/15/01         00
    0433297819                           05           12/01/01          0
    400153233                            O            11/01/31
    0

    5834648          964/G01             F          354,000.00         ZZ
                                         360        354,000.00          1
                                       6.750          2,296.04         73
                                       6.500          2,296.04
    NORTH BEND       WA   98045          5            10/16/01         00
    0433306420                           03           12/01/01          0
    154124                               O            11/01/31
    0

    5834726          964/G01             F          386,500.00         ZZ
                                         360        386,500.00          1
                                       6.875          2,539.03         64
                                       6.625          2,539.03
    LIVERMORE        CA   94550          5            10/19/01         00
    0433311826                           05           12/01/01          0
    153116                               O            11/01/31
    0

    5834864          964/G01             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.875          2,115.31         49
                                       6.625          2,115.31
    SUNNYVALE        CA   94087          2            10/16/01         00
    0433310034                           05           12/01/01          0
1

    400152502                            O            11/01/31
    0

    5835818          E82/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.83         60
                                       7.000          2,455.83
    DANVILLE         CA   94526          5            10/02/01         00
    0400476719                           05           12/01/01          0
    0400476719                           O            11/01/31
    0

    5835836          E82/G01             F          376,500.00         ZZ
                                         360        376,500.00          1
                                       7.125          2,536.55         48
                                       6.875          2,536.55
    DENVER           CO   80218          2            10/04/01         00
    0400489795                           01           12/01/01          0
    1677352                              O            11/01/31
    0

    5835848          E82/G01             F          331,500.00         ZZ
                                         360        331,500.00          1
                                       7.000          2,205.48         62
                                       6.750          2,205.48
    EDEN PRAIRIE     MN   55347          2            10/04/01         00
    0400493185                           05           12/01/01          0
    3094563                              O            11/01/31
    0

    5835854          E82/G01             F          303,600.00         ZZ
                                         360        303,368.98          1
                                       7.375          2,096.89         64
                                       7.125          2,096.89
    ORONO            MN   55391          2            10/03/01         00
    0400491700                           05           11/01/01          0
    1826459                              O            10/01/31
    0

    5835866          E82/G01             F          880,000.00         ZZ
                                         360        879,363.09          1
                                       7.625          6,228.58         48
                                       7.375          6,228.58
    ALAMO            CA   94507          2            09/19/01         00
    0433308541                           05           11/01/01          0
    0400477097                           O            10/01/31
    0

1

    5835874          W56/M32             F          572,000.00         ZZ
                                         360        572,000.00          1
                                       7.250          3,902.05        100
                                       7.000          3,902.05
    SAN DIEGO        CA   92130          2            10/02/01         00
    0400488920                           03           12/01/01          0
    0400488920                           O            11/01/31
    0

    5836024          696/G01             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         67
                                       7.125          2,762.70
    BETHESDA         MD   20817          1            09/28/01         00
    0433262805                           05           11/01/01          0
    30201147                             O            10/01/31
    0

    5840720          K79/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.250          2,428.55         80
                                       7.000          2,428.55
    NEWTON           MA   02466          1            10/30/01         00
    0433324407                           05           12/01/01          0
    14092                                O            11/01/31
    0

    5844308          E44/G01             F          362,400.00         ZZ
                                         360        362,400.00          1
                                       6.875          2,380.71         80
                                       6.625          2,380.71
    MOUNTAIN GREEN   UT   84050          2            10/18/01         00
    0433334430                           05           12/01/01          0
    52000192                             O            11/01/31
    0

    5844496          964/G01             F          347,400.00         ZZ
                                         360        347,400.00          1
                                       7.000          2,311.26         78
                                       6.750          2,311.26
    PHOENIX          AZ   85048          2            10/12/01         00
    0433330438                           03           12/01/01          0
    145069                               O            11/01/31
    0

    5846908          E11/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         74
                                       6.625          2,890.49
1

    EXCELSIOR        MN   55331          1            10/18/01         00
    0433315629                           05           12/01/01          0
    00100001029474                       O            11/01/31
    0

    5849020          286/286             F          358,350.00         ZZ
                                         360        357,289.21          1
                                       7.250          2,444.58         74
                                       7.000          2,444.58
    WELLINGTON       FL   33414          2            08/27/01         00
    542831                               05           10/01/01          0
    542831                               O            09/01/31
    0

    5849028          286/286             F          376,000.00         ZZ
                                         360        375,426.02          1
                                       7.375          2,596.94         80
                                       7.125          2,596.94
    NORTH EAST       MD   21901          1            08/29/01         00
    427316                               05           10/01/01          0
    427316                               O            09/01/31
    0

    5849074          286/286             F          500,000.00         ZZ
                                         360        499,619.54          1
                                       7.375          3,453.38         52
                                       7.125          3,453.38
    TUCSON           AZ   85749          2            09/13/01         00
    557040                               03           11/01/01          0
    557040                               O            10/01/31
    0

    5849078          286/286             F          397,324.00         ZZ
                                         360        397,014.04          1
                                       7.250          2,710.46         70
                                       7.000          2,710.46
    TAKOMA PARK      MD   20912          2            09/05/01         00
    560199                               05           11/01/01          0
    560199                               O            10/01/31
    0

    5850408          E60/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.750          2,153.35         71
                                       6.500          2,153.35
    PISMO BEACH      CA   93449          5            10/23/01         00
    0433327152                           03           12/01/01          0
    513839                               O            11/01/31
    0
1

    5850624          L60/F27             F           85,000.00         ZZ
                                         360         84,745.31          1
                                       7.500            594.33         64
                                       7.250            594.33
    MONTGOMERY       AL   36111          2            06/14/01         00
    6960177388                           05           08/01/01          0
    6960177388                           O            07/01/31
    0

    5850632          L60/F27             F           94,462.00         ZZ
                                         360         94,239.58          1
                                       7.250            644.40         75
                                       7.000            644.40
    HARDY            VA   24101          1            07/25/01         00
    6920117447                           05           09/01/01          0
    6920117447                           O            08/01/31
    0

    5850646          L60/F27             F          158,640.00         ZZ
                                         360        158,284.59          1
                                       7.500          1,109.23         80
                                       7.250          1,109.23
    SNELLVILLE       GA   30078          1            07/09/01         00
    6610774650                           05           09/01/01          0
    6610774650                           O            08/01/31
    0

    5850656          L60/F27             F          213,750.00         ZZ
                                         360        213,109.50          1
                                       7.500          1,494.57         75
                                       7.250          1,494.57
    HICKORY          NC   28601          2            06/28/01         00
    6610600199                           05           08/01/01          0
    6610600199                           O            07/01/31
    0

    5850664          L60/F27             F          257,000.00         ZZ
                                         360        256,607.68          1
                                       7.375          1,775.04         73
                                       7.125          1,775.04
    YORK             SC   29745          2            08/06/01         00
    6610486272                           05           10/01/01          0
    6610486272                           O            09/01/31
    0

    5850668          L60/F27             F          275,000.00         ZZ
                                         360        274,428.63          1
1

                                       7.375          1,899.36         31
                                       7.125          1,899.36
    CHAPEL HILL      NC   27514          2            10/16/00         00
    6610455970                           05           10/01/01          0
    6610455970                           O            09/01/31
    0

    5850670          L60/F27             F          275,000.00         ZZ
                                         360        274,580.20          1
                                       7.375          1,899.36         46
                                       7.125          1,899.36
    STATESVILLE      NC   28677          2            08/14/00         00
    6610446815                           05           10/01/01          0
    6610446815                           O            09/01/31
    0

    5850676          L60/F27             F          286,300.00         ZZ
                                         358        285,649.56          1
                                       7.500          2,004.84         88
                                       7.250          2,004.84
    JACKSONVILLE     NC   28540          2            07/12/01         11
    6610316040                           05           09/01/01         25
    6610316040                           O            06/01/31
    0

    5850682          L60/F27             F          296,000.00         ZZ
                                         360        295,541.31          1
                                       7.375          2,044.40         75
                                       7.125          2,044.40
    STAFFORD         VA   22554          5            08/15/01         00
    6920136344                           05           10/01/01          0
    6920136344                           O            09/01/31
    0

    5850690          L60/F27             F          300,000.00         ZZ
                                         360        299,327.90          1
                                       7.500          2,097.64         69
                                       7.250          2,097.64
    SAVANNAH         GA   31410          2            07/20/01         00
    6610751995                           05           09/01/01          0
    6610751995                           O            08/01/31
    0

    5850694          L60/F27             F          304,000.00         ZZ
                                         360        303,546.98          1
                                       7.500          2,125.61         70
                                       7.250          2,125.61
    FAYETTEVILLE     NC   28305          5            08/02/01         00
    6610769746                           05           10/01/01          0
1

    6610769746                           O            09/01/31
    0

    5850698          L60/F27             F          313,500.00         ZZ
                                         360        313,021.43          1
                                       7.375          2,165.27         75
                                       7.125          2,165.27
    CHAPEL HILL      NC   27514          2            08/06/01         00
    6610794015                           05           10/01/01          0
    6610794015                           O            09/01/31
    0

    5850700          L60/F27             F          315,300.00         ZZ
                                         360        314,794.23          1
                                       7.125          2,124.23         75
                                       6.875          2,124.23
    ANNAPOLIS        MD   21401          1            08/10/01         00
    6920051268                           05           10/01/01          0
    6920051268                           O            09/01/31
    0

    5850710          L60/F27             F          318,400.00         ZZ
                                         360        316,959.86          1
                                       7.500          2,226.30         70
                                       7.250          2,226.30
    CENTREVILLE      VA   20120          2            04/12/01         00
    6920060682                           05           06/01/01          0
    6920060682                           O            05/01/31
    0

    5850712          L60/F27             F          320,000.00         ZZ
                                         360        318,797.62          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    STAFFORD         VA   22554          1            08/01/01         00
    6920125458                           05           09/01/01          0
    6920125458                           O            08/01/31
    0

    5850716          L60/F27             F          323,750.00         ZZ
                                         359        323,001.28          1
                                       7.375          2,237.76         80
                                       7.125          2,237.76
    MOORESVILLE      NC   28115          2            07/31/01         00
    6610381497                           05           09/01/01          0
    6610381497                           O            07/01/31
    0

1

    5850720          L60/F27             F          328,800.00         ZZ
                                         360        328,063.35          1
                                       7.500          2,299.02         80
                                       7.250          2,299.02
    ARLINGTON        VA   22205          1            07/26/01         00
    6920130958                           05           09/01/01          0
    6920130958                           O            08/01/31
    0

    5850736          L60/F27             F          335,000.00         ZZ
                                         360        334,230.57          1
                                       7.375          2,313.76         79
                                       7.125          2,313.76
    HIGHLANDS        CO   80129          2            07/11/01         00
    6960197796                           05           09/01/01          0
    6960197796                           O            08/01/31
    0

    5850738          L60/F27             F          336,000.00         ZZ
                                         360        334,967.86          1
                                       7.375          2,320.67         80
                                       7.125          2,320.67
    RALEIGH          NC   27606          1            06/27/01         00
    6990396734                           05           08/01/01          0
    6990396734                           O            07/01/31
    0

    5850744          L60/F27             F          339,800.00         ZZ
                                         360        339,019.55          1
                                       7.375          2,346.91         80
                                       7.125          2,346.91
    WAKE FOREST      NC   27587          2            07/25/01         00
    6610547646                           05           09/01/01          0
    6610547646                           O            08/01/31
    0

    5850752          L60/F27             F          350,000.00         ZZ
                                         360        349,175.92          1
                                       7.250          2,387.62         56
                                       7.000          2,387.62
    ANNAPOLIS        MD   21403          5            07/03/01         00
    6990130637                           01           09/01/01          0
    6990130637                           O            08/01/31
    0

    5850754          L60/F27             F          351,900.00         ZZ
                                         360        350,186.25          1
                                       7.125          2,370.82         80
                                       6.875          2,370.82
1

    ARLINGTON        VA   22207          1            04/25/01         00
    6920071978                           01           06/01/01          0
    6920071978                           O            05/01/31
    0

    5850764          L60/F27             F          358,320.00         ZZ
                                         360        356,327.52          1
                                       7.250          2,444.37         78
                                       7.000          2,444.37
    GAINESVILLE      VA   20155          2            03/09/01         00
    6990322099                           05           05/01/01          0
    6990322099                           O            04/01/31
    0

    5850770          L60/F27             F          359,600.00         ZZ
                                         360        359,051.06          1
                                       7.375          2,483.67         80
                                       7.125          2,483.67
    ASHBURN          VA   20147          1            08/01/01         00
    6920132845                           05           10/01/01          0
    6920132845                           O            09/01/31
    0

    5850778          L60/F27             F          365,000.00         ZZ
                                         360        364,428.82          1
                                       7.250          2,489.94         65
                                       7.000          2,489.94
    SOUTHERN PINES   NC   28387          1            08/03/01         00
    6610786543                           05           10/01/01          0
    6610786543                           O            09/01/31
    0

    5850786          L60/F27             F          370,000.00         ZZ
                                         360        369,141.39          1
                                       7.375          2,555.50         78
                                       7.125          2,555.50
    FLORENCE         SC   29501          1            07/19/01         00
    6610792551                           05           09/01/01          0
    6610792551                           O            08/01/31
    0

    5850798          L60/F27             F          376,650.00         ZZ
                                         276        375,099.22          1
                                       7.500          2,867.77         61
                                       7.250          2,867.77
    LEXINGTON        VA   24450          5            07/26/01         00
    6920112445                           05           09/01/01          0
    6920112445                           O            08/01/24
    0
1

    5850800          L60/F27             F          380,000.00         ZZ
                                         360        379,127.20          1
                                       7.375          2,624.57         56
                                       7.125          2,624.57
    RALEIGH          NC   27614          2            07/31/01         00
    6610470333                           05           09/01/01          0
    6610470333                           O            08/01/31
    0

    5850802          L60/F27             F          382,500.00         T
                                         360        381,643.05          1
                                       7.500          2,674.50         28
                                       7.250          2,674.50
    BETHANY BEACH    DE   19930          2            07/23/01         00
    6990398133                           03           09/01/01          0
    6990398133                           O            08/01/31
    0

    5850812          L60/F27             F          389,000.00         ZZ
                                         360        388,037.83          1
                                       7.000          2,588.03         64
                                       6.750          2,588.03
    FAIRFAX STATION  VA   22039          2            07/25/01         00
    6920123633                           05           09/01/01          0
    6920123633                           O            08/01/31
    0

    5850818          L60/F27             F          396,000.00         ZZ
                                         360        395,380.29          1
                                       7.250          2,701.42         80
                                       7.000          2,701.42
    BELEWS CREEK     NC   27009          2            08/20/01         00
    6610389749                           05           10/01/01          0
    6610389749                           O            09/01/31
    0

    5850820          L60/F27             F          400,000.00         ZZ
                                         360        398,459.34          1
                                       7.375          2,762.70         72
                                       7.125          2,762.70
    GREAT FALLS      VA   22066          5            05/30/01         00
    6990371324                           05           07/01/01          0
    6990371324                           O            06/01/31
    0

    5850824          L60/F27             F          400,000.00         ZZ
                                         360        399,058.20          1
1

                                       7.250          2,728.71         80
                                       7.000          2,728.71
    PORTSMOUTH       VA   23701          1            07/27/01         00
    6920113697                           05           09/01/01          0
    6920113697                           O            08/01/31
    0

    5850826          L60/F27             F          408,000.00         ZZ
                                         360        406,327.58          1
                                       7.250          2,783.28         80
                                       7.000          2,783.28
    WASHINGTON       DC   20016          1            05/30/01         00
    6990352184                           05           07/01/01          0
    6990352184                           O            06/01/31
    0

    5850838          L60/F27             F          421,200.00         ZZ
                                         360        418,857.83          1
                                       7.250          2,873.33         80
                                       7.000          2,873.33
    WASHINGTON       DC   20016          1            03/16/01         00
    6960114106                           05           05/01/01          0
    6960114106                           O            04/01/31
    0

    5850840          L60/F27             F          420,000.00         ZZ
                                         360        419,035.33          1
                                       7.375          2,900.84         61
                                       7.125          2,900.84
    VIENNA           VA   22181          1            07/31/01         00
    6920073172                           05           09/01/01          0
    6920073172                           O            08/01/31
    0

    5850844          L60/F27             F          423,000.00         ZZ
                                         360        421,410.61          1
                                       7.500          2,957.68         66
                                       7.250          2,957.68
    LEESBURG         VA   20176          5            05/23/01         00
    6920101338                           05           07/01/01          0
    6920101338                           O            06/01/31
    0

    5850846          L60/F27             F          424,000.00         ZZ
                                         360        423,001.71          1
                                       7.250          2,892.43         80
                                       7.000          2,892.43
    RICHMOND         VA   23220          1            07/30/01         00
    6920081795                           05           09/01/01          0
1

    6920081795                           O            08/01/31
    0

    5850848          L60/F27             F          425,000.00         ZZ
                                         360        423,999.36          1
                                       7.250          2,899.25         73
                                       7.000          2,899.25
    RALEIGH          NC   27617          2            07/23/01         00
    6610783005                           03           09/01/01          0
    6610783005                           O            08/01/31
    0

    5850852          L60/F27             F          435,000.00         ZZ
                                         360        433,975.80          1
                                       7.250          2,967.47         75
                                       7.000          2,967.47
    BALTIMORE        MD   21210          1            07/27/01         00
    6920089354                           05           09/01/01          0
    6920089354                           O            08/01/31
    0

    5850858          L60/F27             F          456,000.00         ZZ
                                         360        453,525.90          1
                                       7.375          3,149.48         80
                                       7.125          3,149.48
    BRIGHTON         CO   80241          1            03/12/01         00
    6960108769                           05           05/01/01          0
    6960108769                           O            04/01/31
    0

    5850864          L60/F27             F          480,000.00         ZZ
                                         360        478,897.54          1
                                       7.375          3,315.24         48
                                       7.125          3,315.24
    ATLANTA          GA   30327          5            07/25/01         00
    6610792411                           05           09/01/01          0
    6610792411                           O            08/01/31
    0

    5850876          L60/F27             F          503,200.00         ZZ
                                         360        502,044.23          1
                                       7.375          3,475.48         80
                                       7.125          3,475.48
    MC LEAN          VA   22102          1            07/31/01         00
    6920091081                           03           09/01/01          0
    6920091081                           O            08/01/31
    0

1

    5850888          L60/F27             F          650,000.00         T
                                         360        646,941.54          1
                                       7.375          4,489.39         75
                                       7.125          4,489.39
    COROLLA          NC   27927          1            04/16/01         00
    6920019631                           05           06/01/01          0
    6920019631                           O            05/01/31
    0

    5850892          L60/F27             F          650,000.00         ZZ
                                         360        646,457.50          1
                                       7.250          4,434.15         76
                                       7.000          4,434.15
    MCLEAN           VA   22101          1            07/31/01         00
    6920105031                           05           09/01/01          0
    6920105031                           O            08/01/31
    0

    5850894          L60/F27             F          650,000.00         T
                                         360        649,032.21          1
                                       7.500          4,544.89         69
                                       7.250          4,544.89
    COROLLA          NC   27927          1            08/14/01         00
    6990407582                           05           10/01/01          0
    6990407582                           O            09/01/31
    0

    5850898          L60/F27             F          910,000.00         ZZ
                                         360        905,781.05          1
                                       7.375          6,285.14         57
                                       7.125          6,285.14
    GREAT FALLS      VA   22066          2            04/18/01         00
    6990309734                           05           06/01/01          0
    6990309734                           O            05/01/31
    0

    5854388          H47/G01             F          292,787.00         ZZ
                                         360        292,787.00          1
                                       6.625          1,874.75         80
                                       6.375          1,874.75
    FORT COLLINS     CO   80528          1            10/12/01         00
    0433307345                           03           12/01/01          0
    1621193208                           O            11/01/31
    0

    5855312          B57/G01             F          404,800.00         ZZ
                                         360        404,800.00          1
                                       7.000          2,693.14         80
                                       6.750          2,693.14
1

    SANTA CLARITA    CA   91355          1            10/12/01         00
    0433299609                           05           12/01/01          0
    2117264                              O            11/01/31
    0

    5857950          964/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       6.625          2,714.92         80
                                       6.375          2,714.92
    SEAL BEACH       CA   90740          1            10/22/01         00
    0433333499                           05           12/01/01          0
    158084                               O            11/01/31
    0

    5858196          286/286             F          528,000.00         ZZ
                                         360        527,173.71          1
                                       7.250          3,601.90         80
                                       7.000          3,601.90
    BISHOPVILLE      MD   21813          1            08/31/01         00
    549335                               05           10/01/01          0
    549335                               O            09/01/31
    0

    5858198          286/286             F          352,000.00         ZZ
                                         360        351,449.14          1
                                       7.250          2,401.27         80
                                       7.000          2,401.27
    HOUSTON          TX   77024          2            08/30/01         00
    516916                               03           10/01/01          0
    516916                               O            09/01/31
    0

    5858204          286/286             F          520,000.00         ZZ
                                         360        519,165.85          1
                                       7.125          3,503.34         80
                                       6.875          3,503.34
    BETHESDA         MD   20816          1            08/31/01         00
    446309                               05           10/01/01          0
    446309                               O            09/01/31
    0

    5860474          E22/G01             F          339,200.00         ZZ
                                         360        339,200.00          1
                                       7.125          2,285.25         80
                                       6.875          2,285.25
    FLOWER MOUND     TX   75028          4            10/09/01         00
    0413055823                           03           12/01/01          0
    0413055823                           O            11/01/31
    0
1

    5860556          E22/G01             F          351,000.00         ZZ
                                         360        351,000.00          1
                                       7.000          2,335.21         69
                                       6.750          2,335.21
    LONGMONT         CO   80504          2            10/02/01         00
    0413084583                           03           12/01/01          0
    0413084583                           O            11/01/31
    0

    5863450          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.875          2,233.56         38
                                       6.625          2,233.56
    EL DORADO HILLS  CA   95762          2            10/18/01         00
    0433305877                           03           12/01/01          0
    152406                               O            11/01/31
    0

    5864708          116/116             F          451,550.00         ZZ
                                         360        451,550.00          1
                                       6.875          2,966.37         76
                                       6.625          2,966.37
    THE WOODLANDS    TX   77382          2            10/15/01         00
    091029594                            29           12/01/01          0
    091029594                            O            11/01/31
    0

    5866956          964/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.750          2,153.35         80
                                       6.500          2,153.35
    FOLSOM           CA   95630          1            10/17/01         00
    0433319878                           05           12/01/01          0
    153696                               O            11/01/31
    0

    5867236          H22/G01             F          330,000.00         ZZ
                                         360        330,000.00          3
                                       7.250          2,251.18         80
                                       7.000          2,251.18
    ASTORIA          NY   11102          1            10/16/01         00
    0433309184                           05           12/01/01          0
    0105057                              O            11/01/31
    0

    5875042          E82/G01             F          365,500.00         ZZ
                                         360        365,221.88          1
1

                                       7.375          2,524.42         69
                                       7.125          2,524.42
    SAN CLEMENTE     CA   92673          2            10/02/01         00
    0400474961                           29           11/01/01          0
    0400474961                           O            10/01/31
    0

    5875044          E82/G01             F          300,400.00         ZZ
                                         360        300,400.00          1
                                       7.375          2,074.79         63
                                       7.125          2,074.79
    SANTA ANA        CA   92705          2            10/01/01         00
    0400477709                           05           12/01/01          0
    3857710                              O            11/01/31
    0

    5875048          E82/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.000          3,326.51         50
                                       6.750          3,326.51
    PETALUMA         CA   94952          5            10/04/01         00
    0400493805                           05           12/01/01          0
    0400493805                           O            11/01/31
    0

    5877432          E23/G01             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.875          2,115.31         85
                                       6.625          2,115.31
    HUNTINGTON BEAC  CA   92646          2            10/12/01         04
    0433338761                           05           12/01/01         25
    51007240                             O            11/01/31
    0

    5877580          Q44/G01             F          320,000.00         ZZ
                                         360        319,744.10          1
                                       7.125          2,155.90         80
                                       6.875          2,155.90
    NOVI             MI   48375          1            09/18/01         00
    0433281227                           05           11/01/01          0
    12157                                O            10/01/31
    0

    5878010          964/G01             F          363,300.00         ZZ
                                         360        363,300.00          1
                                       6.625          2,326.25         80
                                       6.375          2,326.25
    ORANGE           CA   92867          1            10/24/01         00
    0433347044                           03           12/01/01          0
1

    157920                               O            11/01/31
    0

    5881422          E82/G01             F          341,100.00         ZZ
                                         360        341,100.00          1
                                       7.250          2,326.90         80
                                       7.000          2,326.90
    DANBURY          CT   06810          2            10/05/01         00
    0400493557                           05           12/01/01          0
    1969258                              O            11/01/31
    0

    5881430          E82/G01             F          271,000.00         ZZ
                                         360        270,788.59          1
                                       7.250          1,848.70         80
                                       7.000          1,848.70
    CANYON COUNTRY   CA   91351          2            10/01/01         00
    0400490751                           05           11/01/01          0
    1985625                              O            10/01/31
    0

    5881434          E82/G01             F          288,200.00         ZZ
                                         360        288,200.00          1
                                       7.250          1,966.03         79
                                       7.000          1,966.03
    OKLAHOMA CITY    OK   73170          2            10/05/01         00
    0400499539                           03           12/01/01          0
    0400499539                           O            11/01/31
    0

    5881440          E82/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.125          2,290.64         62
                                       6.875          2,290.64
    SPARTA           NJ   07871          2            10/05/01         00
    0400495958                           05           12/01/01          0
    1950960                              O            11/01/31
    0

    5881444          E82/G01             F          329,650.00         ZZ
                                         360        329,650.00          1
                                       7.250          2,248.79         83
                                       7.000          2,248.79
    NAPA             CA   94558          2            10/02/01         04
    0400494902                           05           12/01/01         12
    3502129                              O            11/01/31
    0

1

    5883214          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.625          3,201.56         69
                                       6.375          3,201.56
    FULLERTON        CA   92835          1            10/25/01         00
    0433321726                           05           12/01/01          0
    157986                               O            11/01/31
    0

    5883310          758/G01             F          378,850.00         ZZ
                                         360        378,850.00          1
                                       7.375          2,616.62         62
                                       7.125          2,616.62
    HIGHLAND PARK    TX   75205          5            10/12/01         00
    0433338811                           05           12/01/01          0
    400822                               O            11/01/31
    0

    5885742          696/G01             F          329,600.00         ZZ
                                         360        329,336.42          1
                                       7.125          2,220.58         80
                                       6.875          2,220.58
    KENSINGTON       MD   20895          1            10/08/01         00
    0433261815                           05           11/01/01          0
    31101189                             O            10/01/31
    0

    5885752          696/G01             F          699,900.00         ZZ
                                         360        699,380.58          1
                                       7.500          4,893.80         70
                                       7.250          4,893.80
    POTOMAC          MD   20854          2            10/02/01         00
    0433262946                           05           11/01/01          0
    32201155                             O            10/01/31
    0

    5886806          E22/G01             F          159,337.00         ZZ
                                         360        159,337.00          1
                                       7.000          1,060.07         75
                                       6.750          1,060.07
    FORT WORTH       TX   76109          5            10/04/01         00
    0412853798                           05           12/01/01          0
    0412853798                           O            11/01/31
    0

    5886900          E22/G01             F          589,000.00         ZZ
                                         360        589,000.00          1
                                       7.000          3,918.63         53
                                       6.750          3,918.63
1

    SANTA ROSA       CA   95404          2            09/25/01         00
    0413069873                           05           12/01/01          0
    0413069873                           O            11/01/31
    0

    5886906          E22/G01             F          314,600.00         ZZ
                                         360        314,600.00          1
                                       6.750          2,040.49         75
                                       6.500          2,040.49
    ANAHEIM          CA   92807          5            10/02/01         00
    0413072810                           05           12/01/01          0
    0413072810                           O            11/01/31
    0

    5886962          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.750          1,945.79         60
                                       6.500          1,945.79
    ARCADIA          CA   91006          5            10/03/01         00
    0413093808                           05           12/01/01          0
    0413093808                           O            11/01/31
    0

    5888624          964/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.875          2,154.73         80
                                       6.625          2,154.73
    DENVER           CO   80210          2            10/25/01         00
    0433339942                           05           12/01/01          0
    157120                               O            11/01/31
    0

    5889110          144/144             F           55,500.00         ZZ
                                         240         55,500.00          1
                                       7.250            438.66         66
                                       7.000            438.66
    MOUNT MARION     NY   12456          5            10/17/01         00
    160675272                            05           12/01/01          0
    160675272                            O            11/01/21
    0

    5890324          964/G01             F          381,700.00         ZZ
                                         360        381,700.00          1
                                       6.875          2,507.50         72
                                       6.625          2,507.50
    SEATTLE          WA   98105          5            10/18/01         00
    0433320579                           05           12/01/01          0
    155080                               O            11/01/31
    0
1

    5890974          M29/G01             F          347,500.00         ZZ
                                         360        347,500.00          1
                                       6.875          2,282.83         68
                                       6.625          2,282.83
    LITTLETON        CO   80122          5            10/18/01         00
    0433331923                           03           12/01/01          0
    001058CB                             O            11/01/31
    0

    5893256          E23/G01             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       6.875          2,010.20         64
                                       6.625          2,010.20
    EL  CAJON        CA   92019          2            10/19/01         00
    0433333275                           03           12/01/01          0
    11006764                             O            11/01/31
    0

    5894836          420/G01             F          303,700.00         ZZ
                                         360        303,700.00          1
                                       7.000          2,020.52         47
                                       6.750          2,020.52
    PETALUMA         CA   94952          5            09/28/01         00
    0433288347                           03           12/01/01          0
    51002206                             O            11/01/31
    0

    5895504          830/G01             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       6.375          1,035.62         74
                                       6.125          1,035.62
    SALT LAKE CITY   UT   84123          2            10/16/01         00
    0433330339                           05           12/01/01          0
    1932579                              O            11/01/31
    0

    5897406          U62/G01             F          389,000.00         ZZ
                                         360        389,000.00          1
                                       6.875          2,555.45         33
                                       6.625          2,555.45
    PLEASANTON       CA   94566          5            10/16/01         00
    0433339116                           05           12/01/01          0
    2001297374                           O            11/01/31
    0

    5899048          227/G01             F          374,000.00         ZZ
                                         360        373,685.79          1
1

                                       6.875          2,456.92         80
                                       6.625          2,456.92
    STEWART MANOR    NY   11530          1            09/19/01         00
    0433336872                           05           11/01/01          0
    1958652                              O            10/01/31
    0

    5900976          964/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.000          2,341.87         80
                                       6.750          2,341.87
    GILROY           CA   95050          1            10/17/01         00
    0433319050                           05           12/01/01          0
    147784                               O            11/01/31
    0

    5902226          696/G01             F          312,000.00         ZZ
                                         360        311,756.61          1
                                       7.250          2,128.39         80
                                       7.000          2,128.39
    WASHINGTON       DC   20007          1            09/21/01         00
    0433275153                           05           11/01/01          0
    31201432                             O            10/01/31
    0

    5905214          964/G01             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       6.750          3,178.13         45
                                       6.500          3,178.13
    LOS ANGELES      CA   90049          2            10/22/01         00
    0433320199                           05           12/01/01          0
    157321                               O            11/01/31
    0

    5906888          Q51/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.000          2,062.44         67
                                       6.750          2,062.44
    YORBA LINDA      CA   92887          2            10/05/01         00
    0433292182                           05           12/01/01          0
    0500763R1090401                      O            11/01/31
    0

    5908214          N47/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       6.625          2,273.10         79
                                       6.375          2,273.10
    JAMUL            CA   92019          1            10/16/01         00
    0433323177                           05           12/01/01          0
1

    30111690                             O            11/01/31
    0

    5908296          964/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       7.000          2,421.70         70
                                       6.750          2,421.70
    PACIFICA         CA   94044          2            10/23/01         00
    0433331584                           05           12/01/01          0
    153924                               O            11/01/31
    0

    5908324          964/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.875          2,266.41         40
                                       6.625          2,266.41
    SALINAS          CA   93908          2            10/22/01         00
    0433328424                           05           12/01/01          0
    154388                               O            11/01/31
    0

    5908488          227/G01             F          364,800.00         ZZ
                                         360        364,529.26          1
                                       7.500          2,550.74         80
                                       7.250          2,550.74
    CORTE MADERA     CA   94925          1            09/10/01         00
    0433303120                           03           11/01/01          0
    1921009                              O            10/01/31
    0

    5908890          E87/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.875          2,299.25         54
                                       6.625          2,299.25
    SANTA BARBARA    CA   93109          2            10/18/01         00
    0433318151                           05           12/01/01          0
    70003788                             O            11/01/31
    0

    5910464          E22/G01             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       7.250          3,615.53         71
                                       7.000          3,615.53
    ANDOVER          MA   01810          2            10/05/01         00
    0412957573                           05           12/01/01          0
    0412957573                           O            11/01/31
    0

1

    5910468          E22/G01             F          703,000.00         ZZ
                                         360        703,000.00          1
                                       7.125          4,736.24         79
                                       6.875          4,736.24
    MANHATTAN BEACH  CA   90266          2            10/05/01         00
    0412977845                           05           12/01/01          0
    0412977845                           O            11/01/31
    0

    5910476          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.125          2,425.39         62
                                       6.875          2,425.39
    DEERFIELD        IL   60015          2            10/05/01         00
    0412998452                           05           12/01/01          0
    0412998452                           O            11/01/31
    0

    5910500          E22/G01             F          353,000.00         ZZ
                                         360        353,000.00          1
                                       7.000          2,348.52         73
                                       6.750          2,348.52
    SUPERIOR         CO   80027          2            10/05/01         00
    0413033135                           03           12/01/01          0
    0413033135                           O            11/01/31
    0

    5910546          E22/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       7.000          2,820.88         80
                                       6.750          2,820.88
    SAN MATEO        CA   94403          1            10/02/01         00
    0413068628                           05           12/01/01          0
    0413068628                           O            11/01/31
    0

    5910588          E22/G01             F          327,500.00         ZZ
                                         360        327,500.00          1
                                       6.875          2,151.44         73
                                       6.625          2,151.44
    DRIPPING SPRING  TX   78620          5            10/05/01         00
    0413082959                           03           12/01/01          0
    0413082959                           O            11/01/31
    0

    5910600          E22/G01             F          353,600.00         ZZ
                                         360        353,600.00          1
                                       6.875          2,322.90         80
                                       6.625          2,322.90
1

    SILVER SPRING    MD   20905          2            10/05/01         00
    0413089285                           05           12/01/01          0
    0413089285                           O            11/01/31
    0

    5910646          E22/G01             F          945,000.00         ZZ
                                         360        945,000.00          1
                                       7.000          6,287.11         70
                                       6.750          6,287.11
    HIGHLANDS RANCH  CO   80126          1            10/10/01         00
    0413109927                           03           12/01/01          0
    0413109927                           O            11/01/31
    0

    5910648          E22/G01             F          187,500.00         ZZ
                                         360        187,500.00          1
                                       6.875          1,231.74         57
                                       6.625          1,231.74
    PLEASANT HILL    CA   94523          2            10/03/01         00
    0413110941                           05           12/01/01          0
    0413110941                           O            11/01/31
    0

    5913578          E33/G01             F          885,000.00         ZZ
                                         360        885,000.00          1
                                       6.750          5,740.09         36
                                       6.500          5,740.09
    LAKE FOREST      IL   60045          2            09/29/01         00
    0433315892                           05           12/01/01          0
    001                                  O            11/01/31
    0

    5913956          964/G01             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       6.625          1,968.96         43
                                       6.375          1,968.96
    SAN DIEGO        CA   92120          2            10/19/01         00
    0433305844                           05           12/01/01          0
    155535                               O            11/01/31
    0

    5917510          N47/G01             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       6.625          1,818.48         70
                                       6.375          1,818.48
    ACAMPO           CA   95220          2            10/09/01         00
    0433291465                           05           12/01/01          0
    20211549                             O            11/01/31
    0
1

    5918600          964/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.875          2,207.28         56
                                       6.625          2,207.28
    REDWOOD CITY     CA   94062          5            10/22/01         00
    0433329067                           05           12/01/01          0
    400154986                            O            11/01/31
    0

    5919444          964/G01             F          339,000.00         ZZ
                                         360        339,000.00          1
                                       6.875          2,226.99         43
                                       6.625          2,226.99
    SUNNYVALE        CA   94087          2            10/23/01         00
    0433313756                           05           12/01/01          0
    400153969                            O            11/01/31
    0

    5920164          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.09         62
                                       6.500          2,270.09
    WALNUT CREEK     CA   94596          5            10/23/01         00
    0433325651                           03           12/01/01          0
    155262                               O            11/01/31
    0

    5921612          964/G01             F          385,500.00         ZZ
                                         360        385,500.00          1
                                       6.875          2,532.46         70
                                       6.625          2,532.46
    FOLSOM           CA   95630          2            10/20/01         00
    0433335478                           05           12/01/01          0
    151671                               O            11/01/31
    0

    5922130          696/G01             F          532,000.00         ZZ
                                         360        532,000.00          1
                                       6.750          3,450.54         69
                                       6.500          3,450.54
    MCLEAN           VA   22102          2            10/24/01         00
    0433307162                           05           12/01/01          0
    20201076                             O            11/01/31
    0

    5922338          696/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
1

                                       6.750          2,983.55         61
                                       6.500          2,983.55
    MCLEAN           VA   22101          5            10/23/01         00
    0433307196                           05           12/01/01          0
    31801177                             O            11/01/31
    0

    5922414          M18/G01             F          316,300.00         ZZ
                                         360        316,073.36          1
                                       7.675          2,249.64         61
                                       7.425          2,249.64
    EL GRANADA       CA   94018          2            09/12/01         00
    0433311966                           05           11/01/01          0
    980101133                            O            10/01/31
    0

    5922770          L81/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.125          2,526.44         75
                                       6.875          2,526.44
    CARLSBAD         CA   92009          2            10/08/01         00
    0433300118                           05           12/01/01          0
    013232                               O            11/01/31
    0

    5924156          L76/G01             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       6.750            739.40         64
                                       6.500            739.40
    BELLE PLAINE     MN   56011          5            10/17/01         00
    0433290525                           05           12/01/01          0
    990368                               O            11/01/31
    0

    5925870          696/G01             F          900,000.00         ZZ
                                         360        900,000.00          1
                                       6.750          5,837.38         70
                                       6.500          5,837.38
    WASHINGTON       DC   20016          1            10/10/01         00
    0433276391                           05           12/01/01          0
    31201494                             O            11/01/31
    0

    5925874          696/G01             F          756,000.00         ZZ
                                         360        755,452.83          1
                                       7.625          5,350.92         48
                                       7.375          5,350.92
    MARSHALL         VA   20115          5            10/04/01         00
    0433273513                           05           11/01/01          0
1

    50101138                             O            10/01/31
    0

    5926718          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.500          2,275.45         75
                                       6.250          2,275.45
    NOVATO           CA   94945          5            10/24/01         00
    0433336930                           05           12/01/01          0
    158022                               O            11/01/31
    0

    5929254          A06/G01             F          378,750.00         ZZ
                                         360        378,750.00          1
                                       6.750          2,456.57         76
                                       6.500          2,456.57
    COMMERCE         MI   48390          2            10/04/01         00
    0433333846                           29           12/01/01          0
    1000010012817                        O            11/01/31
    0

    5930116          964/G01             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       6.750          2,477.65         53
                                       6.500          2,477.65
    LAFFAYETTE       CA   94549          2            10/23/01         00
    0433320124                           05           12/01/01          0
    400153735                            O            11/01/31
    0

    5935076          E22/G01             F          382,500.00         ZZ
                                         360        382,500.00          1
                                       6.875          2,512.75         65
                                       6.625          2,512.75
    LA CANADA FLINT  CA   91011          2            10/01/01         00
    0413065467                           05           12/01/01          0
    0413065467                           O            11/01/31
    0

    5935096          E22/G01             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       7.000          1,237.46         70
                                       6.750          1,237.46
    SANTA ANA        CA   92704          2            10/02/01         00
    0413084450                           05           12/01/01          0
    0413084450                           O            11/01/31
    0

1

    5935452          E82/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       7.000          3,559.37         64
                                       6.750          3,559.37
    PORTLAND         OR   97266          2            10/10/01         00
    0400499182                           05           12/01/01          0
    0400499182                           O            11/01/31
    0

    5941534          M29/G01             F          462,000.00         ZZ
                                         360        462,000.00          1
                                       6.875          3,035.01         64
                                       6.625          3,035.01
    DENVER           CO   80230          2            10/23/01         00
    0433330909                           03           12/01/01          0
    011075CB                             O            11/01/31
    0

    5942324          964/G01             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       6.750          1,893.91         80
                                       6.500          1,893.91
    TARZANA          CA   91356          1            10/19/01         00
    0433304409                           05           12/01/01          0
    153893                               O            11/01/31
    0

    5951564          N47/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       6.875          3,048.15         80
                                       6.625          3,048.15
    SAN MATEO        CA   94403          1            10/01/01         00
    0433271731                           05           12/01/01          0
    20510756                             O            11/01/31
    0

    5954090          G75/G75             F          296,000.00         ZZ
                                         360        295,559.27          1
                                       7.500          2,069.68         80
                                       7.250          2,069.68
    RICHMOND         VA   23233          1            08/30/01         00
    04435485                             05           10/01/01          0
    04435485                             O            09/01/31
    0

    5954094          G75/G75             F          298,850.00         ZZ
                                         360        298,370.60          1
                                       7.125          2,013.41         58
                                       6.875          2,013.41
1

    BLUE BELL        PA   19422          2            08/23/01         00
    04443759                             03           10/01/01          0
    04443759                             O            09/01/31
    0

    5954098          G75/G75             F          578,000.00         ZZ
                                         360        577,549.10          1
                                       7.250          3,942.98         73
                                       7.000          3,942.98
    EDISON           NJ   08820          2            09/21/01         00
    04452114                             05           11/01/01          0
    04452114                             O            10/01/31
    0

    5954102          G75/G75             F          436,400.00         ZZ
                                         360        436,059.56          1
                                       7.250          2,977.02         58
                                       7.000          2,977.02
    HOPEWELL TOWNSH  NJ   08638          2            09/19/01         00
    04452126                             05           11/01/01          0
    04452126                             O            10/01/31
    0

    5954104          G75/G75             F          361,850.00         ZZ
                                         360        361,850.00          1
                                       7.375          2,499.21         71
                                       7.125          2,499.21
    ELMHURST         IL   60126          1            10/04/01         00
    04377479                             05           12/01/01          0
    04377479                             O            11/01/31
    0

    5954106          G75/G75             F          548,500.00         ZZ
                                         360        548,050.39          1
                                       7.000          3,649.19         74
                                       6.750          3,649.19
    POTOMAC          MD   20854          2            09/14/01         00
    04357504                             03           11/01/01          0
    04357504                             O            10/01/31
    0

    5954108          G75/G75             F          310,000.00         ZZ
                                         360        309,514.88          1
                                       7.250          2,114.75         86
                                       7.000          2,114.75
    HERSHEY          PA   17033          2            08/24/01         14
    04261400                             05           10/01/01         25
    04261400                             O            09/01/31
    0
1

    5954110          G75/G75             F          400,000.00         ZZ
                                         360        399,695.62          1
                                       7.375          2,762.71         80
                                       7.125          2,762.71
    CROZET           VA   22932          1            09/14/01         00
    04449852                             05           11/01/01          0
    04449852                             O            10/01/31
    0

    5954112          G75/G75             F          361,000.00         ZZ
                                         360        360,718.38          1
                                       7.250          2,462.66         73
                                       7.000          2,462.66
    RANDOLPH         NJ   07945          2            10/03/01         00
    04461214                             05           11/01/01          0
    04461214                             O            10/01/31
    0

    5954118          G75/G75             F          428,000.00         ZZ
                                         360        427,674.33          1
                                       7.375          2,956.09         80
                                       7.125          2,956.09
    MILLERSVILLE     MD   21108          1            09/14/01         00
    04430182                             05           11/01/01          0
    04430182                             O            10/01/31
    0

    5954120          G75/G75             F          308,000.00         ZZ
                                         360        307,529.84          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    RESTON           VA   20191          1            08/30/01         00
    04422072                             03           10/01/01          0
    04422072                             O            09/01/31
    0

    5954122          G75/G75             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         73
                                       6.750          2,328.56
    MANASSAS         VA   20112          2            09/07/01         00
    04436401                             03           11/01/01          0
    04436401                             O            10/01/31
    0

    5954124          G75/G75             F          411,000.00         ZZ
                                         360        410,679.38          1
1

                                       7.250          2,803.75         76
                                       7.000          2,803.75
    VIRGINIA BEACH   VA   23454          2            09/07/01         00
    04438277                             05           11/01/01          0
    04438277                             O            10/01/31
    0

    5954130          G75/G75             F          398,950.00         ZZ
                                         360        398,310.02          1
                                       7.125          2,687.81         61
                                       6.875          2,687.81
    GREAT FALLS      VA   22066          2            08/29/01         00
    04445133                             03           10/01/01          0
    04445133                             O            09/01/31
    0

    5954134          G75/G75             F          380,000.00         ZZ
                                         360        379,703.56          1
                                       7.250          2,592.27         68
                                       7.000          2,592.27
    RADNOR           PA   19089          5            09/07/01         00
    04441995                             05           11/01/01          0
    04441995                             O            10/01/31
    0

    5954142          G75/G75             F          304,000.00         ZZ
                                         360        303,512.34          1
                                       7.125          2,048.11         80
                                       6.875          2,048.11
    UPPER MARLBORO   MD   20772          1            08/30/01         00
    04432465                             05           10/01/01          0
    04432465                             O            09/01/31
    0

    5954144          G75/G75             F          356,200.00         ZZ
                                         360        355,893.32          1
                                       6.750          2,310.31         59
                                       6.500          2,310.31
    BARNSTABLE       MA   02630          5            09/21/01         00
    04460250                             05           11/01/01          0
    04460250                             O            10/01/31
    0

    5954148          G75/G75             F          413,000.00         ZZ
                                         360        412,669.73          1
                                       7.125          2,782.46         64
                                       6.875          2,782.46
    ROCKVILLE        MD   20853          5            09/24/01         00
    04467901                             03           11/01/01          0
1

    04467901                             O            10/01/31
    0

    5954152          G75/G75             F          384,000.00         ZZ
                                         360        383,715.01          1
                                       7.500          2,684.99         80
                                       7.250          2,684.99
    GLEN ALLEN       VA   23059          2            09/26/01         00
    04470554                             03           11/01/01          0
    04470554                             O            10/01/31
    0

    5954154          G75/G75             F          310,400.00         ZZ
                                         360        310,400.00          1
                                       7.125          2,091.23         80
                                       6.875          2,091.23
    HOWELL TOWNSHIP  NJ   08534          1            10/11/01         00
    04391051                             05           12/01/01          0
    04391051                             O            11/01/31
    0

    5954160          G75/G75             F          344,300.00         ZZ
                                         360        344,300.00          1
                                       7.250          2,348.74         80
                                       7.000          2,348.74
    LOWER OXFORD TO  PA   19363          2            10/05/01         00
    04469587                             03           12/01/01          0
    04469587                             O            11/01/31
    0

    5958540          964/G01             F          371,000.00         ZZ
                                         360        371,000.00          1
                                       6.875          2,437.21         60
                                       6.625          2,437.21
    LAFAYETTE        CA   94549          2            10/24/01         00
    0433329018                           05           12/01/01          0
    155061                               O            11/01/31
    0

    5961322          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.000          3,659.16         60
                                       6.750          3,659.16
    OAKLAND          CA   94705          5            10/05/01         00
    0413016734                           05           12/01/01          0
    0413016734                           O            11/01/31
    0

1

    5961356          E22/G01             F          813,300.00         ZZ
                                         360        813,300.00          1
                                       7.500          5,686.71         33
                                       7.250          5,686.71
    AUSTIN           TX   78731          5            10/09/01         00
    0413045915                           03           12/01/01          0
    0413045915                           O            11/01/31
    0

    5961414          E22/G01             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       7.000          1,962.64         53
                                       6.750          1,962.64
    SAN JOSE         CA   95138          5            10/08/01         00
    0413081043                           03           12/01/01          0
    0413081043                           O            11/01/31
    0

    5961468          E22/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       6.750          2,302.52         63
                                       6.500          2,302.52
    SAN JOSE         CA   95128          5            10/08/01         00
    0413101866                           05           12/01/01          0
    0413101866                           O            11/01/31
    0

    5961492          E22/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.625          2,049.00         80
                                       6.375          2,049.00
    PONDER           TX   76259          4            10/12/01         00
    0413110479                           05           12/01/01          0
    0413110479                           O            11/01/31
    0

    5961534          E22/G01             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       7.250            852.72         62
                                       7.000            852.72
    SEATTLE          WA   98126          5            10/05/01         00
    0413120973                           05           12/01/01          0
    0413120973                           O            11/01/31
    0

    5961542          E22/G01             F          336,250.00         ZZ
                                         360        336,250.00          1
                                       7.000          2,237.08         80
                                       6.750          2,237.08
1

    PLANTATION       FL   33324          1            10/15/01         00
    0413121682                           03           12/01/01          0
    0413121682                           O            11/01/31
    0

    5961840          E82/G01             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.000          2,900.72         50
                                       6.750          2,900.72
    BOULDER          CO   80302          2            10/09/01         00
    0400496220                           05           12/01/01          0
    0400496220                           O            11/01/31
    0

    5961914          696/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       7.000          3,060.39         65
                                       6.750          3,060.39
    GERMANTOWN       MD   20874          5            10/05/01         00
    0433331048                           05           12/01/01          0
    30101217                             O            11/01/31
    0

    5963076          696/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.750          2,490.62         72
                                       6.500          2,490.62
    CHEVY CHASE      MD   20815          2            10/24/01         00
    0433306982                           05           12/01/01          0
    32901327                             O            11/01/31
    0

    5964838          A06/G01             F          945,000.00         ZZ
                                         360        945,000.00          1
                                       6.875          6,207.98         70
                                       6.625          6,207.98
    FARMINGTON HILL  MI   48331          2            10/19/01         00
    0433294212                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5967012          964/G01             F          354,000.00         ZZ
                                         360        354,000.00          1
                                       6.875          2,325.53         80
                                       6.625          2,325.53
    ROCKLIN          CA   95675          1            10/26/01         00
    0433343035                           05           12/01/01          0
    156798                               O            11/01/31
    0
1

    5968282          L81/G01             F          427,500.00         ZZ
                                         360        427,500.00          1
                                       6.625          2,737.33         75
                                       6.375          2,737.33
    AGOURA HILLS     CA   91301          5            10/09/01         00
    0433307329                           05           12/01/01          0
    013247                               O            11/01/31
    0

    5968334          964/G01             F          324,500.00         ZZ
                                         360        324,500.00          1
                                       6.875          2,131.74         61
                                       6.625          2,131.74
    SANTA CRUZ       CA   95060          5            10/26/01         00
    0433337722                           05           12/01/01          0
    400155885                            O            11/01/31
    0

    5969966          964/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.750          2,399.81         65
                                       6.500          2,399.81
    ALTADENA         CA   91101          2            10/19/01         00
    0433311701                           03           12/01/01          0
    153294                               O            11/01/31
    0

    5970224          F32/G01             F           86,500.00         ZZ
                                         360         86,500.00          1
                                       7.250            590.09         69
                                       7.000            590.09
    ACWORTH          GA   30102          5            10/19/01         00
    0433345865                           05           12/01/01          0
    15070576                             O            11/01/31
    0

    5970850          U62/G01             F          337,000.00         ZZ
                                         360        337,000.00          1
                                       6.500          2,130.07         67
                                       6.250          2,130.07
    SAN JOSE         CA   95124          5            10/19/01         00
    0433339199                           05           12/01/01          0
    2001280824                           O            11/01/31
    0

    5971912          B57/G01             F          422,250.00         ZZ
                                         360        422,250.00          1
1

                                       7.000          2,809.24         75
                                       6.750          2,809.24
    LAGUNA HILLS     CA   92653          1            10/05/01         00
    0433282233                           03           12/01/01          0
    2190001                              O            11/01/31
    0

    5974384          N47/G01             F          345,100.00         ZZ
                                         360        345,100.00          1
                                       6.875          2,267.06         67
                                       6.625          2,267.06
    SAN DIEGO        CA   92127          2            10/18/01         00
    0433330115                           03           12/01/01          0
    30112092                             O            11/01/31
    0

    5975278          H22/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.125          2,506.23         80
                                       6.875          2,506.23
    ROSLYN HEIGHTS   NY   11577          1            10/23/01         00
    0433324886                           05           12/01/01          0
    0107014                              O            11/01/31
    0

    5975564          B57/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         80
                                       6.750          2,262.03
    LOS ANGELES      CA   90027          2            10/19/01         00
    0433321999                           05           12/01/01          0
    2117763                              O            11/01/31
    0

    5977474          696/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.000          3,326.51         80
                                       6.750          3,326.51
    FAIRFAX STATION  VA   22039          1            10/05/01         00
    0433292067                           03           12/01/01          0
    25501145                             O            11/01/31
    0

    5977478          696/G01             F          464,000.00         ZZ
                                         360        463,646.94          1
                                       7.375          3,204.73         80
                                       7.125          3,204.73
    WASHINGTON       DC   20037          1            10/01/01         00
    0433298031                           08           11/01/01          0
1

    22601191                             O            10/01/31
    0

    5977480          696/G01             F          327,200.00         ZZ
                                         360        327,200.00          1
                                       7.250          2,232.08         80
                                       7.000          2,232.08
    HERNDON          VA   20171          1            10/12/01         00
    0433286580                           03           12/01/01          0
    22301160                             O            11/01/31
    0

    5977482          696/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       7.250          2,810.57         80
                                       7.000          2,810.57
    KENSINGTON       MD   20895          2            10/11/01         00
    0433285343                           05           12/01/01          0
    31801157                             O            11/01/31
    0

    5978916          Q57/G01             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.875            886.85         75
                                       6.625            886.85
    AZUSA AREA       CA   91702          1            10/05/01         00
    0433304318                           05           12/01/01          0
    44500007                             O            11/01/31
    0

    5980432          B57/G01             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.000          2,022.52         80
                                       6.750          2,022.52
    LOS ANGELES      CA   90026          1            10/03/01         00
    0433284023                           05           12/01/01          0
    2116907                              O            11/01/31
    0

    5981442          964/G01             F          497,400.00         ZZ
                                         360        497,400.00          1
                                       6.875          3,267.57         67
                                       6.625          3,267.57
    PACIFICA         CA   94044          2            10/21/01         00
    0433326998                           03           12/01/01          0
    153187                               O            11/01/31
    0

1

    5981504          964/G01             F          540,600.00         ZZ
                                         360        540,600.00          1
                                       6.625          3,461.52         80
                                       6.375          3,461.52
    ARROYO GRANDE    CA   93420          1            10/24/01         00
    0433320256                           05           12/01/01          0
    144044                               O            11/01/31
    0

    5982290          964/G01             F          295,500.00         ZZ
                                         360        295,500.00          1
                                       7.000          1,965.97         57
                                       6.750          1,965.97
    ANTIOCH          CA   94509          2            10/23/01         00
    0433339801                           05           12/01/01          0
    400152275                            O            11/01/31
    0

    5982428          964/G01             F          195,800.00         ZZ
                                         360        195,800.00          1
                                       7.375          1,352.34         95
                                       7.125          1,352.34
    FAIRFIELD        CA   94533          1            10/18/01         04
    0433316916                           05           12/01/01         30
    156551                               O            11/01/31
    0

    5982824          964/G01             F          447,500.00         ZZ
                                         360        447,500.00          1
                                       6.875          2,939.76         78
                                       6.625          2,939.76
    GRANITE BAY      CA   95746          2            10/26/01         00
    0433343258                           05           12/01/01          0
    152980                               O            11/01/31
    0

    5983026          893/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.000          2,395.09         60
                                       6.750          2,395.09
    SAN JOSE         CA   95125          5            10/19/01         00
    0433340841                           05           12/01/01          0
    M11018051                            O            11/01/31
    0

    5983074          964/G01             F          355,500.00         ZZ
                                         360        355,500.00          1
                                       6.875          2,335.38         51
                                       6.625          2,335.38
1

    SAN LUIS OBISPO  CA   93401          2            10/19/01         00
    0433310166                           05           12/01/01          0
    152187                               O            11/01/31
    0

    5983860          U62/G01             F          297,750.00         ZZ
                                         360        297,493.64          1
                                       6.750          1,931.20         73
                                       6.500          1,931.20
    VISTA            CA   92083          5            09/24/01         00
    0433296993                           05           11/01/01          0
    2001294908                           O            10/01/31
    0

    5984250          964/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.750          4,215.89         75
                                       6.500          4,215.89
    SEATTLE          WA   98126          1            10/19/01         00
    0433318946                           05           12/01/01          0
    157510                               O            11/01/31
    0

    5986044          E22/G01             F          349,000.00         ZZ
                                         360        349,000.00          1
                                       7.125          2,351.28         74
                                       6.875          2,351.28
    LARKSPUR         CO   80118          2            10/11/01         00
    0413092339                           05           12/01/01          0
    0413092339                           O            11/01/31
    0

    5986132          E22/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.875          2,102.17         80
                                       6.625          2,102.17
    REDMOND          WA   98052          2            10/08/01         00
    0413128307                           05           12/01/01          0
    0413128307                           O            11/01/31
    0

    5986330          E82/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.250          2,660.49         69
                                       7.000          2,660.49
    SAN JOSE         CA   95127          2            10/10/01         00
    0400493482                           05           12/01/01          0
    3334239                              O            11/01/31
    0
1

    5986536          696/G01             F          445,500.00         ZZ
                                         360        445,500.00          1
                                       6.500          2,815.86         75
                                       6.250          2,815.86
    FALLS CHURCH     VA   22042          2            10/23/01         00
    0433307261                           03           12/01/01          0
    23301307                             O            11/01/31
    0

    5990028          E60/G01             F          338,000.00         ZZ
                                         360        338,000.00          1
                                       7.000          2,248.73         63
                                       6.750          2,248.73
    MANHATTAN BEACH  CA   90266          5            10/25/01         00
    0433340049                           05           12/01/01          0
    521819                               O            11/01/31
    0

    5990420          964/G01             F          382,400.00         ZZ
                                         360        382,400.00          1
                                       6.750          2,480.24         80
                                       6.500          2,480.24
    LA CRESCENTA     CA   91214          1            10/25/01         00
    0433343191                           05           12/01/01          0
    153727                               O            11/01/31
    0

    5992196          964/G01             F          557,000.00         ZZ
                                         360        557,000.00          1
                                       6.750          3,612.69         28
                                       6.500          3,612.69
    PIEDMONT         CA   94610          2            10/24/01         00
    0433331535                           05           12/01/01          0
    156711                               O            11/01/31
    0

    5992200          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.625          2,305.12         80
                                       6.375          2,305.12
    FOLSOM           CA   95630          2            10/25/01         00
    0433339793                           05           12/01/01          0
    140444                               O            11/01/31
    0

    5994884          964/G01             F          578,000.00         ZZ
                                         360        578,000.00          1
1

                                       6.875          3,797.05         80
                                       6.625          3,797.05
    SCOTTSL          AZ   85255          2            10/23/01         00
    0433320918                           03           12/01/01          0
    155939                               O            11/01/31
    0

    5994902          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.875          2,956.18         70
                                       6.625          2,956.18
    REDONDO BEACH    CA   90277          1            10/25/01         00
    0433320678                           01           12/01/01          0
    156136                               O            11/01/31
    0

    5999964          696/G01             F          710,500.00         ZZ
                                         360        709,959.36          1
                                       7.375          4,907.25         29
                                       7.125          4,907.25
    BERRYVILLE       VA   22611          5            09/28/01         00
    0433289006                           05           11/01/01          0
    50101150                             O            10/01/31
    0

    6001348          964/G01             F          355,050.00         ZZ
                                         360        355,050.00          1
                                       7.000          2,362.16         65
                                       6.750          2,362.16
    GOLDEN           CO   80401          2            10/05/01         00
    0433286846                           03           12/01/01          0
    150972                               O            11/01/31
    0

    6001358          B57/G01             F          511,000.00         ZZ
                                         360        511,000.00          1
                                       6.875          3,356.91         70
                                       6.625          3,356.91
    LOS ANGELES      CA   90272          2            10/22/01         00
    0433332228                           05           12/01/01          0
    2116764                              O            11/01/31
    0

    6003354          N47/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.750          2,334.95         80
                                       6.500          2,334.95
    SUWANEE          GA   30024          1            10/23/01         00
    0433298676                           03           12/01/01          0
1

    40112458                             O            11/01/31
    0

    6005106          964/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.875          2,430.64         72
                                       6.625          2,430.64
    GRANITE BAY      CA   95746          2            10/24/01         00
    0433326444                           03           12/01/01          0
    153594                               O            11/01/31
    0

    6007740          964/G01             F          399,750.00         ZZ
                                         360        399,750.00          1
                                       7.000          2,659.55         79
                                       6.750          2,659.55
    SEATTLE          WA   98117          2            10/25/01         00
    0433340031                           05           12/01/01          0
    159266                               O            11/01/31
    0

    6010814          E82/G01             F          122,500.00         ZZ
                                         360        122,500.00          1
                                       7.500            856.54         58
                                       7.250            856.54
    BLADENBORO       NC   28320          2            10/15/01         00
    0400471074                           05           12/01/01          0
    0400471074                           O            11/01/31
    0

    6010818          W56/W56             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.125          2,593.82         86
                                       6.875          2,593.82
    BAKERSFIELD      CA   93312          5            10/15/01         00
    0400482816                           05           12/01/01          0
    0400482816                           O            11/01/31
    0

    6010914          E22/G01             F          902,000.00         ZZ
                                         360        902,000.00          1
                                       6.875          5,925.50         65
                                       6.625          5,925.50
    HUMBLE           TX   77346          4            10/17/01         00
    0413055658                           03           12/01/01          0
    0413055658                           O            11/01/31
    0

1

    6010930          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         85
                                       6.625          1,970.79
    ARVADA           CO   80005          2            10/12/01         04
    0413070442                           05           12/01/01         12
    0413070442                           O            11/01/31
    0

    6010932          E22/G01             F          170,500.00         ZZ
                                         360        170,500.00          1
                                       7.125          1,148.69         93
                                       6.875          1,148.69
    SUNRISE          FL   33326          2            10/12/01         04
    0413074204                           03           12/01/01         30
    0413074204                           O            11/01/31
    0

    6010966          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.000          2,328.56         64
                                       6.750          2,328.56
    EVERETT          WA   98203          1            10/12/01         00
    0413100264                           05           12/01/01          0
    0413100264                           O            11/01/31
    0

    6010994          E22/G01             F          615,000.00         ZZ
                                         360        615,000.00          1
                                       6.750          3,988.88         28
                                       6.500          3,988.88
    ORINDA           CA   94563          5            10/08/01         00
    0413110545                           05           12/01/01          0
    0413110545                           O            11/01/31
    0

    6011052          E22/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       6.500          2,932.80         80
                                       6.250          2,932.80
    SEATTLE          WA   98112          1            10/12/01         00
    0413142019                           05           12/01/01          0
    0413142019                           O            11/01/31
    0

    6018028          964/G01             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       7.000          2,035.83         76
                                       6.750          2,035.83
1

    SAN RAMON        CA   94583          2            10/29/01         00
    0433343688                           05           12/01/01          0
    162308                               O            11/01/31
    0

    6018808          994/994             F          320,000.00         ZZ
                                         360        319,750.36          1
                                       7.250          2,182.97         59
                                       7.000          2,182.97
    HARTSVILLE       SC   29550          5            09/07/01         00
    403821499                            05           11/01/01          0
    403821499                            O            10/01/31
    0

    6019540          N47/G01             F          327,000.00         ZZ
                                         360        327,000.00          1
                                       6.750          2,120.92         75
                                       6.500          2,120.92
    CARMEL VALLEY    CA   93924          1            10/16/01         00
    0433319456                           05           12/01/01          0
    20111994                             O            11/01/31
    0

    6019602          P67/G01             F          383,500.00         ZZ
                                         360        383,500.00          1
                                       6.625          2,455.59         39
                                       6.375          2,455.59
    WELLESLEY        MA   02481          5            10/23/01         00
    0433339090                           05           12/01/01          0
    2904                                 O            11/01/31
    0

    6019616          994/994             F          311,300.00         ZZ
                                         360        311,074.69          1
                                       7.625          2,203.36         79
                                       7.375          2,203.36
    SOUTH BOSTON     MA   02127          2            09/26/01         00
    218752214                            01           11/01/01          0
    218752214                            O            10/01/31
    0

    6020160          994/994             F          384,300.00         T
                                         360        383,501.34          1
                                       7.875          2,786.45         70
                                       7.625          2,786.45
    MANTOLOKING      NJ   08738          1            07/25/01         00
    1999992176                           05           09/01/01          0
    1999992176                           O            08/01/31
    0
1

    6020536          956/G01             F          463,000.00         ZZ
                                         360        463,000.00          1
                                       7.250          3,158.48         78
                                       7.000          3,158.48
    PLEASANTON       CA   94566          2            10/03/01         00
    0433311586                           05           12/01/01          0
    211090067                            O            11/01/31
    0

    6020808          994/994             F          375,000.00         ZZ
                                         360        374,741.93          1
                                       7.875          2,719.01         63
                                       7.625          2,719.01
    OAK BROOK        IL   60523          2            09/24/01         00
    218739666                            03           11/01/01          0
    218739666                            O            10/01/31
    0

    6020930          956/G01             F          344,250.00         ZZ
                                         360        344,250.00          1
                                       7.375          2,377.65         75
                                       7.125          2,377.65
    LAKE OSWEGO      OR   97035          2            10/02/01         00
    0433345527                           05           12/01/01          0
    1711090109                           O            11/01/31
    0

    6021426          994/994             F          577,450.00         ZZ
                                         360        576,546.34          1
                                       7.250          3,939.23         68
                                       7.000          3,939.23
    CHANHASSEN       MN   55317          4            08/24/01         00
    403554410                            05           10/01/01          0
    403554410                            O            09/01/31
    0

    6021636          956/G01             F          497,000.00         ZZ
                                         360        497,000.00          1
                                       7.000          3,306.55         76
                                       6.750          3,306.55
    PORTLAND         OR   97229          2            10/05/01         00
    0433292059                           03           12/01/01          0
    1711100001                           O            11/01/31
    0

    6022028          956/G01             F          374,500.00         ZZ
                                         360        374,500.00          1
1

                                       7.250          2,554.75         71
                                       7.000          2,554.75
    NORWALK          CT   06851          2            10/10/01         00
    0433294642                           03           12/01/01          0
    3411090093                           O            11/01/31
    0

    6022558          994/994             F          317,500.00         ZZ
                                         360        317,226.80          1
                                       7.125          2,139.06         67
                                       6.875          2,139.06
    COLUMBIA         MD   21044          5            09/06/01         00
    218765406                            05           11/01/01          0
    218765406                            O            10/01/31
    0

    6024594          956/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       7.000          2,980.56         70
                                       6.750          2,980.56
    PRIOR LAKE       MN   55372          5            10/08/01         00
    0433332798                           05           12/01/01          0
    3511090214                           O            11/01/31
    0

    6024934          994/994             F          346,500.00         ZZ
                                         360        345,704.15          1
                                       7.375          2,393.19         61
                                       7.125          2,393.19
    SAINT JAMES      NY   11780          2            07/19/01         00
    100275787                            05           09/01/01          0
    100275787                            O            08/01/31
    0

    6025006          994/X14             F          448,000.00         ZZ
                                         360        447,659.10          1
                                       7.375          3,094.23         41
                                       7.125          3,094.23
    NEWTON           MA   02168          2            09/24/01         00
    1000301311                           05           11/01/01          0
    1000301311                           O            10/01/31
    0

    6025032          956/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.625          2,100.22         80
                                       6.375          2,100.22
    HOUSTON          TX   77063          2            10/05/01         00
    0433320611                           03           12/01/01          0
1

    3211090109                           O            11/01/31
    0

    6025544          994/X14             F          373,450.00         ZZ
                                         360        373,165.83          1
                                       7.375          2,579.33         80
                                       7.125          2,579.33
    BATAVIA          IL   60510          1            09/28/01         00
    218748733                            03           11/01/01          0
    218748733                            O            10/01/31
    0

    6026708          K15/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.500          2,789.87         74
                                       7.250          2,789.87
    BRIARCLIFF MANO  NY   10510          5            10/24/01         00
    0433325305                           05           12/01/01          0
    021205302892                         O            11/01/31
    0

    6026840          964/G01             F          311,200.00         ZZ
                                         360        311,200.00          1
                                       6.625          1,992.65         80
                                       6.375          1,992.65
    CAMINO           CA   95709          1            10/25/01         00
    0433343142                           05           12/01/01          0
    149088                               O            11/01/31
    0

    6027450          U28/G01             F          439,000.00         ZZ
                                         360        439,000.00          1
                                       6.750          2,847.35         55
                                       6.500          2,847.35
    DULUTH           GA   30097          1            10/04/01         00
    0433302338                           03           12/01/01          0
    ANTONUCCIMATF                        O            11/01/31
    0

    6028076          964/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.000          2,428.35         60
                                       6.750          2,428.35
    SANTA CLARA      CA   95051          2            10/29/01         00
    0433339751                           05           12/01/01          0
    152379                               O            11/01/31
    0

1

    6028498          956/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.750          2,023.63         75
                                       6.500          2,023.63
    PLYMOUTH         MN   55447          2            10/08/01         00
    0433309770                           05           12/01/01          0
    3511090268                           O            11/01/31
    0

    6028810          956/G01             F          309,800.00         ZZ
                                         360        309,558.33          1
                                       7.250          2,113.38         74
                                       7.000          2,113.38
    LAKE OSWEGO      OR   97035          2            09/25/01         00
    0433320595                           05           11/01/01          0
    30002001                             O            10/01/31
    0

    6028942          696/G01             F          535,950.00         ZZ
                                         360        535,531.91          1
                                       7.250          3,656.12         77
                                       7.000          3,656.12
    WASHINGTON       DC   20015          2            10/05/01         00
    0433292398                           05           11/01/01          0
    10001053                             O            10/01/31
    0

    6030240          B57/G01             F          476,000.00         ZZ
                                         360        476,000.00          1
                                       7.000          3,166.84         80
                                       6.750          3,166.84
    MONROVIA         CA   91016          2            10/24/01         00
    0433347325                           05           12/01/01          0
    2160319                              O            11/01/31
    0

    6032362          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.750          2,464.67         79
                                       6.500          2,464.67
    DALY CITY        CA   94015          2            10/25/01         00
    0433330198                           05           12/01/01          0
    400155614                            O            11/01/31
    0

    6033942          E22/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.000          2,448.31         62
                                       6.750          2,448.31
1

    CARLSBAD         CA   92009          2            10/05/01         00
    0412933442                           05           12/01/01          0
    0412933442                           O            11/01/31
    0

    6034002          E22/G01             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       7.000          1,683.22         70
                                       6.750          1,683.22
    HOUSTON          TX   77055          5            10/11/01         00
    0413087610                           05           12/01/01          0
    0413087610                           O            11/01/31
    0

    6034028          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.375          2,339.51         69
                                       6.125          2,339.51
    SANTA CRUZ       CA   95060          1            10/11/01         00
    0413115874                           05           12/01/01          0
    0413115874                           O            11/01/31
    0

    6034038          E22/G01             F          380,500.00         ZZ
                                         360        380,500.00          1
                                       6.750          2,467.92         75
                                       6.500          2,467.92
    SOUTHLAKE        TX   76092          4            10/16/01         00
    0413121641                           05           12/01/01          0
    0413121641                           O            11/01/31
    0

    6034058          E22/G01             F          323,000.00         ZZ
                                         360        323,000.00          1
                                       6.625          2,068.20         67
                                       6.375          2,068.20
    ALAMEDA          CA   94501          1            10/09/01         00
    0413139072                           05           12/01/01          0
    0413139072                           O            11/01/31
    0

    6034064          E22/G01             F          338,000.00         ZZ
                                         360        338,000.00          1
                                       6.625          2,164.25         79
                                       6.375          2,164.25
    CONCORD          CA   94518          2            10/10/01         00
    0413146895                           05           12/01/01          0
    0413146895                           O            11/01/31
    0
1

    6034078          E22/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       7.250          2,339.86         80
                                       7.000          2,339.86
    OAKLAND          CA   94609          1            10/12/01         00
    0413164559                           05           12/01/01          0
    0413164559                           O            11/01/31
    0

    6034284          E82/G01             F          494,600.00         ZZ
                                         360        494,600.00          1
                                       7.125          3,332.21         55
                                       6.875          3,332.21
    SAN JOSE         CA   95120          2            10/09/01         00
    0400496360                           05           12/01/01          0
    2986540                              O            11/01/31
    0

    6034306          E82/G01             F          340,400.00         ZZ
                                         360        340,400.00          1
                                       7.250          2,322.13         80
                                       7.000          2,322.13
    GENOA TOWNSHIP   MI   48843          2            10/16/01         00
    0400489936                           03           12/01/01          0
    3568189                              O            11/01/31
    0

    6034308          E82/G01             F          325,300.00         ZZ
                                         360        325,300.00          1
                                       7.250          2,219.12         77
                                       7.000          2,219.12
    UPPER MARLBORO   MD   20772          2            10/16/01         00
    0400495693                           05           12/01/01          0
    0400495693                           O            11/01/31
    0

    6034314          E82/G01             F          215,800.00         ZZ
                                         360        215,800.00          1
                                       7.125          1,453.88         67
                                       6.875          1,453.88
    LYONS            CO   80540          2            10/16/01         00
    0400494233                           05           12/01/01          0
    0400494233                           O            11/01/31
    0

    6034316          E82/G01             F          342,900.00         ZZ
                                         360        342,900.00          1
1

                                       7.250          2,339.18         75
                                       7.000          2,339.18
    FRESH MEADOWS    NY   11367          2            10/16/01         00
    0400475497                           05           12/01/01          0
    0400475497                           O            11/01/31
    0

    6034328          E82/G01             F          663,300.00         ZZ
                                         360        663,300.00          1
                                       7.250          4,524.88         38
                                       7.000          4,524.88
    NEWPORT BEACH    CA   92660          2            10/11/01         00
    0400495123                           03           12/01/01          0
    4304710                              O            11/01/31
    0

    6034332          E82/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.250          2,114.75         56
                                       7.000          2,114.75
    PITTSTOWN        NJ   08867          2            10/16/01         00
    0400470514                           05           12/01/01          0
    0400470514                           O            11/01/31
    0

    6034424          Q44/G01             F          388,750.00         ZZ
                                         360        388,750.00          1
                                       7.000          2,586.37         60
                                       6.750          2,586.37
    NORTHVILLE       MI   48167          2            10/12/01         00
    0433299740                           05           12/01/01          0
    12275                                O            11/01/31
    0

    6035966          550/550             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.850          3,931.56         62
                                       6.600          3,931.56
    WESTLAKE VILLAG  CA   91361          1            10/01/01         00
    120545459                            05           12/01/01          0
    120545459                            O            11/01/31
    0

    6037014          994/994             F          333,000.00         ZZ
                                         360        332,516.43          1
                                       7.625          2,356.96         90
                                       7.375          2,356.96
    CAMBRIDGE        MA   02139          1            08/31/01         11
    1000277223                           01           10/01/01         30
1

    1000277223                           O            09/01/31
    0

    6037450          994/994             F          323,000.00         ZZ
                                         360        322,440.70          1
                                       7.250          2,203.43         85
                                       7.000          2,203.43
    SAN MARCOS       CA   92069          1            08/29/01         11
    218518607                            05           10/01/01         12
    218518607                            O            09/01/31
    0

    6037878          994/994             F          280,000.00         ZZ
                                         360        279,603.47          1
                                       7.750          2,005.96         80
                                       7.500          2,005.96
    BROOKLYN         NY   11233          1            08/22/01         00
    1999992671                           05           10/01/01          0
    1999992671                           O            09/01/31
    0

    6037952          944/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         49
                                       6.625          1,970.79
    SAN JOSE         CA   95124          1            10/02/01         00
    0433333341                           05           12/01/01          0
    W01082297                            O            11/01/31
    0

    6038258          994/994             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    AUSTIN           TX   78704          1            09/26/01         00
    403824904                            05           11/01/01          0
    403824904                            O            10/01/31
    0

    6038428          994/994             F          360,000.00         ZZ
                                         360        359,193.44          1
                                       7.500          2,517.18         80
                                       7.250          2,517.18
    SHELTON          CT   06484          2            07/20/01         00
    001999991786                         05           09/01/01          0
    001999991786                         O            08/01/31
    0

1

    6038468          994/994             F          280,800.00         ZZ
                                         360        280,569.83          1
                                       7.000          1,868.17         75
                                       6.750          1,868.17
    MECHANICSBURG    PA   17055          2            09/24/01         00
    403996706                            05           11/01/01          0
    403996706                            O            10/01/31
    0

    6038786          994/994             F          472,000.00         ZZ
                                         360        471,631.80          1
                                       7.250          3,219.87         80
                                       7.000          3,219.87
    PIKE ROAD        AL   36064          4            09/21/01         00
    81020117                             05           11/01/01          0
    81020117                             O            10/01/31
    0

    6038950          994/994             F          552,200.00         ZZ
                                         360        551,736.09          1
                                       6.875          3,627.56         62
                                       6.625          3,627.56
    MECHANICSBURG    PA   17050          2            09/24/01         00
    403889321                            05           11/01/01          0
    403889321                            O            10/01/31
    0

    6039718          994/994             F          365,000.00         ZZ
                                         360        364,442.83          1
                                       7.375          2,520.96         83
                                       7.125          2,520.96
    ALPINE           CA   91901          2            08/09/01         04
    0218311573                           05           10/01/01         12
    0218311573                           O            09/01/31
    0

    6040140          994/994             F          340,000.00         ZZ
                                         360        339,493.76          1
                                       7.500          2,377.33         59
                                       7.250          2,377.33
    STAMFORD         CT   06902          2            08/24/01         00
    1000310868                           05           10/01/01          0
    1000310868                           O            09/01/31
    0

    6041332          994/994             F          332,000.00         ZZ
                                         360        331,198.76          1
                                       7.125          2,236.75         80
                                       6.875          2,236.75
1

    CAMBRIDGE        MA   02140          1            07/19/01         00
    1000333863                           01           09/01/01          0
    1000333863                           O            08/01/31
    0

    6041750          994/994             F          339,750.00         ZZ
                                         360        338,988.84          1
                                       7.500          2,375.58         75
                                       7.250          2,375.58
    PITTSBURGH       PA   15217          5            07/18/01         00
    218572935                            05           09/01/01          0
    218572935                            O            08/01/31
    0

    6042422          994/994             F          500,000.00         ZZ
                                         360        499,600.15          1
                                       7.125          3,368.60         40
                                       6.875          3,368.60
    SCOTTSDALE       AZ   85262          1            09/06/01         00
    80997704                             03           11/01/01          0
    80997704                             O            10/01/31
    0

    6042668          757/G01             F          381,000.00         ZZ
                                         360        381,000.00          1
                                       6.750          2,471.16         55
                                       6.500          2,471.16
    KENNESAW         GA   30152          5            10/25/01         00
    0433331774                           05           12/01/01          0
    1DEATONWIL                           O            11/01/31
    0

    6043146          994/994             F          360,000.00         ZZ
                                         360        358,015.74          1
                                       7.375          2,486.43         75
                                       7.125          2,486.43
    SIERRA MADRE     CA   91024          5            03/26/01         00
    218096174                            05           05/01/01          0
    218096174                            O            04/01/31
    0

    6043190          994/994             F          339,500.00         T
                                         360        339,241.67          1
                                       7.375          2,344.84         70
                                       7.125          2,344.84
    MONTAUK          NY   11954          1            09/18/01         00
    0218722076                           05           11/01/01          0
    0218722076                           O            10/01/31
    0
1

    6043244          994/994             F          415,000.00         ZZ
                                         360        414,676.25          1
                                       7.250          2,831.04         69
                                       7.000          2,831.04
    PLEASANTVILLE    NY   10570          5            09/19/01         00
    10003326033                          05           11/01/01          0
    10003326033                          O            10/01/31
    0

    6043820          994/994             F          438,750.00         ZZ
                                         360        437,608.70          1
                                       7.250          2,993.05         75
                                       7.000          2,993.05
    COSTA MESA       CA   92626          5            08/08/01         00
    218590416                            05           10/01/01          0
    218590416                            O            09/01/31
    0

    6044064          994/994             F          355,000.00         ZZ
                                         360        354,736.54          1
                                       7.500          2,482.21         76
                                       7.250          2,482.21
    ROHNERT PARK     CA   94928          2            08/29/01         00
    218748030                            05           11/01/01          0
    218748030                            O            10/01/31
    0

    6044810          994/994             F          640,000.00         ZZ
                                         360        637,397.69          1
                                       7.250          4,365.93         73
                                       7.000          4,365.93
    SAN DIEGO        CA   92103          2            05/10/01         00
    218199622                            05           07/01/01          0
    218199622                            O            06/01/31
    0

    6045276          A06/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       6.750          6,485.99         42
                                       6.500          6,485.99
    BLOOMFIELD TWP   MI   48304          2            10/26/01         00
    0433329158                           05           12/01/01          0
    021000020144735                      O            11/01/31
    0

    6047194          994/994             F          364,000.00         ZZ
                                         360        363,716.05          1
1

                                       7.250          2,483.12         80
                                       7.000          2,483.12
    YORK             ME   03909          1            09/14/01         00
    1000344220                           05           11/01/01          0
    1000344220                           O            10/01/31
    0

    6048084          994/994             F          290,550.00         ZZ
                                         360        290,317.65          1
                                       7.125          1,957.49         85
                                       6.875          1,957.49
    MURRIETA         CA   92563          1            09/17/01         11
    218831174                            05           11/01/01         12
    218831174                            O            10/01/31
    0

    6048136          994/994             F          875,000.00         ZZ
                                         360        773,709.25          1
                                       7.250          5,969.05         59
                                       7.000          5,969.05
    WELLESLEY        MA   02481          1            08/24/01         00
    1000337184                           05           10/01/01          0
    1000337184                           O            09/01/31
    0

    6048142          994/994             F          612,000.00         ZZ
                                         360        611,065.78          1
                                       7.375          4,226.93         80
                                       7.125          4,226.93
    BROOKEVILLE      MD   20833          2            08/08/01         00
    0218634974                           05           10/01/01          0
    0218634974                           O            09/01/31
    0

    6048204          994/994             F          424,000.00         ZZ
                                         360        419,795.10          1
                                       7.500          2,964.67         79
                                       7.250          2,964.67
    COVINGTON        KY   41017          2            06/12/01         00
    218402877                            05           08/01/01          0
    218402877                            O            07/01/31
    0

    6048362          994/994             F          305,000.00         ZZ
                                         360        304,750.00          1
                                       7.000          2,029.17         88
                                       6.750          2,029.17
    LITTLETON        CO   80123          2            09/14/01         11
    218741530                            05           11/01/01         25
1

    218741530                            O            10/01/31
    0

    6048498          994/994             F          334,125.00         ZZ
                                         360        330,784.30          1
                                       7.500          2,336.26         90
                                       7.250          2,336.26
    WEST NEW YORK    NJ   07093          1            08/28/01         11
    1000304598                           01           10/01/01         25
    1000304598                           O            09/01/31
    0

    6048624          994/994             F          308,000.00         ZZ
                                         360        307,771.41          1
                                       7.500          2,153.59         70
                                       7.250          2,153.59
    AMHERST          NH   03031          5            09/20/01         00
    1000266975                           05           11/01/01          0
    1000266975                           O            10/01/31
    0

    6048706          994/994             F          333,000.00         ZZ
                                         360        332,465.84          1
                                       7.125          2,243.48         76
                                       6.875          2,243.48
    IRVINE           CA   92602          2            08/06/01         00
    218385486                            05           10/01/01          0
    218385486                            O            09/01/31
    0

    6048746          994/994             F          320,000.00         ZZ
                                         360        318,596.13          1
                                       7.125          2,155.90         73
                                       6.875          2,155.90
    CLEVELAND        SC   29635          2            06/01/01         00
    218345233                            05           07/01/01          0
    218345233                            O            06/01/31
    0

    6049020          994/994             F          390,000.00         ZZ
                                         360        389,695.76          1
                                       7.250          2,660.49         63
                                       7.000          2,660.49
    MONTGOMERY TWP   NJ   08502          2            09/12/01         00
    218800815                            05           11/01/01          0
    218800815                            O            10/01/31
    0

1

    6049282          994/994             F          525,000.00         ZZ
                                         360        524,590.45          1
                                       7.250          3,581.43         70
                                       7.000          3,581.43
    ELMHURST         IL   60126          5            09/11/01         00
    0218717647                           05           11/01/01          0
    0218717647                           O            10/01/31
    0

    6049310          994/994             F          451,200.00         ZZ
                                         360        450,856.67          1
                                       7.375          3,116.33         80
                                       7.125          3,116.33
    HIGHLANDS RANCH  CO   80126          2            09/21/01         00
    21807257                             03           11/01/01          0
    21807257                             O            10/01/31
    0

    6049424          696/G01             F          906,500.00         ZZ
                                         360        906,500.00          1
                                       6.875          5,955.06         70
                                       6.625          5,955.06
    ALEXANDRIA       VA   22314          1            10/26/01         00
    0433306925                           05           12/01/01          0
    24601318                             O            11/01/31
    0

    6049456          994/994             F          499,000.00         ZZ
                                         360        498,293.34          1
                                       7.750          3,574.90         72
                                       7.500          3,574.90
    SANTA ROSA       CA   95409          2            08/27/01         00
    218679250                            05           10/01/01          0
    218679250                            O            09/01/31
    0

    6049728          994/994             F          560,000.00         ZZ
                                         360        559,573.89          1
                                       7.375          3,867.78         70
                                       7.125          3,867.78
    RIVER FOREST     IL   60305          5            09/13/01         00
    218748410                            05           11/01/01          0
    218748410                            O            10/01/31
    0

    6049918          964/G01             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       6.625          2,977.45         74
                                       6.375          2,977.45
1

    SANTA ROSA       CA   95409          2            10/25/01         00
    0433338936                           05           12/01/01          0
    147576                               O            11/01/31
    0

    6050460          994/994             F          456,000.00         ZZ
                                         360        455,286.41          1
                                       7.250          3,110.72         80
                                       7.000          3,110.72
    BELLEVUE         WA   98006          2            08/01/01         00
    0218506271                           03           10/01/01          0
    0218506271                           O            09/01/31
    0

    6051294          994/994             F          388,600.00         ZZ
                                         360        387,175.70          1
                                       7.625          2,750.49         71
                                       7.375          2,750.49
    RANCHO PALOS VE  CA   90275          5            05/23/01         00
    0218260754                           05           07/01/01          0
    0218260754                           O            06/01/31
    0

    6051794          K39/G01             F          944,000.00         ZZ
                                         360        944,000.00          1
                                       7.375          6,519.98         35
                                       7.125          6,519.98
    ATHERTON         CA   94027          5            10/27/01         00
    0433342490                           05           12/01/01          0
    559689260                            O            11/01/31
    0

    6052356          F89/G01             F          315,366.00         ZZ
                                         360        315,366.00          1
                                       6.750          2,045.46         80
                                       6.500          2,045.46
    TRACY            CA   95377          1            10/22/01         00
    0433343407                           05           12/01/01          0
    1000064                              O            11/01/31
    0

    6053858          E60/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.750          3,243.00         52
                                       6.500          3,243.00
    ARROYO GRANDE    CA   93420          2            10/25/01         00
    0433330347                           05           12/01/01          0
    513857                               O            11/01/31
    0
1

    6054134          696/G01             F          354,000.00         ZZ
                                         360        354,000.00          1
                                       7.000          2,355.17         77
                                       6.750          2,355.17
    ALEXANDRIA       VA   22309          2            10/12/01         00
    0433296365                           03           12/01/01          0
    25101271                             O            11/01/31
    0

    6056634          116/116             F          451,400.00         ZZ
                                         360        451,400.00          1
                                       7.000          3,003.18         72
                                       6.750          3,003.18
    THE WOODLANDS    TX   77381          2            10/23/01         00
    091020556                            03           12/01/01          0
    091020556                            O            11/01/31
    0

    6059584          E22/G01             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       6.875          3,481.72         54
                                       6.625          3,481.72
    SEATTLE          WA   98199          2            10/05/01         00
    0413036245                           05           12/01/01          0
    0413036245                           O            11/01/31
    0

    6059592          E22/G01             F          156,750.00         ZZ
                                         360        156,750.00          1
                                       7.125          1,056.05         95
                                       6.875          1,056.05
    PEMBROKE PINES   FL   33029          2            10/15/01         04
    0413045469                           03           12/01/01         30
    0413045469                           O            11/01/31
    0

    6059650          E22/G01             F          313,600.00         ZZ
                                         360        313,600.00          1
                                       6.875          2,060.13         80
                                       6.625          2,060.13
    KIRKLAND         WA   98033          1            10/12/01         00
    0413094640                           05           12/01/01          0
    0413094640                           O            11/01/31
    0

    6059668          E22/G01             F          414,000.00         ZZ
                                         360        414,000.00          1
1

                                       6.875          2,719.69         71
                                       6.625          2,719.69
    SAN JOSE         CA   95117          5            10/02/01         00
    0413099375                           05           12/01/01          0
    0413099375                           O            11/01/31
    0

    6059722          E22/G01             F          423,900.00         ZZ
                                         360        423,900.00          1
                                       7.000          2,820.22         80
                                       6.750          2,820.22
    WINDSOR          CA   95492          1            10/10/01         00
    0413120767                           05           12/01/01          0
    0413120767                           O            11/01/31
    0

    6059730          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.875          2,463.48         75
                                       6.625          2,463.48
    DENVER           CO   80218          5            10/15/01         00
    0413121823                           05           12/01/01          0
    0413121823                           O            11/01/31
    0

    6059768          E22/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.000          2,660.88         80
                                       6.750          2,660.88
    ELLICOTT CITY    MD   21042          2            10/15/01         00
    0413142902                           05           12/01/01          0
    0413142902                           O            11/01/31
    0

    6059778          E22/G01             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.875            683.21         62
                                       6.625            683.21
    EUGENE           OR   97402          5            10/11/01         00
    0413147455                           05           12/01/01          0
    0413147455                           O            11/01/31
    0

    6059890          994/994             F          357,000.00         ZZ
                                         360        356,714.51          1
                                       7.125          2,405.18         80
                                       6.875          2,405.18
    SURPISE          AZ   85374          2            09/14/01         00
    218777856                            03           11/01/01          0
1

    218777856                            O            10/01/31
    0

    6060008          994/994             F          320,950.00         ZZ
                                         360        320,686.92          1
                                       7.000          2,135.29         80
                                       6.750          2,135.29
    CHULA VISTA      CA   91914          1            09/17/01         00
    218651788                            03           11/01/01          0
    218651788                            O            10/01/31
    0

    6060050          E82/G01             F          439,000.00         ZZ
                                         360        439,000.00          1
                                       7.250          2,994.75         37
                                       7.000          2,994.75
    EAST HAMPTON     NY   11937          2            10/18/01         00
    0400493151                           05           12/01/01          0
    0400493151                           O            11/01/31
    0

    6060054          E82/G01             F          580,500.00         ZZ
                                         360        580,500.00          1
                                       7.250          3,960.03         62
                                       7.000          3,960.03
    HALF MOON BAY    CA   94019          5            10/17/01         00
    0400491379                           03           12/01/01          0
    0400491379                           O            11/01/31
    0

    6060056          E82/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.125          2,964.36         37
                                       6.875          2,964.36
    SANTA BARBARA    CA   93108          2            10/12/01         00
    0400493920                           05           12/01/01          0
    0400493920                           O            11/01/31
    0

    6060062          994/994             F          430,000.00         ZZ
                                         360        429,647.53          1
                                       7.000          2,860.80         72
                                       6.750          2,860.80
    PRESCOTT         AZ   86301          2            09/10/01         00
    218758062                            03           11/01/01          0
    218758062                            O            10/01/31
    0

1

    6060170          994/994             F          475,000.00         ZZ
                                         360        474,638.56          1
                                       7.375          3,280.71         38
                                       7.125          3,280.71
    MADISON          CT   06443          5            09/12/01         00
    1000275420                           05           11/01/01          0
    1000275420                           O            10/01/31
    0

    6060210          994/994             F          637,500.00         ZZ
                                         360        632,667.85          1
                                       8.250          4,789.32         75
                                       8.000          4,789.32
    LONG GROVE       IL   60047          2            09/21/01         00
    218745986                            03           11/01/01          0
    218745986                            O            10/01/31
    0

    6060316          994/994             F          650,000.00         ZZ
                                         360        645,606.21          1
                                       7.500          4,544.89         70
                                       7.250          4,544.89
    SPICER           MN   56288          5            07/30/01         00
    218438400                            05           09/01/01          0
    218438400                            O            08/01/31
    0

    6060656          964/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       6.875          2,075.90         80
                                       6.625          2,075.90
    NEVADA CITY      CA   95959          1            10/29/01         00
    0433338282                           05           12/01/01          0
    159719                               O            11/01/31
    0

    6060724          994/994             F          386,500.00         ZZ
                                         360        385,279.74          1
                                       7.375          2,669.46         78
                                       7.125          2,669.46
    MARIETTA         GA   30064          2            06/22/01         00
    218523524                            03           08/01/01          0
    218523524                            O            07/01/31
    0

    6060916          994/994             F        1,000,000.00         ZZ
                                         360        995,499.55          1
                                       7.875          7,250.69         59
                                       7.625          7,250.69
1

    DELRAY BEACH     FL   33483          1            08/01/01         00
    218239865                            05           09/01/01          0
    218239865                            O            08/01/31
    0

    6061112          994/994             F          596,250.00         ZZ
                                         360        595,829.17          1
                                       7.750          4,271.61         75
                                       7.500          4,271.61
    SAN DIEGO        CA   92106          1            09/06/01         00
    218706533                            05           11/01/01          0
    218706533                            O            10/01/31
    0

    6061202          994/994             F          400,000.00         ZZ
                                         360        399,034.65          1
                                       7.125          2,694.88         43
                                       6.875          2,694.88
    SOUTH LEXINGTON  MA   02421          1            07/26/01         00
    1000243664                           05           09/01/01          0
    1000243664                           O            08/01/31
    0

    6061398          994/994             F          383,400.00         ZZ
                                         360        382,582.94          1
                                       7.750          2,746.73         90
                                       7.500          2,746.73
    LARCHMONT        NY   10538          1            10/24/01         11
    1000232999                           05           09/01/01         25
    1000232999                           O            08/01/31
    0

    6061684          994/994             F          625,800.00         ZZ
                                         360        624,844.72          1
                                       7.375          4,322.24         69
                                       7.125          4,322.24
    DUXBURY          MA   02332          5            07/30/01         00
    218595548                            05           10/01/01          0
    218595548                            O            09/01/31
    0

    6061712          994/994             F          392,000.00         ZZ
                                         360        391,401.60          1
                                       7.375          2,707.45         80
                                       7.125          2,707.45
    ANN ARBOR        MI   48104          1            09/04/01         00
    2186996288                           05           10/01/01          0
    2186996288                           O            09/01/31
    0
1

    6061760          994/994             F          368,000.00         ZZ
                                         360        367,058.86          1
                                       7.750          2,636.40         80
                                       7.500          2,636.40
    WESTWOOD         MA   02090          1            08/24/01         00
    1000253740                           05           10/01/01          0
    1000253740                           O            09/01/31
    0

    6062052          994/994             F          305,000.00         ZZ
                                         360        304,522.70          1
                                       7.250          2,080.64         56
                                       7.000          2,080.64
    CORAL GABELS     FL   33146          2            08/02/01         00
    218637696                            05           10/01/01          0
    218637696                            O            09/01/31
    0

    6062056          994/994             F          448,000.00         ZZ
                                         360        447,332.94          1
                                       7.500          3,132.49         80
                                       7.250          3,132.49
    NEW HYDE PARK    NY   11040          1            08/23/01         00
    1000301649                           05           10/01/01          0
    1000301649                           O            09/01/31
    0

    6062538          994/994             F          463,200.00         ZZ
                                         360        462,810.86          1
                                       6.875          3,042.89         80
                                       6.625          3,042.89
    MOUND            MN   55364          1            09/14/01         00
    403574429                            05           11/01/01          0
    403574429                            O            10/01/31
    0

    6062568          994/994             F          388,000.00         ZZ
                                         360        387,392.83          1
                                       7.250          2,646.84         66
                                       7.000          2,646.84
    FAIRFAX          VA   22039          2            08/29/01         00
    218718280                            05           10/01/01          0
    218718280                            O            09/01/31
    0

    6063846          N47/G01             F          356,450.00         ZZ
                                         360        356,450.00          1
1

                                       6.750          2,311.93         80
                                       6.500          2,311.93
    CANTON           GA   30114          1            10/26/01         00
    0433323235                           03           12/01/01          0
    40111257                             O            11/01/31
    0

    6066354          994/994             F          380,000.00         ZZ
                                         360        379,405.33          1
                                       7.250          2,592.27         85
                                       7.000          2,592.27
    MARLBORO         NJ   07746          1            08/21/01         11
    1000237715                           05           10/01/01         12
    1000237715                           O            09/01/31
    0

    6066778          994/994             F          302,200.00         ZZ
                                         360        301,975.72          1
                                       7.500          2,113.03         77
                                       7.250          2,113.03
    HENDERSON        NV   89052          1            09/20/01         00
    81027657                             03           11/01/01          0
    81027657                             O            10/01/31
    0

    6066816          994/994             F          409,000.00         ZZ
                                         360        408,639.15          1
                                       6.625          2,618.87         65
                                       6.375          2,618.87
    COLUMBUS         GA   31904          5            09/17/01         00
    0109000722                           05           11/01/01          0
    0109000722                           O            10/01/31
    0

    6068528          994/994             F          532,000.00         ZZ
                                         360        531,595.18          1
                                       7.375          3,674.40         74
                                       7.125          3,674.40
    GREENSBORO       NC   27455          2            09/19/01         00
    81032875                             03           11/01/01          0
    81032875                             O            10/01/31
    0

    6068796          994/994             F          525,000.00         ZZ
                                         360        524,610.37          1
                                       7.500          3,670.88         68
                                       7.250          3,670.88
    LAWRENCE         NY   11559          1            09/24/01         00
    80994134                             05           11/01/01          0
1

    80994134                             O            10/01/31
    0

    6070392          964/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.875          2,562.02         70
                                       6.625          2,562.02
    RENO             NV   89509          1            10/24/01         00
    0433328465                           05           12/01/01          0
    161240                               O            11/01/31
    0

    6072020          994/994             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.750          3,008.93         39
                                       7.500          3,008.93
    GLENCOE          IL   60022          2            09/28/01         00
    218846404                            05           12/01/01          0
    218846404                            O            11/01/31
    0

    6073392          L20/G01             F          344,600.00         ZZ
                                         360        344,600.00          1
                                       7.000          2,292.63         94
                                       6.750          2,292.63
    SALT LAKE CITY   UT   84121          2            10/25/01         14
    0433316411                           05           12/01/01         30
    281396                               O            11/01/31
    0

    6073558          W93/G01             F          305,000.00         ZZ
                                         360        304,756.10          1
                                       7.125          2,054.84         56
                                       6.875          2,054.84
    TUSTIN           CA   92782          5            09/12/01         00
    0433274925                           03           11/01/01          0
    3349509                              O            10/01/31
    0

    6074182          W93/G01             F          312,000.00         ZZ
                                         360        311,756.61          1
                                       7.250          2,128.39         90
                                       7.000          2,128.39
    PHOENIX          AZ   85044          2            09/17/01         04
    0433287018                           03           11/01/01         25
    35327435                             O            10/01/31
    0

1

    6075412          405/405             F          345,000.00         ZZ
                                         360        344,460.11          1
                                       7.250          2,353.51         76
                                       6.750          2,353.51
    PLEASANTON       CA   94566          5            08/30/01         00
    0017525924                           03           10/01/01          0
    0017525924                           O            09/01/31
    0

    6075420          405/405             F          360,000.00         T
                                         360        357,362.13          1
                                       7.125          2,425.39         53
                                       6.750          2,425.39
    LAHAINA          HI   96761          2            08/21/01         00
    0017576406                           01           10/01/01          0
    0017576406                           O            09/01/31
    0

    6075424          405/405             F          636,300.00         ZZ
                                         360        635,352.54          1
                                       7.500          4,449.11         70
                                       6.750          4,449.11
    NEWPORT COAST    CA   92657          1            08/27/01         00
    0017662339                           03           10/01/01          0
    0017662339                           O            09/01/31
    0

    6075432          405/405             F          330,000.00         ZZ
                                         360        329,483.58          1
                                       7.250          2,251.18         73
                                       6.750          2,251.18
    COTO DE CAZA     CA   92679          5            08/29/01         00
    0017665134                           03           10/01/01          0
    0017665134                           O            09/01/31
    0

    6075446          405/405             F          362,000.00         ZZ
                                         360        361,342.75          1
                                       7.250          2,469.48         75
                                       6.750          2,469.48
    SPRINGFIELD      VA   22153          5            09/05/01         00
    0017676669                           05           10/01/01          0
    0017676669                           O            09/01/31
    0

    6075452          405/405             F          330,000.00         ZZ
                                         360        329,532.68          1
                                       7.750          2,364.16         68
                                       7.000          2,364.16
1

    WALNUT           CA   91789          5            08/30/01         00
    0017684556                           05           10/01/01          0
    0017684556                           O            09/01/31
    0

    6075460          405/405             F          605,000.00         ZZ
                                         360        604,053.23          1
                                       7.250          4,127.17         63
                                       6.750          4,127.17
    YORBA LINDA      CA   92886          2            08/24/01         00
    0017690934                           05           10/01/01          0
    0017690934                           O            09/01/31
    0

    6075466          405/405             F          999,950.00         ZZ
                                         360        999,150.35          1
                                       7.125          6,736.85         50
                                       6.750          6,736.85
    LOS GATOS        CA   95030          2            09/04/01         00
    0017692930                           05           11/01/01          0
    0017692930                           O            10/01/31
    0

    6075500          405/405             F          462,000.00         ZZ
                                         360        461,630.55          1
                                       7.125          3,112.58         62
                                       6.750          3,112.58
    CAMARILLO        CA   93012          5            08/28/01         00
    0019907831                           05           11/01/01          0
    0019907831                           O            10/01/31
    0

    6075512          405/405             F          420,000.00         ZZ
                                         360        419,537.50          1
                                       7.250          2,865.14         56
                                       6.750          2,865.14
    GLENDALE         CA   91202          1            09/06/01         00
    0019928043                           05           11/01/01          0
    0019928043                           O            10/01/31
    0

    6076002          W93/G01             F          425,000.00         ZZ
                                         360        424,660.13          1
                                       7.125          2,863.31         72
                                       6.875          2,863.31
    SAN JOSE         CA   95128          5            09/12/01         00
    0433286903                           05           11/01/01          0
    21301559                             O            10/01/31
    0
1

    6078850          696/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.000          2,128.97         66
                                       6.750          2,128.97
    WASHINGTON       DC   20016          1            10/19/01         00
    0433289816                           05           12/01/01          0
    32601244                             O            11/01/31
    0

    6078854          696/G01             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       7.000          2,694.48         75
                                       6.750          2,694.48
    PURCELLVILLE     VA   20132          1            10/19/01         00
    0433292786                           03           12/01/01          0
    24001165                             O            11/01/31
    0

    6078862          696/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.875          2,443.78         80
                                       6.625          2,443.78
    ROCKVILLE        MD   20852          2            10/16/01         00
    0433289766                           05           12/01/01          0
    31201493                             O            11/01/31
    0

    6078864          696/G01             F          532,000.00         ZZ
                                         360        532,000.00          1
                                       7.000          3,539.41         79
                                       6.750          3,539.41
    OAKTON           VA   22124          2            10/18/01         00
    0433289790                           03           12/01/01          0
    25101275                             O            11/01/31
    0

    6079090          964/G01             F          339,200.00         ZZ
                                         360        339,200.00          1
                                       6.875          2,228.30         80
                                       6.625          2,228.30
    LITTLETON        CO   80122          1            10/15/01         00
    0433286671                           03           12/01/01          0
    154291                               O            11/01/31
    0

    6083618          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
1

                                       6.875          2,621.15         52
                                       6.625          2,621.15
    SALINAS          CA   93908          2            10/02/01         00
    0413031071                           05           12/01/01          0
    0413031071                           O            11/01/31
    0

    6083694          E22/G01             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.875          1,891.95         75
                                       6.625          1,891.95
    CARLSBAD         CA   92009          2            10/10/01         00
    0413078247                           05           12/01/01          0
    0413078247                           O            11/01/31
    0

    6083708          E22/G01             F          431,250.00         ZZ
                                         360        431,250.00          1
                                       7.000          2,869.12         75
                                       6.750          2,869.12
    LITTLETON        CO   80128          5            10/17/01         00
    0413080656                           05           12/01/01          0
    0413080656                           O            11/01/31
    0

    6083722          E22/G01             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       6.750          3,041.93         77
                                       6.500          3,041.93
    FORT LAUDERDALE  FL   33305          2            10/16/01         00
    0413090077                           05           12/01/01          0
    0413090077                           O            11/01/31
    0

    6083776          E22/G01             F          377,000.00         ZZ
                                         360        377,000.00          1
                                       7.000          2,508.19         68
                                       6.750          2,508.19
    HOUSTON          TX   77005          5            10/16/01         00
    0413112632                           05           12/01/01          0
    0413112632                           O            11/01/31
    0

    6083846          E22/G01             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.125          2,075.05         59
                                       6.875          2,075.05
    PLEASANTON       CA   94566          2            10/09/01         00
    0413147646                           03           12/01/01          0
1

    0413147646                           O            11/01/31
    0

    6084082          E82/G01             F          208,900.00         ZZ
                                         360        208,900.00          1
                                       7.125          1,407.40         35
                                       6.875          1,407.40
    LOS ANGELES      CA   91604          2            10/12/01         00
    0400485355                           05           12/01/01          0
    0400485355                           O            11/01/31
    0

    6084086          E82/G01             F          332,700.00         ZZ
                                         360        332,700.00          1
                                       7.250          2,269.60         79
                                       7.000          2,269.60
    SAN FRANCISCO    CA   94116          2            10/12/01         00
    0400481495                           05           12/01/01          0
    1946866                              O            11/01/31
    0

    6084114          E82/G01             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       7.250          2,169.32         80
                                       7.000          2,169.32
    TRABUCO CANYON   CA   92679          2            10/15/01         00
    0400491940                           03           12/01/01          0
    1992567                              O            11/01/31
    0

    6084116          E82/G01             F          350,300.00         ZZ
                                         360        350,300.00          1
                                       7.375          2,419.44         73
                                       7.125          2,419.44
    AGOURA           CA   91377          5            10/19/01         00
    0400480737                           03           12/01/01          0
    0400480737                           O            11/01/31
    0

    6084122          E82/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.375          2,279.23         75
                                       7.125          2,279.23
    ALTO             MI   49302          2            10/19/01         00
    0400501938                           05           12/01/01          0
    1871634                              O            11/01/31
    0

1

    6084620          W93/G01             F          327,250.00         ZZ
                                         360        326,988.30          1
                                       7.125          2,204.75         85
                                       6.875          2,204.75
    CHINO HILLS      CA   91709          1            09/18/01         04
    0433288768                           03           11/01/01         12
    67334536                             O            10/01/31
    0

    6084828          W93/G01             F          335,000.00         ZZ
                                         360        334,738.67          1
                                       7.250          2,285.29         75
                                       7.000          2,285.29
    PORTLAND         OR   97229          2            09/21/01         00
    0433290160                           05           11/01/01          0
    37310846                             O            10/01/31
    0

    6084898          W93/G01             F          332,000.00         ZZ
                                         360        331,734.50          1
                                       7.125          2,236.75         80
                                       6.875          2,236.75
    SAN JOSE         CA   95123          1            09/27/01         00
    0433282811                           05           11/01/01          0
    22337839                             O            10/01/31
    0

    6084954          W93/G01             F          452,000.00         ZZ
                                         360        451,629.50          1
                                       7.000          3,007.17         80
                                       6.750          3,007.17
    SANTA CLARITA    CA   91351          2            09/13/01         00
    0433321064                           05           11/01/01          0
    25302272                             O            10/01/31
    0

    6085152          W93/G01             F          325,000.00         ZZ
                                         360        324,726.96          1
                                       6.875          2,135.02         58
                                       6.625          2,135.02
    LE MESA          CA   91941          1            09/20/01         00
    0433282845                           05           11/01/01          0
    28312680                             O            10/01/31
    0

    6085298          W93/G01             F          292,500.00         ZZ
                                         360        292,271.82          1
                                       7.250          1,995.37         90
                                       7.000          1,995.37
1

    WESTMINSTER      CA   92683          1            09/04/01         04
    0433283264                           03           11/01/01         25
    67333858                             O            10/01/31
    0

    6085536          W93/G01             F          408,000.00         ZZ
                                         360        407,681.72          1
                                       7.250          2,783.28         80
                                       7.000          2,783.28
    LARKSPUR         CO   80118          1            09/28/01         00
    0433283629                           03           11/01/01          0
    77296869                             O            10/01/31
    0

    6086236          W93/G01             F          405,000.00         ZZ
                                         360        404,676.13          1
                                       7.125          2,728.56         70
                                       6.875          2,728.56
    SAN JOSE         CA   95120          1            09/06/01         00
    0433284304                           05           11/01/01          0
    20299923                             O            10/01/31
    0

    6088126          W93/G01             F          321,500.00         ZZ
                                         360        321,255.37          1
                                       7.375          2,220.52         79
                                       7.125          2,220.52
    CHINO HILLS      CA   91709          2            09/07/01         00
    0433283900                           05           11/01/01          0
    67334235                             O            10/01/31
    0

    6088330          B44/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.125          2,324.33         74
                                       6.875          2,324.33
    BOISE            ID   83709          5            10/25/01         00
    0433342904                           05           12/01/01          0
    4011616                              O            11/01/31
    0

    6089080          W93/G01             F          390,255.00         ZZ
                                         360        389,950.56          1
                                       7.250          2,662.23         76
                                       7.000          2,662.23
    LARKSPUR         CO   80118          2            09/17/01         00
    0433288321                           05           11/01/01          0
    77296767                             O            10/01/31
    0
1

    6092334          W93/G01             F          312,000.00         ZZ
                                         360        311,744.25          1
                                       7.000          2,075.75         47
                                       6.750          2,075.75
    SAN LUIS OBISPO  CA   93405          2            09/12/01         00
    0433286804                           05           11/01/01          0
    48286556                             O            10/01/31
    0

    6092808          W93/G01             F          310,400.00         ZZ
                                         360        310,145.57          1
                                       7.000          2,065.10         78
                                       6.750          2,065.10
    SANGER           CA   93657          2            09/28/01         00
    0433286754                           05           11/01/01          0
    45351023                             O            10/01/31
    0

    6094594          944/G01             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       6.625          2,317.93         65
                                       6.375          2,317.93
    SAN JOSE         CA   95136          2            10/10/01         00
    0433343126                           05           12/01/01          0
    W01082165                            O            11/01/31
    0

    6098198          W93/G01             F          442,000.00         ZZ
                                         360        441,637.69          1
                                       7.000          2,940.64         39
                                       6.750          2,940.64
    SAN JOSE         CA   95138          2            09/24/01         00
    0433277951                           03           11/01/01          0
    20345908                             O            10/01/31
    0

    6106850          470/G01             F          383,000.00         ZZ
                                         360        383,000.00          1
                                       6.625          2,452.40         53
                                       6.375          2,452.40
    SAN CARLOS       CA   94070          2            10/18/01         00
    0433339181                           05           12/01/01          0
    93103708                             O            11/01/31
    0

    6110902          E22/G01             F          665,000.00         ZZ
                                         360        665,000.00          1
1

                                       6.875          4,368.58         52
                                       6.625          4,368.58
    LOS ALTOS        CA   94024          5            10/17/01         00
    0413027020                           05           12/01/01          0
    0413027020                           O            11/01/31
    0

    6110906          E22/G01             F          303,750.00         ZZ
                                         360        303,750.00          1
                                       7.000          2,020.86         75
                                       6.750          2,020.86
    EADS             TN   38028          5            10/18/01         00
    0413034539                           05           12/01/01          0
    0413034539                           O            11/01/31
    0

    6110922          E22/G01             F          310,500.00         ZZ
                                         360        310,500.00          1
                                       7.375          2,144.55         90
                                       7.125          2,144.55
    FLORAL PARK      NY   11004          1            10/23/01         01
    0413066028                           05           12/01/01         25
    0413066028                           O            11/01/31
    0

    6110990          E22/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.750          2,593.74         80
                                       6.500          2,593.74
    LA VERNE         CA   91750          2            10/12/01         00
    0413109281                           03           12/01/01          0
    0413109281                           O            11/01/31
    0

    6111016          E22/G01             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       7.000          3,226.72         61
                                       6.750          3,226.72
    WILMINGTON       DE   19807          2            10/18/01         00
    0413127721                           05           12/01/01          0
    0413127721                           O            11/01/31
    0

    6111054          E22/G01             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       6.875          2,272.97         80
                                       6.625          2,272.97
    VIENNA           VA   22181          2            10/18/01         00
    0413147240                           05           12/01/01          0
1

    0413147240                           O            11/01/31
    0

    6111070          E22/G01             F          142,000.00         ZZ
                                         360        142,000.00          1
                                       7.500            992.88         71
                                       7.250            992.88
    SACRAMENTO       CA   95842          2            10/17/01         00
    0413153586                           05           12/01/01          0
    0413153586                           O            11/01/31
    0

    6113852          A06/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       6.875          3,514.57         40
                                       6.625          3,514.57
    BLOOMFIELD HILL  MI   48302          2            10/30/01         00
    0433337292                           05           12/01/01          0
    1                                    O            11/01/31
    0

    6121682          964/G01             F          374,000.00         ZZ
                                         360        374,000.00          1
                                       7.000          2,488.23         57
                                       6.750          2,488.23
    GLENDALE         CA   91208          2            10/26/01         00
    0433333218                           05           12/01/01          0
    156232                               O            11/01/31
    0

    6126398          696/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.875          2,154.73         78
                                       6.625          2,154.73
    OWINGS MILLS     MD   21117          2            10/17/01         00
    0433290327                           05           12/01/01          0
    30301177                             O            11/01/31
    0

    6128940          470/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.875          3,087.57         80
                                       6.625          3,087.57
    SANTA ROSA       CA   95401          1            10/12/01         00
    0433313723                           05           12/01/01          0
    56002876                             O            11/01/31
    0

1

    6136530          E22/G01             F          382,500.00         ZZ
                                         360        382,500.00          1
                                       6.875          2,512.75         80
                                       6.625          2,512.75
    PASADENA         CA   91104          1            10/17/01         00
    0413065848                           05           12/01/01          0
    0413065848                           O            11/01/31
    0

    6136548          E22/G01             F          289,592.00         ZZ
                                         360        289,592.00          1
                                       7.000          1,926.66         80
                                       6.750          1,926.66
    RENTON           WA   98055          1            10/18/01         00
    0413078627                           05           12/01/01          0
    0413078627                           O            11/01/31
    0

    6136588          E22/G01             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       6.625          2,593.26         62
                                       6.375          2,593.26
    KIRKLAND         WA   98033          2            10/17/01         00
    0413101676                           05           12/01/01          0
    0413101676                           O            11/01/31
    0

    6136594          E22/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.750          2,127.40         75
                                       6.500          2,127.40
    ROSEVILLE        CA   95747          5            10/16/01         00
    0413103763                           05           12/01/01          0
    0413103763                           O            11/01/31
    0

    6136632          E22/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.000          2,295.29         79
                                       6.750          2,295.29
    WESTMINSTER      CO   80021          2            10/16/01         00
    0413123613                           05           12/01/01          0
    0413123613                           O            11/01/31
    0

    6136638          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.750          2,464.67         72
                                       6.500          2,464.67
1

    BROOMFIELD       CO   80020          5            10/19/01         00
    0413125998                           03           12/01/01          0
    0413125998                           O            11/01/31
    0

    6136646          E22/G01             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       6.750          1,913.36         79
                                       6.500          1,913.36
    CASTAIC          CA   91384          2            10/18/01         00
    0413129263                           05           12/01/01          0
    0413129263                           O            11/01/31
    0

    6136692          E22/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       6.875          2,614.58         75
                                       6.625          2,614.58
    ARLINGTON        VA   22207          2            10/19/01         00
    0413160607                           05           12/01/01          0
    0413160607                           O            11/01/31
    0

    6136714          E22/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       6.875          3,048.15         56
                                       6.625          3,048.15
    PLEASANTON       CA   94566          5            10/16/01         00
    0413172065                           03           12/01/01          0
    0413172065                           O            11/01/31
    0

    6137112          E82/G01             F          360,900.00         ZZ
                                         360        360,900.00          1
                                       7.250          2,461.97         76
                                       7.000          2,461.97
    ST. CHARLES      IL   60174          2            10/22/01         00
    0400492674                           03           12/01/01          0
    1982914                              O            11/01/31
    0

    6137132          E82/G01             F          317,500.00         ZZ
                                         360        317,500.00          1
                                       7.000          2,112.34         70
                                       6.750          2,112.34
    ORINDA           CA   94563          2            10/09/01         00
    0400504494                           05           12/01/01          0
    1791181                              O            11/01/31
    0
1

    6137138          E82/G01             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       7.250          2,469.48         58
                                       7.000          2,469.48
    SONOMA           CA   95476          2            10/09/01         00
    0400495156                           05           12/01/01          0
    1732943                              O            11/01/31
    0

    6138944          W93/G01             F          473,600.00         ZZ
                                         360        473,211.79          1
                                       7.000          3,150.88         80
                                       6.750          3,150.88
    PLACENTIA        CA   92870          1            09/21/01         00
    0433289451                           03           11/01/01          0
    4295218                              O            10/01/31
    0

    6138964          W93/G01             F          380,900.00         ZZ
                                         360        380,587.78          1
                                       7.000          2,534.14         80
                                       6.750          2,534.14
    PLACENTIA        CA   92870          1            09/21/01         00
    0433288057                           03           11/01/01          0
    04295232                             O            10/01/31
    0

    6141648          W93/G01             F          419,000.00         ZZ
                                         360        418,664.93          1
                                       7.125          2,822.88         71
                                       6.875          2,822.88
    HOLLISTER        CA   95023          2            09/14/01         00
    0433321320                           05           11/01/01          0
    20299779                             O            10/01/31
    0

    6142930          W93/G01             F          426,050.00         ZZ
                                         360        425,700.77          1
                                       7.000          2,834.52         80
                                       6.750          2,834.52
    PLACENTIA        CA   92870          1            09/07/01         00
    0433287885                           03           11/01/01          0
    4295220                              O            10/01/31
    0

    6144516          E87/G01             F          371,530.00         ZZ
                                         360        371,530.00          1
1

                                       6.750          2,409.74         80
                                       6.500          2,409.74
    LAGUNA NIGUEL    CA   92677          1            10/24/01         00
    0433329521                           03           12/01/01          0
    70003804                             O            11/01/31
    0

    6144670          N47/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       6.875          4,204.34         64
                                       6.625          4,204.34
    BERKELEY         CA   94707          2            10/15/01         00
    0433334232                           05           12/01/01          0
    20211572                             O            11/01/31
    0

    6154102          964/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.750          4,215.89         49
                                       6.500          4,215.89
    LOS ANGELES      CA   90049          2            10/23/01         00
    0433320058                           05           12/01/01          0
    156276                               O            11/01/31
    0

    6161232          E22/G01             F          705,000.00         ZZ
                                         360        705,000.00          1
                                       7.125          4,749.72         75
                                       6.875          4,749.72
    SHERMAN OAKS     CA   91423          2            10/15/01         00
    0413081571                           05           12/01/01          0
    0413081571                           O            11/01/31
    0

    6161250          E22/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       6.625          2,868.59         80
                                       6.375          2,868.59
    GOLDEN           CO   80401          2            10/17/01         00
    0413100322                           05           12/01/01          0
    0413100322                           O            11/01/31
    0

    6161294          E22/G01             F          462,000.00         ZZ
                                         360        462,000.00          1
                                       6.875          3,035.01         80
                                       6.625          3,035.01
    SANTA CLARA      CA   95051          1            10/16/01         00
    0413139429                           05           12/01/01          0
1

    0413139429                           O            11/01/31
    0

    6161320          E22/G01             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       6.875          2,410.93         70
                                       6.625          2,410.93
    TEMECULA         CA   92591          2            10/18/01         00
    0413165689                           05           12/01/01          0
    0413165689                           O            11/01/31
    0

    6161944          E82/G01             F          400,800.00         ZZ
                                         360        400,800.00          1
                                       7.375          2,768.23         53
                                       7.125          2,768.23
    LOOMIS           CA   95650          2            10/11/01         00
    0400496303                           03           12/01/01          0
    0400496303                           O            11/01/31
    0

    6161948          E82/G01             F          294,700.00         ZZ
                                         360        294,700.00          1
                                       7.125          1,985.45         64
                                       6.875          1,985.45
    LOS ANGELES      CA   90732          2            10/17/01         00
    0400502670                           05           12/01/01          0
    0400502670                           O            11/01/31
    0

    6162254          W93/G01             F          332,500.00         ZZ
                                         360        332,253.24          1
                                       7.500          2,324.89         95
                                       7.250          2,324.89
    CHINO HILLS      CA   91709          1            09/10/01         04
    0433288271                           05           11/01/01         30
    67333697                             O            10/01/31
    0

    6162334          W93/G01             F          364,000.00         ZZ
                                         360        363,701.63          1
                                       7.000          2,421.70         80
                                       6.750          2,421.70
    EL CAJON         CA   92019          1            09/14/01         00
    0433288446                           05           11/01/01          0
    28312490                             O            10/01/31
    0

1

    6162608          W93/G01             F          359,700.00         ZZ
                                         360        359,412.35          1
                                       7.125          2,423.37         80
                                       6.875          2,423.37
    BRENTWOOD        CA   94513          1            09/10/01         00
    0433287877                           05           11/01/01          0
    21301473                             O            10/01/31
    0

    6162834          W93/G01             F          295,000.00         ZZ
                                         360        294,758.18          1
                                       7.000          1,962.65         79
                                       6.750          1,962.65
    SAN DIEGO        CA   92116          1            09/18/01         00
    0433289402                           05           11/01/01          0
    28312489                             O            10/01/31
    0

    6167040          956/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.125          2,627.50         62
                                       6.875          2,627.50
    SOUTH SAN FRANC  CA   94080          5            10/15/01         00
    0433319167                           05           12/01/01          0
    111090269                            O            11/01/31
    0

    6167874          956/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.000          2,927.33         80
                                       6.750          2,927.33
    SAN JOSE         CA   95116          2            10/18/01         00
    0433342094                           05           12/01/01          0
    111100061                            O            11/01/31
    0

    6168672          W93/G01             F          426,135.00         ZZ
                                         360        425,776.99          1
                                       6.875          2,799.41         61
                                       6.625          2,799.41
    CONIFER          CO   80433          2            09/19/01         00
    0433288677                           05           11/01/01          0
    78345312                             O            10/01/31
    0

    6171140          W93/G01             F          460,000.00         ZZ
                                         360        459,622.94          1
                                       7.000          3,060.39         66
                                       6.750          3,060.39
1

    DAVIS            CA   95616          1            09/25/01         00
    0433289543                           05           11/01/01          0
    21301704                             O            10/01/31
    0

    6171792          W93/G01             F          300,295.00         ZZ
                                         360        300,048.85          1
                                       7.000          1,997.87         80
                                       6.750          1,997.87
    SANTA CLARITA    CA   91355          1            09/20/01         00
    0433289493                           03           11/01/01          0
    25302092                             O            10/01/31
    0

    6172400          W93/G01             F          297,500.00         ZZ
                                         360        297,262.09          1
                                       7.125          2,004.32         74
                                       6.875          2,004.32
    LOS GATOS        CA   95033          5            09/12/01         00
    0433289956                           05           11/01/01          0
    42262176                             O            10/01/31
    0

    6172538          W93/G01             F          338,000.00         ZZ
                                         360        337,722.94          1
                                       7.000          2,248.73         77
                                       6.750          2,248.73
    HOLLISTER        CA   95023          2            09/25/01         00
    0433321445                           05           11/01/01          0
    20299942                             O            10/01/31
    0

    6172582          W93/G01             F          555,000.00         ZZ
                                         360        554,556.17          1
                                       7.125          3,739.14         80
                                       6.875          3,739.14
    ANAHEIM          CA   92808          1            09/20/01         00
    0433321452                           05           11/01/01          0
    4295177                              O            10/01/31
    0

    6173122          994/994             F          380,000.00         ZZ
                                         360        379,757.69          1
                                       8.250          2,854.81         74
                                       8.000          2,854.81
    BUFFALO GROVE    IL   60089          2            09/25/01         00
    3918793895                           05           11/01/01          0
    3918793895                           O            10/01/31
    0
1

    6173746          W93/G01             F          329,600.00         ZZ
                                         360        329,349.20          1
                                       7.375          2,276.47         80
                                       7.125          2,276.47
    SAN JOSE         CA   95112          2            09/10/01         00
    0433321759                           05           11/01/01          0
    20345812                             O            10/01/31
    0

    6174034          W93/G01             F          280,000.00         ZZ
                                         360        279,764.77          1
                                       6.875          1,839.40         80
                                       6.625          1,839.40
    LONG BEACH       CA   90815          1            09/12/01         00
    0433289915                           05           11/01/01          0
    03349517                             O            10/01/31
    0

    6174492          956/G01             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.000          1,862.85         75
                                       6.750          1,862.85
    MENDHAM          NJ   07945          5            10/19/01         00
    0433331600                           05           12/01/01          0
    911090131                            O            11/01/31
    0

    6174670          W93/G01             F          568,000.00         ZZ
                                         360        567,556.91          1
                                       7.250          3,874.76         80
                                       7.000          3,874.76
    CASTLE ROCK      CO   80104          2            09/13/01         00
    0433321775                           03           11/01/01          0
    77296868                             O            10/01/31
    0

    6174824          994/994             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.250          2,728.71         73
                                       7.000          2,728.71
    BOZEMAN          MT   59715          2            10/04/01         00
    081048429                            05           12/01/01          0
    081048429                            O            11/01/31
    0

    6176236          994/994             F          440,000.00         ZZ
                                         360        439,630.34          1
1

                                       6.875          2,890.49         78
                                       6.625          2,890.49
    WICHITA FALLS    TX   76310          1            09/24/01         00
    2065209                              05           11/01/01          0
    2065209                              O            10/01/31
    0

    6176386          W93/G01             F          318,600.00         ZZ
                                         360        318,375.13          1
                                       7.750          2,282.49         90
                                       7.500          2,282.49
    SAN JOSE         CA   95122          1            09/14/01         10
    0433291002                           05           11/01/01         25
    21301530                             O            10/01/31
    0

    6177294          405/405             F          400,000.00         ZZ
                                         360        399,342.33          1
                                       7.000          2,661.21         75
                                       6.500          2,661.21
    BATAVIA          IL   60510          1            08/29/01         00
    0012404380                           05           10/01/01          0
    0012404380                           O            09/01/31
    0

    6177300          405/405             F          474,000.00         ZZ
                                         360        473,630.23          1
                                       7.250          3,233.52         80
                                       6.750          3,233.52
    ST LOUIS         MO   63141          2            09/04/01         00
    0012410221                           05           11/01/01          0
    0012410221                           O            10/01/31
    0

    6177316          405/405             F          308,000.00         ZZ
                                         360        307,777.08          1
                                       7.625          2,180.00         75
                                       7.125          2,180.00
    AUSTIN           TX   78731          2            09/10/01         00
    0012430161                           03           11/01/01          0
    0012430161                           O            10/01/31
    0

    6177322          405/405             F          338,000.00         ZZ
                                         360        337,722.95          1
                                       7.000          2,248.72         73
                                       6.500          2,248.72
    LAKE OSWEGO      OR   97035          2            09/12/01         00
    0012437935                           05           11/01/01          0
1

    0012437935                           O            10/01/31
    0

    6177324          405/405             F          412,000.00         ZZ
                                         360        411,686.49          1
                                       7.375          2,845.59         75
                                       6.875          2,845.59
    RICHMOND HEIGHT  MO   63117          2            09/24/01         00
    0012443826                           05           11/01/01          0
    0012443826                           O            10/01/31
    0

    6177334          405/405             F          288,000.00         ZZ
                                         360        287,769.69          1
                                       7.125          1,940.31         80
                                       6.625          1,940.31
    BROOMFIELD       CO   80020          1            09/13/01         00
    0012461398                           03           11/01/01          0
    0012461398                           O            10/01/31
    0

    6177338          405/405             F          450,400.00         ZZ
                                         360        449,621.61          1
                                       6.875          2,958.81         80
                                       6.500          2,958.81
    WOODINVILLE      WA   98072          1            09/20/01         00
    0012478046                           03           11/01/01          0
    0012478046                           O            10/01/31
    0

    6177346          405/405             F          396,000.00         ZZ
                                         360        395,634.29          1
                                       7.250          2,701.42         61
                                       6.750          2,701.42
    WILTON           CT   06897          2            09/20/01         00
    0017548942                           05           11/01/01          0
    0017548942                           O            10/01/31
    0

    6177348          405/405             F          360,500.00         ZZ
                                         360        360,218.77          1
                                       7.250          2,459.25         47
                                       6.750          2,459.25
    SAN FRANCISCO    CA   94118          5            09/10/01         00
    0017570706                           05           11/01/01          0
    0017570706                           O            10/01/31
    0

1

    6177352          405/405             F          612,800.00         ZZ
                                         360        612,309.95          1
                                       7.125          4,128.55         80
                                       6.625          4,128.55
    ALTADENA         CA   91001          1            09/19/01         00
    0017575531                           05           11/01/01          0
    0017575531                           O            10/01/31
    0

    6177354          405/405             F          319,600.00         ZZ
                                         360        319,362.81          1
                                       7.500          2,234.69         80
                                       7.000          2,234.69
    FAIRFIELD        CA   94585          1            09/20/01         00
    0017575911                           03           11/01/01          0
    0017575911                           O            10/01/31
    0

    6177356          405/405             F          312,900.00         ZZ
                                         360        312,900.00          1
                                       7.500          2,187.85         59
                                       7.000          2,187.85
    SONOMA           CA   95476          5            10/05/01         00
    0017583287                           05           12/01/01          0
    0017583287                           O            11/01/31
    0

    6177360          405/405             F          692,000.00         ZZ
                                         360        692,000.00          1
                                       7.000          4,603.90         63
                                       6.500          4,603.90
    NEWPORT BEACH    CA   92625          2            10/04/01         00
    0017637422                           05           12/01/01          0
    0017637422                           O            11/01/31
    0

    6177364          405/405             F          396,600.00         ZZ
                                         360        396,600.00          1
                                       7.125          2,671.97         80
                                       6.625          2,671.97
    RANCHO CUCAMONG  CA   91701          1            10/05/01         00
    0017653916                           05           12/01/01          0
    0017653916                           O            11/01/31
    0

    6177366          405/405             F          435,000.00         ZZ
                                         360        434,669.00          1
                                       7.375          3,004.44         67
                                       6.875          3,004.44
1

    FREMONT          CA   94536          5            09/04/01         00
    0017657495                           05           11/01/01          0
    0017657495                           O            10/01/31
    0

    6177368          405/405             F          325,000.00         ZZ
                                         360        324,740.10          1
                                       7.125          2,189.59         79
                                       6.625          2,189.59
    HERNDON          VA   20171          2            09/25/01         00
    0017658436                           03           11/01/01          0
    0017658436                           O            10/01/31
    0

    6177370          405/405             F          940,000.00         ZZ
                                         360        940,000.00          1
                                       7.125          6,332.96         35
                                       6.625          6,332.96
    SAN FRANCISCO    CA   94123          5            10/03/01         00
    0017661828                           05           12/01/01          0
    0017661828                           O            11/01/31
    0

    6177372          405/405             F          508,000.00         ZZ
                                         360        508,000.00          1
                                       7.500          3,552.01         79
                                       7.000          3,552.01
    THOUSAND OAKS    CA   91360          2            10/02/01         00
    0017669284                           05           12/01/01          0
    0017669284                           O            11/01/31
    0

    6177376          405/405             F          532,000.00         ZZ
                                         360        531,553.06          1
                                       6.875          3,494.86         70
                                       6.500          3,494.86
    FORT LAUDERDALE  FL   33304          1            09/28/01         00
    0017676107                           05           11/01/01          0
    0017676107                           O            10/01/31
    0

    6177390          405/405             F          328,500.00         ZZ
                                         360        328,250.04          1
                                       7.375          2,268.87         90
                                       6.875          2,268.87
    SNOHOMISH        WA   98296          2            09/04/01         04
    0017695313                           03           11/01/01         25
    0017695313                           O            10/01/31
    0
1

    6177392          405/405             F          426,000.00         ZZ
                                         360        425,691.68          1
                                       7.625          3,015.20         79
                                       7.125          3,015.20
    SAN JOSE         CA   95123          2            09/05/01         00
    0017698820                           05           11/01/01          0
    0017698820                           O            10/01/31
    0

    6177396          405/405             F          500,000.00         ZZ
                                         360        499,609.95          1
                                       7.250          3,410.88         80
                                       6.750          3,410.88
    MORGAN HILL      CA   95037          2            09/20/01         00
    0017701715                           05           11/01/01          0
    0017701715                           O            10/01/31
    0

    6177400          405/405             F          550,000.00         ZZ
                                         360        549,580.21          1
                                       7.375          3,798.72         66
                                       6.875          3,798.72
    CHICAGO          IL   60605          1            09/24/01         00
    0017710005                           01           11/01/01          0
    0017710005                           O            10/01/31
    0

    6177406          405/405             F          395,000.00         ZZ
                                         360        394,699.43          1
                                       7.375          2,728.17         65
                                       6.875          2,728.17
    AGOURA           CA   91301          2            09/22/01         00
    0017711151                           02           11/01/01          0
    0017711151                           O            10/01/31
    0

    6177410          405/405             F          390,000.00         ZZ
                                         360        389,695.76          1
                                       7.250          2,660.49         70
                                       6.750          2,660.49
    PETALUMA         CA   94952          5            09/11/01         00
    0017712019                           05           11/01/01          0
    0017712019                           O            10/01/31
    0

    6177412          405/405             F          450,000.00         ZZ
                                         360        449,625.00          1
1

                                       7.000          2,993.87         67
                                       6.500          2,993.87
    TOPANGA          CA   90290          5            09/11/01         00
    0017714999                           05           11/01/01          0
    0017714999                           O            10/01/31
    0

    6177414          405/405             F          368,000.00         ZZ
                                         360        367,712.92          1
                                       7.250          2,510.41         80
                                       6.750          2,510.41
    SAN JOSE         CA   95136          1            09/06/01         00
    0017715780                           05           11/01/01          0
    0017715780                           O            10/01/31
    0

    6177416          405/405             F          400,000.00         ZZ
                                         360        399,680.00          1
                                       7.125          2,694.88         70
                                       6.625          2,694.88
    BURBANK          CA   91504          1            09/18/01         00
    0017716986                           05           11/01/01          0
    0017716986                           O            10/01/31
    0

    6177420          405/405             F          337,500.00         ZZ
                                         360        337,236.71          1
                                       7.250          2,302.35         75
                                       6.750          2,302.35
    SAN FRANCISCO    CA   94112          2            09/04/01         00
    0017718081                           05           11/01/01          0
    0017718081                           O            10/01/31
    0

    6177430          405/405             F          365,000.00         ZZ
                                         360        364,715.26          1
                                       7.250          2,489.95         47
                                       6.750          2,489.95
    LOS ANGELES      CA   90272          2            09/05/01         00
    0017720780                           05           11/01/01          0
    0017720780                           O            10/01/31
    0

    6177436          405/405             F          462,000.00         ZZ
                                         360        461,639.59          1
                                       7.250          3,151.66         63
                                       6.750          3,151.66
    HUNTINGTON BEAC  CA   92648          5            09/05/01         00
    0017721648                           03           11/01/01          0
1

    0017721648                           O            10/01/31
    0

    6177442          405/405             F          340,600.00         ZZ
                                         360        339,847.22          1
                                       7.500          2,381.53         73
                                       7.000          2,381.53
    THOUSAND OAKS    CA   91362          2            09/10/01         00
    0017723370                           01           11/01/01          0
    0017723370                           O            10/01/31
    0

    6177446          405/405             F          450,000.00         ZZ
                                         360        449,657.59          1
                                       7.375          3,108.04         69
                                       6.875          3,108.04
    LOS ANGELES      CA   91307          5            09/18/01         00
    0017724477                           05           11/01/01          0
    0017724477                           O            10/01/31
    0

    6177450          405/405             F          411,000.00         ZZ
                                         360        410,671.32          1
                                       7.125          2,768.99         35
                                       6.625          2,768.99
    FREMONT          CA   94539          2            09/11/01         00
    0017725482                           05           11/01/01          0
    0017725482                           O            10/01/31
    0

    6177460          405/405             F          292,000.00         ZZ
                                         360        291,777.80          1
                                       7.375          2,016.78         31
                                       6.875          2,016.78
    SAN DIEGO        CA   92103          2            09/25/01         00
    0017728437                           05           11/01/01          0
    0017728437                           O            10/01/31
    0

    6177462          405/405             F          449,500.00         ZZ
                                         360        449,174.66          1
                                       7.625          3,181.54         75
                                       7.125          3,181.54
    MC LEAN          VA   22102          2            09/20/01         00
    0017728502                           05           11/01/01          0
    0017728502                           O            10/01/31
    0

1

    6177472          405/405             F          348,000.00         ZZ
                                         360        347,735.20          1
                                       7.375          2,403.55         80
                                       6.875          2,403.55
    STAMFORD         CT   06907          1            09/14/01         00
    0017731936                           05           11/01/01          0
    0017731936                           O            10/01/31
    0

    6177476          405/405             F          625,000.00         ZZ
                                         360        624,500.19          1
                                       7.125          4,210.75         80
                                       6.625          4,210.75
    POTOMAC          MD   20854          2            09/17/01         00
    0017732264                           05           11/01/01          0
    0017732264                           O            10/01/31
    0

    6177478          405/405             F          595,000.00         ZZ
                                         360        594,547.25          1
                                       7.375          4,109.52         70
                                       6.875          4,109.52
    THOUSAND OAKS    CA   91360          2            09/07/01         00
    0017732561                           03           11/01/01          0
    0017732561                           O            10/01/31
    0

    6177480          405/405             F          431,600.00         ZZ
                                         360        431,254.86          1
                                       7.125          2,907.77         80
                                       6.625          2,907.77
    SUNNYVALE        CA   94087          1            09/10/01         00
    0017732637                           05           11/01/01          0
    0017732637                           O            10/01/31
    0

    6177484          405/405             F          329,000.00         ZZ
                                         360        328,749.65          1
                                       7.375          2,272.33         59
                                       6.875          2,272.33
    SAN JOSE         CA   95127          2            09/17/01         00
    0017733486                           05           11/01/01          0
    0017733486                           O            10/01/31
    0

    6177486          405/405             F          500,000.00         ZZ
                                         360        499,609.95          1
                                       7.250          3,410.88         80
                                       6.750          3,410.88
1

    SANTA MONICA     CA   90403          1            09/18/01         00
    0017733692                           01           11/01/01          0
    0017733692                           O            10/01/31
    0

    6177490          405/405             F          475,000.00         ZZ
                                         360        474,629.45          1
                                       7.250          3,240.34         71
                                       6.750          3,240.34
    DUBLIN           CA   94568          1            09/13/01         00
    0017734278                           03           11/01/01          0
    0017734278                           O            10/01/31
    0

    6177496          405/405             F          464,000.00         ZZ
                                         360        463,638.03          1
                                       7.250          3,165.30         72
                                       6.750          3,165.30
    SUNNYVALE        CA   94087          2            09/07/01         00
    0017737602                           05           11/01/01          0
    0017737602                           O            10/01/31
    0

    6177498          405/405             F          649,350.00         ZZ
                                         360        648,830.72          1
                                       7.125          4,374.80         65
                                       6.625          4,374.80
    SAN MATEO        CA   94402          1            09/13/01         00
    0017739053                           05           11/01/01          0
    0017739053                           O            10/01/31
    0

    6177502          405/405             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.000          2,102.36         80
                                       6.500          2,102.36
    AGOURA HILLS     CA   91301          2            10/01/01         00
    0017741190                           03           12/01/01          0
    0017741190                           O            11/01/31
    0

    6177504          405/405             F          501,000.00         ZZ
                                         360        500,208.73          1
                                       7.125          3,375.33         70
                                       6.625          3,375.33
    SEATTLE          WA   98103          1            09/06/01         00
    0017742859                           05           11/01/01          0
    0017742859                           O            10/01/31
    0
1

    6177506          405/405             F          316,000.00         ZZ
                                         360        315,238.04          1
                                       7.250          2,155.68         80
                                       6.750          2,155.68
    MANTECA          CA   95337          5            09/04/01         00
    0017742925                           05           11/01/01          0
    0017742925                           O            10/01/31
    0

    6177508          405/405             F          527,200.00         ZZ
                                         360        526,788.73          1
                                       7.250          3,596.44         80
                                       6.750          3,596.44
    ALAMEDA          CA   94502          1            09/20/01         00
    0017743436                           03           11/01/01          0
    0017743436                           O            10/01/31
    0

    6177512          405/405             F          649,950.00         ZZ
                                         360        649,950.00          1
                                       7.375          4,489.05         65
                                       6.875          4,489.05
    ELLICOTT CITY    MD   21042          2            10/01/01         00
    0017745118                           03           12/01/01          0
    0017745118                           O            11/01/31
    0

    6177514          405/405             F          537,000.00         ZZ
                                         360        536,570.57          1
                                       7.125          3,617.87         80
                                       6.625          3,617.87
    HERNDON          VA   20170          1            09/17/01         00
    0017745621                           05           11/01/01          0
    0017745621                           O            10/01/31
    0

    6177518          405/405             F          344,700.00         ZZ
                                         360        344,431.10          1
                                       7.250          2,351.46         46
                                       6.750          2,351.46
    PALO ALTO        CA   94303          2            09/06/01         00
    0017745860                           05           11/01/01          0
    0017745860                           O            10/01/31
    0

    6177520          405/405             F          390,000.00         ZZ
                                         360        389,695.76          1
1

                                       7.250          2,660.49         41
                                       6.750          2,660.49
    CLIFTON          VA   20124          2            09/12/01         00
    0017745985                           05           11/01/01          0
    0017745985                           O            10/01/31
    0

    6177524          405/405             F          287,000.00         ZZ
                                         360        286,730.34          1
                                       7.375          1,982.24         67
                                       6.875          1,982.24
    POTOMAC          MD   20854          2            10/02/01         00
    0017746314                           05           11/01/01          0
    0017746314                           O            10/01/31
    0

    6177528          405/405             F          372,000.00         ZZ
                                         360        371,702.51          1
                                       7.125          2,506.24         80
                                       6.625          2,506.24
    BURBANK          CA   91501          2            09/14/01         00
    0017747452                           05           11/01/01          0
    0017747452                           O            10/01/31
    0

    6177532          405/405             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       7.250          4,365.93         78
                                       6.750          4,365.93
    AGOURA           CA   91301          2            10/01/01         00
    0017748245                           05           12/01/01          0
    0017748245                           O            11/01/31
    0

    6177536          405/405             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         80
                                       6.500          2,262.03
    LOS ANGELES      CA   91326          1            10/01/01         00
    0017748849                           05           12/01/01          0
    0017748849                           O            11/01/31
    0

    6177546          405/405             F          600,000.00         T
                                         360        599,495.93          1
                                       6.875          3,941.57         73
                                       6.500          3,941.57
    SARASOTA         FL   34242          2            09/25/01         00
    0017752122                           05           11/01/01          0
1

    0017752122                           O            10/01/31
    0

    6177550          405/405             F          440,000.00         ZZ
                                         360        439,630.34          1
                                       6.875          2,890.49         66
                                       6.500          2,890.49
    SAN JOSE         CA   95124          5            09/10/01         00
    0017753450                           05           11/01/01          0
    0017753450                           O            10/01/31
    0

    6177558          405/405             F          400,000.00         T
                                         360        399,703.14          1
                                       7.500          2,796.86         64
                                       7.000          2,796.86
    VENTURA          CA   93001          1            09/24/01         00
    0017756875                           05           11/01/01          0
    0017756875                           O            10/01/31
    0

    6177566          405/405             F          336,000.00         ZZ
                                         360        335,744.33          1
                                       7.375          2,320.67         80
                                       6.875          2,320.67
    ANNANDALE        VA   22003          2            09/13/01         00
    0017758111                           05           11/01/01          0
    0017758111                           O            10/01/31
    0

    6177570          405/405             F          420,000.00         ZZ
                                         360        419,664.13          1
                                       7.125          2,829.62         80
                                       6.625          2,829.62
    SAN FRANCISCO    CA   94112          2            09/21/01         00
    0017759317                           05           11/01/01          0
    0017759317                           O            10/01/31
    0

    6177572          405/405             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       7.250          2,360.33         80
                                       6.750          2,360.33
    DIAMOND BAR      CA   91765          1            10/02/01         00
    0017759440                           05           12/01/01          0
    0017759440                           O            11/01/31
    0

1

    6177576          405/405             F          308,000.00         ZZ
                                         360        307,725.00          1
                                       7.500          2,153.59         73
                                       7.000          2,153.59
    MARTINEZ         CA   94553          2            09/21/01         00
    0017760265                           05           11/01/01          0
    0017760265                           O            10/01/31
    0

    6177578          405/405             F          430,000.00         ZZ
                                         360        429,653.13          1
                                       7.125          2,896.99         78
                                       6.625          2,896.99
    SANTA MONICA     CA   90405          1            09/17/01         00
    0017761586                           05           11/01/01          0
    0017761586                           O            10/01/31
    0

    6177582          405/405             F          410,000.00         ZZ
                                         360        409,655.55          1
                                       6.875          2,693.41         75
                                       6.500          2,693.41
    FAIRFAX          VA   22033          1            09/26/01         00
    0017762121                           05           11/01/01          0
    0017762121                           O            10/01/31
    0

    6177584          405/405             F          577,000.00         ZZ
                                         360        577,000.00          1
                                       6.875          3,790.48         38
                                       6.500          3,790.48
    SAN RAFAEL       CA   94901          2            10/03/01         00
    0017762287                           05           12/01/01          0
    0017762287                           O            11/01/31
    0

    6177586          405/405             F          347,000.00         ZZ
                                         360        346,729.31          1
                                       7.250          2,367.15         68
                                       6.750          2,367.15
    BURBANK          CA   91506          2            09/13/01         00
    0017762683                           05           11/01/01          0
    0017762683                           O            10/01/31
    0

    6177590          405/405             F          572,000.00         ZZ
                                         360        572,000.00          1
                                       7.125          3,853.67         80
                                       6.625          3,853.67
1

    SAN FRANCISCO    CA   94114          1            10/02/01         00
    0017763178                           01           12/01/01          0
    0017763178                           O            11/01/31
    0

    6177592          405/405             F          308,800.00         ZZ
                                         360        308,133.50          1
                                       7.125          2,080.45         80
                                       6.625          2,080.45
    DIAMOND BAR      CA   91765          1            09/11/01         00
    0017763525                           05           11/01/01          0
    0017763525                           O            10/01/31
    0

    6177598          405/405             F          443,000.00         ZZ
                                         360        442,378.38          1
                                       7.250          3,022.04         74
                                       6.750          3,022.04
    CARMEL           IN   46032          2            09/27/01         00
    0017765116                           05           11/01/01          0
    0017765116                           O            10/01/31
    0

    6177600          405/405             F          328,000.00         ZZ
                                         360        327,762.60          1
                                       7.625          2,321.57         80
                                       7.125          2,321.57
    SAN JOSE         CA   95129          2            09/17/01         00
    0017765595                           03           11/01/01          0
    0017765595                           O            10/01/31
    0

    6177602          405/405             F          342,400.00         ZZ
                                         360        342,126.18          1
                                       7.125          2,306.82         80
                                       6.625          2,306.82
    LADERA RANCH     CA   92694          1            09/19/01         00
    0017766510                           03           11/01/01          0
    0017766510                           O            10/01/31
    0

    6177606          405/405             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       6.875          2,660.56         72
                                       6.500          2,660.56
    SAN FRANCISCO    CA   94114          2            10/01/01         00
    0017768623                           01           12/01/01          0
    0017768623                           O            11/01/31
    0
1

    6177608          405/405             F          426,000.00         ZZ
                                         360        425,667.68          1
                                       7.250          2,906.07         70
                                       6.750          2,906.07
    SAN MATEO        CA   94403          2            09/27/01         00
    0017768664                           05           11/01/01          0
    0017768664                           O            10/01/31
    0

    6177618          405/405             F          287,500.00         ZZ
                                         360        287,286.63          1
                                       7.500          2,010.25         72
                                       7.000          2,010.25
    LEWISVILLE       TX   75056          2            09/24/01         00
    0017770876                           03           11/01/01          0
    0017770876                           O            10/01/31
    0

    6177626          405/405             F          460,540.00         ZZ
                                         360        460,540.00          1
                                       7.250          3,141.70         80
                                       6.750          3,141.70
    IRVINE           CA   92602          1            10/05/01         00
    0017772229                           03           12/01/01          0
    0017772229                           O            11/01/31
    0

    6177630          405/405             F          560,000.00         ZZ
                                         360        559,563.14          1
                                       7.250          3,820.19         80
                                       6.750          3,820.19
    ATLANTIC BEACH   FL   32233          1            10/02/01         00
    0017772781                           05           11/01/01          0
    0017772781                           O            10/01/31
    0

    6177632          405/405             F          386,000.00         ZZ
                                         360        385,691.32          1
                                       7.125          2,600.56         72
                                       6.625          2,600.56
    ELMHURST         IL   60126          2            09/26/01         00
    0017773243                           05           11/01/01          0
    0017773243                           O            10/01/31
    0

    6177634          405/405             F          508,000.00         ZZ
                                         360        507,593.75          1
1

                                       7.125          3,422.50         80
                                       6.625          3,422.50
    MENLO PARK       CA   94025          1            09/20/01         00
    0017773250                           05           11/01/01          0
    0017773250                           O            10/01/31
    0

    6177636          405/405             F          321,200.00         ZZ
                                         360        320,943.14          1
                                       7.125          2,163.99         69
                                       6.625          2,163.99
    MIAMI            FL   33156          1            09/21/01         00
    0017773490                           05           11/01/01          0
    0017773490                           O            10/01/31
    0

    6177640          405/405             F          650,000.00         ZZ
                                         360        648,927.08          1
                                       7.250          4,434.15         40
                                       6.750          4,434.15
    NEWPORT BEACH    CA   92625          5            09/28/01         00
    0017775982                           05           11/01/01          0
    0017775982                           O            10/01/31
    0

    6177646          405/405             F          394,400.00         ZZ
                                         360        394,060.42          1
                                       6.750          2,558.08         80
                                       6.500          2,558.08
    ANNAPOLIS        MD   21401          1            10/01/01         00
    0017777905                           05           11/01/01          0
    0017777905                           O            10/01/31
    0

    6177652          405/405             F          300,000.00         ZZ
                                         360        299,743.75          1
                                       7.375          2,072.03         63
                                       6.875          2,072.03
    SAN DIEGO        CA   92130          2            09/21/01         00
    0017780446                           05           11/01/01          0
    0017780446                           O            10/01/31
    0

    6177656          405/405             F          345,000.00         ZZ
                                         360        344,724.11          1
                                       7.125          2,324.33         69
                                       6.625          2,324.33
    LAGUNA NIGUEL    CA   92677          1            09/20/01         00
    0017781451                           03           11/01/01          0
1

    0017781451                           O            10/01/31
    0

    6177658          405/405             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.000          2,634.60         71
                                       6.500          2,634.60
    VERNON HILLS     IL   60061          5            10/05/01         00
    0017781782                           03           12/01/01          0
    0017781782                           O            11/01/31
    0

    6177662          405/405             F          350,000.00         ZZ
                                         360        349,720.11          1
                                       7.125          2,358.02         70
                                       6.625          2,358.02
    DALY CITY        CA   94015          5            09/19/01         00
    0017782541                           05           11/01/01          0
    0017782541                           O            10/01/31
    0

    6177670          405/405             F          350,400.00         ZZ
                                         360        350,126.65          1
                                       7.250          2,390.35         80
                                       6.750          2,390.35
    SANTA ROSA       CA   95403          1            09/21/01         00
    0017784273                           05           11/01/01          0
    0017784273                           O            10/01/31
    0

    6177674          405/405             F          633,000.00         ZZ
                                         360        632,455.00          1
                                       6.750          4,105.63         69
                                       6.500          4,105.63
    CENTREVILLE      VA   20120          2            10/04/01         00
    0017785122                           05           11/01/01          0
    0017785122                           O            10/01/31
    0

    6177686          405/405             F          312,000.00         ZZ
                                         360        311,762.59          1
                                       7.375          2,154.91         80
                                       6.875          2,154.91
    ISSAQUAH         WA   98027          1            09/24/01         00
    0017789868                           05           11/01/01          0
    0017789868                           O            10/01/31
    0

1

    6177692          405/405             F          362,000.00         ZZ
                                         360        361,650.89          1
                                       7.500          2,531.16         79
                                       7.000          2,531.16
    LAGUNA HILLS     CA   92653          5            09/28/01         00
    0017791377                           05           11/01/01          0
    0017791377                           O            10/01/31
    0

    6177696          405/405             F          445,000.00         ZZ
                                         360        444,652.85          1
                                       7.250          3,035.69         75
                                       6.750          3,035.69
    SANTA CLARITA    CA   91354          5            09/24/01         00
    0017791799                           03           11/01/01          0
    0017791799                           O            10/01/31
    0

    6177702          405/405             F          360,000.00         ZZ
                                         360        359,712.11          1
                                       7.125          2,425.39         80
                                       6.625          2,425.39
    REDWOOD CITY     CA   94062          1            09/19/01         00
    0017793159                           05           11/01/01          0
    0017793159                           O            10/01/31
    0

    6177704          405/405             F          387,500.00         ZZ
                                         360        387,500.00          1
                                       6.875          2,545.60         74
                                       6.500          2,545.60
    MEMPHIS          TN   38125          2            10/05/01         00
    0017793407                           05           12/01/01          0
    0017793407                           O            11/01/31
    0

    6177706          405/405             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       6.875          2,864.21         80
                                       6.500          2,864.21
    PONTE VEDRA BEA  FL   32082          2            10/02/01         00
    0017793712                           05           12/01/01          0
    0017793712                           O            11/01/31
    0

    6177708          405/405             F          369,000.00         ZZ
                                         360        369,000.00          1
                                       6.750          2,393.33         68
                                       6.500          2,393.33
1

    APTOS            CA   95003          1            10/01/01         00
    0017795014                           03           12/01/01          0
    0017795014                           O            11/01/31
    0

    6177710          405/405             F          494,000.00         ZZ
                                         360        493,604.96          1
                                       7.125          3,328.17         80
                                       6.625          3,328.17
    SUNNYVALE        CA   94087          1            09/27/01         00
    0017796152                           05           11/01/01          0
    0017796152                           O            10/01/31
    0

    6177712          405/405             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.750          2,140.38         77
                                       6.500          2,140.38
    SAN DIMAS        CA   91773          1            10/02/01         00
    0017796301                           05           12/01/01          0
    0017796301                           O            11/01/31
    0

    6177714          405/405             F          450,000.00         ZZ
                                         360        449,210.50          1
                                       7.125          3,031.74         53
                                       6.625          3,031.74
    LOS ALTOS        CA   94024          2            09/26/01         00
    0017796582                           05           11/01/01          0
    0017796582                           O            10/01/31
    0

    6177720          405/405             F          308,000.00         ZZ
                                         360        307,777.07          1
                                       7.625          2,180.01         80
                                       7.125          2,180.01
    TORRANCE         CA   90503          1            09/26/01         00
    0017797663                           05           11/01/01          0
    0017797663                           O            10/01/31
    0

    6177726          405/405             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.000          2,993.87         23
                                       6.500          2,993.87
    FREMONT          CA   94539          2            10/01/01         00
    0017799073                           03           12/01/01          0
    0017799073                           O            11/01/31
    0
1

    6177730          405/405             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       6.750          1,926.34         59
                                       6.500          1,926.34
    HAYWARD          CA   94542          2            10/01/01         00
    0017800517                           05           12/01/01          0
    0017800517                           O            11/01/31
    0

    6177732          405/405             F          570,000.00         ZZ
                                         360        570,000.00          1
                                       6.875          3,744.50         49
                                       6.500          3,744.50
    LOS ANGELES      CA   91604          5            10/03/01         00
    0017805706                           05           12/01/01          0
    0017805706                           O            11/01/31
    0

    6177738          405/405             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.125          2,263.70         80
                                       6.625          2,263.70
    LOS ANGELES      CA   90066          1            10/02/01         00
    0017811860                           05           12/01/01          0
    0017811860                           O            11/01/31
    0

    6177740          405/405             F          480,000.00         ZZ
                                         360        479,596.74          1
                                       6.875          3,153.26         80
                                       6.500          3,153.26
    RENO             NV   89511          2            09/28/01         00
    0017813155                           05           11/01/01          0
    0017813155                           O            10/01/31
    0

    6177744          405/405             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.875          3,941.57         79
                                       6.500          3,941.57
    CARLSBAD         CA   92009          1            10/04/01         00
    0017815028                           03           12/01/01          0
    0017815028                           O            11/01/31
    0

    6177746          405/405             F          286,000.00         ZZ
                                         360        286,000.00          1
1

                                       6.750          1,855.00         78
                                       6.500          1,855.00
    GAITHERSBURG     MD   20878          2            10/05/01         00
    0017818519                           05           12/01/01          0
    0017818519                           O            11/01/31
    0

    6177750          405/405             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.750          3,243.00         80
                                       6.500          3,243.00
    RANCHO PALOS VE  CA   90275          1            10/05/01         00
    0017845702                           05           12/01/01          0
    0017845702                           O            11/01/31
    0

    6177752          405/405             F          442,000.00         ZZ
                                         360        441,646.54          1
                                       7.125          2,977.84         76
                                       6.625          2,977.84
    SAN FRANCISCO    CA   94127          2            09/24/01         00
    0019895614                           05           11/01/01          0
    0019895614                           O            10/01/31
    0

    6177754          405/405             F          573,000.00         ZZ
                                         360        572,553.01          1
                                       7.250          3,908.87         68
                                       6.750          3,908.87
    SONOMA           CA   95476          5            09/04/01         00
    0019902477                           05           11/01/01          0
    0019902477                           O            10/01/31
    0

    6177756          405/405             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.500          2,465.07         61
                                       6.250          2,465.07
    EL SEGUNDO       CA   90245          1            10/05/01         00
    0019904994                           05           12/01/01          0
    0019904994                           O            11/01/31
    0

    6177762          405/405             F          500,000.00         ZZ
                                         360        499,619.54          1
                                       7.375          3,453.38         52
                                       6.875          3,453.38
    SCOTTS VALLEY    CA   95066          5            09/13/01         00
    0019920305                           05           11/01/01          0
1

    0019920305                           O            10/01/31
    0

    6177768          405/405             F          420,000.00         ZZ
                                         360        419,672.36          1
                                       7.250          2,865.14         80
                                       6.750          2,865.14
    SIMI VALLEY      CA   93065          2            09/07/01         00
    0019926419                           03           11/01/01          0
    0019926419                           O            10/01/31
    0

    6177770          405/405             F          599,400.00         ZZ
                                         360        598,943.90          1
                                       7.375          4,139.91         63
                                       6.875          4,139.91
    DEL MAR          CA   92014          5            09/07/01         00
    0019927417                           03           11/01/01          0
    0019927417                           O            10/01/31
    0

    6177772          405/405             F          334,750.00         ZZ
                                         360        334,750.00          1
                                       6.500          2,115.85         65
                                       6.250          2,115.85
    WOODLAND HILLS   CA   91364          1            10/03/01         00
    0019928605                           05           12/01/01          0
    0019928605                           O            11/01/31
    0

    6177776          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         67
                                       6.500          2,661.21
    LAFAYETTE        CA   94549          5            09/27/01         00
    0019929215                           05           12/01/01          0
    0019929215                           O            11/01/31
    0

    6177796          405/405             F          471,000.00         ZZ
                                         360        470,623.34          1
                                       7.125          3,173.22         80
                                       6.625          3,173.22
    REDWOOD CITY     CA   94065          1            09/08/01         00
    0019937432                           05           11/01/01          0
    0019937432                           O            10/01/31
    0

1

    6177802          405/405             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.750          2,490.62         80
                                       6.500          2,490.62
    RAMONA           CA   92065          1            10/01/01         00
    0019945187                           05           12/01/01          0
    0019945187                           O            11/01/31
    0

    6177804          405/405             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         53
                                       6.500          2,890.49
    RANCHO PALOS VE  CA   90275          1            10/05/01         00
    0019947829                           05           12/01/01          0
    0019947829                           O            11/01/31
    0

    6177808          405/405             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.875          3,284.65         71
                                       6.500          3,284.65
    FULLERTON        CA   92831          1            10/09/01         00
    0019957562                           05           12/01/01          0
    0019957562                           O            11/01/31
    0

    6178200          994/994             F          497,000.00         ZZ
                                         360        496,547.40          1
                                       6.875          3,264.94         79
                                       6.625          3,264.94
    SANTA CRUZ       CA   95060          2            09/20/01         00
    718694853                            05           11/01/01          0
    718694853                            O            10/01/31
    0

    6178652          994/994             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.750          3,242.99         67
                                       6.500          3,242.99
    EVERGREEN        CO   80439          1            10/09/01         00
    0403862597                           05           12/01/01          0
    0403862597                           O            11/01/31
    0

    6179208          W93/G01             F          366,000.00         ZZ
                                         360        365,707.32          1
                                       7.125          2,465.81         79
                                       6.875          2,465.81
1

    CLOVIS           CA   93611          2            09/26/01         00
    0433290152                           05           11/01/01          0
    45351008                             O            10/01/31
    0

    6179262          994/994             F          576,000.00         ZZ
                                         360        574,980.00          1
                                       7.250          3,929.34         64
                                       7.000          3,929.34
    OGUNQUIT         ME   03907          2            09/18/01         00
    1000340671                           05           11/01/01          0
    1000340671                           O            10/01/31
    0

    6179306          R65/G01             F          426,000.00         ZZ
                                         360        426,000.00          1
                                       7.000          2,834.19         70
                                       6.750          2,834.19
    GRASONVILLE      MD   21638          2            10/05/01         00
    0433297140                           03           12/01/01          0
    20015192                             O            11/01/31
    0

    6179354          F28/G01             F          502,000.00         ZZ
                                         360        502,000.00          1
                                       7.125          3,382.07         56
                                       6.875          3,382.07
    PARK CITY        UT   84060          5            10/05/01         00
    0433316924                           05           12/01/01          0
    7446077                              O            11/01/31
    0

    6179524          R65/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.000          4,324.47         52
                                       6.750          4,324.47
    OWINGS MILLS     MD   21117          5            10/04/01         00
    0433296969                           05           12/01/01          0
    20015262                             O            11/01/31
    0

    6179692          994/994             F          508,000.00         ZZ
                                         360        507,573.22          1
                                       6.875          3,337.20         80
                                       6.625          3,337.20
    SOMERVILLE       MA   02144          1            10/01/01         00
    1000294172                           05           11/01/01          0
    1000294172                           O            10/01/31
    0
1

    6181064          994/994             F          386,000.00         ZZ
                                         360        385,675.71          1
                                       6.875          2,535.75         43
                                       6.625          2,535.75
    PALO ALTO        CA   94303          2            09/10/01         00
    2218733453                           05           11/01/01          0
    2218733453                           O            10/01/31
    0

    6188296          E22/G01             F          675,000.00         ZZ
                                         360        675,000.00          1
                                       6.875          4,434.27         52
                                       6.625          4,434.27
    FLAGSTAFF        AZ   86001          2            10/19/01         00
    0413050246                           05           12/01/01          0
    0413050246                           O            11/01/31
    0

    6188316          E22/G01             F          194,000.00         ZZ
                                         360        194,000.00          1
                                       6.625          1,242.20         52
                                       6.375          1,242.20
    AUSTIN           TX   78703          5            10/19/01         00
    0413077991                           05           12/01/01          0
    0413077991                           O            11/01/31
    0

    6188348          E22/G01             F          335,991.00         ZZ
                                         360        335,991.00          1
                                       6.500          2,123.69         80
                                       6.250          2,123.69
    CARROLLTON       TX   75010          1            10/26/01         00
    0413096777                           03           12/01/01          0
    0413096777                           O            11/01/31
    0

    6188360          E22/G01             F          478,000.00         ZZ
                                         360        478,000.00          1
                                       6.500          3,021.29         56
                                       6.250          3,021.29
    SANTA CLARA      CA   95051          2            10/18/01         00
    0413105735                           05           12/01/01          0
    0413105735                           O            11/01/31
    0

    6188376          E22/G01             F          513,750.00         ZZ
                                         360        513,750.00          1
1

                                       6.875          3,374.97         75
                                       6.625          3,374.97
    ARROYO SECO      NM   87514          2            10/17/01         00
    0413114851                           05           12/01/01          0
    0413114851                           O            11/01/31
    0

    6188400          E22/G01             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.875          1,379.55         36
                                       6.625          1,379.55
    ISLAND PARK      ID   83429          5            10/18/01         00
    0413132408                           05           12/01/01          0
    0413132408                           O            11/01/31
    0

    6188406          E22/G01             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       7.000          1,756.40         80
                                       6.750          1,756.40
    LIVERMORE        CA   94550          2            10/17/01         00
    0413133729                           05           12/01/01          0
    0413133729                           O            11/01/31
    0

    6188412          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.750          2,529.53         73
                                       6.500          2,529.53
    LIVERMORE        CA   94550          2            10/19/01         00
    0413137811                           05           12/01/01          0
    0413137811                           O            11/01/31
    0

    6188450          E22/G01             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.250          1,146.06         70
                                       7.000          1,146.06
    SAN ANTONIO      TX   78209          5            10/22/01         00
    0413150640                           05           12/01/01          0
    0413150640                           O            11/01/31
    0

    6188486          E22/G01             F           87,500.00         ZZ
                                         360         87,500.00          1
                                       7.000            582.14         73
                                       6.750            582.14
    AUSTIN           TX   78759          5            10/22/01         00
    0413174178                           01           12/01/01          0
1

    0413174178                           O            11/01/31
    0

    6188826          F28/G01             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       7.125          2,331.07         77
                                       6.875          2,331.07
    TAMPA            FL   33647          1            10/02/01         00
    0433293966                           03           12/01/01          0
    7425956                              O            11/01/31
    0

    6188862          F28/G01             F          390,000.00         ZZ
                                         360        389,672.36          1
                                       6.875          2,562.02         74
                                       6.625          2,562.02
    COLTS NECK       NJ   07722          2            09/26/01         00
    0433295995                           05           11/01/01          0
    7427598                              O            10/01/31
    0

    6189098          994/994             F          279,600.00         ZZ
                                         360        279,359.27          1
                                       6.750          1,813.48         80
                                       6.500          1,813.48
    HOUSTON          TX   77025          1            09/04/01         00
    80925640                             03           11/01/01          0
    80925640                             O            10/01/31
    0

    6189302          994/994             F          300,000.00         T
                                         360        299,760.09          1
                                       7.125          2,021.16         62
                                       6.875          2,021.16
    HIGHLANDS        NC   28741          1            09/27/01         00
    80982638                             03           11/01/01          0
    80982638                             O            10/01/31
    0

    6189510          F28/G01             F          315,000.00         ZZ
                                         360        314,741.80          1
                                       7.000          2,095.70         79
                                       6.750          2,095.70
    SCOTTSDALE       AZ   85254          2            09/19/01         00
    0433316726                           05           11/01/01          0
    7422365                              O            10/01/31
    0

1

    6189700          994/994             F          527,000.00         ZZ
                                         360        526,568.03          1
                                       7.000          3,506.14         80
                                       6.750          3,506.14
    BONITA           CA   91902          2            09/20/01         00
    218820151                            05           11/01/01          0
    218820151                            O            10/01/31
    0

    6189758          F28/G01             F          648,000.00         ZZ
                                         360        647,468.84          1
                                       7.000          4,311.16         80
                                       6.750          4,311.16
    WASHINGTON       DC   20016          2            09/26/01         00
    0433316718                           05           11/01/01          0
    7419983                              O            10/01/31
    0

    6190112          994/994             F          310,000.00         ZZ
                                         360        309,775.63          1
                                       7.625          2,194.16         58
                                       7.375          2,194.16
    LAGUNA NIGUEL    CA   92677          5            09/19/01         00
    1418730962                           03           11/01/01          0
    1418730962                           O            10/01/31
    0

    6190492          994/994             F          310,500.00         ZZ
                                         360        310,280.85          1
                                       7.750          2,224.46         80
                                       7.500          2,224.46
    THOUSAND OAKS    CA   91320          2            09/13/01         00
    618554560                            05           11/01/01          0
    618554560                            O            10/01/31
    0

    6190806          994/994             F          332,000.00         ZZ
                                         360        331,740.42          1
                                       7.375          2,293.04         80
                                       7.125          2,293.04
    COSTA MESA       CA   92626          2            09/24/01         00
    1418792277                           05           11/01/01          0
    1418792277                           O            10/01/31
    0

    6191004          994/994             F          330,000.00         ZZ
                                         360        327,915.57          1
                                       7.500          2,307.41         71
                                       7.250          2,307.41
1

    PARK RIDGE       IL   60068          2            10/01/01         00
    3918863045                           05           11/01/01          0
    3918863045                           O            10/01/31
    0

    6191316          994/994             F          496,000.00         ZZ
                                         360        495,103.36          1
                                       7.125          3,341.64         80
                                       6.875          3,341.64
    BOCA RATON       FL   33496          1            09/28/01         00
    7718869232                           03           11/01/01          0
    7718869232                           O            10/01/31
    0

    6191362          994/994             F          305,000.00         ZZ
                                         360        304,557.08          1
                                       7.625          2,158.78         61
                                       7.375          2,158.78
    RIDGEWOOD        NJ   07540          1            08/31/01         00
    1000280763                           05           10/01/01          0
    1000280763                           O            09/01/31
    0

    6191608          994/994             F          316,000.00         ZZ
                                         360        315,753.49          1
                                       7.250          2,155.68         80
                                       7.000          2,155.68
    WACONIA          MN   55387          1            09/28/01         00
    80976819                             05           11/01/01          0
    80976819                             O            10/01/31
    0

    6191832          994/994             F          440,000.00         ZZ
                                         360        439,719.43          1
                                       8.250          3,305.57         71
                                       8.000          3,305.57
    NORTHBROOK       IL   60062          2            09/25/01         00
    218762981                            05           11/01/01          0
    218762981                            O            10/01/31
    0

    6192824          994/994             F          397,900.00         ZZ
                                         360        397,619.17          1
                                       7.750          2,850.60         79
                                       7.500          2,850.60
    LA CANADA FLINT  CA   91011          2            09/11/01         00
    218447948                            05           11/01/01          0
    218447948                            O            10/01/31
    0
1

    6193972          994/994             F          361,000.00         ZZ
                                         360        361,000.00          1
                                       8.250          2,712.07         69
                                       8.000          2,712.07
    INVERNESS        IL   60067          2            09/28/01         00
    218791147                            05           12/01/01          0
    218791147                            O            11/01/31
    0

    6197976          168/168             F          405,000.00         ZZ
                                         360        404,691.83          1
                                       7.375          2,797.23         78
                                       7.125          2,797.23
    SOMERS           NY   10589          2            09/21/01         00
    59449306                             05           11/01/01          0
    59449306                             O            10/01/31
    0

    6199726          168/168             F          354,800.00         ZZ
                                         360        354,509.18          1
                                       7.000          2,360.49         69
                                       6.750          2,360.49
    SAN JOSE         CA   95127          2            09/27/01         00
    59919078                             05           11/01/01          0
    59919078                             O            10/01/31
    0

    6199958          F28/G01             F          605,000.00         ZZ
                                         360        604,528.04          1
                                       7.250          4,127.17         79
                                       7.000          4,127.17
    VENICE           CA   90291          2            09/24/01         00
    0433292448                           05           11/01/01          0
    7416757                              O            10/01/31
    0

    6200762          F28/G01             F          382,500.00         ZZ
                                         360        382,208.95          1
                                       7.375          2,641.83         75
                                       7.125          2,641.83
    CONCORD          CA   94518          5            09/19/01         00
    0433292240                           05           11/01/01          0
    7414642                              O            10/01/31
    0

    6201804          168/168             F          416,000.00         ZZ
                                         360        415,675.48          1
1

                                       7.250          2,837.85         80
                                       7.000          2,837.85
    RANCHO PALOS VE  CA   90275          2            09/12/01         00
    59786833                             05           11/01/01          0
    59786833                             O            10/01/31
    0

    6202222          F28/G01             F          450,000.00         ZZ
                                         360        449,640.15          1
                                       7.125          3,031.73         53
                                       6.875          3,031.73
    BRIARCLIFF MANO  NY   10510          1            09/14/01         00
    0433292570                           03           11/01/01          0
    7414065                              O            10/01/31
    0

    6211444          E82/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    GUTTENBERG       NJ   07093          2            10/25/01         00
    0400476206                           01           12/01/01          0
    0400476206                           O            11/01/31
    0

    6211572          168/168             F          525,000.00         ZZ
                                         360        524,580.17          1
                                       7.125          3,537.02         70
                                       6.875          3,537.02
    IRVINE           CA   92612          5            09/27/01         00
    59867655                             03           11/01/01          0
    59867655                             O            10/01/31
    0

    6212804          F28/G01             F          324,000.00         ZZ
                                         360        323,727.80          1
                                       6.875          2,128.45         80
                                       6.625          2,128.45
    SAN DIEGO        CA   92129          1            09/25/01         00
    0433295300                           05           11/01/01          0
    7413420                              O            10/01/31
    0

    6213216          E22/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.750          3,891.59         58
                                       6.500          3,891.59
    LA JOLLA         CA   92037          5            10/16/01         00
    0413076191                           05           12/01/01          0
1

    0413076191                           O            11/01/31
    0

    6213286          E22/G01             F          830,000.00         ZZ
                                         360        830,000.00          1
                                       6.875          5,452.51         58
                                       6.625          5,452.51
    SAN JOSE         CA   95120          2            10/18/01         00
    0413111691                           05           12/01/01          0
    0413111691                           O            11/01/31
    0

    6213302          E22/G01             F          537,000.00         ZZ
                                         360        537,000.00          1
                                       6.875          3,527.71         54
                                       6.625          3,527.71
    SARATOGA         CA   95070          2            10/15/01         00
    0413116625                           05           12/01/01          0
    0413116625                           O            11/01/31
    0

    6213306          E22/G01             F          515,500.00         ZZ
                                         360        515,500.00          1
                                       6.875          3,386.47         68
                                       6.625          3,386.47
    MUKILTEO         WA   98275          2            10/23/01         00
    0413117110                           05           12/01/01          0
    0413117110                           O            11/01/31
    0

    6213324          E22/G01             F          465,000.00         ZZ
                                         360        465,000.00          2
                                       7.125          3,132.79         57
                                       6.875          3,132.79
    WESTON           MA   02193          2            10/24/01         00
    0413123274                           05           12/01/01          0
    0413123274                           O            11/01/31
    0

    6213350          E22/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.750          3,761.87         80
                                       6.500          3,761.87
    GREENVILLE       SC   29609          2            10/23/01         00
    0413132440                           03           12/01/01          0
    0413132440                           O            11/01/31
    0

1

    6213358          E22/G01             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       6.750          3,041.93         55
                                       6.500          3,041.93
    WALNUT CREEK     CA   94595          2            10/17/01         00
    0413133596                           05           12/01/01          0
    0413133596                           O            11/01/31
    0

    6213404          E22/G01             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       6.875          1,997.06         72
                                       6.625          1,997.06
    WEST BLOOMFIELD  MI   48323          2            10/24/01         00
    0413153321                           05           12/01/01          0
    0413153321                           O            11/01/31
    0

    6213428          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.94         80
                                       6.625          2,364.94
    SAN JOSE         CA   95148          2            10/19/01         00
    0413157074                           05           12/01/01          0
    0413157074                           O            11/01/31
    0

    6213436          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.250          3,547.32         80
                                       7.000          3,547.32
    LOS ANGELES      CA   90064          2            10/24/01         00
    0413158932                           05           12/01/01          0
    0413158932                           O            11/01/31
    0

    6213760          F28/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.125          3,200.16         64
                                       6.875          3,200.16
    SEATTLE          WA   98116          5            10/05/01         00
    0433299682                           05           12/01/01          0
    7309697                              O            11/01/31
    0

    6214364          168/168             F          338,000.00         ZZ
                                         360        338,000.00          1
                                       7.375          2,334.48         49
                                       7.125          2,334.48
1

    GARDEN CITY      NY   11530          2            10/02/01         00
    59806478                             05           12/01/01          0
    59806478                             O            11/01/31
    0

    6214774          F28/G01             F          308,500.00         ZZ
                                         360        308,240.82          1
                                       6.875          2,026.63         71
                                       6.625          2,026.63
    DEL MAR          CA   92014          5            09/04/01         00
    0433315389                           01           11/01/01          0
    7406071                              O            10/01/31
    0

    6214828          168/168             F          332,000.00         ZZ
                                         360        331,741.00          1
                                       7.250          2,264.83         80
                                       7.000          2,264.83
    SAN LEANDRO      CA   94577          1            09/18/01         00
    59757825                             03           11/01/01          0
    59757825                             O            10/01/31
    0

    6214914          F28/G01             F          555,000.00         ZZ
                                         360        554,498.27          1
                                       6.500          3,507.98         67
                                       6.250          3,507.98
    EDEN PRAIRIE     MN   55347          1            09/20/01         00
    0433299849                           05           11/01/01          0
    7473309                              O            10/01/31
    0

    6216220          F28/G01             F          391,000.00         ZZ
                                         360        390,694.98          1
                                       7.250          2,667.31         68
                                       7.000          2,667.31
    AROMAS           CA   95004          2            09/11/01         00
    0433313350                           05           11/01/01          0
    7461298                              O            10/01/31
    0

    6217202          F28/G01             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         72
                                       6.750          2,395.09
    GAITHERSBURG     MD   20878          2            09/24/01         00
    0433316767                           03           11/01/01          0
    7447628                              O            10/01/31
    0
1

    6217652          F28/G01             F          642,000.00         ZZ
                                         360        642,000.00          1
                                       6.750          4,164.00         80
                                       6.500          4,164.00
    WESTPORT         CT   06880          1            10/05/01         00
    0433314341                           05           12/01/01          0
    7449782                              O            11/01/31
    0

    6218084          F28/G01             F          627,000.00         ZZ
                                         360        626,498.59          1
                                       7.125          4,224.22         69
                                       6.875          4,224.22
    SAN DIEGO        CA   92130          2            09/28/01         00
    0433299484                           05           11/01/01          0
    7450150                              O            10/01/31
    0

    6218446          F28/G01             F          350,000.00         ZZ
                                         360        349,720.12          1
                                       7.125          2,358.01         80
                                       6.875          2,358.01
    REDMOND          WA   98052          1            09/21/01         00
    0433294329                           05           11/01/01          0
    7470075                              O            10/01/31
    0

    6218694          956/G01             F          364,640.00         ZZ
                                         360        364,640.00          1
                                       6.750          2,365.05         77
                                       6.500          2,365.05
    WOODBURY         MN   55125          2            10/17/01         00
    0433301512                           05           12/01/01          0
    3511100040                           O            11/01/31
    0

    6218926          F28/G01             F          344,200.00         ZZ
                                         360        343,931.49          1
                                       7.250          2,348.05         80
                                       7.000          2,348.05
    OMAHA            NE   68118          2            09/10/01         00
    0433297959                           03           11/01/01          0
    7450994                              O            10/01/31
    0

    6219116          956/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
1

                                       6.875          2,417.50         68
                                       6.625          2,417.50
    LOUISVILLE       KY   40223          2            10/16/01         00
    0433299914                           05           12/01/01          0
    3311100115                           O            11/01/31
    0

    6219662          F28/G01             F          490,000.00         ZZ
                                         360        489,598.35          1
                                       7.000          3,259.98         55
                                       6.750          3,259.98
    CHESTNUT HILL    MA   02467          2            09/25/01         00
    0433335734                           05           11/01/01          0
    7389044                              O            10/01/31
    0

    6219872          F28/G01             F          404,700.00         ZZ
                                         360        404,082.20          1
                                       7.375          2,795.16         78
                                       7.125          2,795.16
    WASHINGTON       DC   20015          2            08/28/01         00
    0433299278                           05           10/01/01          0
    7406477                              O            09/01/31
    0

    6220746          F28/G01             F          396,834.00         ZZ
                                         360        396,516.66          1
                                       7.125          2,673.54         80
                                       6.875          2,673.54
    MAPLE GROVE      MN   55311          2            09/13/01         00
    0433295482                           05           11/01/01          0
    7410848                              O            10/01/31
    0

    6221168          F28/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         65
                                       6.750          2,328.56
    MINNEAPOLIS      MN   55409          1            10/01/01         00
    0433295102                           05           11/01/01          0
    7308582                              O            10/01/31
    0

    6223258          964/G01             F          293,000.00         ZZ
                                         360        293,000.00          1
                                       6.875          1,924.80         69
                                       6.625          1,924.80
    OAKLAND          CA   94605          2            10/25/01         00
    0433331618                           05           12/01/01          0
1

    156046                               O            11/01/31
    0

    6224144          F28/G01             F          700,000.00         ZZ
                                         360        699,171.79          1
                                       7.000          4,657.11         47
                                       6.750          4,657.11
    SHREWSBURY       MA   01545          5            09/26/01         00
    0433316809                           05           11/01/01          0
    7431465                              O            10/01/31
    0

    6227076          F28/G01             F          394,000.00         ZZ
                                         360        393,684.93          1
                                       7.125          2,654.45         80
                                       6.875          2,654.45
    SAINT CHARLES    IL   60174          1            09/28/01         00
    0433310588                           03           11/01/01          0
    7478342                              O            10/01/31
    0

    6227322          F28/G01             F          705,000.00         ZZ
                                         360        704,450.02          1
                                       7.250          4,809.34         68
                                       7.000          4,809.34
    COMMERCE TOWNSH  MI   48382          2            09/21/01         00
    0433297785                           03           11/01/01          0
    7406857                              O            10/01/31
    0

    6227518          F28/G01             F          500,000.00         ZZ
                                         360        489,609.95          1
                                       7.250          3,410.88         70
                                       7.000          3,410.88
    WALPOLE          MA   02081          1            09/19/01         00
    0433327830                           05           11/01/01          0
    7290051                              O            10/01/31
    0

    6228150          F28/G01             F          600,000.00         ZZ
                                         360        599,457.59          1
                                       6.500          3,792.41         69
                                       6.250          3,792.41
    GAITHERSBURG     MD   20882          2            10/02/01         00
    0433298379                           03           11/01/01          0
    7410550                              O            10/01/31
    0

1

    6228744          696/G01             F          835,000.00         ZZ
                                         360        835,000.00          1
                                       7.000          5,555.28         70
                                       6.750          5,555.28
    VIENNA           VA   22181          2            10/24/01         00
    0433307295                           05           12/01/01          0
    22301177                             O            11/01/31
    0

    6229046          F28/G01             F          299,000.00         ZZ
                                         360        298,766.75          1
                                       7.250          2,039.71         60
                                       7.000          2,039.71
    TORRANCE         CA   90905          1            09/19/01         00
    0433300860                           05           11/01/01          0
    7463128                              O            10/01/31
    0

    6229174          696/G01             F          506,000.00         ZZ
                                         360        506,000.00          1
                                       7.000          3,366.43         71
                                       6.750          3,366.43
    VIENNA           VA   22182          2            10/24/01         00
    0433299377                           05           12/01/01          0
    25101281                             O            11/01/31
    0

    6229312          F28/G01             F          330,000.00         ZZ
                                         360        329,715.86          1
                                       6.750          2,140.37         77
                                       6.500          2,140.37
    FURLONG          PA   18925          1            09/14/01         00
    0433330388                           03           11/01/01          0
    7400676                              O            10/01/31
    0

    6229416          F28/G01             F          464,800.00         ZZ
                                         360        464,437.41          1
                                       7.250          3,170.76         80
                                       7.000          3,170.76
    WASHINGTON       DC   20007          1            09/24/01         00
    0433297603                           05           11/01/01          0
    7318656                              O            10/01/31
    0

    6230060          F28/G01             F          324,000.00         ZZ
                                         360        323,747.25          1
                                       7.250          2,210.25         80
                                       7.000          2,210.25
1

    HIGHLANDS RANCH  CO   80129          1            09/24/01         00
    0433298452                           03           11/01/01          0
    7463294                              O            10/01/31
    0

    6232582          L46/L46             F          289,050.00         ZZ
                                         360        289,050.00          1
                                       7.000          1,923.06         80
                                       6.750          1,923.06
    DENTON           TX   76226          2            10/23/01         00
    0000946335                           05           12/01/01          0
    0000946335                           O            11/01/31
    0

    6233188          253/253             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.875          2,233.56         80
                                       6.625          2,233.56
    DALLAS           TX   75214          2            10/08/01         00
    960620                               05           12/01/01          0
    960620                               O            11/01/31
    0

    6236874          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.125          2,560.13         95
                                       6.875          2,560.13
    NORTH WOODMERE   NY   11557          1            10/30/01         04
    0412932758                           05           12/01/01         30
    0412932758                           O            11/01/31
    0

    6236890          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.09         70
                                       6.500          2,270.09
    RINGWOOD         NJ   07465          1            10/29/01         00
    0412997827                           05           12/01/01          0
    0412997827                           O            11/01/31
    0

    6236942          E22/G01             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.375          1,989.14         80
                                       7.125          1,989.14
    SAN MARCOS       CA   92069          2            10/22/01         00
    0413106642                           03           12/01/01          0
    0413106642                           O            11/01/31
    0
1

    6236946          E22/G01             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       7.125          1,987.47         78
                                       6.875          1,987.47
    TORRANCE         CA   90501          2            10/23/01         00
    0413109505                           05           12/01/01          0
    0413109505                           O            11/01/31
    0

    6236958          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.750          2,432.24         90
                                       6.500          2,432.24
    ALLEN            TX   75013          2            10/22/01         01
    0413114059                           03           12/01/01         25
    0413114059                           O            11/01/31
    0

    6236966          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.875          3,613.11         66
                                       6.625          3,613.11
    DALLAS           TX   75214          5            10/24/01         00
    0413116054                           05           12/01/01          0
    0413116054                           O            11/01/31
    0

    6237000          E22/G01             F          292,000.00         ZZ
                                         240        292,000.00          1
                                       6.875          2,242.02         70
                                       6.625          2,242.02
    OAKLAND          NJ   07436          2            10/25/01         00
    0413137357                           05           12/01/01          0
    0413137357                           O            11/01/21
    0

    6237012          E22/G01             F          572,800.00         ZZ
                                         360        572,800.00          1
                                       6.875          3,762.89         80
                                       6.625          3,762.89
    SEATTLE          WA   98119          2            10/22/01         00
    0413140948                           05           12/01/01          0
    0413140948                           O            11/01/31
    0

    6237016          E22/G01             F          399,500.00         ZZ
                                         360        399,500.00          1
1

                                       6.875          2,624.43         67
                                       6.625          2,624.43
    DENVER           CO   80210          5            10/18/01         00
    0413141532                           05           12/01/01          0
    0413141532                           O            11/01/31
    0

    6237086          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.125          3,503.34         80
                                       6.875          3,503.34
    SAN FRANCISCO    CA   94117          2            10/16/01         00
    0413169061                           01           12/01/01          0
    0413169061                           O            11/01/31
    0

    6237104          E22/G01             F          900,000.00         ZZ
                                         360        900,000.00          1
                                       6.875          5,912.36         34
                                       6.625          5,912.36
    TIBURON          CA   94920          2            10/23/01         00
    0413174665                           05           12/01/01          0
    0413174665                           O            11/01/31
    0

    6237106          E22/G01             F          441,000.00         ZZ
                                         360        441,000.00          1
                                       7.000          2,933.98         70
                                       6.750          2,933.98
    MILLBRAE         CA   94030          2            10/19/01         00
    0413174707                           05           12/01/01          0
    0413174707                           O            11/01/31
    0

    6237138          E22/G01             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       7.250            577.12         46
                                       7.000            577.12
    AURORA           CO   80017          5            10/24/01         00
    0413185554                           05           12/01/01          0
    0413185554                           O            11/01/31
    0

    6237164          E22/G01             F          575,000.00         ZZ
                                         360        575,000.00          1
                                       7.375          3,971.38         71
                                       7.125          3,971.38
    READINGTON       NJ   08833          2            10/25/01         00
    0413190901                           05           12/01/01          0
1

    0413190901                           O            11/01/31
    0

    6237168          E22/G01             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       6.500            442.45         20
                                       6.250            442.45
    IRVINE           CA   92620          1            10/25/01         00
    0413192741                           05           12/01/01          0
    0413192741                           O            11/01/31
    0

    6237176          E22/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.875          2,200.71         74
                                       6.625          2,200.71
    HILLSBOROUGH     NJ   08844          5            10/25/01         00
    0413196734                           05           12/01/01          0
    0413196734                           O            11/01/31
    0

    6237204          E22/G01             F          693,000.00         ZZ
                                         360        693,000.00          1
                                       7.125          4,668.87         70
                                       6.875          4,668.87
    BOSTON           MA   02116          1            10/30/01         00
    0413209875                           01           12/01/01          0
    0413209875                           O            11/01/31
    0

    6237602          F28/G01             F          453,000.00         ZZ
                                         360        452,637.75          1
                                       7.125          3,051.94         73
                                       6.875          3,051.94
    GILBERT          AZ   85296          2            09/24/01         00
    0433298536                           05           11/01/01          0
    7430044                              O            10/01/31
    0

    6237704          F28/G01             F          295,000.00         ZZ
                                         360        294,651.56          1
                                       7.125          1,987.47         72
                                       6.875          1,987.47
    OAKLAND          CA   94618          5            09/06/01         00
    0433301298                           05           11/01/01          0
    74455284                             O            10/01/31
    0

1

    6238158          F28/G01             F          402,400.00         ZZ
                                         360        401,815.67          1
                                       7.625          2,848.16         80
                                       7.375          2,848.16
    SHREWSBURY       MA   01545          1            08/22/01         00
    0433310984                           05           10/01/01          0
    7304589                              O            09/01/31
    0

    6238562          F28/G01             F          365,000.00         ZZ
                                         360        364,715.27          1
                                       7.250          2,489.94         70
                                       7.000          2,489.94
    NORTHRIDGE       CA   91324          5            09/13/01         00
    0433301025                           05           11/01/01          0
    7455720                              O            10/01/31
    0

    6238682          F28/G01             F          388,000.00         ZZ
                                         360        387,704.76          1
                                       7.375          2,679.82         80
                                       7.125          2,679.82
    OAKTON           VA   22124          2            09/19/01         00
    0433298569                           05           11/01/01          0
    7458197                              O            10/01/31
    0

    6239148          F28/G01             F          292,000.00         ZZ
                                         360        291,766.49          1
                                       7.125          1,967.26         80
                                       6.875          1,967.26
    LAKE FOREST      CA   92630          1            09/19/01         00
    0433298239                           05           11/01/01          0
    7435409                              O            10/01/31
    0

    6239340          F28/G01             F          763,000.00         ZZ
                                         360        762,358.98          1
                                       6.875          5,012.37         70
                                       6.625          5,012.37
    HOUSTON          TX   77024          1            09/24/01         00
    0433330206                           05           11/01/01          0
    7474323                              O            10/01/31
    0

    6242554          F28/G01             F          341,600.00         ZZ
                                         360        341,078.54          1
                                       7.375          2,359.35         75
                                       7.125          2,359.35
1

    SARVER           PA   16055          5            08/10/01         00
    0433316023                           05           10/01/01          0
    2158251                              O            09/01/31
    0

    6243818          F28/G01             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       7.125          3,449.44         64
                                       6.875          3,449.44
    WAYNE            NJ   07470          2            10/05/01         00
    0433314176                           05           12/01/01          0
    7463963                              O            11/01/31
    0

    6247434          F28/G01             F          386,000.00         ZZ
                                         360        385,698.88          1
                                       7.250          2,633.20         69
                                       7.000          2,633.20
    BELLEVUE         WA   98007          2            09/19/01         00
    0433307386                           03           11/01/01          0
    7466420                              O            10/01/31
    0

    6247890          F28/G01             F          309,600.00         ZZ
                                         360        309,352.42          1
                                       7.125          2,085.83         80
                                       6.875          2,085.83
    RALEIGH          NC   27615          1            09/28/01         00
    0433299153                           05           11/01/01          0
    7463658                              O            10/01/31
    0

    6248056          696/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.875          3,087.57         76
                                       6.625          3,087.57
    CHANTILLY        VA   20151          2            10/24/01         00
    0433307519                           03           12/01/01          0
    24501196                             O            11/01/31
    0

    6248252          F28/G01             F          385,000.00         ZZ
                                         360        384,684.40          1
                                       7.000          2,561.41         63
                                       6.750          2,561.41
    BOULDER          CO   80304          2            09/21/01         00
    0433314416                           05           11/01/01          0
    7454384                              O            10/01/31
    0
1

    6248806          F28/G01             F          342,000.00         T
                                         360        341,739.77          1
                                       7.375          2,362.11         58
                                       7.125          2,362.11
    GREER            AZ   85927          2            09/20/01         00
    0433317518                           05           11/01/01          0
    7366216                              O            10/01/31
    0

    6248810          696/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       6.750          3,470.00         67
                                       6.500          3,470.00
    POTOMAC          MD   20854          2            10/23/01         00
    0433307493                           03           12/01/01          0
    32701262                             O            11/01/31
    0

    6249230          F28/G01             F          388,500.00         ZZ
                                         360        388,500.00          1
                                       7.000          2,584.70         75
                                       6.750          2,584.70
    ARVADA           CO   80007          5            10/08/01         00
    0433298353                           05           12/01/01          0
    7468244                              O            11/01/31
    0

    6249902          F28/G01             F          382,500.00         ZZ
                                         360        382,201.61          1
                                       7.250          2,609.33         88
                                       7.000          2,609.33
    CHINO HILLS      CA   91709          2            09/14/01         10
    0433299104                           05           11/01/01         25
    7377114                              O            10/01/31
    0

    6251262          F28/G01             F          553,000.00         ZZ
                                         360        553,000.00          1
                                       7.125          3,725.66         67
                                       6.875          3,725.66
    BROOKLINE        MA   02445          2            10/10/01         00
    0433339249                           05           12/01/01          0
    7462379                              O            11/01/31
    0

    6251350          F28/G01             F          330,750.00         ZZ
                                         360        329,391.90          1
1

                                       7.250          2,256.30         75
                                       7.000          2,256.30
    MANSFIELD        MA   02048          5            10/04/01         00
    0433312998                           05           12/01/01          0
    7363906                              O            11/01/31
    0

    6252284          F28/G01             F          485,000.00         ZZ
                                         360        484,182.75          1
                                       6.875          3,186.10         73
                                       6.625          3,186.10
    LOS ANGELES      CA   90064          1            08/23/01         00
    0433313426                           05           10/01/01          0
    7373055                              O            09/01/31
    0

    6252622          367/367             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.000          2,062.44         49
                                       6.750          2,062.44
    WASHINGTON       DC   20016          2            10/11/01         00
    99102791                             05           12/01/01          0
    99102791                             O            11/01/31
    0

    6253600          696/G01             F          299,400.00         ZZ
                                         360        299,400.00          1
                                       6.750          1,941.90         80
                                       6.500          1,941.90
    LORTON           VA   22079          1            10/26/01         00
    0433311578                           03           12/01/01          0
    24501057                             O            11/01/31
    0

    6253604          696/G01             F          383,150.00         ZZ
                                         360        383,150.00          1
                                       6.750          2,485.10         80
                                       6.500          2,485.10
    LEESBURG         VA   20176          1            10/26/01         00
    0433318888                           03           12/01/01          0
    24501038                             O            11/01/31
    0

    6253608          696/G01             F          799,900.00         ZZ
                                         360        799,900.00          1
                                       6.875          5,254.77         64
                                       6.625          5,254.77
    BETHESDA         MD   20817          2            10/24/01         00
    0433311438                           05           12/01/01          0
1

    31201460                             O            11/01/31
    0

    6253924          F28/G01             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         75
                                       7.250          2,796.86
    COMMERCE         MI   48390          1            10/04/01         00
    0433298072                           05           11/01/01          0
    6142667                              O            10/01/31
    0

    6254262          F28/G01             F          400,000.00         ZZ
                                         360        399,695.62          1
                                       7.375          2,762.71         79
                                       7.125          2,762.71
    BOLTON           MA   01740          1            09/14/01         00
    0433313186                           05           11/01/01          0
    6079465                              O            10/01/31
    0

    6255796          F28/G01             F          400,000.00         T
                                         360        398,443.03          1
                                       8.250          3,005.07         68
                                       8.000          3,005.07
    DUCK             NC   27949          2            04/20/01         00
    0433313962                           03           06/01/01          0
    6621399                              O            05/01/31
    0

    6256152          964/G01             F          383,000.00         ZZ
                                         360        383,000.00          1
                                       6.625          2,452.39         57
                                       6.375          2,452.39
    MILL VALLEY      CA   94941          2            10/22/01         00
    0433329919                           05           12/01/01          0
    153661                               O            11/01/31
    0

    6260804          E85/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.000          2,228.76         61
                                       6.750          2,228.76
    NAPA             CA   94558          2            10/02/01         00
    0433338803                           05           12/01/01          0
    9610637                              O            11/01/31
    0

1

    6262970          E82/G01             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       7.125          2,273.80         80
                                       6.875          2,273.80
    YORBA LINDA      CA   92887          2            10/22/01         00
    0400499141                           05           12/01/01          0
    1989859                              O            11/01/31
    0

    6262972          E82/G01             F          334,000.00         ZZ
                                         360        334,000.00          1
                                       7.125          2,250.22         79
                                       6.875          2,250.22
    PEWAUKEE         WI   53072          2            10/29/01         00
    0400501045                           05           12/01/01          0
    3798744                              O            11/01/31
    0

    6262974          E82/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.000          2,428.35         44
                                       6.750          2,428.35
    PACIFIC PALISAD  CA   90272          2            10/22/01         00
    0400495701                           05           12/01/01          0
    1742432                              O            11/01/31
    0

    6262982          E82/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         47
                                       7.000          4,434.15
    CUPERTINO        CA   95014          5            10/24/01         00
    0400493441                           05           12/01/01          0
    0400493441                           O            11/01/31
    0

    6263016          E82/G01             F          387,400.00         ZZ
                                         360        387,400.00          1
                                       7.500          2,708.76         80
                                       7.250          2,708.76
    FREMONT          CA   94536          2            10/23/01         00
    0400504940                           03           12/01/01          0
    4341285                              O            11/01/31
    0

    6263018          E82/G01             F          299,600.00         ZZ
                                         360        299,600.00          1
                                       7.250          2,043.80         27
                                       7.000          2,043.80
1

    FREMONT          CA   94539          2            10/24/01         00
    0400491122                           05           12/01/01          0
    3939823                              O            11/01/31
    0

    6263058          956/G01             F          357,500.00         ZZ
                                         360        357,500.00          1
                                       7.000          2,378.46         65
                                       6.750          2,378.46
    DAYTON           MN   55327          2            10/19/01         00
    0433316866                           05           12/01/01          0
    3511100030                           O            11/01/31
    0

    6264562          E22/G01             F          329,800.00         ZZ
                                         240        329,800.00          1
                                       7.250          2,606.66         58
                                       7.000          2,606.66
    REDDING          CT   06896          2            10/26/01         00
    0412899577                           05           12/01/01          0
    0412899577                           O            11/01/21
    0

    6264568          E22/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.750          2,516.56         80
                                       6.500          2,516.56
    SAN JOSE         CA   95123          1            10/10/01         00
    0412962094                           05           12/01/01          0
    0412962094                           O            11/01/31
    0

    6264574          E22/G01             F          598,500.00         ZZ
                                         360        598,500.00          1
                                       6.375          3,733.86         70
                                       6.125          3,733.86
    MARTINEZ         CA   94553          1            10/22/01         00
    0412986507                           05           12/01/01          0
    0412986507                           O            11/01/31
    0

    6264586          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.875          3,284.64         56
                                       6.625          3,284.64
    FESTUS           MO   63028          4            10/31/01         00
    0413021585                           03           12/01/01          0
    0413021585                           O            11/01/31
    0
1

    6264642          E22/G01             F          850,500.00         ZZ
                                         360        850,500.00          1
                                       7.000          5,658.40         70
                                       6.750          5,658.40
    HILLSBOROUGH     CA   94010          1            10/10/01         00
    0413093956                           05           12/01/01          0
    0413093956                           O            11/01/31
    0

    6264648          E22/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.000          2,075.74         90
                                       6.750          2,075.74
    CHICAGO          IL   60612          2            10/08/01         04
    0413095704                           05           12/01/01         25
    0413095704                           O            11/01/31
    0

    6264662          E22/G01             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.875          2,989.03         46
                                       6.625          2,989.03
    SONOMA           CA   95476          5            10/24/01         00
    0413099821                           05           12/01/01          0
    0413099821                           O            11/01/31
    0

    6264690          E22/G01             F          545,000.00         ZZ
                                         360        545,000.00          1
                                       6.875          3,580.26         76
                                       6.625          3,580.26
    BOSTON           MA   02118          2            10/26/01         00
    0413114331                           01           12/01/01          0
    0413114331                           O            11/01/31
    0

    6264700          E22/G01             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       7.000          1,490.28         76
                                       6.750          1,490.28
    LOS ANGELES      CA   90043          2            10/23/01         00
    0413119819                           05           12/01/01          0
    0413119819                           O            11/01/31
    0

    6264724          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
1

                                       6.750          2,179.29         80
                                       6.500          2,179.29
    YAKIMA           WA   98908          2            10/24/01         00
    0413128505                           05           12/01/01          0
    0413128505                           O            11/01/31
    0

    6264726          E22/G01             F          218,350.00         ZZ
                                         360        218,350.00          4
                                       7.375          1,508.09         70
                                       7.125          1,508.09
    DALLAS           TX   75208          2            10/26/01         00
    0413128877                           05           12/01/01          0
    0413128877                           O            11/01/31
    0

    6264738          E22/G01             F          370,400.00         ZZ
                                         360        370,400.00          1
                                       6.875          2,433.26         80
                                       6.625          2,433.26
    THOUSAND OAKS    CA   91362          1            10/25/01         00
    0413135153                           05           12/01/01          0
    0413135153                           O            11/01/31
    0

    6264742          E22/G01             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       6.625          2,215.48         79
                                       6.375          2,215.48
    WALLA WALLA      WA   99362          2            10/18/01         00
    0413136375                           05           12/01/01          0
    0413136375                           O            11/01/31
    0

    6264762          E22/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       7.250          3,649.64         70
                                       7.000          3,649.64
    FAIRFIELD        CA   94585          5            10/24/01         00
    0413141466                           03           12/01/01          0
    0413141466                           O            11/01/31
    0

    6264764          E22/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       6.875          2,542.31         79
                                       6.625          2,542.31
    HAYWARD          CA   94544          2            10/17/01         00
    0413142860                           05           12/01/01          0
1

    0413142860                           O            11/01/31
    0

    6264830          E22/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.000          2,448.31         80
                                       6.750          2,448.31
    WHEAT RIDGE      CO   80033          2            10/25/01         00
    0413165184                           05           12/01/01          0
    0413165184                           O            11/01/31
    0

    6264886          E22/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.875          2,233.56         65
                                       6.625          2,233.56
    HIGHLAND PARK    IL   60035          5            10/26/01         00
    0413181637                           05           12/01/01          0
    0413181637                           O            11/01/31
    0

    6264898          E22/G01             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.375          1,187.96         46
                                       7.125          1,187.96
    MARLBOROUGH      MA   01752          5            10/26/01         00
    0413184839                           05           12/01/01          0
    0413184839                           O            11/01/31
    0

    6264912          E22/G01             F          597,500.00         ZZ
                                         360        597,500.00          1
                                       6.750          3,875.37         15
                                       6.500          3,875.37
    MONTE SERENO     CA   95030          5            10/23/01         00
    0413186495                           05           12/01/01          0
    0413186495                           O            11/01/31
    0

    6264952          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.250          3,078.59         42
                                       6.000          3,078.59
    LOS GATOS        CA   95032          2            10/26/01         00
    0413196718                           05           12/01/01          0
    0413196718                           O            11/01/31
    0

1

    6264954          E22/G01             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       6.625          1,972.16         80
                                       6.375          1,972.16
    MOORPARK         CA   93021          1            10/26/01         00
    0413197021                           03           12/01/01          0
    0413197021                           O            11/01/31
    0

    6264958          E22/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       6.750          2,581.42         60
                                       6.500          2,581.42
    DUBLIN           CA   94568          2            10/23/01         00
    0413197419                           03           12/01/01          0
    0413197419                           O            11/01/31
    0

    6265034          E22/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.125          2,667.93         80
                                       6.875          2,667.93
    SAN DIEGO        CA   92129          2            10/26/01         00
    0413217290                           05           12/01/01          0
    0413217290                           O            11/01/31
    0

    6265446          F28/G01             F          359,500.00         ZZ
                                         360        358,712.51          1
                                       7.125          2,422.02         71
                                       6.875          2,422.02
    SAVAGE           MN   55378          1            10/04/01         00
    0433327798                           05           11/01/01          0
    7381165                              O            10/01/31
    0

    6265508          F28/G01             F          335,000.00         T
                                         360        334,725.41          1
                                       7.000          2,228.76         56
                                       6.750          2,228.76
    LUDLOW           VT   05149          2            09/24/01         00
    0433312477                           01           11/01/01          0
    7381496                              O            10/01/31
    0

    6265594          F28/G01             F          283,500.00         ZZ
                                         360        283,289.61          1
                                       7.500          1,982.27         90
                                       7.250          1,982.27
1

    ORANGEBURG       NY   10962          1            09/28/01         11
    0433316734                           05           11/01/01         25
    7336946                              O            10/01/31
    0

    6265780          F28/G01             F          340,000.00         ZZ
                                         360        339,728.11          1
                                       7.125          2,290.64         67
                                       6.875          2,290.64
    BURBANK          CA   91504          5            09/19/01         00
    0433317443                           05           11/01/01          0
    7528734                              O            10/01/31
    0

    6265838          F28/G01             F          649,900.00         ZZ
                                         360        649,900.00          1
                                       7.125          4,378.50         75
                                       6.875          4,378.50
    FENTON           MO   63026          1            10/05/01         00
    0433330719                           05           12/01/01          0
    7529138                              O            11/01/31
    0

    6265900          F28/G01             F          487,500.00         T
                                         360        487,500.00          1
                                       7.375          3,367.04         76
                                       7.125          3,367.04
    KENNEBUNK        ME   04043          1            10/15/01         00
    0433316262                           05           12/01/01          0
    7346087                              O            11/01/31
    0

    6265994          F28/G01             F          466,200.00         ZZ
                                         360        465,788.68          1
                                       6.625          2,985.13         80
                                       6.375          2,985.13
    GLEN MILLS       PA   19342          1            09/18/01         00
    0433317583                           03           11/01/01          0
    7384209                              O            10/01/31
    0

    6266064          F28/G01             F          342,000.00         ZZ
                                         360        341,733.21          1
                                       7.250          2,333.04         70
                                       7.000          2,333.04
    SAN RAMON        CA   94583          2            09/30/01         00
    0433317336                           05           11/01/01          0
    7534997                              O            10/01/31
    0
1

    6266276          F28/G01             F          300,000.00         ZZ
                                         360        299,741.69          1
                                       6.750          1,945.79         47
                                       6.500          1,945.79
    NEWPORT BEACH    CA   92625          1            09/18/01         00
    0433312873                           03           11/01/01          0
    7352281                              O            10/01/31
    0

    6266682          F28/G01             F          634,900.00         ZZ
                                         360        634,366.59          1
                                       6.875          4,170.84         69
                                       6.625          4,170.84
    SHOREWOOD        MN   55331          5            09/07/01         00
    0433312915                           05           11/01/01          0
    7353875                              O            10/01/31
    0

    6266958          F28/G01             F          352,000.00         ZZ
                                         360        351,488.83          1
                                       7.625          2,491.43         80
                                       7.375          2,491.43
    DOBBS FERRY      NY   10522          1            08/21/01         00
    0433311875                           05           10/01/01          0
    6739086                              O            09/01/31
    0

    6267284          F28/G01             F          295,000.00         ZZ
                                         360        294,811.89          1
                                       8.250          2,216.24         77
                                       8.000          2,216.24
    ISLAND HEIGHTS   NJ   08732          2            09/18/01         00
    0433313731                           05           11/01/01          0
    6715407                              O            10/01/31
    0

    6267536          F28/G01             F          343,200.00         ZZ
                                         360        342,938.85          1
                                       7.375          2,370.40         80
                                       7.125          2,370.40
    WHITE PLAINS     NY   10605          1            09/28/01         00
    0433302585                           05           11/01/01          0
    7325461                              O            10/01/31
    0

    6269626          F28/G01             F          299,650.00         ZZ
                                         360        298,392.21          1
1

                                       7.875          2,172.67         78
                                       7.625          2,172.67
    SEATTLE          WA   98177          2            04/18/01         00
    0433339272                           05           06/01/01          0
    6638692                              O            05/01/31
    0

    6269916          F28/G01             F          363,750.00         ZZ
                                         360        363,750.00          1
                                       6.750          2,359.28         75
                                       6.500          2,359.28
    CINCINNATI       OH   45208          5            10/03/01         00
    0433301074                           05           12/01/01          0
    7526944                              O            11/01/31
    0

    6270002          956/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.875          2,253.27         67
                                       6.625          2,253.27
    SAN BRUNO        CA   94066          5            10/16/01         00
    0433344629                           05           12/01/01          0
    811100150                            O            11/01/31
    0

    6270448          F28/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       7.250          2,837.85         80
                                       7.000          2,837.85
    SAN DIEGO        CA   92129          1            10/04/01         00
    0433308657                           05           12/01/01          0
    7526599                              O            11/01/31
    0

    6270740          F28/G01             F          318,750.00         ZZ
                                         360        318,750.00          1
                                       7.250          2,174.44         75
                                       7.000          2,174.44
    ISSAQUAH         WA   98027          5            10/04/01         00
    0433302015                           05           12/01/01          0
    7525971                              O            11/01/31
    0

    6270852          F28/G01             F          394,250.00         ZZ
                                         360        393,648.16          1
                                       7.375          2,722.99         95
                                       7.125          2,722.99
    SILVERTHORNE     CO   80498          1            08/17/01         10
    0433339298                           03           10/01/01         30
1

    7261621                              O            09/01/31
    0

    6271298          F28/G01             F          301,000.00         ZZ
                                         360        300,653.27          1
                                       7.000          2,002.56         88
                                       6.750          2,002.56
    RAMONA           CA   92065          2            09/24/01         10
    0433308798                           03           11/01/01         25
    7524749                              O            10/01/31
    0

    6271490          F28/G01             F          377,000.00         ZZ
                                         360        376,705.91          1
                                       7.250          2,571.80         76
                                       7.000          2,571.80
    WYNNEWOOD        PA   19096          2            09/24/01         00
    0433316742                           05           11/01/01          0
    7341771                              O            10/01/31
    0

    6271584          F28/G01             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       6.875          3,481.72         71
                                       6.625          3,481.72
    BOULDER          CO   80304          1            10/15/01         00
    0433335759                           05           12/01/01          0
    7555176                              O            11/01/31
    0

    6272072          F28/G01             F          359,300.00         T
                                         360        359,026.60          1
                                       7.375          2,481.60         80
                                       7.125          2,481.60
    THREE RIVERS     MI   49093          2            09/10/01         00
    0433301306                           05           11/01/01          0
    7327846                              O            10/01/31
    0

    6272874          F28/G01             F          353,258.00         ZZ
                                         360        352,982.43          1
                                       7.250          2,409.84         80
                                       7.000          2,409.84
    NORTH PALM BEAC  FL   33408          1            09/28/01         00
    0433327889                           03           11/01/01          0
    7523543                              O            10/01/31
    0

1

    6273928          F28/G01             F          483,000.00         T
                                         360        483,000.00          1
                                       7.375          3,335.96         52
                                       7.125          3,335.96
    KEYSTONE         CO   80435          2            10/09/01         00
    0433309119                           01           12/01/01          0
    7573987                              O            11/01/31
    0

    6275934          076/076             F          323,000.00         ZZ
                                         360        322,760.29          1
                                       7.500          2,258.46         84
                                       7.250          2,258.46
    CANTON           MI   48188          2            09/20/01         11
    0221562                              05           11/01/01         25
    0221562                              O            10/01/31
    0

    6275936          076/076             F          500,000.00         ZZ
                                         360        499,600.15          1
                                       7.125          3,368.60         52
                                       6.875          3,368.60
    SEATTLE          WA   98177          1            09/12/01         00
    0406971                              05           11/01/01          0
    0406971                              O            10/01/31
    0

    6275938          076/076             F          320,007.00         ZZ
                                         360        320,007.00          1
                                       7.125          2,155.95         65
                                       6.875          2,155.95
    WALL             NJ   08736          5            10/09/01         00
    0420444                              05           12/01/01          0
    0420444                              O            11/01/31
    0

    6275940          076/076             F          430,000.00         ZZ
                                         360        429,672.80          1
                                       7.375          2,969.91         80
                                       7.125          2,969.91
    OMAHA            NE   68142          2            10/01/01         00
    0430077                              05           11/01/01          0
    0430077                              O            10/01/31
    0

    6275942          076/076             F          327,200.00         ZZ
                                         360        326,951.03          1
                                       7.375          2,259.89         90
                                       7.125          2,259.89
1

    OMAHA            NE   68135          1            09/17/01         12
    0817841                              03           11/01/01         25
    0817841                              O            10/01/31
    0

    6275944          076/076             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.250          2,217.08         80
                                       7.000          2,217.08
    GRAND RAPIDS     MI   49546          2            10/03/01         00
    1249398                              05           12/01/01          0
    1249398                              O            11/01/31
    0

    6275950          076/076             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.625          2,406.50         80
                                       7.375          2,406.50
    NORTH MASSAPEQU  NY   11758          1            10/10/01         00
    1738030                              05           12/01/01          0
    1738030                              O            11/01/31
    0

    6275952          076/076             F          425,000.00         ZZ
                                         360        424,642.95          1
                                       6.875          2,791.95         36
                                       6.625          2,791.95
    LOVELAND         CO   80538          2            09/28/01         00
    1770082                              03           11/01/01          0
    1770082                              O            10/01/31
    0

    6275964          076/076             F          468,400.00         ZZ
                                         360        468,085.72          1
                                       8.000          3,436.95         79
                                       7.750          3,436.95
    SAN DIEGO        CA   92130          2            09/11/01         00
    5775294                              05           11/01/01          0
    5775294                              O            10/01/31
    0

    6275966          076/076             F          495,000.00         ZZ
                                         360        494,632.64          1
                                       7.500          3,461.11         64
                                       7.250          3,461.11
    SPRINGFIELD      MO   65809          2            09/24/01         00
    5831135                              05           11/01/01          0
    5831135                              O            10/01/31
    0
1

    6275968          076/076             F          336,000.00         ZZ
                                         360        335,744.33          1
                                       7.375          2,320.67         80
                                       7.125          2,320.67
    PONTE VEDRA BEA  FL   32082          2            09/19/01         00
    7084218                              03           11/01/01          0
    7084218                              O            10/01/31
    0

    6275970          076/076             F          490,000.00         ZZ
                                         360        489,627.15          1
                                       7.375          3,384.31         73
                                       7.125          3,384.31
    RICHFIELD        WI   53076          2            09/26/01         00
    7110464                              05           11/01/01          0
    7110464                              O            10/01/31
    0

    6276658          F28/G01             F          330,000.00         ZZ
                                         360        329,736.11          1
                                       7.125          2,223.27         71
                                       6.875          2,223.27
    YORKTOWN HEIGHT  NY   10598          1            09/21/01         00
    0433305737                           05           11/01/01          0
    7259991                              O            10/01/31
    0

    6277282          F28/G01             F          341,000.00         ZZ
                                         360        340,528.08          1
                                       7.875          2,472.49         65
                                       7.625          2,472.49
    REDWOOD CITY     CA   94061          5            08/07/01         00
    0433316882                           03           10/01/01          0
    7267663                              O            09/01/31
    0

    6277284          F28/G01             F          412,000.00         ZZ
                                         360        411,122.00          1
                                       7.750          2,951.62         80
                                       7.500          2,951.62
    NAPA             CA   94558          1            07/25/01         00
    0433316858                           05           09/01/01          0
    7242019                              O            08/01/31
    0

    6278044          F28/G01             F          432,000.00         ZZ
                                         360        431,654.54          1
1

                                       7.125          2,910.46         80
                                       6.875          2,910.46
    JERICHO          NY   11753          1            09/24/01         00
    0433304821                           05           11/01/01          0
    7271737                              O            10/01/31
    0

    6279144          A06/G01             F          329,000.00         ZZ
                                         360        329,000.00          1
                                       6.875          2,161.30         64
                                       6.625          2,161.30
    FARMINGTON HILL  MI   48331          2            10/19/01         00
    0433312840                           01           12/01/01          0
    1000020106896                        O            11/01/31
    0

    6279996          F28/G01             F          457,300.00         ZZ
                                         360        456,915.81          1
                                       6.875          3,004.14         61
                                       6.625          3,004.14
    TORRANCE         CA   90505          2            09/17/01         00
    0433304607                           05           11/01/01          0
    7386008                              O            10/01/31
    0

    6280164          F28/G01             F          400,000.00         ZZ
                                         360        399,680.13          1
                                       7.125          2,694.87         80
                                       6.875          2,694.87
    MINNETONKA       MN   55345          2            09/25/01         00
    0433311354                           05           11/01/01          0
    7516200                              O            10/01/31
    0

    6280452          F28/G01             F          650,000.00         T
                                         360        649,480.21          1
                                       7.125          4,379.17         47
                                       6.875          4,379.17
    BALD HEAD ISLAN  NC   28461          2            09/14/01         00
    0433334109                           05           11/01/01          0
    7385085                              O            10/01/31
    0

    6280948          F28/G01             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         75
                                       6.750          2,661.21
    GLENDORA         CA   91741          1            09/26/01         00
    0433313681                           05           11/01/01          0
1

    7514395                              O            10/01/31
    0

    6281388          F28/G01             F          374,000.00         T
                                         360        373,162.08          1
                                       7.500          2,615.07         80
                                       7.250          2,615.07
    HOLDEN BEACH     NC   28462          1            08/03/01         00
    0433339314                           05           09/01/01          0
    7243207                              O            08/01/31
    0

    6281536          F28/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       7.250          2,783.28         80
                                       7.000          2,783.28
    MANHASSET HILLS  NY   11040          1            10/12/01         00
    0433308970                           05           12/01/01          0
    7177134                              O            11/01/31
    0

    6283240          696/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.750          2,587.91         80
                                       6.500          2,587.91
    LEESBURG         VA   20176          1            10/31/01         00
    0433311222                           03           12/01/01          0
    24501037                             O            11/01/31
    0

    6283242          696/G01             F          322,200.00         ZZ
                                         360        322,200.00          1
                                       6.875          2,116.62         90
                                       6.625          2,116.62
    WASHINGTON       DC   20009          1            10/29/01         12
    0433311149                           01           12/01/01         25
    32601285                             O            11/01/31
    0

    6283248          696/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.750          2,399.81         72
                                       6.500          2,399.81
    ROCKVILLE        MD   20853          5            10/26/01         00
    0433310976                           05           12/01/01          0
    30301182                             O            11/01/31
    0

1

    6283406          F28/G01             F          400,000.00         ZZ
                                         360        399,687.96          2
                                       7.250          2,728.71         80
                                       7.000          2,728.71
    CHICAGO          IL   60640          1            09/20/01         00
    0433304011                           05           11/01/01          0
    7386842                              O            10/01/31
    0

    6283808          F28/G01             F          337,700.00         ZZ
                                         360        337,429.94          1
                                       7.125          2,275.15         76
                                       6.875          2,275.15
    IRVINE           CA   92602          2            09/18/01         00
    0433333937                           01           11/01/01          0
    7385697                              O            10/01/31
    0

    6284430          F28/G01             F          500,000.00         ZZ
                                         360        499,217.55          1
                                       7.250          3,410.88         56
                                       7.000          3,410.88
    MINNEAPOLIS      MN   55409          1            08/16/01         00
    0433303682                           05           10/01/01          0
    7251234                              O            09/01/31
    0

    6284786          F28/G01             F          330,000.00         ZZ
                                         360        329,755.09          1
                                       7.500          2,307.41         40
                                       7.250          2,307.41
    RICHMOND         VA   23226          2            09/27/01         00
    0433303286                           05           11/01/01          0
    7511811                              O            10/01/31
    0

    6291762          F28/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.000          2,182.20         77
                                       6.750          2,182.20
    ROSEWELL         GA   30076          2            10/09/01         00
    0433312972                           03           12/01/01          0
    7499894                              O            11/01/31
    0

    6292146          F28/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.250          2,558.16         69
                                       7.000          2,558.16
1

    FREEHOLD         NJ   07728          5            10/02/01         00
    0433303633                           05           12/01/01          0
    7482235                              O            11/01/31
    0

    6292282          F28/G01             F          403,200.00         ZZ
                                         360        403,200.00          1
                                       7.125          2,716.44         80
                                       6.875          2,716.44
    FRANKLIN         MI   48025          1            10/10/01         00
    0433303799                           05           12/01/01          0
    7480205                              O            11/01/31
    0

    6292570          F28/G01             F          358,700.00         ZZ
                                         360        358,427.06          1
                                       7.375          2,477.45         69
                                       7.125          2,477.45
    AURORA           CO   80012          2            10/01/01         00
    0433302999                           05           11/01/01          0
    7509635                              O            10/01/31
    0

    6293846          M45/G01             F          359,900.00         ZZ
                                         360        359,900.00          1
                                       6.875          2,364.29         90
                                       6.625          2,364.29
    EVERGREEN        CO   80439          1            10/22/01         04
    0433313939                           03           12/01/01         25
    A0291792                             O            11/01/31
    0

    6293872          M45/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.875          3,941.58         66
                                       6.625          3,941.58
    SACRAMENTO       CA   95819          2            10/10/01         00
    0433314960                           05           12/01/01          0
    A0299491                             O            11/01/31
    0

    6294456          M45/G01             F          404,500.00         ZZ
                                         360        404,500.00          1
                                       6.875          2,657.28         66
                                       6.625          2,657.28
    BELLE MEAD       NJ   08502          2            10/20/01         00
    0433310521                           05           12/01/01          0
    A0301096                             O            11/01/31
    0
1

    6295054          M45/G01             F          634,000.00         ZZ
                                         360        633,505.42          1
                                       7.250          4,325.00         64
                                       7.000          4,325.00
    OMAHA            NE   68114          2            09/17/01         00
    0433310729                           03           11/01/01          0
    A0283627                             O            10/01/31
    0

    6295498          M45/G01             F          407,000.00         ZZ
                                         360        407,000.00          1
                                       6.750          2,639.80         55
                                       6.500          2,639.80
    LOS ANGELES      CA   90034          2            10/02/01         00
    0433310935                           05           12/01/01          0
    A0296802                             O            11/01/31
    0

    6296396          M45/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.750          2,594.40         62
                                       6.500          2,594.40
    SAN DIEGO        CA   92109          5            10/12/01         00
    0433311156                           05           12/01/01          0
    A0298557                             O            11/01/31
    0

    6298714          M45/G01             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       6.875          2,483.20         90
                                       6.625          2,483.20
    BRANCHBURG TOWN  NJ   08853          1            10/16/01         11
    0433318540                           05           12/01/01         25
    A0284419                             O            11/01/31
    0

    6299094          M45/G01             F          407,000.00         ZZ
                                         360        407,000.00          1
                                       6.875          2,673.71         72
                                       6.625          2,673.71
    SAN JOSE         CA   95129          5            10/05/01         00
    0433310828                           05           12/01/01          0
    A0294256                             O            11/01/31
    0

    6299396          M45/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
1

                                       7.000          3,492.84         66
                                       6.750          3,492.84
    SKILLMAN         NJ   08558          5            10/19/01         00
    0433309838                           05           12/01/01          0
    A0300393                             O            11/01/31
    0

    6299882          M45/G01             F          528,000.00         ZZ
                                         360        528,000.00          1
                                       7.125          3,557.24         80
                                       6.875          3,557.24
    GLENDALE         CA   91206          1            10/01/01         00
    0433310075                           03           12/01/01          0
    A0290076                             O            11/01/31
    0

    6300352          M45/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       6.750          2,360.90         70
                                       6.500          2,360.90
    DALY CITY        CA   94014          5            10/05/01         00
    0433314457                           05           12/01/01          0
    A0297587                             O            11/01/31
    0

    6300586          R88/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         75
                                       7.000          4,434.15
    SEVERNA PARK     MD   21146          4            10/12/01         00
    0433321874                           03           12/01/01          0
    1282096                              O            11/01/31
    0

    6300602          M45/G01             F          335,000.00         ZZ
                                         360        334,738.66          1
                                       7.250          2,285.30         39
                                       7.000          2,285.30
    SAN JOSE         CA   95125          2            09/17/01         00
    0433310380                           05           11/01/01          0
    A0295229                             O            10/01/31
    0

    6300778          M45/G01             F          310,000.00         ZZ
                                         360        309,775.62          1
                                       7.625          2,194.17         39
                                       7.375          2,194.17
    FREMONT          CA   94539          2            09/18/01         00
    0433314812                           05           11/01/01          0
1

    A0293117                             O            10/01/31
    0

    6301040          M45/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.500          1,959.42         69
                                       6.250          1,959.42
    FREMONT          CA   94538          2            10/08/01         00
    0433313509                           09           12/01/01          0
    A0297650                             O            11/01/31
    0

    6302090          M45/G01             F          552,000.00         ZZ
                                         360        552,000.00          1
                                       7.000          3,672.47         66
                                       6.750          3,672.47
    PLEASANTON       CA   94566          5            10/17/01         00
    0433314101                           05           12/01/01          0
    A0299814                             O            11/01/31
    0

    6302506          M45/G01             F          305,500.00         ZZ
                                         360        305,500.00          1
                                       7.500          2,136.11         89
                                       7.250          2,136.11
    PLANO            TX   75024          2            10/05/01         04
    0433311743                           03           12/01/01         25
    A0298002                             O            11/01/31
    0

    6302610          M45/G01             F          410,000.00         ZZ
                                         360        409,655.55          1
                                       6.875          2,693.41         46
                                       6.625          2,693.41
    LAFAYETTE        CA   94549          2            09/19/01         00
    0433313830                           05           11/01/01          0
    A0293105                             O            10/01/31
    0

    6303498          M45/G01             F          382,500.00         ZZ
                                         360        382,500.00          1
                                       7.125          2,576.98         75
                                       6.875          2,576.98
    GRANITE BAY      CA   95746          5            10/11/01         00
    0433311883                           05           12/01/01          0
    A0295145                             O            11/01/31
    0

1

    6306916          M45/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       6.750          4,151.03         54
                                       6.500          4,151.03
    LOS ALTOS        CA   94022          2            10/09/01         00
    0433318367                           05           12/01/01          0
    A0298585                             O            11/01/31
    0

    6307208          M45/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         68
                                       6.625          2,627.72
    CASTRO VALLEY    CA   94552          5            10/16/01         00
    0433309705                           05           12/01/01          0
    A0298187                             O            11/01/31
    0

    6307418          M45/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.125          4,379.18         71
                                       6.875          4,379.18
    LAFAYETTE        CA   94549          2            10/12/01         00
    0433332558                           03           12/01/01          0
    A0299817                             O            11/01/31
    0

    6307650          M45/G01             F          410,000.00         ZZ
                                         360        409,655.55          1
                                       6.875          2,693.41         61
                                       6.625          2,693.41
    OAKLAND          CA   94618          5            09/18/01         00
    0433313301                           05           11/01/01          0
    A0295668                             O            10/01/31
    0

    6307710          M45/G01             F          463,500.00         ZZ
                                         360        463,110.60          1
                                       6.875          3,044.87         41
                                       6.625          3,044.87
    NEWPORT BEACH    CA   92660          2            09/21/01         00
    0433312659                           05           11/01/01          0
    A0297745                             O            10/01/31
    0

    6308002          M45/G01             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.750          3,210.57         72
                                       6.500          3,210.57
1

    MORGAN HILL      CA   95037          1            10/03/01         00
    0433309879                           05           12/01/01          0
    A0293005                             O            11/01/31
    0

    6308362          M45/G01             F          452,500.00         ZZ
                                         360        452,500.00          1
                                       6.875          2,972.61         56
                                       6.625          2,972.61
    PLEASANTON       CA   94566          2            10/17/01         00
    0433312808                           05           12/01/01          0
    A0302959                             O            11/01/31
    0

    6308476          M45/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.750          3,761.87         38
                                       6.500          3,761.87
    NEW HOPE         PA   18938          2            10/04/01         00
    0433315934                           05           12/01/01          0
    A0292643                             O            11/01/31
    0

    6308906          M45/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         35
                                       6.625          4,270.04
    PACIFIC PALISAD  CA   90272          2            10/08/01         00
    0433313129                           03           12/01/01          0
    A0286716                             O            11/01/31
    0

    6309068          M45/G01             F          377,000.00         ZZ
                                         360        377,000.00          1
                                       6.875          2,476.63         70
                                       6.625          2,476.63
    ESCONDIDO        CA   92027          5            10/17/01         00
    0433311321                           09           12/01/01          0
    A0297638                             O            11/01/31
    0

    6309534          M45/G01             F          337,300.00         ZZ
                                         360        337,300.00          1
                                       7.125          2,272.46         45
                                       6.875          2,272.46
    BOULDER          CO   80303          2            10/10/01         00
    0433313699                           03           12/01/01          0
    A0294347                             O            11/01/31
    0
1

    6309910          M45/G01             F          325,000.00         ZZ
                                         360        324,733.59          1
                                       7.000          2,162.24         55
                                       6.750          2,162.24
    NESHANIC STATIO  NJ   08853          2            09/24/01         00
    0433313764                           05           11/01/01          0
    A0294196                             O            10/01/31
    0

    6309972          M45/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.10         53
                                       6.500          2,270.10
    MILL VALLEY      CA   94941          5            10/01/01         00
    0433312881                           05           12/01/01          0
    A0297995                             O            11/01/31
    0

    6310088          M45/G01             F          515,000.00         ZZ
                                         360        514,588.15          1
                                       7.125          3,469.66         80
                                       6.875          3,469.66
    WASHINGTON       DC   20009          2            09/28/01         00
    0433314549                           07           11/01/01          0
    A0295218                             O            10/01/31
    0

    6310378          M45/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.000          1,995.91         72
                                       6.750          1,995.91
    HIGHLANDS RANCH  CO   80126          5            10/09/01         00
    0433314648                           03           12/01/01          0
    A0300513                             O            11/01/31
    0

    6311160          M45/G01             F          411,500.00         ZZ
                                         360        411,500.00          1
                                       6.750          2,668.99         73
                                       6.500          2,668.99
    HOLLYWOOD        MD   20636          2            10/19/01         00
    0433304946                           05           12/01/01          0
    A0299660                             O            11/01/31
    0

    6311376          M45/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
1

                                       6.875          2,759.11         70
                                       6.625          2,759.11
    OJAI             CA   93023          5            10/04/01         00
    0433304987                           05           12/01/01          0
    A0295004                             O            11/01/31
    0

    6312074          M45/G01             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       7.000          3,093.66         65
                                       6.750          3,093.66
    HINSDALE         IL   60521          2            10/11/01         00
    0433312568                           05           12/01/01          0
    A0299018                             O            11/01/31
    0

    6312176          M45/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.750          3,567.29         37
                                       6.500          3,567.29
    SOQUEL           CA   95073          5            10/03/01         00
    0433319035                           03           12/01/01          0
    A025912                              O            11/01/31
    0

    6312500          M45/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.750          2,594.40         55
                                       6.500          2,594.40
    LOS ALTOS        CA   94022          2            10/12/01         00
    0433314606                           05           12/01/01          0
    A0299739                             O            11/01/31
    0

    6313762          956/G01             F          310,500.00         ZZ
                                         360        310,500.00          1
                                       7.125          2,091.90         73
                                       6.875          2,091.90
    SOUTH RIDING     VA   20152          2            10/19/01         00
    0433322799                           03           12/01/01          0
    4411100017                           O            11/01/31
    0

    6313972          M45/G01             F          422,200.00         ZZ
                                         360        421,870.64          1
                                       7.250          2,880.15         79
                                       7.000          2,880.15
    MALIBU           CA   90265          2            09/27/01         00
    0433312964                           03           11/01/01          0
1

    A0290363                             O            10/01/31
    0

    6314502          M45/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.500          2,654.69         80
                                       6.250          2,654.69
    HARDYSTON TOWNS  NJ   07460          1            10/11/01         00
    0433318755                           05           12/01/01          0
    A0288286                             O            11/01/31
    0

    6315344          M45/G01             F          286,500.00         ZZ
                                         360        286,265.15          1
                                       7.000          1,906.10         58
                                       6.750          1,906.10
    CHATHAM          NJ   07928          2            09/27/01         00
    0433316817                           05           11/01/01          0
    A0298321                             O            10/01/31
    0

    6319690          E22/G01             F          860,000.00         ZZ
                                         360        860,000.00          1
                                       6.750          5,577.94         67
                                       6.500          5,577.94
    LOS ANGELES      CA   90049          2            10/26/01         00
    0413154774                           05           12/01/01          0
    0413154774                           O            11/01/31
    0

    6319728          E22/G01             F          493,500.00         ZZ
                                         360        493,500.00          1
                                       7.000          3,283.27         70
                                       6.750          3,283.27
    WAILUKU          HI   96793          1            10/29/01         00
    0413173998                           03           12/01/01          0
    0413173998                           O            11/01/31
    0

    6319794          E22/G01             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       7.375          1,181.05         90
                                       7.125          1,181.05
    ORANGEVALE       CA   95662          2            10/26/01         01
    0413213364                           05           12/01/01         25
    0413213364                           O            11/01/31
    0

1

    6319826          E22/G01             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.125          1,024.05         95
                                       6.875          1,024.05
    ELGIN            IL   60120          1            11/02/01         04
    0413221441                           05           12/01/01         30
    0413221441                           O            11/01/31
    0

    6320354          F99/G01             F          303,200.00         ZZ
                                         360        303,200.00          1
                                       6.750          1,966.55         80
                                       6.500          1,966.55
    NORWALK          CT   06854          1            10/19/01         00
    0433334323                           05           12/01/01          0
    4702169221                           O            11/01/31
    0

    6320562          F99/G01             F          400,000.00         T
                                         360        399,703.14          1
                                       7.500          2,796.86         61
                                       7.250          2,796.86
    WESTPORT         MA   02790          2            09/25/01         00
    0433334331                           05           11/01/01          0
    4702160592                           O            10/01/31
    0

    6321098          M45/G01             F          516,000.00         ZZ
                                         360        516,000.00          1
                                       7.000          3,432.97         59
                                       6.750          3,432.97
    LAFAYETTE        CO   80026          5            10/17/01         00
    0433317799                           05           12/01/01          0
    A0297766                             O            11/01/31
    0

    6321256          M45/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       6.875          4,204.35         52
                                       6.625          4,204.35
    REDWOOD CITY     CA   94062          2            10/18/01         00
    0433317104                           05           12/01/01          0
    A0296162                             O            11/01/31
    0

    6321370          M45/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       6.750          2,659.26         46
                                       6.500          2,659.26
1

    SAN MATEO        CA   94403          2            10/03/01         00
    0433311917                           05           12/01/01          0
    A0298887                             O            11/01/31
    0

    6321414          M45/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.500          2,097.65         69
                                       7.250          2,097.65
    ROWLAND HEIGHTS  CA   91748          5            10/03/01         00
    0433316932                           05           12/01/01          0
    A0298745                             O            11/01/31
    0

    6321976          M45/G01             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       6.750          3,061.39         80
                                       6.500          3,061.39
    LA CANADA FLINT  CA   91011          1            10/04/01         00
    0433313228                           05           12/01/01          0
    A0289803                             O            11/01/31
    0

    6322084          M45/G01             F          418,000.00         ZZ
                                         360        418,000.00          1
                                       6.750          2,711.15         34
                                       6.500          2,711.15
    SARATOGA         CA   95070          2            10/15/01         00
    0433312709                           05           12/01/01          0
    A0300804                             O            11/01/31
    0

    6322170          M45/G01             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       7.250          2,360.33         68
                                       7.000          2,360.33
    SOUTH PASADENA   CA   91030          2            10/04/01         00
    0433312550                           05           12/01/01          0
    A0297779                             O            11/01/31
    0

    6322330          M45/G01             F          350,000.00         ZZ
                                         360        349,705.95          1
                                       6.875          2,299.26         52
                                       6.625          2,299.26
    SANTA BABARA     CA   93105          5            09/28/01         00
    0433313608                           05           11/01/01          0
    A0297643                             O            10/01/31
    0
1

    6322530          M45/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         74
                                       7.000          2,046.53
    ALAMEDA          CA   94501          5            10/01/01         00
    0433313277                           05           12/01/01          0
    A0292598                             O            11/01/31
    0

    6322726          W93/G01             F          357,750.00         ZZ
                                         360        357,750.00          1
                                       6.750          2,320.36         75
                                       6.500          2,320.36
    PORTLAND         OR   97212          5            10/08/01         00
    0433338092                           05           12/01/01          0
    37311110                             O            11/01/31
    0

    6327252          W93/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.250          4,093.05         78
                                       7.000          4,093.05
    APTOS            CA   95003          1            10/17/01         00
    0433337961                           05           12/01/01          0
    17354961                             O            11/01/31
    0

    6330686          W93/G01             F          285,500.00         ZZ
                                         360        285,500.00          1
                                       7.000          1,899.44         80
                                       6.750          1,899.44
    TEMECULA         CA   92592          2            10/08/01         00
    0433337979                           05           12/01/01          0
    67335113                             O            11/01/31
    0

    6331328          W93/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.000          2,474.93         80
                                       6.750          2,474.93
    SAN JOSE         CA   95123          1            09/28/01         00
    0433337797                           05           12/01/01          0
    20299916                             O            11/01/31
    0

    6331514          L20/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
1

                                       7.000          2,494.88         75
                                       6.750          2,494.88
    BOISE            ID   83703          5            10/19/01         00
    0433340148                           05           12/01/01          0
    705065                               O            11/01/31
    0

    6332524          W93/G01             F          374,500.00         ZZ
                                         360        374,500.00          1
                                       6.875          2,460.20         78
                                       6.625          2,460.20
    THOUSAND OAKS    CA   91362          2            10/04/01         00
    0433337938                           05           12/01/01          0
    25302333                             O            11/01/31
    0

    6333014          W93/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       7.000          3,559.37         70
                                       6.750          3,559.37
    TRES PINOS       CA   95075          5            10/02/01         00
    0433337821                           03           12/01/01          0
    20299833                             O            11/01/31
    0

    6334378          W93/G01             F          428,800.00         ZZ
                                         360        428,800.00          1
                                       6.875          2,816.91         74
                                       6.625          2,816.91
    ROCKLIN          CA   95677          2            10/03/01         00
    0433338100                           05           12/01/01          0
    21301868                             O            11/01/31
    0

    6334722          W93/G01             F          448,000.00         T
                                         360        448,000.00          1
                                       6.875          2,943.04         80
                                       6.625          2,943.04
    LAKE ARROWHEAD   CA   92352          1            10/03/01         00
    0433337920                           05           12/01/01          0
    04295247                             O            11/01/31
    0

    6335850          W93/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.750          2,698.17         80
                                       6.500          2,698.17
    OAKLAND          CA   94610          1            10/10/01         00
    0433338068                           05           12/01/01          0
1

    21301821                             O            11/01/31
    0

    6336490          696/G01             F          334,800.00         ZZ
                                         360        334,800.00          1
                                       6.750          2,171.51         80
                                       6.500          2,171.51
    VIENNA           VA   22182          1            10/31/01         00
    0433334620                           09           12/01/01          0
    24501149                             O            11/01/31
    0

    6336492          696/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.000          2,368.48         80
                                       6.750          2,368.48
    WASHINGTON       DC   20008          1            10/30/01         00
    0433335866                           08           12/01/01          0
    32601257                             O            11/01/31
    0

    6336498          696/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       7.000          4,257.94         80
                                       6.750          4,257.94
    WASHINGTON       DC   20008          2            10/31/01         00
    0433330495                           05           12/01/01          0
    10001054                             O            11/01/31
    0

    6344296          696/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
    WOODBRIDGE       VA   22193          1            10/29/01         00
    0433330412                           03           12/01/01          0
    30101211                             O            11/01/31
    0

    6344300          696/G01             F          411,800.00         ZZ
                                         360        411,800.00          1
                                       6.875          2,705.23         80
                                       6.625          2,705.23
    LAYTONSVILLE     MD   20882          1            10/31/01         00
    0433333952                           03           12/01/01          0
    30501185                             O            11/01/31
    0

1

    6345076          E22/G01             F          500,500.00         ZZ
                                         360        500,500.00          1
                                       6.875          3,287.93         65
                                       6.625          3,287.93
    KIRKLAND         WA   98033          2            10/25/01         00
    0413107186                           05           12/01/01          0
    0413107186                           O            11/01/31
    0

    6345134          E22/G01             F          774,200.00         ZZ
                                         360        774,200.00          1
                                       6.875          5,085.94         60
                                       6.625          5,085.94
    AUSTIN           TX   78733          2            10/29/01         00
    0413142423                           05           12/01/01          0
    0413142423                           O            11/01/31
    0

    6345226          E22/G01             F          553,000.00         ZZ
                                         360        553,000.00          1
                                       6.750          3,586.75         66
                                       6.500          3,586.75
    LAGUNA BEACH     CA   92651          2            10/26/01         00
    0413187154                           05           12/01/01          0
    0413187154                           O            11/01/31
    0

    6345230          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.750          2,179.29         79
                                       6.500          2,179.29
    BEAVERCREEK      OH   45434          2            10/31/01         00
    0413187444                           05           12/01/01          0
    0413187444                           O            11/01/31
    0

    6345232          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.875          3,416.03         80
                                       6.625          3,416.03
    CLARKSTON        MI   48348          2            10/31/01         00
    0413187865                           05           12/01/01          0
    0413187865                           O            11/01/31
    0

    6345244          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.875          2,207.28         78
                                       6.625          2,207.28
1

    FARMINGTON HILL  MI   48334          2            10/30/01         00
    0413194358                           05           12/01/01          0
    0413194358                           O            11/01/31
    0

    6345250          E22/G01             F          375,500.00         ZZ
                                         360        375,500.00          1
                                       6.750          2,435.49         69
                                       6.500          2,435.49
    KIRKLAND         WA   98034          5            10/25/01         00
    0413197831                           05           12/01/01          0
    0413197831                           O            11/01/31
    0

    6345252          E22/G01             F          366,500.00         ZZ
                                         360        366,500.00          1
                                       6.750          2,377.11         53
                                       6.500          2,377.11
    ORINDA           CA   94563          2            10/30/01         00
    0413198425                           05           12/01/01          0
    0413198425                           O            11/01/31
    0

    6345494          W93/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.750          2,172.81         63
                                       6.500          2,172.81
    PLACENTIA        CA   92870          1            10/09/01         00
    0433337912                           05           12/01/01          0
    4295274                              O            11/01/31
    0

    6346688          W93/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.875          2,312.39         80
                                       6.625          2,312.39
    WAWONA           CA   95389          2            10/03/01         00
    0433338076                           05           12/01/01          0
    20299827                             O            11/01/31
    0

    6346910          W93/G01             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       6.875          2,010.20         79
                                       6.625          2,010.20
    PARKER           CO   80134          5            10/05/01         00
    0433337847                           03           12/01/01          0
    30346771                             O            11/01/31
    0
1

    6347496          W93/G01             F          479,200.00         ZZ
                                         360        479,200.00          1
                                       6.875          3,148.00         80
                                       6.625          3,148.00
    PISMO BEACH      CA   93449          1            09/24/01         00
    0433338050                           05           12/01/01          0
    48286516                             O            11/01/31
    0

    6347970          W93/G01             F          321,500.00         ZZ
                                         360        321,500.00          1
                                       6.875          2,112.03         74
                                       6.625          2,112.03
    LOS ANGELES      CA   90049          2            10/04/01         00
    0433338043                           01           12/01/01          0
    25302363                             O            11/01/31
    0

    6348650          W93/G01             F          311,250.00         ZZ
                                         360        311,250.00          1
                                       6.875          2,044.69         75
                                       6.625          2,044.69
    GILROY           CA   95020          5            10/01/01         00
    0433338233                           05           12/01/01          0
    20345900                             O            11/01/31
    0

    6348868          W93/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       7.000          2,461.62         74
                                       6.750          2,461.62
    SAN DIMAS        CA   91773          5            10/04/01         00
    0433337839                           05           12/01/01          0
    67334902                             O            11/01/31
    0

    6348966          W93/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.750          2,490.62         80
                                       6.500          2,490.62
    MORGAN HILL      CA   95037          1            10/16/01         00
    0433337904                           05           12/01/01          0
    22337856                             O            11/01/31
    0

    6350712          W93/G01             F          359,000.00         ZZ
                                         360        359,000.00          1
1

                                       6.875          2,358.38         61
                                       6.625          2,358.38
    SAN JOSE         CA   95130          5            10/11/01         00
    0433337888                           05           12/01/01          0
    20345918                             O            11/01/31
    0

    6352762          W93/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.875          2,207.28         80
                                       6.625          2,207.28
    SAN JOSE         CA   95118          1            10/09/01         00
    0433337870                           05           12/01/01          0
    20345849                             O            11/01/31
    0

    6353596          W93/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.875          2,253.27         44
                                       6.625          2,253.27
    SAN LUIS OBISPO  CA   93401          2            10/11/01         00
    0433338084                           05           12/01/01          0
    48286604                             O            11/01/31
    0

    6355758          W93/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         35
                                       6.625          4,270.04
    SARATOGA         CA   95070          5            10/04/01         00
    0433337953                           05           12/01/01          0
    20299682                             O            11/01/31
    0

    6358684          W93/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.875          2,259.84         80
                                       6.625          2,259.84
    LOS GATOS        CA   95032          5            10/04/01         00
    0433337946                           01           12/01/01          0
    20345897                             O            11/01/31
    0

    6362148          W93/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.625          2,113.03         67
                                       6.375          2,113.03
    SAN JOSE         CA   95136          2            10/10/01         00
    0433337805                           05           12/01/01          0
1

    20345936                             O            11/01/31
    0

    6363952          W93/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.500          3,033.93         73
                                       6.250          3,033.93
    SAN JOSE         CA   95126          1            10/08/01         00
    0433337995                           05           12/01/01          0
    21301835                             O            11/01/31
    0

    6376070          E22/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.875          2,548.88         80
                                       6.625          2,548.88
    SAN DIEGO        CA   92129          2            10/29/01         00
    0413118423                           05           12/01/01          0
    0413118423                           O            11/01/31
    0

    6376096          E22/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.875          2,253.27         55
                                       6.625          2,253.27
    SAN RAMON        CA   94583          5            10/24/01         00
    0413138918                           03           12/01/01          0
    0413138918                           O            11/01/31
    0

    6376102          E22/G01             F          381,000.00         ZZ
                                         360        381,000.00          1
                                       6.750          2,471.16         42
                                       6.500          2,471.16
    ALAMO            CA   94507          2            10/24/01         00
    0413148461                           05           12/01/01          0
    0413148461                           O            11/01/31
    0

    6376104          E22/G01             F          999,000.00         ZZ
                                         360        999,000.00          1
                                       7.375          6,899.84         56
                                       7.125          6,899.84
    ATLANTA          GA   30328          2            11/01/01         00
    0413150269                           05           12/01/01          0
    0413150269                           O            11/01/31
    0

1

    6378630          696/G01             F          440,800.00         ZZ
                                         360        440,800.00          1
                                       6.875          2,895.74         80
                                       6.625          2,895.74
    ARLINGTON        VA   22202          1            10/31/01         00
    0433334729                           05           12/01/01          0
    25101244                             O            11/01/31
    0

    6401710          696/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       7.000          2,741.05         52
                                       6.750          2,741.05
    ALEXANDRIA       VA   22314          2            11/01/01         00
    0433340064                           05           12/01/01          0
    23101101                             O            11/01/31
    0

    6408302          E22/G01             F          323,000.00         ZZ
                                         360        323,000.00          1
                                       6.875          2,121.88         78
                                       6.625          2,121.88
    REDONDO BEACH    CA   90278          2            10/30/01         00
    0412691586                           01           12/01/01          0
    0412691586                           O            11/01/31
    0

    6408320          E22/G01             F          286,900.00         ZZ
                                         360        286,900.00          1
                                       7.125          1,932.90         95
                                       6.875          1,932.90
    RAVENEL          SC   29470          1            11/07/01         10
    0413059700                           05           12/01/01         30
    0413059700                           O            11/01/31
    0

    6408428          E22/G01             F          122,000.00         ZZ
                                         360        122,000.00          1
                                       7.000            811.67         95
                                       6.750            811.67
    PROVIDENCE       RI   02908          2            11/02/01         04
    0413179045                           05           12/01/01         30
    0413179045                           O            11/01/31
    0

    6425222          F26/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       7.250          2,640.02         86
                                       7.000          2,640.02
1

    EATONVILLE       WA   98328          2            10/22/01         11
    0433340007                           05           12/01/01         25
    7142792801                           O            11/01/31
    0

    6426434          696/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.875          2,548.88         80
                                       6.625          2,548.88
    CLIFTON          VA   20124          1            11/02/01         00
    0433340023                           03           12/01/01          0
    23301290                             O            11/01/31
    0

    6426442          696/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.875          3,284.64         68
                                       6.625          3,284.64
    CHEVY CHASE      MD   20815          5            11/01/01         00
    0433339892                           05           12/01/01          0
    32201255                             O            11/01/31
    0

    6426450          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         77
                                       6.625          4,270.04
    MCLEAN           VA   22101          2            11/01/01         00
    0433339579                           05           12/01/01          0
    23101100                             O            11/01/31
    0

    6426454          696/G01             F          798,200.00         ZZ
                                         360        798,200.00          1
                                       7.000          5,310.44         70
                                       6.750          5,310.44
    ARLINGTON        VA   22207          5            11/01/01         00
    0433339926                           05           12/01/01          0
    31101035                             O            11/01/31
    0

    6426460          696/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.000          2,361.82         69
                                       6.750          2,361.82
    VIENNA           VA   22181          2            11/02/01         00
    0433340056                           03           12/01/01          0
    25101298                             O            11/01/31
    0
1

    6426534          944/G01             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       6.750          2,776.00         80
                                       6.500          2,776.00
    SAN JOSE         CA   95117          1            10/29/01         00
    0433334711                           05           12/01/01          0
    01082600                             O            11/01/31
    0

    6436396          F26/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.875          2,102.17         80
                                       6.625          2,102.17
    SAMMAMISH        WA   98074          2            10/29/01         00
    0433342359                           05           12/01/01          0
    7142794300                           O            11/01/31
    0

    6448108          E48/G01             F          309,000.00         ZZ
                                         360        309,000.00          1
                                       7.125          2,081.80         66
                                       6.875          2,081.80
    FRANKLIN         TN   37064          2            10/24/01         00
    0433339603                           05           12/01/01          0
    10011867                             O            11/01/31
    0

    6450738          076/076             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       7.250          2,667.31         53
                                       7.000          2,667.31
    BONITA SPRINGS   FL   34134          2            10/12/01         00
    1238729                              05           12/01/01          0
    1238729                              O            11/01/31
    0
1

   TOTAL NUMBER OF LOANS   :      1,536

   TOTAL ORIGINAL BALANCE  :   620,495,075.51

   TOTAL PRINCIPAL BALANCE :   619,806,953.16

   TOTAL ORIGINAL P+I      :     4,184,159.61

   TOTAL CURRENT P+I       :     4,184,159.61

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                                    EXHIBIT TWO
                                          SCHEDULE OF DISCOUNT FRACTIONS
                                             (Available Upon Request)

Loan Number     Current Balance Net Mortgage Rate Discount Fraction  PO Balance
6264952 "$500,000.00 "  0.0597  0.081538462     "$40,769.23 "
5564333 "$349,334.09 "  0.0597  0.081538462     "$28,484.16 "
5895504 "$166,000.00 "  0.06095 0.062307692     "$10,343.08 "
6034028 "$375,000.00 "  0.06095 0.062307692     "$23,365.38 "
6264574 "$598,500.00 "  0.06095 0.062307692     "$37,291.15 "
6177772 "$334,750.00 "  0.0622  0.043076923     "$14,420.00 "
6177756 "$390,000.00 "  0.0622  0.043076923     "$16,800.00 "
6237168 "$70,000.00 "   0.0622  0.043076923     "$3,015.38 "
5970850 "$337,000.00 "  0.0622  0.043076923     "$14,516.92 "
6188348 "$335,991.00 "  0.0622  0.043076923     "$14,473.46 "
6314502 "$420,000.00 "  0.0622  0.043076923     "$18,092.31 "
6011052 "$464,000.00 "  0.0622  0.043076923     "$19,987.69 "
5986536 "$445,500.00 "  0.0622  0.043076923     "$19,190.77 "
6188360 "$478,000.00 "  0.0622  0.043076923     "$20,590.77 "
6228150 "$599,457.59 "  0.0622  0.043076923     "$25,822.79 "
6301040 "$310,000.00 "  0.0622  0.043076923     "$13,353.85 "
5926718 "$360,000.00 "  0.0622  0.043076923     "$15,507.69 "
6214914 "$554,498.27 "  0.0622  0.043076923     "$23,886.08 "
5201202 "$400,000.00 "  0.0622  0.043076923     "$17,230.77 "
6363952 "$480,000.00 "  0.0622  0.043076923     "$20,676.92 "
5799870 "$350,000.00 "  0.0622  0.043076923     "$15,076.92 "
5697438 "$455,000.00 "  0.0622  0.043076923     "$19,600.00 "
5732251 "$336,000.00 "  0.0622  0.043076923     "$14,473.85 "
5774898 "$465,000.00 "  0.0622  0.043076923     "$20,030.77 "
5734210 "$312,000.00 "  0.06345 0.023846154     "$7,440.00 "
5981504 "$540,600.00 "  0.06345 0.023846154     "$12,891.23 "
6066816 "$408,639.15 "  0.06345 0.023846154     "$9,744.47 "
5785362 "$347,692.97 "  0.06345 0.023846154     "$8,291.14 "
6094594 "$362,000.00 "  0.06345 0.023846154     "$8,632.31 "
6034064 "$338,000.00 "  0.06345 0.023846154     "$8,060.00 "
6161250 "$448,000.00 "  0.06345 0.023846154     "$10,683.08 "
6034058 "$323,000.00 "  0.06345 0.023846154     "$7,702.31 "
6188316 "$194,000.00 "  0.06345 0.023846154     "$4,626.15 "
5692583 "$312,000.00 "  0.06345 0.023846154     "$7,440.00 "
5650037 "$340,000.00 "  0.06345 0.023846154     "$8,107.69 "
6136588 "$405,000.00 "  0.06345 0.023846154     "$9,657.69 "
5854388 "$292,787.00 "  0.06345 0.023846154     "$6,981.84 "
5913956 "$307,500.00 "  0.06345 0.023846154     "$7,332.69 "
5917510 "$284,000.00 "  0.06345 0.023846154     "$6,772.31 "
5883214 "$500,000.00 "  0.06345 0.023846154     "$11,923.08 "
5961492 "$320,000.00 "  0.06345 0.023846154     "$7,630.77 "
5968282 "$427,500.00 "  0.06345 0.023846154     "$10,194.23 "
6106850 "$383,000.00 "  0.06345 0.023846154     "$9,133.08 "
6049918 "$465,000.00 "  0.06345 0.023846154     "$11,088.46 "
5857950 "$424,000.00 "  0.06345 0.023846154     "$10,110.77 "
5908214 "$355,000.00 "  0.06345 0.023846154     "$8,465.38 "
5992200 "$360,000.00 "  0.06345 0.023846154     "$8,584.62 "
5831932 "$420,000.00 "  0.06345 0.023846154     "$10,015.38 "
6019602 "$383,500.00 "  0.06345 0.023846154     "$9,145.00 "
6025032 "$328,000.00 "  0.06345 0.023846154     "$7,821.54 "
6026840 "$311,200.00 "  0.06345 0.023846154     "$7,420.92 "
5831734 "$374,800.00 "  0.06345 0.023846154     "$8,937.54 "
5878010 "$363,300.00 "  0.06345 0.023846154     "$8,663.31 "
6265994 "$465,788.68 "  0.06345 0.023846154     "$11,107.27 "
6256152 "$383,000.00 "  0.06345 0.023846154     "$9,133.08 "
6264742 "$346,000.00 "  0.06345 0.023846154     "$8,250.77 "
6362148 "$330,000.00 "  0.06345 0.023846154     "$7,869.23 "
6264954 "$308,000.00 "  0.06345 0.023846154     "$7,344.62 "
6321976 "$472,000.00 "  0.0647  0.004615385     "$2,178.46 "
5913578 "$885,000.00 "  0.0647  0.004615385     "$4,084.62 "
6319690 "$860,000.00 "  0.0647  0.004615385     "$3,969.23 "
5905214 "$490,000.00 "  0.0647  0.004615385     "$2,261.54 "
6320354 "$303,200.00 "  0.0647  0.004615385     "$1,399.38 "
5886962 "$300,000.00 "  0.0647  0.004615385     "$1,384.62 "
6321370 "$410,000.00 "  0.0647  0.004615385     "$1,892.31 "
5920164 "$350,000.00 "  0.0647  0.004615385     "$1,615.38 "
5866956 "$332,000.00 "  0.0647  0.004615385     "$1,532.31 "
6322084 "$418,000.00 "  0.0647  0.004615385     "$1,929.23 "
6322726 "$357,750.00 "  0.0647  0.004615385     "$1,651.15 "
5558342 "$375,000.00 "  0.0647  0.004615385     "$1,730.77 "
6335850 "$416,000.00 "  0.0647  0.004615385     "$1,920.00 "
5850408 "$332,000.00 "  0.0647  0.004615385     "$1,532.31 "
5834648 "$354,000.00 "  0.0647  0.004615385     "$1,633.85 "
5886906 "$314,600.00 "  0.0647  0.004615385     "$1,452.00 "
5930116 "$382,000.00 "  0.0647  0.004615385     "$1,763.08 "
6306916 "$640,000.00 "  0.0647  0.004615385     "$2,953.85 "
6308002 "$495,000.00 "  0.0647  0.004615385     "$2,284.62 "
5969966 "$370,000.00 "  0.0647  0.004615385     "$1,707.69 "
6308476 "$580,000.00 "  0.0647  0.004615385     "$2,676.92 "
5963076 "$384,000.00 "  0.0647  0.004615385     "$1,772.31 "
6309972 "$350,000.00 "  0.0647  0.004615385     "$1,615.38 "
5961468 "$355,000.00 "  0.0647  0.004615385     "$1,638.46 "
6312500 "$400,000.00 "  0.0647  0.004615385     "$1,846.15 "
5942324 "$292,000.00 "  0.0647  0.004615385     "$1,347.69 "
5983860 "$297,493.64 "  0.0647  0.004615385     "$1,373.05 "
5929254 "$378,750.00 "  0.0647  0.004615385     "$1,748.08 "
6311160 "$411,500.00 "  0.0647  0.004615385     "$1,899.23 "
5925870 "$900,000.00 "  0.0647  0.004615385     "$4,153.85 "
5924156 "$114,000.00 "  0.0647  0.004615385     $526.15
5922338 "$460,000.00 "  0.0647  0.004615385     "$2,123.08 "
5922130 "$532,000.00 "  0.0647  0.004615385     "$2,455.38 "
6345226 "$553,000.00 "  0.0647  0.004615385     "$2,552.31 "
6312176 "$550,000.00 "  0.0647  0.004615385     "$2,538.46 "
5954144 "$355,893.32 "  0.0647  0.004615385     "$1,642.58 "
5538998 "$334,822.15 "  0.0647  0.004615385     "$1,545.33 "
5753130 "$375,000.00 "  0.0647  0.004615385     "$1,730.77 "
6345494 "$335,000.00 "  0.0647  0.004615385     "$1,546.15 "
5567743 "$497,571.23 "  0.0647  0.004615385     "$2,296.48 "
5718187 "$296,000.00 "  0.0647  0.004615385     "$1,366.15 "
5707841 "$380,000.00 "  0.0647  0.004615385     "$1,753.85 "
6348966 "$384,000.00 "  0.0647  0.004615385     "$1,772.31 "
5693429 "$440,000.00 "  0.0647  0.004615385     "$2,030.77 "
5832744 "$369,000.00 "  0.0647  0.004615385     "$1,703.08 "
5672687 "$343,200.00 "  0.0647  0.004615385     "$1,584.00 "
6345252 "$366,500.00 "  0.0647  0.004615385     "$1,691.54 "
5515339 "$367,000.00 "  0.0647  0.004615385     "$1,693.85 "
6376102 "$381,000.00 "  0.0647  0.004615385     "$1,758.46 "
5649051 "$342,502.34 "  0.0647  0.004615385     "$1,580.78 "
5638415 "$350,000.00 "  0.0647  0.004615385     "$1,615.38 "
5638225 "$379,500.00 "  0.0647  0.004615385     "$1,751.54 "
5637847 "$330,000.00 "  0.0647  0.004615385     "$1,523.08 "
5582344 "$519,102.04 "  0.0647  0.004615385     "$2,395.86 "
5224197 "$573,008.82 "  0.0647  0.004615385     "$2,644.66 "
5687246 "$365,000.00 "  0.0647  0.004615385     "$1,684.62 "
5808452 "$399,950.00 "  0.0647  0.004615385     "$1,845.92 "
5990420 "$382,400.00 "  0.0647  0.004615385     "$1,764.92 "
5827014 "$305,340.00 "  0.0647  0.004615385     "$1,409.26 "
5821842 "$315,900.00 "  0.0647  0.004615385     "$1,458.00 "
5820528 "$320,750.00 "  0.0647  0.004615385     "$1,480.38 "
5820298 "$344,000.00 "  0.0647  0.004615385     "$1,587.69 "
5819958 "$310,700.00 "  0.0647  0.004615385     "$1,434.00 "
5819638 "$500,000.00 "  0.0647  0.004615385     "$2,307.69 "
5819078 "$644,000.00 "  0.0647  0.004615385     "$2,972.31 "
5769194 "$317,500.00 "  0.0647  0.004615385     "$1,465.38 "
5811702 "$609,474.80 "  0.0647  0.004615385     "$2,812.96 "
5770952 "$288,000.00 "  0.0647  0.004615385     "$1,329.23 "
5807524 "$340,000.00 "  0.0647  0.004615385     "$1,569.23 "
6345230 "$336,000.00 "  0.0647  0.004615385     "$1,550.77 "
5797208 "$440,000.00 "  0.0647  0.004615385     "$2,030.77 "
6345250 "$375,500.00 "  0.0647  0.004615385     "$1,733.08 "
5782328 "$317,600.00 "  0.0647  0.004615385     "$1,465.85 "
5777346 "$356,250.00 "  0.0647  0.004615385     "$1,644.23 "
5775324 "$323,721.04 "  0.0647  0.004615385     "$1,494.10 "
6336490 "$334,800.00 "  0.0647  0.004615385     "$1,545.23 "
5811736 "$340,706.41 "  0.0647  0.004615385     "$1,572.49 "
6177658 "$396,000.00 "  0.0647  0.004615385     "$1,827.69 "
6177740 "$479,596.74 "  0.0647  0.004615385     "$2,213.52 "
6177732 "$570,000.00 "  0.0647  0.004615385     "$2,630.77 "
6177730 "$297,000.00 "  0.0647  0.004615385     "$1,370.77 "
6177726 "$450,000.00 "  0.0647  0.004615385     "$2,076.92 "
6177712 "$330,000.00 "  0.0647  0.004615385     "$1,523.08 "
6177708 "$369,000.00 "  0.0647  0.004615385     "$1,703.08 "
6177706 "$436,000.00 "  0.0647  0.004615385     "$2,012.31 "
6177502 "$316,000.00 "  0.0647  0.004615385     "$1,458.46 "
6177674 "$632,455.00 "  0.0647  0.004615385     "$2,919.02 "
6177750 "$500,000.00 "  0.0647  0.004615385     "$2,307.69 "
6177646 "$394,060.42 "  0.0647  0.004615385     "$1,818.74 "
6177606 "$405,000.00 "  0.0647  0.004615385     "$1,869.23 "
6177584 "$577,000.00 "  0.0647  0.004615385     "$2,663.08 "
6177582 "$409,655.55 "  0.0647  0.004615385     "$1,890.72 "
6177550 "$439,630.34 "  0.0647  0.004615385     "$2,029.06 "
6177546 "$599,495.93 "  0.0647  0.004615385     "$2,766.90 "
5984250 "$650,000.00 "  0.0647  0.004615385     "$3,000.00 "
6177704 "$387,500.00 "  0.0647  0.004615385     "$1,788.46 "
6248810 "$535,000.00 "  0.0647  0.004615385     "$2,469.23 "
6217652 "$642,000.00 "  0.0647  0.004615385     "$2,963.08 "
6229312 "$329,715.86 "  0.0647  0.004615385     "$1,521.77 "
6213358 "$469,000.00 "  0.0647  0.004615385     "$2,164.62 "
6213350 "$580,000.00 "  0.0647  0.004615385     "$2,676.92 "
6213216 "$600,000.00 "  0.0647  0.004615385     "$2,769.23 "
6189098 "$279,359.27 "  0.0647  0.004615385     "$1,289.35 "
6188412 "$390,000.00 "  0.0647  0.004615385     "$1,800.00 "
6177744 "$600,000.00 "  0.0647  0.004615385     "$2,769.23 "
6236958 "$375,000.00 "  0.0647  0.004615385     "$1,730.77 "
6177746 "$286,000.00 "  0.0647  0.004615385     "$1,320.00 "
6178652 "$500,000.00 "  0.0647  0.004615385     "$2,307.69 "
6177808 "$500,000.00 "  0.0647  0.004615385     "$2,307.69 "
6177804 "$440,000.00 "  0.0647  0.004615385     "$2,030.77 "
6177802 "$384,000.00 "  0.0647  0.004615385     "$1,772.31 "
6177776 "$400,000.00 "  0.0647  0.004615385     "$1,846.15 "
6253600 "$299,400.00 "  0.0647  0.004615385     "$1,381.85 "
6253604 "$383,150.00 "  0.0647  0.004615385     "$1,768.38 "
6177412 "$449,625.00 "  0.0647  0.004615385     "$2,075.19 "
6236890 "$350,000.00 "  0.0647  0.004615385     "$1,615.38 "
6019540 "$327,000.00 "  0.0647  0.004615385     "$1,509.23 "
6264958 "$398,000.00 "  0.0647  0.004615385     "$1,836.92 "
6034038 "$380,500.00 "  0.0647  0.004615385     "$1,756.15 "
6266276 "$299,741.69 "  0.0647  0.004615385     "$1,383.42 "
6032362 "$380,000.00 "  0.0647  0.004615385     "$1,753.85 "
6028498 "$312,000.00 "  0.0647  0.004615385     "$1,440.00 "
6027450 "$439,000.00 "  0.0647  0.004615385     "$2,026.15 "
6269916 "$363,750.00 "  0.0647  0.004615385     "$1,678.85 "
6177536 "$340,000.00 "  0.0647  0.004615385     "$1,569.23 "
6283248 "$370,000.00 "  0.0647  0.004615385     "$1,707.69 "
6052356 "$315,366.00 "  0.0647  0.004615385     "$1,455.54 "
6295498 "$407,000.00 "  0.0647  0.004615385     "$1,878.46 "
6010994 "$615,000.00 "  0.0647  0.004615385     "$2,838.46 "
6003354 "$360,000.00 "  0.0647  0.004615385     "$1,661.54 "
6296396 "$400,000.00 "  0.0647  0.004615385     "$1,846.15 "
5992196 "$557,000.00 "  0.0647  0.004615385     "$2,570.77 "
6218694 "$364,640.00 "  0.0647  0.004615385     "$1,682.95 "
6300352 "$364,000.00 "  0.0647  0.004615385     "$1,680.00 "
6283240 "$399,000.00 "  0.0647  0.004615385     "$1,841.54 "
6136594 "$328,000.00 "  0.0647  0.004615385     "$1,513.85 "
6177376 "$531,553.06 "  0.0647  0.004615385     "$2,453.32 "
6177360 "$692,000.00 "  0.0647  0.004615385     "$3,193.85 "
6177338 "$449,621.61 "  0.0647  0.004615385     "$2,075.18 "
6177322 "$337,722.95 "  0.0647  0.004615385     "$1,558.72 "
6177294 "$399,342.33 "  0.0647  0.004615385     "$1,843.12 "
6154102 "$650,000.00 "  0.0647  0.004615385     "$3,000.00 "
6144516 "$371,530.00 "  0.0647  0.004615385     "$1,714.75 "
6042668 "$381,000.00 "  0.0647  0.004615385     "$1,758.46 "
6136638 "$380,000.00 "  0.0647  0.004615385     "$1,753.85 "
6045276 "$1,000,000.00 "        0.0647  0.004615385     "$4,615.38 "
6264568 "$388,000.00 "  0.0647  0.004615385     "$1,790.77 "
6426534 "$428,000.00 "  0.0647  0.004615385     "$1,975.38 "
6264724 "$336,000.00 "  0.0647  0.004615385     "$1,550.77 "
6083722 "$469,000.00 "  0.0647  0.004615385     "$2,164.62 "
6264912 "$597,500.00 "  0.0647  0.004615385     "$2,757.69 "
6063846 "$356,450.00 "  0.0647  0.004615385     "$1,645.15 "
6053858 "$500,000.00 "  0.0647  0.004615385     "$2,307.69 "
6110990 "$399,900.00 "  0.0647  0.004615385     "$1,845.69 "
6136646 "$295,000.00 "  0.0647  0.004615385     "$1,361.54 "

213     "$87,551,586.29 "               1.21822505%     "$1,066,575.36 "

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

                  (i) (a) the amount of such distribution to the
         Certificateholders of such Class applied to reduce the Certificate
         Principal Balance thereof, and (b) the aggregate amount included
         therein representing Principal Prepayments;

          (ii) the  amount of such  distribution  to  Holders  of such  Class of
     Certificates allocable to interest;

                  (iii) if the distribution to the Holders of such Class of
         Certificates is less than the full amount that would be distributable
         to such Holders if there were sufficient funds available therefor, the
         amount of the shortfall;

          (iv) the  amount of any  Advance by the Master  Servicer  pursuant  to
     Section 4.04;

          (v) the number and Pool Stated Principal Balance of the Mortgage Loans
     after giving effect to the  distribution of principal on such  Distribution
     Date;

                  (vi) the aggregate Certificate Principal Balance of each Class
         of Certificates and the Senior Percentage, after giving effect to the
         amounts distributed on such Distribution Date, separately identifying
         any reduction thereof due to Realized Losses other than pursuant to an
         actual distribution of principal;

          (vii)  the  related  Subordinate  Principal  Distribution  Amount  and
     Prepayment Distribution Percentage, if applicable;

                  (viii) on the basis of the most recent reports furnished to it
         by Sub-Servicers, the number and aggregate principal balances of
         Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and
         (C) 90 or more days and the number and aggregate principal balance of
         Mortgage Loans that are in foreclosure;

          (ix) the number, aggregate principal balance and book value of any REO
     Properties;

                  (x) the aggregate Accrued Certificate Interest remaining
         unpaid, if any, for each Class of Certificates, after giving effect to
         the distribution made on such Distribution Date;

                  (xi) the Special Hazard Amount, Fraud Loss Amount and
         Bankruptcy Amount as of the close of business on such Distribution Date
         and a description of any change in the calculation of such amounts;

                  (xii) the weighted average Pool Strip Rate for such
         Distribution Date and the Pass- Through Rate with respect to the Class
         A-V Certificates and each Subclass, if any, thereof;

                                                        -1-

<PAGE>

                  (xiii)   [RESERVED];

                  (xiv) the Notional Amount with respect to each class of
         Interest Only Certificates and each Subclass Notional Amount;

                  (xv)     the occurrence of the Credit Support Depletion Date;

          (xvi)  the  related   Senior   Accelerated   Distribution   Percentage
     applicable to such distribution;

          (xvii) the related Senior Percentage for such Distribution Date;

          (xviii) the aggregate amount of Realized Losses for such  Distribution
     Date;

                  (xix) the aggregate amount of any recoveries on previously
         foreclosed loans from Sellers due to a breach of representation or
         warranty assigned to the Trustee pursuant to Section 2.04;

          (xx) the weighted  average  remaining term to maturity of the Mortgage
     Loans after giving effect to the amounts  distributed on such  Distribution
     Date;

                  (xxi) the weighted average Mortgage Rates of the Mortgage
         Loans after giving effect to the amounts distributed on such
         Distribution Date; and

          (xxii) the Accrual Distribution Amount for such Distribution Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts shall be expressed as a dollar amount per Certificate with a $1,000
denomination.

The Trustee's internet website will initially be located at
http://www.abs.bankone.com. To receive this statement via first class mail,
telephone the Trustee at (800) 524-9472.

                                                        -2-

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

--------------------------------------------------------------------------------

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

--------------------------------------------------------------------------------

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................29

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................37
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................41
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                       Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
       Section 2.08  Purposes and Powers of the Trust......................................41

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................41
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................43
        Section 3.03  Successor Subservicers................................................44
        Section 3.04  Liability of the Master Servicer......................................44
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......45
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................45
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................49
        Section 3.10  Permitted Withdrawals from the Custodial Account......................50
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                       .....................................................................51

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....52
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................56
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................59
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............60
        Section 3.17  Reports to the Trustee and the Company................................61
        Section 3.18  Annual Statement as to Compliance.....................................61
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............62
        Section 3.21  Administration of Buydown Funds.......................................63

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................63
        Section 4.02  Distributions.........................................................64
        Section 4.03  Statements to Certificateholders......................................64
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................65
        Section 4.05  Allocation of Realized Losses.........................................66
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........66
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................67
        Section 4.08  Surety Bond...........................................................67

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................68
        Section 5.02  Registration of Transfer and Exchange of Certificates.................70
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................75
        Section 5.04  Persons Deemed Owners.................................................76
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........77
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................77
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                       .....................................................................78
        Section 6.04  Company and Master Servicer Not to Resign.............................79

                                         ARTICLE VII

                                              ii

<PAGE>

                                           DEFAULT
        Section 7.01  Events of Default.....................................................79
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................81
        Section 7.03  Notification to Certificateholders....................................82
        Section 7.04  Waiver of Events of Default...........................................82

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................83
        Section 8.02  Certain Matters Affecting the Trustee.................................84
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................86
        Section 8.04  Trustee May Own Certificates..........................................86
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...86
        Section 8.06  Eligibility Requirements for Trustee..................................87
        Section 8.07  Resignation and Removal of the Trustee................................88
        Section 8.08  Successor Trustee.....................................................89
        Section 8.09  Merger or Consolidation of Trustee....................................89
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................89
        Section 8.11  Appointment of Custodians.............................................90
        Section 8.12  Appointment of Office or Agency.......................................91

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
                                                                                            91
        Section 9.02  Additional Termination Requirements...................................94
        Section 9.03  Termination of Multiple REMICs........................................95

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................95
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......99
        Section 10.03 Designation of REMIC(s)...............................................99

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.............................................................99
        Section 11.02 Recordation of Agreement; Counterparts...............................102
        Section 11.03 Limitation on Rights of Certificateholders...........................102
        Section 11.04 Governing Law........................................................103
        Section 11.05 Notices..............................................................103

                                             iii

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer....................103
        Section 11.07 Severability of Provisions...........................................104
        Section 11.08 Supplemental Provisions for Resecuritization.........................104
        Section 11.09 Allocation of Voting Rights..........................................105
</TABLE>

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter

Exhibit K: Text of  Amendment  to Pooling and  Servicing  Agreement  Pursuant to
     Section 11.01(e) for a Limited Guaranty

Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form

                                              iv

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
 Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

     Assignment: An assignment of the Mortgage, notice of transfer or equivalent
instrument,  in recordable  form,  sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the immediately preceding Determination Date of (x) the
Amount Held for Future  Distribution,  and (y) amounts permitted to be withdrawn
by the Master  Servicer  from the  Custodial  Account in respect of the Mortgage
Loans pursuant to clauses (ii)-(x),  inclusive,  of Section 3.10(a). Such amount
shall be determined separately for each Loan Group.  Additionally,  with respect
to any Mortgage  Pool that is  comprised  of two or more Loan Groups,  if on any
Distribution Date Compensating  Interest provided pursuant to Section 3.16(e) is
less than  Prepayment  Interest  Shortfalls  incurred on the  Mortgage  Loans in
connection  with  Principal  Prepayments  in Full  received  during the  related
Prepayment  Period  and  Curtailments  made in the prior  calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

                                              5

<PAGE>

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

                                              6

<PAGE>

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

                                              7

<PAGE>

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

                                              8

<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                              9

<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

                                              10

<PAGE>

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

               1.   by any government or sovereign  power,  de jure or de facto,
                    or by any authority maintaining or using military,  naval or
                    air forces; or

               2.     by military, naval or air forces; or

               3.   by an agent  of any such  government,  power,  authority  or
                    forces;

                                              11

<PAGE>

     (d) any weapon of war employing atomic fission or radioactive force whether
in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

                                              12

<PAGE>

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

                                              13

<PAGE>

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

     MLCC: Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

                                              14

<PAGE>

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

                                              15

<PAGE>

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

     Outstanding  Mortgage Loan: As to any Due Date, a Mortgage Loan  (including
an REO  Property)  which was not the subject of a Principal  Prepayment in Full,
Cash Liquidation or REO

                                              16

<PAGE>

Disposition  and which was not purchased,  deleted or  substituted  for prior to
such Due Date pursuant to Section 2.02, 2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United  States  dollars  of any  U.S.  depository  institution  or trust
        company  incorporated  under the laws of the United  States or any state
        thereof or of any domestic branch of a foreign depository institution or
        trust company;  provided that the debt  obligations  of such  depository
        institution  or trust company (or, if the only Rating Agency is Standard
        &  Poor's,  in the case of the  principal  depository  institution  in a
        depository   institution  holding  company,   debt  obligations  of  the
        depository  institution  holding  company)  at the  date of  acquisition
        thereof have been rated by each Rating Agency in its highest  short-term
        rating  available;  and provided further that, if the only Rating Agency
        is  Standard  &  Poor's  and if the  depository  or trust  company  is a
        principal  subsidiary of a bank holding company and the debt obligations
        of such subsidiary are not separately rated, the applicable rating shall
        be that of the bank holding company;  and, provided further that, if the
        original maturity of such short-term obligations

                                              17

<PAGE>

        of a  domestic  branch  of a  foreign  depository  institution  or trust
        company shall exceed 30 days, the short-term  rating of such institution
        shall be A-1+ in the case of  Standard & Poor's if  Standard & Poor's is
        the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or

                                              18

<PAGE>

description  pledged by  Combined  Collateral  LLC as security in respect of any
Realized  Losses in connection  with such Mortgage Loan up to the Pledged Amount
for such Mortgage Loan, and any related collateral,  or such other collateral as
may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

                                              19

<PAGE>

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

                                              20

<PAGE>

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

               (a)  as to  which  a  Cash  Liquidation  or REO  Disposition  has
                    occurred,  an amount  (not less than zero)  equal to (i) the
                    Stated  Principal  Balance  of the  Mortgage  Loan  (or  REO
                    Property)  as  of  the  date  of  Cash  Liquidation  or  REO
                    Disposition,  plus (ii) interest (and REO Imputed  Interest,
                    if any) at the Net  Mortgage  Rate  from  the Due Date as to
                    which    interest    was   last   paid   or    advanced   to
                    Certificateholders  up to the Due  Date  in the  Due  Period
                    related to the Distribution Date on which such Realized Loss
                    will be  allocated  pursuant  to Section  4.05 on the Stated
                    Principal  Balance of such  Mortgage  Loan (or REO Property)
                    outstanding  during each Due Period that such  interest  was
                    not paid or  advanced,  minus  (iii) the  proceeds,  if any,
                    received during the month in which such Cash Liquidation (or
                    REO  Disposition)   occurred,   to  the  extent  applied  as
                    recoveries  of  interest  at the Net  Mortgage  Rate  and to
                    principal of the Mortgage Loan,  net of the portion  thereof
                    reimbursable to the Master Servicer or any Subservicer  with
                    respect  to related  Advances  or  expenses  as to which the
                    Master Servicer or Subservicer is entitled to  reimbursement
                    thereunder but which have not been previously reimbursed,

                                              21

<PAGE>

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

                                              22

<PAGE>

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

                                              23

<PAGE>

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the Subordinate Certificates, is less than 50%

                                              24

<PAGE>

        or (Y) the outstanding principal balance of Mortgage Loans delinquent 60
        days or more averaged  over the last six months,  as a percentage of the
        aggregate  outstanding  principal balance of all Mortgage Loans averaged
        over the last six months,  does not exceed 2% and (2) Realized Losses on
        the  Mortgage  Loans  to date for such  Distribution  Date if  occurring
        during  the  sixth,  seventh,  eighth,  ninth or tenth year (or any year
        thereafter)  after the Closing Date are less than 30%,  35%, 40%, 45% or
        50%,  respectively,  of the  sum of the  Initial  Certificate  Principal
        Balances of the Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

                                              25

<PAGE>

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case

                                              26

<PAGE>

which were  distributed  pursuant to Section 4.02 on any  previous  Distribution
Date,  and (c) any Realized Loss  allocated to  Certificateholders  with respect
thereto for any previous Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation,

                                              27

<PAGE>

the Addendum and Assignment  Agreement,  dated as of November 24, 1998,  between
the Master  Servicer and GMAC  Mortgage  Corporation,  as such  agreement may be
amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, including the proceeds from

                                              28

<PAGE>

               the  liquidation  of  Additional  Collateral  for any  Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and the  interest in the Surety Bond  transferred  to the Trustee
               pursuant to Section 2.01, and

        (v)    all proceeds of clauses (i) through (iv) above.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

                                              29

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                                              30

<PAGE>

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                    (iv) The original  recognition  agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v)    The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative  Loan  as  secured  party,   each  with  evidence  of
               recording  thereof,  evidencing  the  interest of the  originator
               under the Security  Agreement and the  Assignment of  Proprietary
               Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee as assignee and a

                                              31

<PAGE>

               duly completed UCC-1 financing  statement  showing the Company as
               debtor  and  the  Trustee  as  secured  party,  each  in  a  form
               sufficient for filing, evidencing the interest of such debtors in
               the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation

                                              32

<PAGE>

statements  with regard to each financing  statement and assignment  relating to
Cooperative  Loans as to which the  related  Cooperative  Apartment  is  located
outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With  respect  to  any  Additional   Collateral  Loan  or  Pledged  Asset  Loan,
Residential Funding shall cause to be filed in the appropriate  recording office
a UCC-3  statement  giving  notice of the  assignment  of the  related  security
interest to the Trust Fund and shall  thereafter  cause the timely filing of all
necessary continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction;

                                              33

<PAGE>

(b) the  conveyance  provided  for in  Section  2.01  shall be deemed to be, and
hereby is, (1) a grant by the Company to the  Trustee of a security  interest in
all of the Company's right (including the power to convey title thereto),  title
and  interest,  whether now owned or hereafter  acquired,  in and to any and all
general intangibles, payment intangibles,  accounts, chattel paper, instruments,
documents,  money, deposit accounts,  certificates of deposit, goods, letters of
credit, advices of credit and investment property and other property of whatever
kind or description  now existing or hereafter  acquired  consisting of, arising
from or relating to any of the following:  (A) the Mortgage Loans, including (i)
with respect to each  Cooperative  Loan,  the related  Mortgage  Note,  Security
Agreement,  Assignment of Proprietary  Lease,  Cooperative Stock Certificate and
Cooperative  Lease,  (ii)  with  respect  to each  Mortgage  Loan  other  than a
Cooperative  Loan,  the  related  Mortgage  Note and  Mortgage,  and  (iii)  any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements as may be occasioned

                                              34

<PAGE>

by (1) any change of name of  Residential  Funding,  the  Company or the Trustee
(such  preparation  and  filing  shall  be at the  expense  of the  Trustee,  if
occasioned by a change in the Trustee's name), (2) any change of location of the
place of business or the chief  executive  office of Residential  Funding or the
Company,  (3) any transfer of any interest of Residential Funding or the Company
in any Mortgage Loan or (4) any transfer of any interest of Residential  Funding
or the Company in any Uncertificated REMIC Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights  to  exercise  any  election  or  option  or  to  make  any  decision  or
determination  or to give or receive  any  notice,  consent,  approval or waiver
thereunder,  (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
is credited to the  Custodial  Account,  (iv) all  documents,  books and records
concerning the foregoing  (including  all computer  programs,  tapes,  disks and
related items containing any such  information)  and (v) all insurance  proceeds
(including  proceeds  from the  Federal  Deposit  Insurance  Corporation  or the
Securities  Investor  Protection  Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion,  voluntary or involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company, or any other person in

                                              35

<PAGE>

connection with the Pledged Assets or under any agreement or instrument relating
thereto,  including any obligation to the Mortgagor,  other than as owner of the
Mortgage Loan.

        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account maintained by it pursuant to Section 3.07

                                              36

<PAGE>

and, upon receipt by the Trustee of written  notification of such deposit signed
by a Servicing Officer, the Trustee or any Custodian,  as the case may be, shall
release to the Master  Servicer the related  Mortgage File and the Trustee shall
execute and deliver such  instruments of transfer or assignment  prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Seller or its designee or the  Subservicer or its designee,  as the case may
be, any Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan
shall not be part of the Trust Fund. In  furtherance  of the  foregoing,  if the
Subservicer or Seller that repurchases the Mortgage Loan is not a member of MERS
and the Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at
its own  expense and  without  any right of  reimbursement,  shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the  Mortgage  from MERS to such  Subservicer  or Seller  and shall  cause  such
Mortgage to be removed from  registration  on the MERS(R)  System in  accordance
with  MERS'  rules  and  regulations.  It is  understood  and  agreed  that  the
obligation of the Seller or the  Subservicer,  as the case may be, to so cure or
purchase  any  Mortgage  Loan as to which a material  and  adverse  defect in or
omission of a  constituent  document  exists  shall  constitute  the sole remedy
respecting  such  defect or  omission  available  to  Certificateholders  or the
Trustee on behalf of the Certificateholders.

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                      (ii) The execution  and delivery of this  Agreement by the
               Master Servicer and its performance and compliance with the terms
               of  this  Agreement  will  not  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  regardless of whether such  enforcement is
               considered in a proceeding in equity or at law;

                                              37

<PAGE>

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (v) No litigation is pending or, to the best of the Master
               Servicer's  knowledge,  threatened  against  the Master  Servicer
               which  would   prohibit  its  entering  into  this  Agreement  or
               performing its obligations under this Agreement;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

               It  is  understood  and  agreed  that  the   representations  and
               warranties  set  forth  in this  Section  2.03(a)  shall  survive
               delivery of the  respective  Mortgage Files to the Trustee or any
               Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master

                                              38

<PAGE>

Servicer  to cure  such  breach  or to so  purchase  such  Mortgage  Loan  shall
constitute  the sole  remedy  in  respect  of a breach of a  representation  and
warranty set forth in this Section 2.03(a)  available to the  Certificateholders
or the Trustee on behalf of the Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment  of the Mortgage in recordable  form if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage

                                              39

<PAGE>

Loan for such month and  thereafter  Residential  Funding  shall be  entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule,  and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions,  for the benefit of the  Certificateholders to reflect the removal of
such Deleted  Mortgage Loan and the  substitution  of the  Qualified  Substitute
Mortgage  Loan or Loans  and the  Master  Servicer  shall  deliver  the  amended
Mortgage  Loan  Schedule,  and,  if the  Deleted  Mortgage  Loan was a  Discount
Mortgage Loan, the amended Schedule of Discount Fractions,  to the Trustee. Upon
such  substitution,  the  Qualified  Substitute  Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all   respects,   the  related   Seller   shall  be  deemed  to  have  made  the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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<PAGE>

        Section       2.05 Execution and Authentication of Certificates/Issuance
                      of Certificates Evidencing Interests in REMIC I.

               As provided in Section 2.05 of the Series Supplement.

        Section       2.06  Conveyance  of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

     (a) to sell the  Certificates  to the Company in exchange  for the Mortgage
Loans;

        (b)    to enter into and perform its obligations under this Agreement;

     (c)  to  engage  in  those  activities  that  are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and

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<PAGE>

authority,  acting alone or through Subservicers as provided in Section 3.02, to
do any and all things which it may deem  necessary  or  desirable in  connection
with such servicing and  administration.  Without limiting the generality of the
foregoing,  the Master  Servicer in its own name or in the name of a Subservicer
is hereby  authorized  and empowered by the Trustee when the Master  Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment,  to execute and deliver, on behalf of the  Certificateholders  and the
Trustee or any of them, any and all instruments of satisfaction or cancellation,
or of  partial or full  release or  discharge,  or of consent to  assumption  or
modification in connection with a proposed  conveyance,  or of assignment of any
Mortgage and Mortgage Note in connection  with the repurchase of a Mortgage Loan
and all other  comparable  instruments,  or with respect to the  modification or
re-recording  of a Mortgage  for the purpose of  correcting  the  Mortgage,  the
subordination  of the lien of the Mortgage in favor of a public utility  company
or government agency or unit with powers of eminent domain, the taking of a deed
in lieu of foreclosure, the commencement,  prosecution or completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage  Loans and with  respect to the  Mortgaged  Properties.  The Master
Servicer  further is authorized  and empowered by the Trustee,  on behalf of the
Certificateholders  and  the  Trustee,  in its own  name  or in the  name of the
Subservicer,  when the Master Servicer or the  Subservicer,  as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan on
the MERS(R) System,  or cause the removal from the  registration of any Mortgage
Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee and
the Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re- recording of
a  Mortgage  in the name of MERS,  solely as  nominee  for the  Trustee  and its
successors  and assigns.  Any expenses  incurred in connection  with the actions
described in the  preceding  sentence  shall be borne by the Master  Servicer in
accordance with Section 3.16(c), with no right of reimbursement;  provided, that
if, as a result of MERS discontinuing or becoming unable to continue  operations
in connection with the MERS System,  it becomes necessary to remove any Mortgage
Loan from  registration  on the MERS System and to arrange for the assignment of
the  related  Mortgages  to the  Trustee,  then any  related  expenses  shall be
reimbursable to the Master Servicer.  Notwithstanding the foregoing,  subject to
Section  3.07(a),  the Master  Servicer shall not permit any  modification  with
respect to any  Mortgage  Loan that would both  constitute a sale or exchange of
such  Mortgage  Loan  within the  meaning  of  Section  1001 of the Code and any
proposed,  temporary or final regulations  promulgated thereunder (other than in
connection  with a proposed  conveyance or assumption of such Mortgage Loan that
is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof)
and cause any REMIC formed under the Series  Supplement  to fail to qualify as a
REMIC under the Code.  The Trustee  shall  furnish the Master  Servicer with any
powers of attorney and other  documents  necessary or  appropriate to enable the
Master Servicer to service and administer the Mortgage Loans.  The Trustee shall
not be liable for any action  taken by the Master  Servicer  or any  Subservicer
pursuant  to such  powers  of  attorney.  In  servicing  and  administering  any
Nonsubserviced  Mortgage  Loan,  the Master  Servicer  shall,  to the extent not
inconsistent  with this  Agreement,  comply with the Program Guide as if it were
the  originator of such Mortgage Loan and had retained the servicing  rights and
obligations in respect thereof.  In connection with servicing and  administering
the Mortgage Loans, the Master Servicer and any Affiliate of the Master Servicer
(i) may perform services such as appraisals and brokerage  services that are not
customarily  provided by servicers of mortgage  loans,  and shall be entitled to
reasonable compensation therefor in

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<PAGE>

accordance  with Section 3.10 and (ii) may, at its own  discretion and on behalf
of the Trustee, obtain credit information in the form of a "credit score" from a
credit repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

          Section 3.02  Subservicing  Agreements  Between  Master  Servicer  and
               Subservicers;   Enforcement   of   Subservicers'   and   Sellers'
               Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable efforts to enforce the obligations of

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<PAGE>

each  Subservicer  under the related  Subservicing  Agreement and of each Seller
under the  related  Seller's  Agreement  insofar as the  Company's  rights  with
respect to such  obligation has been assigned to the Trustee  hereunder,  to the
extent that the  non-performance  of any such Seller's  obligation  would have a
material and adverse effect on a Mortgage Loan,  including,  without limitation,
the   obligation   to  purchase  a  Mortgage   Loan  on  account  of   defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation  or warranty,  as described in Section  2.04.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate,  and the pursuit
of other appropriate remedies,  shall be in such form and carried out to such an
extent and at such time as the Master  Servicer  would  employ in its good faith
business  judgment  and  which are  normal  and  usual in its  general  mortgage
servicing  activities.   The  Master  Servicer  shall  pay  the  costs  of  such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such  enforcement is directed.  For purposes of clarification
only,  the parties  agree that the  foregoing  is not intended to, and does not,
limit the ability of the Master  Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's  obligations  (insofar
as the  Company's  rights with respect to such  Seller's  obligations  have been
assigned  to the Trustee  hereunder)  and are  reimbursable  pursuant to Section
3.10(a)(viii).

        Section 3.03  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and

                                              44

<PAGE>

conditions as if the Master Servicer alone were servicing and  administering the
Mortgage  Loans.  The  Master  Servicer  shall be  entitled  to  enter  into any
agreement  with a  Subservicer  or  Seller  for  indemnification  of the  Master
Servicer  and nothing  contained in this  Agreement  shall be deemed to limit or
modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver or

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<PAGE>

extension will not impair the coverage of any related Primary  Insurance  Policy
or materially adversely affect the lien of the related Mortgage. In the event of
any such  arrangement,  the Master  Servicer  shall make timely  advances on the
related  Mortgage  Loan  during  the  scheduled  period in  accordance  with the
amortization  schedule of such  Mortgage  Loan without  modification  thereof by
reason of such  arrangements  unless  otherwise  agreed to by the Holders of the
Classes  of  Certificates  affected  thereby;  provided,  however,  that no such
extension shall be made if any such advance would be a  Nonrecoverable  Advance.
Consistent with the terms of this Agreement, the Master Servicer may also waive,
modify or vary any term of any Mortgage Loan or consent to the  postponement  of
strict  compliance  with any such term or in any manner grant  indulgence to any
Mortgagor if in the Master Servicer's  determination such waiver,  modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

                                              46

<PAGE>

                    (iii) Insurance  Proceeds and  Liquidation  Proceeds (net of
               any related expenses of the Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                    (v) Any amounts required to be deposited pursuant to Section
               3.07(c) or 3.21;

                    (vi) All amounts transferred from the Certificate Account to
               the Custodial Account in accordance with Section 4.02(a);

                    (vii) Any amounts  realized by the  Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                    (viii)  Any  amounts  received  by the  Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall mature not later than the Certificate Account Deposit Date next

                                              47

<PAGE>

following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following

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<PAGE>

month.  Any amounts paid by a  Subservicer  pursuant to the  preceding  sentence
shall  be for  the  benefit  of the  Master  Servicer  as  additional  servicing
compensation  and shall be subject to its  withdrawal or order from time to time
pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

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<PAGE>

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i) to make  deposits  into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  advances or expenses  made  pursuant to
               Sections 3.01,  3.07(a),  3.08, 3.11,  3.12(a),  3.14 and 4.04 or
               otherwise  reimbursable  pursuant to the terms of this Agreement,
               such  withdrawal  right  being  limited  to amounts  received  on
               particular  Mortgage  Loans  (including,  for this  purpose,  REO
               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property acquired in respect thereof that has been purchased or

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<PAGE>

               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided in  subsection  (c) below,  any Advance  made in
               connection  with a  modification  of a  Mortgage  Loan that is in
               default or, in the  judgment of the Master  Servicer,  default is
               reasonably foreseeable pursuant to Section 3.07(a), to the extent
               the  amount  of the  Advance  has been  added to the  outstanding
               principal   balance  of  the  Mortgage   Loan,   or  any  Advance
               reimbursable to the Master Servicer pursuant to Section 4.02(a);

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss

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<PAGE>

which,  but for the actions of the Master  Servicer or  Subservicer,  would have
been  covered  thereunder.  To the  extent  coverage  is  available,  the Master
Servicer  shall  keep or cause to be kept in full  force  and  effect  each such
Primary  Insurance  Policy until the principal  balance of the related  Mortgage
Loan secured by a Mortgaged  Property is reduced to 80% or less of the Appraised
Value in the  case of such a  Mortgage  Loan  having  a  Loan-to-Value  Ratio at
origination in excess of 80%, provided that such Primary Insurance Policy was in
place as of the  Cut-off  Date and the  Company had  knowledge  of such  Primary
Insurance Policy.  The Master Servicer shall be entitled to cancel or permit the
discontinuation  of any Primary Insurance Policy as to any Mortgage Loan, if the
Stated  Principal  Balance of the Mortgage Loan is reduced below an amount equal
to 80% of the appraised value of the related Mortgaged Property as determined in
any appraisal thereof after the Closing Date, or if the  Loan-to-Value  Ratio is
reduced  below 80% as a result of principal  payments on the Mortgage Loan after
the Closing Date. In the event that the Company gains  knowledge  that as of the
Closing Date, a Mortgage Loan had a Loan-to-Value Ratio at origination in excess
of 80% and is not  the  subject  of a  Primary  Insurance  Policy  (and  was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.

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<PAGE>

The Master Servicer shall also cause to be maintained on property  acquired upon
foreclosure,  or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative  Loan),  fire insurance with extended coverage in an amount which is
at  least  equal  to the  amount  necessary  to  avoid  the  application  of any
co-insurance  clause contained in the related hazard insurance policy.  Pursuant
to Section 3.07,  any amounts  collected by the Master  Servicer  under any such
policies  (other than amounts to be applied to the  restoration or repair of the
related Mortgaged  Property or property thus acquired or amounts released to the
Mortgagor in accordance with the Master Servicer's normal servicing  procedures)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10. Any cost incurred by the Master  Servicer in maintaining  any such
insurance shall not, for the purpose of calculating monthly distributions to the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that

                                              53

<PAGE>

any such bond or policy ceases to be in effect, the Master Servicer shall obtain
a comparable  replacement bond or policy from an issuer or insurer,  as the case
may be, meeting the requirements, if any, of the Program Guide and acceptable to
the Company.  Coverage of the Master Servicer under a policy or bond obtained by
an Affiliate of the Master Servicer and providing the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction involving the

                                              54

<PAGE>

assumption  or transfer (A) the Mortgage  Loan will  continue to be secured by a
first mortgage lien pursuant to the terms of the Mortgage,  (B) such transaction
will not adversely  affect the coverage under any Required  Insurance  Policies,
(C) the Mortgage Loan will fully amortize over the remaining  term thereof,  (D)
no material  term of the  Mortgage  Loan  (including  the  interest  rate on the
Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed
and (E) if the  seller/transferor  of the  Mortgaged  Property is to be released
from liability on the Mortgage Loan,  such release will not (based on the Master
Servicer's  or  Subservicer's  good faith  determination)  adversely  affect the
collectability  of the Mortgage Loan.  Upon receipt of appropriate  instructions
from the Master  Servicer in accordance  with the  foregoing,  the Trustee shall
execute  any  necessary  instruments  for such  assumption  or  substitution  of
liability as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct  copies of the assumption  agreement,  the release
(if any), or the  modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the  Custodian  and  deposited  with the Mortgage
File for such Mortgage  Loan.  Any fee collected by the Master  Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

                                              55

<PAGE>

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations under the Credit Support Pledge

                                              56

<PAGE>

Agreement in accordance  with such Agreement and in a manner that is in the best
interests of the Certificateholders.  Further, the Master Servicer shall use its
best  reasonable  efforts to  realize  upon any  Pledged  Assets for such of the
Pledged  Asset  Loans as come into and  continue  in default  and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee,  obtain  title to any such  Pledged  Assets as a result of or in
lieu of the disposition thereof or otherwise;  and provided further that (i) the
Master  Servicer  shall not proceed with  respect to such Pledged  Assets in any
manner that would  impair the ability to recover  against the related  Mortgaged
Property, and (ii) the Master Servicer shall proceed with any REO Acquisition in
a manner that preserves the ability to apply the proceeds of such Pledged Assets
against  amounts owed under the defaulted  Mortgage Loan. Any proceeds  realized
from such Pledged  Assets (other than amounts to be released to the Mortgagor or
the related  guarantor in accordance  with  procedures  that the Master Servicer
would follow in servicing  loans held for its own account,  subject to the terms
and  conditions  of the related  Mortgage and Mortgage Note and to the terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

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<PAGE>

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and

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<PAGE>

unpaid interest on the Mortgage Loan, and any related REO Imputed  Interest,  at
the Net  Mortgage  Rate  (or the  Modified  Net  Mortgage  Rate in the case of a
Modified  Mortgage Loan) to the Due Date prior to the Distribution Date on which
such  amounts  are to be  distributed;  third,  to the  Certificateholders  as a
recovery of principal on the Mortgage Loan (or REO  Property)(provided  that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession

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<PAGE>

of all, or any document  constituting  part of, the Mortgage File be released to
the Master  Servicer and  certifying  as to the reason for such release and that
such release will not invalidate any insurance  coverage  provided in respect of
the  Mortgage  Loan under any  Required  Insurance  Policy.  Upon receipt of the
foregoing,  the Trustee shall  deliver,  or cause the Custodian to deliver,  the
Mortgage  File or any  document  therein  to the  Master  Servicer.  The  Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

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<PAGE>

        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the

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minimum servicing  standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material  obligations relating
to this Agreement in all material  respects  throughout  such year, or, if there
has been material  noncompliance  with such servicing  standards or a default in
the fulfillment in all material respects of any such obligation relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee. The

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Company shall not have any responsibility or liability for any action or failure
to act by the Master  Servicer and is not obligated to supervise the performance
of the Master Servicer under this Agreement or otherwise.

        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section

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9.01 and (v) all other amounts  constituting the Available  Distribution  Amount
for the immediately succeeding Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or

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applicable  portion  thereof  during which such Person was a  Certificateholder.
Such obligation of the Master Servicer shall be deemed to have been satisfied to
the extent that  substantially  comparable  information shall be provided by the
Master Servicer pursuant to any requirements of the Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        Section       4.04  Distribution  of  Reports  to the  Trustee  and  the
                      Company; Advances by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the

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<PAGE>

Certificate  Account  on or  before  11:00  A.M.  New  York  time on any  future
Certificate  Account  Deposit Date to the extent that funds  attributable to the
Mortgage  Loans that are available in the  Custodial  Account for deposit in the
Certificate  Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date.  The  Master  Servicer  shall be  entitled  to use any  Advance  made by a
Subservicer  as  described  in Section  3.07(b)  that has been  deposited in the
Custodial  Account on or before  such  Distribution  Date as part of the Advance
made by the Master  Servicer  pursuant to this Section  4.04.  The amount of any
reimbursement  pursuant to Section 4.02(a) in respect of outstanding Advances on
any  Distribution  Date shall be allocated to specific  Monthly Payments due but
delinquent  for previous Due Periods,  which  allocation  shall be made,  to the
extent  practicable,  to Monthly  Payments  which have been  delinquent  for the
longest  period of time.  Such  allocations  shall be conclusive for purposes of
reimbursement  to the Master Servicer from recoveries on related  Mortgage Loans
pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and

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6050P,  respectively,  of the Code,  and  deliver to the  Trustee  an  Officers'
Certificate  on or before  March 31 of each year  stating that such reports have
been filed.  Such reports shall be in form and substance  sufficient to meet the
reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed inconsistent if they

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<PAGE>

are made with respect to different Certificate Owners. The Trustee may establish
a reasonable  record date in connection with  solicitations  of consents from or
voting by  Certificateholders  and shall give notice to the  Depository  of such
record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;

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provided,  however,  that such  representation  letters  will not be required in
connection  with any  transfer  of any such  Certificate  by the  Company or any
Affiliate thereof to the Company or an Affiliate of the Company, and the Trustee
shall be entitled to conclusively  rely upon a representation  (which,  upon the
request of the Trustee, shall be a written  representation) from the Company, of
the  status  of such  transferee  as an  Affiliate  of the  Company  or (ii) the
prospective  transferee of such a  Certificate  shall be required to provide the
Trustee,  the  Company  and  the  Master  Servicer  with  an  investment  letter
substantially  in the form of Exhibit J  attached  hereto (or such other form as
the Company in its sole discretion deems  acceptable),  which investment  letter
shall not be an expense of the Trustee, the Company or the Master Servicer,  and
which investment letter states that, among other things,  such transferee (A) is
a "qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the  accounts of other  "qualified  institutional  buyers" as defined
under Rule 144A, and (B) is aware that the proposed  transferor  intends to rely
on the exemption  from  registration  requirements  under the  Securities Act of
1933,  as  amended,  provided by Rule 144A.  The Holder of any such  Certificate
desiring to effect any such transfer,  sale, pledge or other disposition  shall,
and does  hereby  agree to,  indemnify  the  Trustee,  the  Company,  the Master
Servicer and the Certificate  Registrar against any liability that may result if
the transfer,  sale, pledge or other disposition is not so exempt or is not made
in accordance with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or paragraph  fourteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such Certificate (or interest

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<PAGE>

               therein) that either (a) such  Transferee is not a Plan Investor,
               (b) it has acquired and is holding such  Certificate  in reliance
               on Prohibited  Transaction  Exemption ("PTE") 94-29, 59 Fed. Reg.
               14674 (March 29,  1994),  as amended by PTE 97-34,  62 Fed.  Reg.
               39021  (July 21,  1997),  and PTE  2000-58,  65 Fed.  Reg.  67765
               (November   13,  2000)  (the  "RFC   Exemption"),   and  that  it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

                             (B)   Any   purported   Certificate   Owner   whose
                      acquisition  or  holding  of any Class M  Certificate  (or
                      interest   therein)  was  effected  in  violation  of  the
                      restrictions  in this Section  5.02(e) shall indemnify and
                      hold  harmless  the  Company,   the  Trustee,  the  Master
                      Servicer,  any  Subservicer,  and the Trust  Fund from and
                      against any and all liabilities, claims, costs or expenses
                      incurred by such  parties as a result of such  acquisition
                      or holding.

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from the proposed Transferee, in form

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<PAGE>

                      and  substance   satisfactory  to  the  Master   Servicer,
                      representing and warranting,  among other things,  that it
                      is a Permitted  Transferee,  that it is not  acquiring its
                      Ownership  Interest in the Class R Certificate that is the
                      subject of the proposed Transfer as a nominee,  trustee or
                      agent for any  Person who is not a  Permitted  Transferee,
                      that for so long as it retains its Ownership Interest in a
                      Class  R  Certificate,   it  will  endeavor  to  remain  a
                      Permitted  Transferee,   and  that  it  has  reviewed  the
                      provisions of this Section  5.02(f) and agrees to be bound
                      by them,  and  (II) a  certificate,  in the form  attached
                      hereto as Exhibit G-2, from the Holder wishing to transfer
                      the   Class  R   Certificate,   in  form   and   substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that no purpose of the
                      proposed   Transfer  is  to  impede  the   assessment   or
                      collection of tax.

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive

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<PAGE>

               to the date of  registration  of such  Transfer  of such  Class R
               Certificate.  If a Non-United States Person shall become a holder
               of a Class R Certificate,  then the last preceding  United States
               Person shall be restored,  to the extent permitted by law, to all
               rights and obligations as Holder thereof  retroactive to the date
               of registration of such Transfer of such Class R Certificate.  If
               a transfer of a Class R Certificate  is  disregarded  pursuant to
               the  provisions  of  Treasury  Regulations  Section  1.860E-1  or
               Section 1.860G-3,  then the last preceding  Permitted  Transferee
               shall be restored,  to the extent permitted by law, to all rights
               and  obligations  as Holder  thereof  retroactive  to the date of
               registration  of such Transfer of such Class R  Certificate.  The
               Trustee  shall  be  under  no  liability  to any  Person  for any
               registration of Transfer of a Class R Certificate that is in fact
               not permitted by this Section  5.02(f) or for making any payments
               due on such  Certificate  to the holder thereof or for taking any
               other action with respect to such holder under the  provisions of
               this Agreement.

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

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<PAGE>

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate issued pursuant to this Section

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<PAGE>

shall constitute  complete and  indefeasible  evidence of ownership in the Trust
Fund,  as if  originally  issued,  whether or not the lost,  stolen or destroyed
Certificate shall be found at any time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

          Section 6.02  Merger or  Consolidation  of the  Company  or the Master
               Servicer; Assignment of Rights and Delegation of Duties by Master
               Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

          Section 6.03  Limitation  on  Liability  of the  Company,  the  Master
               Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing a conservator
               or receiver or  liquidator  in any  insolvency,  readjustment  of
               debt,   marshalling   of  assets  and   liabilities   or  similar
               proceedings, or for the winding-up or liquidation of its affairs,

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               shall have been  entered  against  the Master  Servicer  and such
               decree or order  shall have  remained  in force  undischarged  or
               unstayed for a period of 60 days; or

                      (iv) the Master  Servicer shall consent to the appointment
               of a conservator  or receiver or  liquidator  in any  insolvency,
               readjustment of debt,  marshalling of assets and liabilities,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

                      (v)  the  Master  Servicer  shall  admit  in  writing  its
               inability to pay its debts  generally as they become due,  file a
               petition  to take  advantage  of, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent  jurisdiction to appoint,  any  established  housing and home
finance  institution,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the

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               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) The  Trustee  shall not be  personally  liable  with
               respect to any action  taken,  suffered or omitted to be taken by
               it  in  good  faith  in   accordance   with  the   direction   of
               Certificateholders   of  any  Class  holding  Certificates  which
               evidence, as to such Class,  Percentage Interests aggregating not
               less than 25% as to the time,  method and place of conducting any
               proceeding for any remedy available to the Trustee, or exercising
               any  trust  or  power  conferred  upon the  Trustee,  under  this
               Agreement;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a)    Except as otherwise provided in Section 8.01:

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                      (i) The Trustee may rely and shall be  protected in acting
               or  refraining  from  acting  upon  any   resolution,   Officers'
               Certificate,  certificate  of auditors or any other  certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, appraisal,  bond or other paper or document believed by it
               to be genuine and to have been signed or  presented by the proper
               party or parties;

                      (ii) The Trustee may consult  with counsel and any Opinion
               of  Counsel  shall  be  full  and  complete   authorization   and
               protection  in respect of any action taken or suffered or omitted
               by it hereunder in good faith and in accordance with such Opinion
               of Counsel;

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

                      (iv) The Trustee  shall not be  personally  liable for any
               action  taken,  suffered  or  omitted  by it in  good  faith  and
               believed  by it to be  authorized  or within  the  discretion  or
               rights or powers conferred upon it by this Agreement;

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

          Section 8.05  Master  Servicer  to Pay  Trustee's  Fees and  Expenses;
               Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

                      (ii) while maintaining  control over its own defense,  the
               Trustee  shall  cooperate  and  consult  fully  with  the  Master
               Servicer in preparing such defense; and

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined

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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and have accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

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<PAGE>

        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

        (c) Any notice,  request or other  writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee  therein  designated or, in the case of the
               purchase by the Master Servicer of the outstanding  Certificates,
               the Distribution Date on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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<PAGE>

                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution  Date  is not  applicable,  and in the  case  of the
               Senior  Certificates and Class M Certificates,  that payment will
               be made only upon  presentation and surrender of the Certificates
               at the office or agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the case of the  Senior,  Class M or Class B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have

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been surrendered for cancellation,  the Trustee shall pay to the Master Servicer
all amounts  distributable  to the holders thereof and the Master Servicer shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master Servicer as a result of such Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with this Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the  failure of each such REMIC to comply with the  requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

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                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax

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matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or  desirable  to  maintain  the status of each REMIC as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d)

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of the Code) (either such event,  in the absence of an Opinion of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such reimbursement the aggregate of such taxes shall be

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allocated  in  reduction  of the  Accrued  Certificate  Interest  on each  Class
entitled  thereto in the same manner as if such taxes  constituted  a Prepayment
Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify the Trust Fund against such tax, cause such REMIC

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to be subject to a tax on "prohibited  transactions" or "contributions" pursuant
to the REMIC Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i)    to cure any ambiguity,

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                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                    (vii) to amend any  provision  herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates

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evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each  Class of  Certificates  affected  thereby  for the  purpose  of adding any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any

                                             101

<PAGE>

Certificateholder  and without the consent of the Master Servicer or the Trustee
being required unless any such amendment would impose any additional  obligation
on,   or   otherwise    adversely   affect   the   interests   of   the   Senior
Certificateholders,  the Class M Certificateholders,  the Master Servicer or the
Trustee,  as applicable;  provided that the Company obtains  (subject to Section
10.01(f))  an Opinion of Counsel  (which  need not be an opinion of  Independent
counsel)  to the effect that any such  amendment  will not cause (a) any federal
tax to be imposed on the Trust Fund,  including without limitation,  any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions  after the startup date" under Section  860G(d)(1) of the Code
and (b) any REMIC  created  hereunder  to fail to qualify as a REMIC at any time
that any  Certificate  is  outstanding.  In the event that the Company elects to
provide  such  coverage  in the form of a limited  guaranty  provided by General
Motors  Acceptance  Corporation,  the  Company  may elect  that the text of such
amendment to this Agreement shall be  substantially  in the form attached hereto
as Exhibit K (in which case Residential Funding's  Subordinate  Certificate Loss
Obligation  as described in such exhibit  shall be  established  by  Residential
Funding's  consent to such  amendment)  and that the limited  guaranty  shall be
executed  in the form  attached  hereto as Exhibit  K, with such  changes as the
Company shall deem to be appropriate;  it being  understood that the Trustee has
reviewed and approved the content of such forms and that the  Trustee's  consent
or approval to the use thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or

                                             102

<PAGE>

members  of an  association;  nor  shall  any  Certificateholder  be  under  any
liability  to any third  person by reason of any action  taken by the parties to
this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

        (a)    a material change or amendment to this Agreement,

        (b)    the occurrence of an Event of Default,

                                             103

<PAGE>

     (c) the  termination  or  appointment  of a  successor  Master  Servicer or
Trustee or a change in the majority ownership of the Trustee,

        (d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions  insurance  policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,

     (e) the statement  required to be delivered to the Holders of each Class of
Certificates pursuant to Section 4.03,

     (f) the statements  required to be delivered  pursuant to Sections 3.18 and
3.19,

     (g) a change in the location of the  Custodial  Account or the  Certificate
Account,

        (h) the  occurrence of any monthly cash flow shortfall to the Holders of
any Class of  Certificates  resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,

        (i)    the occurrence of the Final Distribution Date, and

        (j)    the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective interests would not be materially adversely affected

                                             104

<PAGE>

thereby. To the extent that the terms of the Supplemental  Article do not in any
way  affect  any  provisions  of this  Agreement  as to any of the  Certificates
initially issued hereunder,  the adoption of the Supplemental  Article shall not
constitute an "amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

                                             105

<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                      AGGREGATE PLANNED PRINCIPAL BALANCES

                       Aggregate Planned Aggregate Planned
                        Principal Balances for       Principal Balances for
                     Class A-1, Class A-2 and ClassClass A-14 and Class A-17
                           A-3 Certificates               Certificates
Distribution Date

Initial Balance.....               $72,979,000.00               $19,290,461.00
December 25, 2001...                72,731,974.05                19,231,762.92
January 25, 2002....                72,446,014.98                19,163,813.58
February 25, 2002...                72,121,264.97                19,086,646.78
March 25, 2002......                71,757,832.16                19,000,288.21
April 25, 2002......                71,355,849.64                18,904,769.49
May 25, 2002........                70,915,475.43                18,800,128.17
June 25, 2002.......                70,436,892.44                18,686,407.71
July 25, 2002.......                69,920,308.35                18,563,657.47
August 25, 2002 ....                69,365,955.54                18,431,932.66
September 25, 2002..                68,774,090.89                18,291,294.32
October 25, 2002....                68,144,995.70                18,141,809.30
November 25, 2002...                67,478,975.43                17,983,550.17
December 25, 2002...                66,776,359.49                17,816,595.21
January 25, 2003....                66,037,501.03                17,641,028.33
February 25, 2003...                65,262,776.63                17,456,939.02
March 25, 2003......                64,452,586.04                17,264,422.27
April 25, 2003......                63,607,351.82                17,063,578.49
May 25, 2003........                62,727,519.03                16,854,513.42
June 25, 2003.......                61,813,554.82                16,637,338.08
July 25, 2003.......                60,865,948.06                16,412,168.62
August 25, 2003 ....                59,885,208.91                16,179,126.28
September 25, 2003..                58,871,868.38                15,938,337.22
October 25, 2003....                57,826,477.85                15,689,932.47
November 25, 2003...                56,749,608.59                15,434,047.78
December 25, 2003...                55,641,851.25                15,170,823.49
January 25, 2004....                54,503,815.32                14,900,404.43
February 25, 2004...                53,336,128.58                14,622,939.77
March 25, 2004......                52,139,436.52                14,338,582.89
April 25, 2004......                50,945,488.98                14,054,878.16
May 25, 2004........                49,754,333.56                13,771,836.89
June 25, 2004.......                48,571,048.00                13,490,665.65
July 25, 2004.......                47,395,581.67                13,211,352.42
August 25, 2004 ....                46,227,884.28                12,933,885.22
September 25, 2004..                45,067,905.84                12,658,252.20
October 25, 2004....                43,915,596.72                12,384,441.56
November 25, 2004...                42,770,907.59                12,112,441.57
December 25, 2004...                41,633,789.46                11,842,240.59
January 25, 2005....                40,504,193.63                11,573,827.06
February 25, 2005...                39,382,071.75                11,307,189.48
March 25, 2005......                38,267,375.78                11,042,316.44

                                                        -1-

<PAGE>

April 25, 2005......                37,160,057.97                10,779,196.59
May 25, 2005........                36,060,070.91                10,517,818.66
June 25, 2005.......                34,967,367.49                10,258,171.47
July 25, 2005.......                33,881,900.89                10,000,243.88
August 25, 2005 ....                32,803,624.62                 9,744,024.86
September 25, 2005..                31,732,492.49                 9,489,503.42
October 25, 2005....                30,668,458.59                 9,236,668.65
November 25, 2005...                29,611,477.35                 8,985,509.73
December 25, 2005...                28,561,503.45                 8,736,015.89
January 25, 2006....                27,518,491.90                 8,488,176.43
February 25, 2006...                26,482,397.99                 8,241,980.74
March 25, 2006......                25,453,177.31                 7,997,418.26
April 25, 2006......                24,430,785.74                 7,754,478.50
May 25, 2006........                23,415,179.44                 7,513,151.06
June 25, 2006.......                22,406,314.85                 7,273,425.57
July 25, 2006.......                21,404,148.72                 7,035,291.77
August 25, 2006 ....                20,408,638.07                 6,798,739.43
September 25, 2006..                19,419,740.19                 6,563,758.42
October 25, 2006....                18,437,412.66                 6,330,338.64
November 25, 2006...                17,461,613.34                 6,098,470.10
December 25, 2006...                16,544,560.93                 5,880,560.94
January 25, 2007....                15,633,859.39                 5,664,160.87
February 25, 2007...                14,729,467.58                 5,449,260.11
March 25, 2007......                13,831,344.62                 5,235,848.95
April 25, 2007......                12,939,449.92                 5,023,917.74
May 25, 2007........                12,053,743.15                 4,813,456.90
June 25, 2007.......                11,174,184.24                 4,604,456.92
July 25, 2007.......                10,300,733.40                 4,396,908.32
August 25, 2007 ....                 9,433,351.08                 4,190,801.72
September 25, 2007..                 8,571,997.99                 3,986,127.79
October 25, 2007....                 7,716,635.13                 3,782,877.24
November 25, 2007...                 6,867,223.72                 3,581,938.91
December 25, 2007...                 6,056,511.79                 3,400,765.00
January 25, 2008....                 5,269,593.17                 3,225,360.21
February 25, 2008...                 4,505,841.60                 3,055,561.50
March 25, 2008......                 3,764,646.63                 2,891,210.26
April 25, 2008......                 3,045,413.24                 2,732,152.17
May 25, 2008........                 2,347,561.46                 2,578,237.06
June 25, 2008.......                 1,670,525.99                 2,429,318.86
July 25, 2008.......                 1,013,755.83                 2,285,255.43
August 25, 2008 ....                   376,713.94                 2,145,908.51
September 25, 2008..                         0.00                 2,011,143.56
October 25, 2008....                         0.00                 1,880,829.73
November 25, 2008...                         0.00                 1,754,839.69
December 25, 2008...                         0.00                 1,656,868.23
January 25, 2009....                         0.00                 1,562,325.59
February 25, 2009...                         0.00                 1,471,107.68
March 25, 2009......                         0.00                 1,383,113.36

                                                        -2-

<PAGE>

April 25, 2009......                         0.00                 1,298,244.38
May 25, 2009........                         0.00                 1,216,405.26
June 25, 2009.......                         0.00                 1,137,503.26
July 25, 2009.......                         0.00                 1,061,448.28
August 25, 2009 ....                         0.00                   988,152.79
September 25, 2009..                         0.00                   917,531.76
October 25, 2009....                         0.00                   849,502.58
November 25, 2009...                         0.00                   783,985.03
December 25, 2009...                         0.00                   740,472.97
January 25, 2010....                         0.00                   698,569.53
February 25, 2010...                         0.00                   658,222.40
March 25, 2010......                         0.00                   619,380.85
April 25, 2010......                         0.00                   581,995.70
May 25, 2010........                         0.00                   546,019.24
June 25, 2010.......                         0.00                   511,405.24
July 25, 2010.......                         0.00                   478,108.85
August 25, 2010 ....                         0.00                   446,086.61
September 25, 2010..                         0.00                   415,296.39
October 25, 2010....                         0.00                   385,697.32
November 25, 2010...                         0.00                   357,249.81
December 25, 2010...                         0.00                   344,952.38
January 25, 2011....                         0.00                   332,988.50
February 25, 2011...                         0.00                   321,349.25
March 25, 2011......                         0.00                   310,025.92
April 25, 2011......                         0.00                   299,010.04
May 25, 2011........                         0.00                   288,293.35
June 25, 2011.......                         0.00                   277,867.84
July 25, 2011.......                         0.00                   267,725.69
August 25, 2011 ....                         0.00                   257,859.29
September 25, 2011..                         0.00                   248,261.24
October 25, 2011....                         0.00                   238,924.33
November 25, 2011...                         0.00                   229,841.55
December 25, 2011...                         0.00                   221,006.07
January 25, 2012....                         0.00                   212,411.25
February 25, 2012...                         0.00                   204,050.60
March 25, 2012......                         0.00                   195,917.85
April 25, 2012......                         0.00                   188,006.85
May 25, 2012........                         0.00                   180,311.64
June 25, 2012.......                         0.00                   172,826.41
July 25, 2012.......                         0.00                   165,545.52
August 25, 2012 ....                         0.00                   158,463.45
September 25, 2012..                         0.00                   151,574.86
October 25, 2012....                         0.00                   144,874.53
November 25, 2012...                         0.00                   138,357.39
December 25, 2012...                         0.00                   132,018.50
January 25, 2013....                         0.00                   125,853.06
February 25, 2013...                         0.00                   119,856.38
March 25, 2013......                         0.00                   114,023.92

                                                        -3-

<PAGE>

April 25, 2013......                         0.00                   108,351.24
May 25, 2013........                         0.00                   102,834.03
June 25, 2013.......                         0.00                    97,468.10
July 25, 2013.......                         0.00                    92,249.34
August 25, 2013 ....                         0.00                    87,173.80
September 25, 2013..                         0.00                    82,237.60
October 25, 2013....                         0.00                    77,436.97
November 25, 2013...                         0.00                    72,768.24
December 25, 2013...                         0.00                    68,227.86
January 25, 2014....                         0.00                    63,812.34
February 25, 2014...                         0.00                    59,518.31
March 25, 2014......                         0.00                    55,342.47
April 25, 2014......                         0.00                    51,281.63
May 25, 2014........                         0.00                    47,332.67
June 25, 2014.......                         0.00                    43,492.56
July 25, 2014.......                         0.00                    39,758.34
August 25, 2014 ....                         0.00                    36,127.15
September 25, 2014..                         0.00                    32,596.19
October 25, 2014....                         0.00                    29,162.75
November 25, 2014...                         0.00                    25,824.16
December 25, 2014...                         0.00                    22,577.87
January 25, 2015....                         0.00                    19,421.36
February 25, 2015...                         0.00                    16,352.18
March 25, 2015......                         0.00                    13,367.98
April 25, 2015......                         0.00                    10,466.43
May 25, 2015........                         0.00                     7,645.29
June 25, 2015.......                         0.00                     4,902.38
July 25, 2015.......                         0.00                     2,235.55
August 25, 2015
and thereafter .....                         0.00                         0.00

                                                        -4-

<PAGE>

                                                   EXHIBIT FIVE
                                       AGGREGATE TARGETED PRINCIPAL BALANCES

                             Aggregate Targeted Principal
                              Balances for Class A-4 and
                                Class A-5 Certificates
Distribution Date
Initial Balance............                 $68,949,350.00
December 25, 2001..........                  68,818,179.03
January 25, 2002...........                  68,648,438.31
February 25, 2002..........                  68,440,199.45
March 25, 2002.............                  68,193,607.31
April 25, 2002.............                  67,908,880.41
May 25, 2002...............                  67,586,310.97
June 25, 2002..............                  67,226,264.89
July 25, 2002..............                  66,829,181.53
August 25, 2002 ...........                  66,395,573.24
September 25, 2002.........                  65,926,024.85
October 25, 2002...........                  65,421,192.76
November 25, 2002..........                  64,881,804.04
December 25, 2002..........                  64,308,655.28
January 25, 2003...........                  63,702,611.23
February 25, 2003..........                  63,064,603.28
March 25, 2003.............                  62,395,627.78
April 25, 2003.............                  61,696,744.15
May 25, 2003...............                  60,969,072.85
June 25, 2003..............                  60,213,793.20
July 25, 2003..............                  59,432,140.96
August 25, 2003 ...........                  58,625,405.85
September 25, 2003.........                  57,794,928.86
October 25, 2003...........                  56,942,099.43
November 25, 2003..........                  56,068,352.52
December 25, 2003..........                  55,175,165.50
January 25, 2004...........                  54,264,054.97
February 25, 2004..........                  53,336,573.44
March 25, 2004.............                  52,394,305.92
April 25, 2004.............                  51,468,395.01
May 25, 2004...............                  50,558,756.45
June 25, 2004..............                  49,670,083.56
July 25, 2004..............                  48,802,028.43
August 25, 2004 ...........                  47,954,248.20
September 25, 2004.........                  47,126,405.05
October 25, 2004...........                  46,318,166.08
November 25, 2004..........                  45,529,203.25
December 25, 2004..........                  44,759,193.35
January 25, 2005...........                  44,007,817.87
February 25, 2005..........                  43,274,762.99
March 25, 2005.............                  42,559,719.47
April 25, 2005.............                  41,862,382.63
May 25, 2005...............                  41,182,452.23

                                                        -1-

<PAGE>

June 25, 2005..............                  40,519,632.46
July 25, 2005..............                  39,873,631.88
August 25, 2005 ...........                  39,244,163.29
September 25, 2005.........                  38,630,943.73
October 25, 2005...........                  38,033,694.44
November 25, 2005..........                  37,452,140.72
December 25, 2005..........                  36,886,011.95
January 25, 2006...........                  36,335,041.49
February 25, 2006..........                  35,798,966.65
March 25, 2006.............                  35,277,528.60
April 25, 2006.............                  34,770,472.35
May 25, 2006...............                  34,277,546.68
June 25, 2006..............                  33,798,504.11
July 25, 2006..............                  33,333,100.78
August 25, 2006 ...........                  32,881,096.48
September 25, 2006.........                  32,442,254.55
October 25, 2006...........                  32,016,341.86
November 25, 2006..........                  31,603,128.72
December 25, 2006..........                  31,251,445.31
January 25, 2007...........                  30,911,664.14
February 25, 2007..........                  30,583,566.99
March 25, 2007.............                  30,266,938.88
April 25, 2007.............                  29,961,568.04
May 25, 2007...............                  29,667,245.90
June 25, 2007..............                  29,383,766.99
July 25, 2007..............                  29,110,928.91
August 25, 2007 ...........                  28,848,532.35
September 25, 2007.........                  28,596,380.96
October 25, 2007...........                  28,354,281.34
November 25, 2007..........                  28,122,043.01
December 25, 2007..........                  27,898,836.40
January 25, 2008...........                  27,666,872.77
February 25, 2008..........                  27,426,560.60
March 25, 2008.............                  27,178,295.55
April 25, 2008.............                  26,922,460.80
May 25, 2008...............                  26,659,427.38
June 25, 2008..............                  26,389,554.49
July 25, 2008..............                  26,113,189.89
August 25, 2008 ...........                  25,830,670.14
September 25, 2008.........                  25,301,197.84
October 25, 2008...........                  24,408,191.99
November 25, 2008..........                  23,528,174.20
December 25, 2008..........                  22,721,082.94
January 25, 2009...........                  21,925,723.73
February 25, 2009..........                  21,141,920.97
March 25, 2009.............                  20,369,501.51
April 25, 2009.............                  19,608,294.58
May 25, 2009...............                  18,858,131.84

                                                        -2-

<PAGE>

June 25, 2009..............                  18,118,847.26
July 25, 2009..............                  17,390,277.15
August 25, 2009 ...........                  16,672,260.07
September 25, 2009.........                  15,964,636.87
October 25, 2009...........                  15,267,250.58
November 25, 2009..........                  14,579,946.46
December 25, 2009..........                  13,956,846.58
January 25, 2010...........                  13,342,407.34
February 25, 2010..........                  12,736,496.60
March 25, 2010.............                  12,138,984.10
April 25, 2010.............                  11,549,741.40
May 25, 2010...............                  10,968,641.89
June 25, 2010..............                  10,395,560.73
July 25, 2010..............                   9,830,374.84
August 25, 2010 ...........                   9,272,962.86
September 25, 2010.........                   8,723,205.18
October 25, 2010...........                   8,180,983.82
November 25, 2010..........                   7,646,182.50
December 25, 2010..........                   7,165,936.42
January 25, 2011...........                   6,691,620.96
February 25, 2011..........                   6,223,148.64
March 25, 2011.............                   5,760,433.12
April 25, 2011.............                   5,303,389.23
May 25, 2011...............                   4,851,932.95
June 25, 2011..............                   4,405,981.36
July 25, 2011..............                   3,965,452.67
August 25, 2011 ...........                   3,530,266.18
September 25, 2011.........                   3,100,342.27
October 25, 2011...........                   2,675,602.36
November 25, 2011..........                   2,255,968.96
December 25, 2011..........                   1,841,365.58
January 25, 2012...........                   1,431,716.77
February 25, 2012..........                   1,026,948.08
March 25, 2012.............                     626,986.06
April 25, 2012.............                     231,758.24
May 25, 2012...............                           0.00
June 25, 2012..............                           0.00
July 25, 2012..............                           0.00
August 25, 2012 ...........                           0.00
September 25, 2012.........                           0.00
October 25, 2012...........                           0.00
November 25, 2012..........                           0.00
December 25, 2012..........                           0.00
January 25, 2013...........                           0.00
February 25, 2013..........                           0.00
March 25, 2013.............                           0.00
April 25, 2013.............                           0.00
May 25, 2013...............                           0.00

                                                        -3-

<PAGE>

June 25, 2013..............                           0.00
July 25, 2013..............                           0.00
August 25, 2013 ...........                           0.00
September 25, 2013.........                           0.00
October 25, 2013...........                           0.00
November 25, 2013..........                           0.00
December 25, 2013..........                           0.00
January 25, 2014...........                           0.00
February 25, 2014..........                           0.00
March 25, 2014.............                           0.00
April 25, 2014.............                           0.00
May 25, 2014...............                           0.00
June 25, 2014..............                           0.00
July 25, 2014..............                           0.00
August 25, 2014 ...........                           0.00
September 25, 2014.........                           0.00
October 25, 2014...........                           0.00
November 25, 2014..........                           0.00
December 25, 2014..........                           0.00
January 25, 2015...........                           0.00
February 25, 2015..........                           0.00
March 25, 2015.............                           0.00
April 25, 2015.............                           0.00
May 25, 2015...............                           0.00
June 25, 2015..............                           0.00
July 25, 2015..............                           0.00
August 25, 2015 and
thereafter ................                           0.00

                                                        -4-

<PAGE>RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                          DATED AS OF NOVEMBER 1, 2001,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF JULY 1, 2001

                       Mortgage Pass-Through Certificates

                                 Series 2001-S27

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions..........................................................-5-
                      -----------
        Section 1.02  Use of Words and Phrases............................................-23-
                      ------------------------
        Section 1.03  Determination of LIBOR..............................................-23-
                      ----------------------

                                   ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                      -----------------------------------------------------------------------
                       ...................................................................-25-
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                      ----------------------------------------------------------------
                       ...................................................................-25-
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      ------------------------------------------------------------------------
                      Company.............................................................-25-
                      -------
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      ----------------------------------------------------------------------------
                      Terms)
                      ------
                       ...................................................................-27-
        Section 2.05  Execution and Authentication of Certificates........................-28-
                      --------------------------------------------

                                         ARTICLE III

                          ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)
                      --------------------------------------------------------------
                       ...................................................................-30-
        Section 4.02  Distributions.......................................................-30-
                      -------------
        Section 4.03  Statements to Certificateholders.  (See Section 4.03(a) through (d) of the
                      --------------------------------------------------------------------------
                      Standard Terms and Exhibit Three attached hereto)...................-42-
                      -------------------------------------------------
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      -----------------------------------------------------------------------
                      Master Servicer.
                       ...................................................................-42-
        Section 4.05  Allocation of Realized Losses.......................................-44-
                      -----------------------------

<PAGE>

        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      --------------------------------------------------------------------
                      Section 4.06 of the Standard Terms)
                      -----------------------------------
                       ...................................................................-45-
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      ------------------------------------------------------------------------
                      Standard Terms)
                       ...................................................................-45-
        Section 4.08  [Reserved]
                      ----------
                       ...................................................................-45-
        Section 4.09  Distributions on the Uncertificated REMIC I Regular Interests.......-45-
                      --------------------------------------------------------------
        Section 4.10  Distributions on the Uncertificated Class A-V REMIC Regular Interests
                      ---------------------------------------------------------------------
                       ...................................................................-46-
        Section 4.11  Reserve Fund........................................................-47-
                      ------------
        Section 4.12  Rounding Account....................................................-47-
                      ----------------
        Section 4.13  Principal Distributions on the Retail Certificates..................-48-
                      --------------------------------------------------

                                          ARTICLE V

                                THE CERTIFICATES
        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms).........-53-
                      -----------------------------------------------------------
        Section 5.02. Registration of Transfer and Exchange of Certificates...............-53-
                      ------------------------------------------------------
        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.  (See Section 5.03 of the
                      ----------------------------------------------------------------------------
                      Standard Terms).....................................................-53-
                      ---------------
        Section 5.04. Persons Deemed Owners.  (See Section 5.04 of the Standard Terms)
                      ----------------------------------------------------------------
                       ...................................................................-53-
        Section 5.05. Appointment of Paying Agent.  (See Section 5.05 of the Standard Terms)
                      ----------------------------------------------------------------------
                       ...................................................................-53-

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION

                                    ARTICLE X

                                REMIC PROVISIONS

<PAGE>

        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)
                      ----------------------------------------------------------------
                       ...................................................................-58-
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      -----------------------------------------------------------------------
                      Section 10.02 of the  Standard Terms)...............................-58-
                      -------------------------------------
        Section 10.03 Designation of REMIC(s).............................................-58-
                      ------------------------
        Section 10.04 [Reserved]..........................................................-58-
                      -----------
        Section 10.05 Compliance with Withholding Requirements............................-58-
                      -----------------------------------------

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)
                      -----------------------------------------------------
                       ...................................................................-59-
        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      ----------------------------------------------------------------------------
                      Terms)
                      ------
                       ...................................................................-59-
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      ----------------------------------------------------------------------
                      Standard Terms)
                       ...................................................................-59-
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)
                      ----------------------------------------------------------
                       ...................................................................-59-
        Section 11.05 Notices.............................................................-59-
                      -------
        Section 11.06 Required Notices to Rating Agency and Subservicer.
                      --------------------------------------------------
                       ...................................................................-60-
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
                      ---------------------------------------------------------------------
                       ...................................................................-61-
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      ------------------------------------------------------------------------
                      Standard Terms)
                       ...................................................................-61-
        Section 11.09 Allocation of Voting Rights.........................................-61-
                      ---------------------------

                                         ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE  INSURER Section
        12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                      Certificateholders..................................................-62-
                      ------------------
        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance Account...-62-
                      -----------------------------------------------------------------
        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogations.........-63-
                      -----------------------------------------------------------
        Section 12.04.Notices and Information to the Certificate Insurer..................-64-
                      --------------------------------------------------
        Section 12.05.Trustee to Hold Certificate Policy..................................-64-
                      ----------------------------------
        Section 12.06.Ratings.............................................................-64-
                      -------
        Section 12.07.Third Party Beneficiaries...........................................-64-
                      -------------------------

</TABLE>

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of July 1, 2001
Exhibit Five:         Certificate Policy of MBIA Insurance Corporation
Exhibit Six:          Planned Principal Balances
Exhibit Seven:        Targeted Principal Balances

<PAGE>

        This is a Series  Supplement,  dated as of November 1, 2001 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition  of  REMIC I (as  defined  herein),  and  subject  to this  Agreement
(including  the Mortgage  Loans but  excluding  the Reserve Fund and the Initial
Monthly Payment Fund), as a real estate mortgage  investment conduit (a "REMIC")
for  federal  income tax  purposes  and such  segregated  pool of assets will be
designated as the "REMIC I." The  Uncertificated  REMIC I Regular Interests will
be "regular  interests"  in REMIC I and the Class R-I  Certificates  will be the
sole  class  of  "residual  interests"  in  REMIC I for  purposes  of the  REMIC
Provisions (as defined  herein).  A segregated pool of assets  consisting of the
Uncertificated  REMIC I Regular  Interests will be designated as "REMIC II," and
the REMIC  Administrator  will  make a  separate  REMIC  election  with  respect
thereto.  The  Class  A-1  Certificates,   Class  A-2  Certificates,  Class  A-3
Certificates,   Class  A-4  Certificates,  Class  A-5  Certificates,  Class  A-6
Certificates,   Class  A-7  Certificates,  Class  A-8  Certificates,  Class  A-9
Certificates,  Class  A-10  Certificates,  Class  A-11  Certificates,  Class A-P
Certificates,   Class  M-1  Certificates,  Class  M-2  Certificates,  Class  M-3
Certificates,   Class  B-1  Certificates,  Class  B-2  Certificates,  Class  B-3
Certificates and the  Uncertificated  Class A-V REMIC Regular  Interests will be
"regular interests" in REMIC II and the Class R-II Certificates will be the sole
class of "residual interests" therein for purposes of the REMIC Provisions.  The
Class A-V Certificates will represent the entire beneficial  ownership  interest
in the Uncertificated Class A-V REMIC Regular Interests.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  All  capitalized  terms  not
otherwise  defined  herein  shall have the  meanings  set forth in the  Standard
Terms. The Pooling and Servicing  Agreement shall be dated as of the date of the
Series Supplement.

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii),  the  "latest  possible  maturity  date"  for  each  of the
Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.

                                             -1-

<PAGE>

<TABLE>
<CAPTION>

                          UNCERTIFICATED    INITIAL UNCERTIFICATED           LATEST
                         -REMIC-I-PASS     PRINCIPAL-BALANCE          POSSIBLE-MATURITY(1)
      DESIGNATION          THROUGH RATE
<S>                           <C>         <C>                                    <C> <C>
REMIC I Regular Interest      5.00%       $            62,179,429.00       November 25, 2031
           S%
REMIC I Regular Interest      8.50%       $            49,134,571.00       November 25, 2031
           T%
REMIC I Regular Interest      6.25%       $            20,000,000.00       November 25, 2031
           V%
REMIC I Regular Interest      6.50%       $            25,000,000.00       November 25, 2031
           W%
REMIC I Regular Interest      6.50%       $            27,754,095.06       November 25, 2031
           X%
REMIC I Regular Interest      6.50%       $            74,000,000.00       November 25, 2031
           Y%
REMIC I Regular Interest      0.00%       $               694,099.65       November 25, 2031
     Z Variable (2)
        REMIC I            Variable (2)                       N/A(3)       November 25, 2031
  IO Regular Interests
          R-1                 6.50%       $                   100.00       November 25, 2031
-------------------
</TABLE>

(1)  Solely  for  purposes  of  Section   1.860G-1(a)(4)(iii)  of  the  Treasury
     regulations,  the Distribution Date immediately following the maturity date
     for the Mortgage Loan with the latest  maturity date has been designated as
     the "latest possible maturity date" for each REMIC I Regular Interest.

(2)  Calculated  in   accordance   with  the   definition   of   "Uncertificated
     Pass-Through Rate" herein.

(3)  The  Uncertificated  REMIC I IO Regular  Interests  have no  Uncertificated
     Principal Balance.

                                             -2-

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

<TABLE>
<CAPTION>

                            AGGREGATE
                             INITIAL
                PASS-      CERTIFICATE
               THROUGH      PRINCIPAL                                 MATURITY                       MINIMUM
DESIGNATION      RATE        BALANCE            FEATURES1               DATE        S&P/FITCH    DENOMINATIONS2

<S>     <C>     <C>       <C>                                              <C> <C>                   <C>
Class A-1       5.00%     $ 4,024,000.00        Senior/PAC        November 25, 2031  AAA/AAA         $25,000
              Adjustable
Class A-2        Rate     $49,134,571.00    Senior/PAC/Floater    November 25, 2031  AAA/AAA         $25,000
              Adjustable                 Senior/Inverse Floater/
Class A-3        Rate     $         0.00      Interest Only       November 25, 2031  AAA/AAA         $25,000
Class A-4       5.00%     $58,155,429.00        Senior/PAC        November 25, 2031  AAA/AAA         $25,000
Class A-5       6.25%     $20,000,000.00        Senior/PAC        November 25, 2031  AAA/AAA         $25,000
                                         Senior/Component/Retail
Class A-6       6.20%     $25,000,000.00         Insured          November 25, 2031  AAA/AAA3        $1,000
                                         Senior/Accrual/Accretion
Class A-7       6.50%     $13,191,000.00       Directed/TAC       November 25, 2031  AAA/AAA         $25,000
                                         Senior/Accrual/Accretion
Class A-8       6.50%     $ 6,800,000.00         Directed         November 25, 2031  AAA/AAA         $25,000
                                         Senior/Insured/Accretion
Class A-9       6.40%     $74,000,000.00       Directed/TAC       November 25, 2031  AAA/AAA3        $25,000
Class A-10      6.50%     $         0.00   Senior/Interest Only   November 25, 2031  AAA/AAA         $25,000
Class A-11      6.50%                      Senior/Interest Only   November 25, 2031  AAA/AAA         $25,000
                                             Senior/Principal
Class A-P       0.00%     $   694,099.65           Only           November 25, 2031  AAA/AAA         $25,000
Class A-V    Variable Rate$         0.00  Senior/Variable Strip   November 25, 2031  AAA/AAA           20%
Class R-I       6.50%     $       100.00     Senior/Residual      November 25, 2031  AAA/AAA           20%
Class R-II      6.50%     $       100.00     Senior/Residual      November 25, 2031  AAA/AAA           20%
Class M-1       6.50%     $ 3,881,500.00        Mezzanine         November 25, 2031   NA/AA          $25,000
</TABLE>

--------

1    The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
     A-7, Class A-8, Class A-9, Class A-10,  Class A-11 and Class M Certificates
     shall be Book-Entry  Certificates.  The Class A-P,  Class A-V,  Class R and
     Class B Certificates  shall be delivered to the holders thereof in physical
     form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate  of any of the  Class A-P and  Class B  Certificates  that
     contains  an uneven  multiple of $1,000  shall be issued in a  denomination
     equal to the sum of the related  minimum  denomination  set forth above and
     such uneven multiple for such Class or the sum of such  denomination and an
     integral  multiple  of  $1,000.  The  Class R  Certificates  and  Class A-V
     Certificates shall be issuable in minimum  denominations of not less than a
     20% Percentage Interest;  provided,  however,  that one Class R Certificate
     will be issuable to Residential Funding as "tax matters person" pursuant to
     Section  10.01(c)  and  (e)  in  a  minimum  denomination   representing  a
     Percentage Interest of not less than 0.01%.

3    The ratings on the Class A-6 Certificates  and Class A-9 Certificates  have
     been  determined  without  regard to the  Certificate  Policy issued by the
     Certificate Insurer.

                                             -3-

<PAGE>

<TABLE>
<CAPTION>

<S>     <C>     <C>       <C>                                              <C> <C>                  <C>
Class M-2       6.50%     $ 1,552,600.00        Mezzanine         November 25, 2031    NA/A         $250,000
Class M-3       6.50%     $   905,600.00        Mezzanine         November 25, 2031   NA/BBB        $250,000
Class B-1       6.50%     $   517,600.00       Subordinate        November 25, 2031   NA/BB         $250,000
Class B-2       6.50%     $   388,100.00       Subordinate        November 25, 2031    NA/B         $250,000
Class B-3       6.50%     $   517,595.06       Subordinate        November 25, 2031     NA          $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $258,762,294.71.

The Class A-6  Certificates  are  comprised of two  components,  each having the
following  designations,  Pass-Through  Rates,  initial  principal  amounts  and
features:

<TABLE>
<CAPTION>

                            INITIAL COMPONENT        PASS-THROUGH RATE          DESIGNATIONS
                            PRINCIPAL BALANCE

<S>                     <C>             <C>                               <C>

 Class A-6-1 Component   $          8,100,000.00           6.20%             Senior/Fixed Rate

 Class A-6-2 Component   $         16,900,000.00           6.20%          Senior/Companion/ Fixed
                                                                                    Rate
</TABLE>

        The  components  of  the  Class  A-6  Certificates  are  not  separately
transferable.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                             -4-

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

     Accretion  Directed  Certificates:  Any one of the Class A-7  Certificates,
Class A-8 Certificates or Class A-9 Certificates.

     Accretion Directed TAC Certificates:  Any one of the Class A-7 Certificates
or Class A-9 Certificates.

        Accretion Termination Date: The earlier to occur of (i) the Distribution
Date on which the Certificate Principal Balances of the Class A-7, Class A-8 and
Class A-9  Certificates  have been  reduced to zero and (ii) the Credit  Support
Depletion Date.

        Accrual Certificates: The Class A-7 and Class A-8 Certificates.

        Accrual  Distribution  Amount:  With respect to each  Distribution  Date
prior to the Accretion Termination Date, an amount equal to the aggregate amount
of Accrued  Certificate  Interest  on the Class A-7  Certificates  and Class A-8
Certificates,  for such date, to the extent added to the amount thereof pursuant
to Section 4.02(f);  provided that, with respect to each Distribution Date on or
after the Accretion  Termination Date, the Accrued  Certificate  Interest on the
Class A-7  Certificates or Class A-8  Certificates for such date remaining after
reduction of the Certificate  Principal Balances of the Class A-7, Class A-8 and
Class   A-9   Certificates   to  zero   will  be   payable   to  the  Class  A-7
Certificateholders or Class A-8 Certificateholders, as the case may be, pursuant
to Section  4.02(a)(i)  hereof on the Accretion  Termination  Date; and provided
further,  that if the Accretion Termination Date is the Credit Support Depletion
Date,  the  entire  amount  of  Accrued  Certificate  Interest  on the Class A-7
Certificates  and  Class A-8  Certificates  for that  date  will be  payable  as
interest to the Class A-7 Certificateholders  and Class A-8  Certificateholders,
respectively, pursuant to Section 4.02(a)(i) hereof.

        Accrued  Certificate  Interest:  With respect to each Distribution Date,
(a) in the case of each Class of  Certificates  (other  than the  Interest  Only
Certificates  and Principal  Only  Certificates),  interest  accrued  during the
related  Interest  Accrual Period on the  Certificate  Principal  Balance of the
Certificates of that Class  immediately  prior to such  Distribution Date at the
related Pass-Through Rate and (b) as to the Interest Only Certificates, interest
accrued during the related Interest  Accrual Period at the related  Pass-Through
Rate on the Notional Amount thereof immediately prior to such Distribution Date.
Accrued Certificate  Interest will be calculated on the basis of a 360-day year,
consisting of twelve 30-day months. In each case Accrued Certificate Interest on
any Class or Subclass of Certificates will be reduced by the amount of:

                                             -5-

<PAGE>

        (i)    Prepayment  Interest  Shortfalls  on all  Mortgage  Loans (to the
               extent  not  offset by the  Master  Servicer  with a  payment  of
               Compensating Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan)) of Realized Losses on all Mortgage Loans (including Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans which remained unreimbursed  following the Cash Liquidation
               or REO  Disposition  of such Mortgage Loan or REO Property or (B)
               made  with  respect  to   delinquencies   that  were   ultimately
               determined  to be Excess  Special  Hazard  Losses,  Excess  Fraud
               Losses, Excess Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Relief Act, as amended, or similar legislation or
               regulations as in effect from time to time,

with all such reductions  allocated among all of the  Certificates in proportion
to their  respective  amounts of Accrued  Certificate  Interest  payable on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the Holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Adjustable  Rate  Certificates:  Any one of the Class A-2  Certificates  or
Class A-3 Certificates.

        Aggregate   Planned   Principal   Balance:   With  respect  to  the  PAC
Certificates and each  Distribution  Date, the amount set forth for such Classes
on such Distribution Date on Exhibit Six hereto.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

                                             -6-

<PAGE>

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

                      (A)  the  greater  of  (i)  0.0006  times  the   aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the Relevant Anniversary (other than Additional  Collateral
               Loans, if any) having a Loan-to-Value  Ratio at origination which
               exceeds 75% and (ii) $100,000; and

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than Additional  Collateral  Loans, if any) which had an original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average
               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant  Anniversary)  of the Net Mortgage Rates of all Mortgage
               Loans as of the Relevant  Anniversary less 1.25% per annum, (y) a
               number equal to the weighted average  remaining term to maturity,
               in months,  of all  Non-Primary  Residence Loans remaining in the
               Mortgage  Pool as of the Relevant  Anniversary,  and (z) one plus
               the  quotient of the number of all  Non-Primary  Residence  Loans
               remaining  in the  Mortgage  Pool  divided by the total number of
               Outstanding  Mortgage  Loans  in  the  Mortgage  Pool  as of  the
               Relevant  Anniversary,  and (ii) $50,000,  over (2) the aggregate
               amount  of  Bankruptcy  Losses  allocated  solely  to one or more
               specific  Classes of Certificates in accordance with Section 4.05
               since the Relevant Anniversary.

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Certificate:  Any Class A, Class M, Class B or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2001-S27"  and  which  must be an  Eligible
Account.

     Certificate  Insurance Account: The account established pursuant to Section
12.02(b) of this Series Supplement.

                                             -7-

<PAGE>

     Certificate  Insurance Payment: Any payment made by the Certificate Insurer
with respect to any Insured Certificates under the Certificate Policy.

        Certificate  Insurer:  MBIA  Insurance  Corporation,  a stock  insurance
company  organized and created under the laws of the State of New York,  and any
successors thereto, issuer of the Certificate Policy.

        Certificate Insurer Default:  The existence and continuance of a failure
by the  Certificate  Insurer to make a payment  required  under the  Certificate
Policy in accordance with its terms.

     Certificate  Policy:  The certificate  guaranty  insurance policy No. 36827
issued by the Certificate  Insurer for the benefit of the Holders of any Insured
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Five.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant  to Section  4.05;  provided,  however,  that solely for
               purposes  of  determining  the  Certificate  Insurer's  rights as
               subrogee  to  the  Insured  Certificateholders,  the  Certificate
               Principal  Balance of any Insured  Certificate shall be deemed to
               not be  reduced  by any  principal  amounts  paid  to the  Holder
               thereof from Certificate Insurance Payments,  unless such amounts
               have been  reimbursed  to the  Certificate  Insurer  pursuant  to
               Section 4.02(a)(xvi) or Section 4.02(g);

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates  then outstanding (not taking into  consideration any reductions
in the  Certificate  Principal  Balance  of  the  Retail  Certificates  due to a
withdrawal of funds from the Rounding Account).

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11, Class A-P or Class A-V

                                             -8-

<PAGE>

Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A.

        Class R Certificate: Any one of the Class R-I Certificates or Class R-II
Certificates  executed  by the  Trustee  and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in each REMIC for
purposes of the REMIC Provisions.

        Closing Date: November 29, 2001.

        Commitment   Letter:  The  commitment  to  issue  a  financial  guaranty
insurance policy,  dated November 28, 2001,  between the Senior  Underwriter and
the Certificate Insurer.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2001-S27.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I Regular  Interest  S, the Class  A-1 and  Class A-4  Certificates;  with
respect  to   Uncertificated   REMIC  I  Regular   Interest  T,  the  Class  A-2
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest V, the
Class A-5 Certificates;  with respect to Uncertificated REMIC I Regular Interest
W, the Class A-6 Certificates;  with respect to  Uncertificated  REMIC I Regular
Interest X, the Class A-7,  Class A-8,  Class R-II,  Class M-1, Class M-2, Class
M-3,  Class  B-1,  Class  B-2  and  Class  B-3  Certificates;  with  respect  to
Uncertificated  REMIC I Regular  Interest  Y, the Class A-9  Certificates;  with
respect  to   Uncertificated   REMIC  I  Regular   Interest  Z,  the  Class  A-P
Certificates;  and  with  respect  to  the  Uncertificated  REMIC  I IO  Regular
Interests, the Class A-V Certificates.

        Cumulative  Insurance  Payments:  As of any time of  determination,  the
aggregate  of  all  Certificate   Insurance  Payments  previously  made  by  the
Certificate  Insurer  under the  Certificate  Policy minus the  aggregate of all
payments  previously  made  to the  Certificate  Insurer  pursuant  to  Sections
4.02(a)(xvi)  and  4.02(g)  of  this  Series  Supplement  as  reimbursement  for
Certificate Insurance Payments.

        Cut-off Date: November 1, 2001.

        Deceased Holder: A Certificate  Owner of a Retail  Certificate who was a
natural  person  living  at the  time  such  interest  was  acquired  and  whose
authorized personal representative,  surviving tenant by the entirety, surviving
joint tenant or surviving  tenant in common or other person  empowered to act on
behalf of a deceased  Certificate Owner causes to be furnished to the Depository
Participant evidence of death satisfactory to the Depository Participant and any
tax waivers requested by the Depository Participant.

     Deficiency Amount:  With respect to each class of Insured  Certificates and
as of any Distribution Date, an amount equal to:

                                             -9-

<PAGE>

        (i)  any   interest   shortfall   allocated   to  the  related   Insured
        Certificates,   except  for  (a)  any  Prepayment   Interest  Shortfalls
        allocated  to those  Insured  Certificates  that were not  offset by the
        Master  Servicer and were otherwise  covered by the Reserve Fund and (b)
        any  interest  shortfalls  caused by the  application  of the Relief Act
        allocated to the Insured Certificates that were otherwise covered by the
        Reserve Fund;

          (ii) the  principal  portion of any Realized  Losses  allocated to the
          related Insured Certificates; and

        (iii)  the  Certificate   Principal   Balance  of  the  related  Insured
        Certificates  to the extent unpaid on the Scheduled  Final  Distribution
        Date.

          Determination  Date: With respect to any Distribution Date, the second
          Business Day prior to each Distribution Date.

        Discount Net Mortgage Rate: 6.50% per annum.

        Due Period:  With  respect to each  Distribution  Date and any  Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such  Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  Class A-P
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E)  of this  Series  Supplement)  and (iv) the  aggregate  amount  of
Accrued  Certificate   Interest  on  the  Class  M,  Class  B-1  and  Class  B-2
Certificates.

        Floater Certificates:  Any one of the A-2 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to:(X) prior to the first  anniversary of the Cut-off Date
an  amount  equal to  3.00% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination, (Y) from the first to the second anniversary of the Cut-off Date,
an  amount  equal to  2.00% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination  and (Z) from the second to the fifth  anniversary  of the Cut-off
Date,  an amount  equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most  recent  anniversary  of the  Cut-off  Date and (b) 1.00% of the  aggregate
principal balance of all of the Mortgage Loans as of the most recent anniversary
of  the  Cut-off  Date  minus  (2)  the  aggregate   amounts  allocated  through
subordination  with respect to Fraud Losses since the most recent anniversary of
the  Cut-off  Date up to that  date of  determination.  On and  after  the fifth
anniversary  of the Cut-off Date,  the Fraud Loss Amount shall be zero and Fraud
Losses shall not be allocated through subordination.

                                      -10-

<PAGE>

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

     Individual Retail  Certificate:  A Retail Certificate that evidences $1,000
Initial Certificate Principal Balance.

        Initial Monthly Payment Fund: $162,899, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in November  2001,  for those  Mortgage  Loans for which the Trustee will not be
entitled to receive such payment in  accordance  with the  definition  of "Trust
Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

        Initial  Notional  Amount:  With respect to the Class A-3  Certificates,
$49,134,571.00.  With  respect  to the  Class  A-10  Certificates,  $961,538.00.
However,  for federal income tax purposes,  the Initial  Notional  Amount of the
Class A-10 Certificates will be  $25,000,000.00.  With respect to the Class A-11
Certificates, $455,384.00. However, for federal income tax purposes, the Initial
Notional  Amount of the Class A-11  Certificates  will be  $74,000,000.00.  With
respect to any Class A-V  Certificates  or Subclass  thereof issued  pursuant to
Section 5.01(c),  the aggregate  Cut-off Date Principal  Balance of the Mortgage
Loans  corresponding  to the  Uncertificated  Class A-V REMIC Regular  Interests
represented by such Class or Subclass on such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

        Class M-1: 1.50%                    Class B-1: 0.20%
        Class M-2: 0.60%                    Class B-2: 0.15%
        Class M-3: 0.35%                    Class B-3: 0.20%

        Insurance  Premium:  With respect to any  Distribution  Date,  an amount
equal to the sum of (i) 1/12th of the product of (a) the  Certificate  Principal
Balance of the Class A-6  Certificates  as of such  Distribution  Date (prior to
giving effect to any distributions  thereon on such  Distribution  Date) and (b)
the Class A-6 Premium  Percentage (as defined in the Commitment Letter) and (ii)
1/12th of the product of (a) the Certificate  Principal Balance of the Class A-9
Certificates  as of such  Distribution  Date  (prior  to  giving  effect  to any
distributions  thereon on such Distribution  Date) and (b) the Class A-9 Premium
Percentage (as defined in the Commitment Letter).

                                      -11-

<PAGE>

     Insured  Certificates:  Any one of the Class A-6  Certificates or Class A-9
Certificates.

     Insured  Payment:  With respect to any Insured  Certificates  (a) as of any
Distribution Date, any Deficiency Amount, and (b) any Preference Amount.

        Interest Accrual Period:  With respect to any  Certificates  (other than
the Floater Certificates and Inverse Floater  Certificates) and any Distribution
Date, the calendar  month  preceding the month in which such  Distribution  Date
occurs.   With  respect  to  the  Floater   Certificates   and  Inverse  Floater
Certificates,  the  one-month  period  commencing  on the 25th day of the  month
preceding the month in which the distribution date occurs and ending on the 24th
day of the month in which the distribution date occurs.

     Interest Only Certificates: Any one of Class A-3, Class A-10, Class A-11 or
Class A-V Certificates.  The Interest Only Certificates will have no Certificate
Principal Balance.

        Inverse Floater Certificates:  Any one of the Class A-3 Certificates.

        LIBOR Rate Adjustment Date: With respect to each  Distribution  Date and
the Floater  Certificates  and Inverse  Floater  Certificates,  the second LIBOR
Business Day  immediately  preceding the  commencement  of the related  Interest
Accrual  Period on which  banks are open for  dealing  in foreign  currency  and
exchange in London, England.

     Living Owner:  A  Certificate  Owner of a Retail  Certificate  other than a
Deceased Holder.

        Maturity Date: With respect to each Class of Certificates,  November 25,
2031, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

        (a)    the Mortgage Loan identifying number ("RFC LOAN #");
        (b)    the maturity of the Mortgage Note ("MATURITY DATE");
        (c)    the Mortgage Rate ("ORIG RATE");
        (d)    the Subservicer pass-through rate ("CURR NET");
        (e)    the Net Mortgage Rate ("NET MTG RT");
        (f)    the Pool Strip Rate ("STRIP");

          (g)  the initial scheduled  monthly payment of principal,  if any, and
               interest ("ORIGINAL P & I");

        (h)    the Cut-off Date Principal Balance ("PRINCIPAL BAL");
        (i)    the Loan-to-Value Ratio at origination ("LTV");
        (j)    the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");
        (k)    a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence; and

                                      -12-

<PAGE>

        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

        Notional Amount: As of any Distribution  Date, with respect to the Class
A-3 Certificates, an amount equal to the aggregate Certificate Principal Balance
of the Class A-2 Certificates.  For federal income tax purposes,  however, as of
any  Distribution  Date,  with  respect  to  the  Class  A-3  Certificates,  the
equivalent of the foregoing,  expressed as the Uncertificated  Principal Balance
of  Uncertificated  REMIC I Regular Interest T. As of any date of determination,
with respect to the Class A-10 Certificates,  an amount equal to 1/26 multiplied
by the Certificate  Principal Balance of the Class A-6 Certificates  immediately
prior to that date.  As of the Closing  Date,  the Notional  Amount of the Class
A-10 Certificates is equal to approximately  $961,538.00.  However,  for federal
income tax purposes,  the Notional Amount of the Class A-10 Certificates will be
the Uncertificated  Principal Balance of Uncertificated REMIC I Regular Interest
W, and when a Notional Amount equal to Uncertificated REMIC I Regular Interest W
is  multiplied  by  a  Pass-Through  Rate  of  0.250%,   the  resulting  Accrued
Certificate  Interest will be the economic equivalent of the Accrued Certificate
Interest   resulting   under  the  definition   thereof.   As  of  any  date  of
determination,  with respect to the Class A-11 Certificates,  an amount equal to
2/325  multiplied  by  the  Certificate  Principal  Balance  of  the  Class  A-9
Certificates  immediately  prior  to that  date.  As of the  Closing  Date,  the
Notional  Amount  of the  Class  A-11  Certificates  is equal  to  approximately
$455,384.00.  However,  for federal income tax purposes,  the Notional Amount of
the Class A-11  Certificates  will be the  Uncertificated  Principal  Balance of
Uncertificated  REMIC I Regular  Interest Y, and when a Notional Amount equal to
Uncertificated  REMIC I Regular Interest Y is multiplied by a Pass- Through Rate
of 0.040%,  the  resulting  Accrued  Certificate  Interest  will be the economic
equivalent of the Accrued  Certificate  Interest  resulting under the definition
thereof. As of any Distribution Date, with respect to any Class A-V Certificates
or Subclass  thereof issued pursuant to Section  5.01(c),  the aggregate  Stated
Principal  Balance of the Mortgage  Loans  corresponding  to the  Uncertificated
Class A-V REMIC Regular  Interests  represented  by such Class or Subclass as of
the day immediately  preceding such  Distribution  Date (or, with respect to the
initial Distribution Date, at the close of business on the Cut-off Date).

        Pass-Through Rate: With respect to the Class A Certificates  (other than
the Floater, Inverse Floater, Class A-V and Principal Only Certificates),  Class
M  Certificates,   Class  B  Certificates  and  Class  R  Certificates  and  any
Distribution  Date, the per annum rates set forth in the  Preliminary  Statement
hereto.  With  respect to the Class A-2  Certificates  and the initial  Interest
Accrual  Period,  2.8888%  per  annum,  and as to any  Interest  Accrual  Period
thereafter,  a per annum rate equal to LIBOR  plus  0.30%,  subject to a maximum
rate of 8.50% per annum and a minimum  rate of 0.30% per annum.  With respect to
the Class A-3 Certificates and the initial Interest Accrual Period,  5.6112% per
annum, and as to any Interest Accrual Period thereafter,  a per annum rate equal
to 8.20% minus LIBOR, subject to a maximum rate of 8.20% per annum and a minimum
rate of  0.00%  per  annum.  For  federal  income  tax  purposes,  however,  the
Pass-Through Rate of the Class A-10  Certificates will be 0.250%,  and when such
Pass-Through Rate is multiplied by a Notional Amount equal to the Uncertificated
Principal  Balance of  Uncertificated  REMIC I Regular Interest W, the resulting
Accrued  Certificate  Interest  will be the economic  equivalent  of the Accrued
Certificate

                                      -13-

<PAGE>

Interest  resulting  under  the  definition  thereof.  For  federal  income  tax
purposes,  the Pass-Through  Rate of the Class A-11 Certificates will be 0.040%,
and when such  Pass-Through Rate is multiplied by a Notional Amount equal to the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest Y,
the resulting Accrued  Certificate  Interest will be the economic  equivalent of
the Accrued Certificate  Interest resulting under the definition  thereof.  With
respect to the Class A-V Certificates  (other than any Subclass thereof) and any
Distribution  Date,  a  rate  equal  to the  weighted  average,  expressed  as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-V
Certificates and the initial Distribution Date the Pass-Through Rate is equal to
0.2347% per annum.  With respect to any Subclass of Class A-V  Certificates  and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans  corresponding to the
Uncertificated Class A-V REMIC Regular Interests represented by such Subclass as
of the Due  Date  in the  related  Due  Period,  weighted  on the  basis  of the
respective  Stated  Principal  Balances  of such  Mortgage  Loans  as of the day
immediately  preceding  such  Distribution  Date (or with respect to the initial
Distribution  Date, at the close of business on the Cut-off Date). The Principal
Only  Certificates  have no  Pass-Through  Rate and are not  entitled to Accrued
Certificate Interest.

        Preference   Amount:   Any   amount   previously    distributed   to   a
Certificateholder on an Insured Certificate that is recoverable and sought to be
recovered as a voidable  preference by a trustee in  bankruptcy  pursuant to the
United  States  Bankruptcy  Code (11 U.S.C.),  as amended from time to time,  in
accordance  with  a  final  nonappealable  order  of a  court  having  competent
jurisdiction.

        Prepayment Assumption: A prepayment assumption of 275% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date  and  each  Class  of  Subordinate   Certificates,   under  the  applicable
circumstances set forth below, the respective percentages set forth below:

               (i) For any Distribution  Date prior to the Distribution  Date in
        December 2006 (unless the Certificate  Principal  Balances of the Senior
        Certificates  (other than the Class A-P Certificates)  have been reduced
        to zero), 0%.

               (ii) For any  Distribution  Date for which  clause (i) above does
        not  apply,  and on which  any  Class of  Subordinate  Certificates  are
        outstanding:

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of Subordinate Certificates for which the

                                      -14-

<PAGE>

               related  Prepayment  Distribution  Trigger has been satisfied,  a
               fraction,  expressed as a  percentage,  the numerator of which is
               the Certificate Principal Balance of such Class immediately prior
               to such  date  and the  denominator  of  which  is the sum of the
               Certificate  Principal Balances immediately prior to such date of
               (1) the Class of Subordinate  Certificates  then outstanding with
               the Highest  Priority  and (2) all other  Classes of  Subordinate
               Certificates  for which the  respective  Prepayment  Distribution
               Triggers have been satisfied; and

                      (b) in  the  case  of  each  other  Class  of  Subordinate
               Certificates for which the Prepayment  Distribution Triggers have
               not been satisfied, 0%; and

               (iii)  Notwithstanding  the foregoing,  if the application of the
        foregoing  percentages on any  Distribution  Date as provided in Section
        4.02 of this Series Supplement (determined without regard to the proviso
        to the definition of "Subordinate  Principal Distribution Amount") would
        result in a distribution in respect of principal of any Class or Classes
        of  Subordinate  Certificates  in an amount  greater than the  remaining
        Certificate  Principal  Balance  thereof  (any such  class,  a "Maturing
        Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of each
        Maturing  Class  shall be  reduced  to a level  that,  when  applied  as
        described above, would exactly reduce the Certificate  Principal Balance
        of such Class to zero;  (b) the  Prepayment  Distribution  Percentage of
        each  other  Class  of  Subordinate  Certificates  (any  such  Class,  a
        "Non-Maturing  Class")  shall be  recalculated  in  accordance  with the
        provisions  in paragraph  (ii) above,  as if the  Certificate  Principal
        Balance of each Maturing Class had been reduced to zero (such percentage
        as recalculated, the "Recalculated Percentage"); (c) the total amount of
        the  reductions  in  the  Prepayment  Distribution  Percentages  of  the
        Maturing  Class or  Classes  pursuant  to clause  (a) of this  sentence,
        expressed  as an  aggregate  percentage,  shall be  allocated  among the
        Non-Maturing  Classes in  proportion  to their  respective  Recalculated
        Percentages (the portion of such aggregate reduction so allocated to any
        Non-Maturing Class, the "Adjustment  Percentage");  and (d) for purposes
        of such  Distribution  Date, the Prepayment  Distribution  Percentage of
        each Non-Maturing  Class shall be equal to the sum of (1) the Prepayment
        Distribution  Percentage  thereof,  calculated  in  accordance  with the
        provisions  in  paragraph  (ii)  above as if the  Certificate  Principal
        Balance of each  Maturing  Class had not been reduced to zero,  plus (2)
        the related Adjustment Percentage.

        Principal Only Certificates:  Any one of the Class A-P Certificates.
        ---------------------------

        Random Lot: With respect to any  Distribution  Date, the method by which
the Depository will determine which Retail  Certificates will be paid, using its
established  random lot procedures or, if the Retail  Certificates are no longer
represented by a Book-Entry Certificate, using the Trustee's procedures.

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates  (other than the Floater and  Inverse  Floater  Certificates),  the
close of business on the last Business Day of the month next preceding the month
in which the related Distribution Date occurs. With respect to each Distribution
Date and the Floater and Inverse Floater Certificates, the 24th day of the month
in which such Distribution Date occurs.

                                      -15-

<PAGE>

     Relief  Act:  The  Soldiers'  and  Sailors'  Civil  Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

     Relief Act Shortfalls:  Shortfalls in interest  payable by a Mortgagor that
is not collectable from the Mortgagor pursuant to the Relief Act.

        REMIC I: The  segregated  pool of assets  related to this  Series,  with
respect  to which a REMIC  election  is to be made  (except as  provided  below)
pursuant to this Agreement, consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging  to the Trust Fund,  including  the  proceeds  from the
               liquidation  of  Pledged  Assets  for  any  Pledged  Asset  Loan,
               including amounts on deposit in the Initial Monthly Payment Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and

        (v)    all proceeds of clauses (i) through (iv) above.

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund, the Rounding Account and the Reserve Fund.

        REMIC I Certificates:  The Class R-I Certificates.
        --------------------

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the holders of the Class A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class A-7, Class A-8, Class A-9, Class A-10,  Class A- 11, Class A-P, Class
A-V,  Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and R-II
Certificates  pursuant to Section 2.06,  with respect to which a separate  REMIC
election is to be made. The REMIC election with respect to REMIC II specifically
excludes the Initial Monthly Payment Fund, the Rounding  Account and the Reserve
Fund.

        REMIC II Certificates: Any of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,  Class
A-11,  Class A-P,  Class A-V,  Class M-1, Class M-2, Class M-3, Class B-1, Class
B-2, Class B-3 and Class R-II Certificates.

     Reserve  Fund:  Any  one or  more  segregated  trust  accounts  established
pursuant  to Section  4.11 that are  Eligible  Accounts,  which  shall be titled
"Reserve Fund, Bank One, National

                                      -16-

<PAGE>

Association,  as  trustee  for the  registered  holders of  Residential  Funding
Mortgage  Securities  I,  Inc.,  Mortgage  Pass-Through   Certificates,   Series
2001-S27, Class A-6 and Class A-9."

        Reserve Fund Deposit:  $7,350.

        Reserve Fund Withdrawal:  As defined in Section 4.11.

        Retail Certificates: The Class A-6 Certificates.

     Rounding  Account:  With  respect to the Retail  Certificates,  the account
created and maintained for such Retail Certificates pursuant to Section 4.12.

        Rounding  Amount:  With respect to the Rounding  Account,  the amount of
funds,  if any,  needed  to be  withdrawn  and used to round  the  amount of any
distributions  in reduction of the Certificate  Principal  Balance of the Retail
Certificates upward to the next higher integral multiple of $1,000.

        Scheduled Final Distribution Date:  November 25, 2031.

        Senior  Certificate:  Any one of the  Class A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

        Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Senior Principal  Distribution  Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i),   Section   4.02(a)(ii)(X)   of  this  Series   Supplement  and  the
distribution of the Insurance  Premium,  or, after the Credit Support  Depletion
Date, the amount required to be distributed to the Class A-P  Certificateholders
pursuant  to Section  4.02(c) of this Series  Supplement  and (b) the sum of the
amounts  required to be  distributed  to the Senior  Certificateholders  on such
Distribution Date pursuant to Section 4.02(a)(ii)(Y), (xvii) and (xviii) of this
Series Supplement and the distribution of the Insurance Premium.

        Senior Underwriter: Bear, Stearns & Co. Inc.
        ------------------

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$3,125,446  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated. For each anniversary of the Cut- off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount

                                      -17-

<PAGE>

calculated in accordance with the preceding  sentence  (without giving effect to
the deduction of the Adjustment Amount for such anniversary) exceeds the greater
of (A) the  greatest  of (i)  twice the  outstanding  principal  balance  of the
Mortgage  Loan in the Trust Fund  which has the  largest  outstanding  principal
balance on the Distribution Date immediately  preceding such  anniversary,  (ii)
the product of 1.00%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
and (iii) the aggregate  outstanding  principal  balance (as of the  immediately
preceding  Distribution  Date) of the  Mortgage  Loans in any single  five-digit
California  zip code area with the largest amount of Mortgage Loans by aggregate
principal  balance as of such anniversary and (B) the greater of (i) the product
of 0.50% multiplied by the outstanding  principal  balance of all Mortgage Loans
on the Distribution Date immediately preceding such anniversary  multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance  (as of  the  immediately  preceding  Distribution  Date)  of all of the
Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a  percentage,  and the  denominator  of  which is  equal  to  45.00%  (which
percentage is equal to the  percentage of Mortgage  Loans  initially  secured by
Mortgaged  Properties located in the State of California) and (ii) the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of the largest  Mortgage  Loan secured by a Mortgaged  Property  (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) located in the
State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class

                                      -18-

<PAGE>

of Subordinate  Certificates  minus (b) with respect to the Class of Subordinate
Certificates with the Lowest Priority,  any Excess Subordinate  Principal Amount
for such Distribution Date; provided,  however,  that the Subordinate  Principal
Distribution   Amount  for  any  Class  of  Subordinate   Certificates   on  any
Distribution Date shall in no event exceed the outstanding Certificate Principal
Balance of such Class of Certificates immediately prior to such date.

        Targeted Principal Balance:  With respect to each Accretion Directed TAC
Certificate and each  Distribution  Date, the amount set forth for such Class on
such Distribution Date on Exhibit Seven hereto.

     Trust Fund: REMIC I, REMIC II, the Rounding  Account,  the Reserve Fund and
the Initial Monthly Payment Fund.

        Uncertificated  Class A-V REMIC Accrued  Interest:  With respect to each
Distribution Date, as to each  Uncertificated  Class A-V REMIC Regular Interest,
an amount equal to the  aggregate  amount of Accrued  Certificate  Interest that
would  result  under  the  terms  of  the   definition   thereof  on  each  such
uncertificated  interest,  if  the  Pass-Through  Rate  on  such  uncertificated
interest was equal to the related  Uncertificated  Class A-V REMIC  Pass-Through
Rate and the notional  amount of such  uncertificated  interest was equal to the
related  Uncertificated  Class A-V REMIC  Notional  Amount;  provided,  that any
reduction  in the  amount of Accrued  Certificate  Interest  resulting  from the
allocation of Prepayment Interest  Shortfalls,  Realized Losses or other amounts
to the Class A-V  Certificateholders  pursuant to Section  4.05 hereof  shall be
allocated to the  Uncertificated  Class A-V REMIC Regular  Interests pro rata in
accordance  with the amount of interest  accrued  with  respect to each  related
Uncertificated Class A-V REMIC Notional Amount and such Distribution Date.

        Uncertificated  Class A-V REMIC  Notional  Amount:  With respect to each
Uncertificated  Class A-V REMIC  Regular  Interest,  the  amount of the  related
Uncertificated REMIC I IO Notional Amount.

        Uncertificated  Class A-V REMIC  Pass-Through Rate: With respect to each
Uncertificated Class A-V REMIC Regular Interest, 100% of the interest payable on
the related Uncertificated REMIC I IO Regular Interest.

        Uncertificated  Class A-V REMIC Regular Interest  Distribution  Amounts:
With  respect to any  Distribution  Date,  the sum of the  amounts  deemed to be
distributed  on the  Uncertificated  Class AV REMIC  Regular  Interests for such
Distribution Date pursuant to Section 4.08(a).

        Uncertificated Class A-V REMIC Regular Interests: The 487 uncertificated
partial  undivided  beneficial  ownership  interests in the Trust Fund  numbered
sequentially  from 1 through 487 each relating to the  particular  Mortgage Loan
identified by sequential  number on the Mortgage Loan  Schedule,  each having no
principal balance, and each bearing the respective Pool Strip Rate on the Stated
Principal Balance of the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$62,179,429.00  with respect to Uncertificated  REMIC I Regular Interest S, (ii)
$49,134,571.00 with respect to Uncertificated

                                      -19-

<PAGE>

REMIC I Regular Interest T,  (iii)$20,000,000.00  with respect to Uncertificated
REMIC I Regular Interest V, (iv)  $25,000,000.00  with respect to Uncertificated
REMIC I Regular Interest W, (v)  $27,754,095.00  with respect to  Uncertificated
REMIC I Regular Interest X, (vi)  $74,000,000.00  with respect to Uncertificated
REMIC I Regular Interest Y and (vii)  $694,099.00 with respect to Uncertificated
REMIC I  Regular  Interest  Z,  minus  (B) the sum of (x) the  aggregate  of all
amounts  previously deemed distributed with respect to such interest and applied
to reduce the  Uncertificated  Principal  Balance  thereof  pursuant  to Section
4.09(a)(ii) and (y) the aggregate of all reductions in Uncertificated  Principal
Balance  deemed to have  occurred in connection  with Realized  Losses that were
previously  deemed  allocated to the  Uncertificated  Principal  Balance of such
Uncertificated REMIC I Regular Interest pursuant to Section 4.09(d).

        Uncertificated   REMIC  I  Accrued   Interest:   With  respect  to  each
Distribution  Date,  (i) as to  Uncertificated  REMIC I Regular  Interest  S, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the definition  thereof on the Class A-1 and Class A-4
Certificates  if  the  Pass-Through  Rate  on  such  Class  were  equal  to  the
Uncertificated  REMIC  I  Pass-Through  Rate  and the  Uncertificated  Principal
Balance were the Certificate  Principal Balance, (ii) as to Uncertificated REMIC
I  Regular  Interest  T, an amount  equal to the  aggregate  amount  of  Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-2 Certificates if the  Pass-Through  Rate on each such Class were
equal to the  Uncertificated  REMIC I Pass-Through  Rate and the  Uncertificated
Principal  Balance  were  the  Certificate   Principal  Balance,   (iii)  as  to
Uncertificated  REMIC I Regular  Interest  V, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition thereof on the A-5 Certificates if the Pass-Through Rate on each such
Class  were  equal  to the  Uncertificated  REMIC I  Pass-Through  Rate  and the
Uncertificated Principal Balance were the Certificate Principal Balance, (iv) as
to  Uncertificated  REMIC I Regular Interest W, an amount equal to the aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Class A-6  Certificates if the  Pass-Through  Rate on
each such Class were equal to the  Uncertificated  REMIC I Pass-Through Rate and
the Uncertificated Principal Balance were the Certificate Principal Balance, (v)
as to  Uncertificated  REMIC I  Regular  Interest  X,  an  amount  equal  to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the definition  thereof on the Class A-7, Class A-8, Class R-II,  Class
M-1, Class M-2, Class M-3,  Class B-1, Class B-2 and Class B-3  Certificates  if
the Uncertificated  REMIC I Pass-Through Rate were the Pass-Through Rate and the
Uncertificated Principal Balance were the Certificate Principal Balance, (vi) as
to  Uncertificated  REMIC I Regular Interest Y, an amount equal to the aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Class A-9  Certificates if the  Pass-Through  Rate on
each such Class were equal to the  Uncertificated  REMIC I Pass-Through Rate and
the Uncertificated  Principal Balance were the Certificate Principal Balance and
(vii) as to each Uncertificated REMIC I IO Regular Interest,  an amount equal to
the aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition  thereof on each such  uncertificated  interest,  if the
Pass-Through  Rate on such  uncertificated  interest  was  equal to the  related
Uncertificated  REMIC I  Pass-Through  Rate  and  the  notional  amount  of such
uncertificated  interest  was  equal to the  related  Uncertificated  REMIC I IO
Notional  Amount;  provided,  that  any  reduction  in  the  amount  of  Accrued
Certificate  Interest  resulting  from the  allocation  of  Prepayment  Interest
Shortfalls,  Realized  Losses or other amounts to the  Certificates  pursuant to
Sections 4.02(a) and 4.05 hereof shall be allocated to the Uncertificated  REMIC
I  Regular   Interests  for  which  such   Certificates  are  the  Corresponding
Certificated Interests.

                                      -20-

<PAGE>

        Uncertificated  REMIC  I  IO  Notional  Amount:  With  respect  to  each
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the  aggregate
Stated Principal Balance of the related Non- Discount Mortgage Loan.

        Uncertificated  REMIC I IO  Regular  Interests:  The 487  uncertificated
partial undivided  beneficial ownership interests in REMIC I, each relating to a
Mortgage  Loan with a Net  Mortgage  Rate in excess  of  6.50%,  each  having no
principal balance, and each bearing interest at the related Uncertificated REMIC
I Pass-Through Rate on the related Uncertificated REMIC I IO Notional Amount.

        Uncertificated  REMIC I Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC I Regular Interests S, T, V, W, X, Y and Z, 5.00%,  8.50%,
6.25%,   6.50%,   6.50%,  6.50%  and  0.00%,   respectively.   With  respect  to
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the Pool Strip
Rate for the related Mortgage Loan.

        Uncertificated  REMIC I Regular  Interest S: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate Principal Balance of the Class A-1 and Class
A-4 Certificates and which bears interest at a rate equal to 5.00% per annum.

        Uncertificated  REMIC I Regular  Interest T: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-2
Certificates and which bears interest at a rate equal to 8.50% per annum.

        Uncertificated  REMIC I Regular  Interest V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-5
Certificates and which bears interest at a rate equal to 6.25% per annum.

        Uncertificated  REMIC I Regular  Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-6
Certificates, and which bears interest at a rate equal to 6.50% per annum.

        Uncertificated  REMIC I Regular  Interest X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate  Principal  Balance of the Class A-7,  Class
A-8, Class R-II, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class
B-3 Certificates and which bears interest at a rate equal to 6.50% per annum.

        Uncertificated  REMIC I Regular  Interest Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-9
Certificates, and which bears interest at a rate equal to 6.50% per annum.

        Uncertificated  REMIC I Regular  Interest Z: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

                                      -21-

<PAGE>

        Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
Interest S, Uncertificated  REMIC I Regular Interest T,  Uncertificated  REMIC I
Regular Interest V,  Uncertificated  REMIC I Regular Interest W,  Uncertificated
REMIC  I  Regular  Interest  X,  Uncertificated  REMIC  I  Regular  Interest  Y,
Uncertificated  REMIC I Regular  Interest  Z and the  Uncertificated  REMIC I IO
Regular Interests.

        Uncertificated  REMIC I IO Regular Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I IO  Regular  Interests  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest S  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  S  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest T  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  T  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest V  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  V  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest W  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  W  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest X  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  X  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest Y  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Y  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest Z  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Z  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC  I  Regular  Interest  Distribution  Amounts:  The
Uncertificated  REMIC I Regular Interest S Distribution  Amount,  Uncertificated
REMIC I Regular  Interest T  Distribution  Amount,  the  Uncertificated  REMIC I
Regular  Interest V  Distribution  Amount,  the  Uncertificated  REMIC I Regular
Interest W Distribution  Amount, the  Uncertificated  REMIC I Regular Interest X
Distribution  Amount, the Uncertificated REMIC I Regular Interest Y Distribution
Amount,  the Uncertificated  REMIC I Regular Interest Z Distribution  Amount and
the Uncertificated REMIC I IO Regular Interest Distribution Amount.

                                      -22-

<PAGE>

     Underwriters: Bear, Stearns & Co. Inc. and Banc of America Securities LLC.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

        Section 1.03 Determination of LIBOR.

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Floater Certificates and Inverse Floater Certificates,  if any, for any Interest
Accrual  Period  (other  than  the  initial  Interest  Accrual  Period)  will be
determined on each LIBOR Rate Adjustment Date.

        On each LIBOR Rate Adjustment Date (other than for the initial  Interest
Accrual  Period),  LIBOR  shall be  established  by the  Trustee  and, as to any
Interest Accrual Period,  will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m.,  London
time, on such LIBOR Rate Adjustment Date.  "Telerate Screen Page 3750" means the
display  designated as page 3750 on the Telerate  Service (or such other page as
may  replace  page 3750 on that  service for the  purpose of  displaying  London
interbank  offered rates of major  banks).  If such rate does not appear on such
page (or such other page as may replace  that page on that  service,  or if such
service is no longer offered, LIBOR shall be so established by use of such other
service  for  displaying  LIBOR or  comparable  rates as may be  selected by the
Trustee  after  consultation  with the  Master  Servicer),  the rate will be the
Reference Bank Rate.  The "Reference  Bank Rate" will be determined on the basis
of the rates at which  deposits in U.S.  Dollars  are  offered by the  reference
banks (which shall be any three major banks that are engaged in  transactions in
the London interbank market, selected by the Trustee after consultation with the
Master  Servicer) as of 11:00 a.m.,  London time,  on the LIBOR Rate  Adjustment
Date to prime banks in the London  interbank market for a period of one month in
amounts  approximately equal to the aggregate  Certificate  Principal Balance of
the Floater Certificates and Inverse Floater Certificates then outstanding.  The
Trustee will request the principal  London office of each of the reference banks
to  provide  a  quotation  of its  rate.  If at least  two such  quotations  are
provided,  the rate will be the arithmetic mean of the quotations  rounded up to
the next  multiple  of 1/16%.  If on such date  fewer  than two  quotations  are
provided as requested,  the rate will be the arithmetic mean of the rates quoted
by one or more  major  banks in New York City,  selected  by the  Trustee  after
consultation with the Master Servicer,  as of 11:00 a.m., New York City time, on
such date for loans in U.S.  Dollars to leading  European  banks for a period of
one month in amounts approximately equal to, with respect to each of the Floater
Certificates  and  Inverse  Floater  Certificates,   the  Certificate  Principal
Balances  of  the  Floater   Certificates  and  Inverse  Floater   Certificates,
respectively,  then outstanding. If no such quotations can be obtained, the rate
will be LIBOR for the prior Distribution Date, or in the case of the first LIBOR
Rate Adjustment Date,  2.3425% with respect to the Adjustable Rate Certificates;
provided however,  if, under the priorities listed previously in this paragraph,
LIBOR  for a  Distribution  Date  would  be  based  on  LIBOR  for the  previous
Distribution Date for the third consecutive Distribution Date, the Trustee shall
select an alternative comparable index over which

                                      -23-

<PAGE>

the Trustee has no control,  used for determining  one-month  Eurodollar lending
rates that is  calculated  and  published  or  otherwise  made  available  by an
independent party.

        The  establishment  of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date  and  the  Trustee's  subsequent  calculation  of  the  Pass-Through  Rates
applicable to each of the Floater  Certificates and Inverse Floater Certificates
for the relevant Interest Accrual Period, in the absence of manifest error, will
be final and binding.

        Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee  will supply to any  Certificateholder  so
requesting  by  telephone  the  Pass-Through   Rates  on  each  of  the  Floater
Certificates   and  Inverse  Floater   Certificates  for  the  current  and  the
immediately preceding Interest Accrual Period.

                                      -24-

<PAGE>

                                   ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.01  Conveyance of Mortgage  Loans.  (See Section 2.01 of the
               Standard Terms)

          Section 2.02 Acceptance by Trustee.  (See Section 2.02 of the Standard
               Terms)

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

               (a) For  representations,  warranties and covenants of the Master
        Servicer, see Section 2.03(a) of the Standard Terms.

               (b) The Company hereby represents and warrants to the Trustee for
        the benefit of  Certificateholders  that as of the Closing  Date (or, if
        otherwise specified below, as of the date so specified):

                      (i) No  Mortgage  Loan is 30 or more  days  Delinquent  in
               payment of  principal  and interest as of the Cut-off Date and no
               Mortgage  Loan  has  been so  Delinquent  more  than  once in the
               12-month period prior to the Cut-off Date;

                      (ii) The  information set forth in Exhibit One hereto with
               respect to each Mortgage Loan or the Mortgage  Loans, as the case
               may be, is true and correct in all material  respects at the date
               or dates respecting which such information is furnished;

                      (iii) The Mortgage Loans are fully-amortizing,  fixed-rate
               mortgage  loans with level Monthly  Payments due on the first day
               of  each  month  and  terms  to   maturity  at   origination   or
               modification of not more than 30 years;

                      (iv) To the best of the Company's knowledge, if a Mortgage
               Loan is  secured by a  Mortgaged  Property  with a  Loan-to-Value
               Ratio at  origination in excess of 80%, such Mortgage Loan is the
               subject of a Primary  Insurance  Policy that  insures that (a) at
               least 30% of the Stated Principal Balance of the Mortgage Loan at
               origination  if the  Loan-to-Value  Ratio is  between  95.00% and
               90.01%,  (b) at least 25% of such  balance  if the  Loan-to-Value
               Ratio is between 90.00% and 85.01%,  and (c) at least 12% of such
               balance if the Loan-to-Value  Ratio is between 85.00% and 80.01%.
               To the  best  of  the  Company's  knowledge,  each  such  Primary
               Insurance  Policy is in full force and effect and the  Trustee is
               entitled  to the  benefits  thereunder.  One  Pledged  Asset Loan
               representing   approximately   0.2%  of  the  Mortgage  Loans  by
               aggregate Stated Principal Balance as of the Cut-off Date will be
               secured by Pledged  Assets in addition  to the related  Mortgaged
               Property and in lieu of any Primary Insurance Policy;

                                      -25-

<PAGE>

                      (v) The  issuers of the  Primary  Insurance  Policies  are
               insurance companies whose  claims-paying  abilities are currently
               acceptable to each Rating Agency;

                      (vi) No more than 1.3% of the Mortgage  Loans by aggregate
               Stated  Principal  Balance as of the Cut-off  Date are secured by
               Mortgaged  Properties  located  in  any  one  zip  code  area  in
               California  and no  more  than  0.9%  of the  Mortgage  Loans  by
               aggregate  Stated  Principal  Balance as of the Cut-off  Date are
               secured by Mortgaged  Properties located in any one zip code area
               outside California;

                      (vii) The improvements  upon the Mortgaged  Properties are
               insured against loss by fire and other hazards as required by the
               Program Guide,  including  flood  insurance if required under the
               National  Flood  Insurance Act of 1968, as amended.  The Mortgage
               requires the Mortgagor to maintain such casualty insurance at the
               Mortgagor's  expense,  and on the  Mortgagor's  failure to do so,
               authorizes the holder of the Mortgage to obtain and maintain such
               insurance at the  Mortgagor's  expense and to seek  reimbursement
               therefor from the Mortgagor;

                      (viii) Immediately prior to the assignment of the Mortgage
               Loans to the Trustee,  the Company had good title to, and was the
               sole owner of, each  Mortgage  Loan free and clear of any pledge,
               lien,  encumbrance  or  security  interest  (other than rights to
               servicing and related  compensation) and such assignment  validly
               transfers ownership of the Mortgage Loans to the Trustee free and
               clear of any pledge, lien, encumbrance or security interest;

               (ix)  11.09% of the  Mortgage  Loans  were  underwritten  under a
          reduced loan documentation program;

                      (x) Each  Mortgagor  represented  in its loan  application
               with  respect to the  related  Mortgage  Loan that the  Mortgaged
               Property would be  owner-occupied  and therefore  would not be an
               investor  property as of the date of origination of such Mortgage
               Loan. No Mortgagor is a corporation or a partnership;

               (xi) None of the Mortgage Loans is a Buydown Mortgage Loan;

                      (xii) 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);

                      (xiii) A policy of title insurance was effective as of the
               closing  of each  Mortgage  Loan and is  valid  and  binding  and
               remains in full force and effect, unless the Mortgaged Properties
               are  located in the State of Iowa and an  attorney's  certificate
               has been provided as described in the Program Guide;

                      (xiv)  None of the Mortgage Loans are Cooperative Loans;

                      (xv) With respect to each Mortgage Loan originated under a
               "streamlined"  Mortgage  Loan  program  (through  which no new or
               updated appraisals of Mortgaged

                                      -26-

<PAGE>

               Properties  are  obtained  in  connection  with  the  refinancing
               thereof),  the related Seller has represented that either (a) the
               value  of the  related  Mortgaged  Property  as of the  date  the
               Mortgage  Loan was  originated  was not less  than the  appraised
               value  of  such  property  at  the  time  of  origination  of the
               refinanced  Mortgage Loan or (b) the Loan-  to-Value Ratio of the
               Mortgage Loan as of the date of  origination of the Mortgage Loan
               generally meets the Company's underwriting guidelines;

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

               (xvii)  None  of the  Mortgage  Loans  contains  in  the  related
          Mortgage File a Destroyed Mortgage Note; and

                      (xviii)One   of   the   Mortgage    Loans,    representing
               approximately  0.2% of the  Mortgage  Loans by  aggregate  Stated
               Principal  Balance as of the  Cut-off  Date,  is a Pledged  Asset
               Loan.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

          Section 2.04  Representations and Warranties of Sellers.  (See Section
               2.04 of the Standard Terms)

                                      -27-

<PAGE>

        Section 2.05  Execution and Authentication of Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.

                                      -28-

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS
                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                      -29-

<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

          Section 4.01  Certificate  Account.  (See Section 4.01 of the Standard
               Terms)

        Section 4.02  Distributions.

               (a) On each  Distribution  Date (x) the Master Servicer on behalf
        of the Trustee or (y) the Paying Agent  appointed by the Trustee,  shall
        distribute  to the  Certificate  Insurer the Insurance  Premium,  to the
        Master  Servicer,  in the case of a  distribution  pursuant  to  Section
        4.02(a)(iii)  below, the amount required to be distributed to the Master
        Servicer or a Sub-Servicer  pursuant to Section  4.02(a)(iii)  below, to
        the  Certificate  Insurer,  in the case of a  distribution  pursuant  to
        Section 4.02(a)(xvi) below, the amount required to be distributed to the
        Certificate Insurer pursuant to Section  4.02(a)(xvi) below, and to each
        Certificateholder  of record on the next  preceding  Record  Date (other
        than as provided in Section  9.01  respecting  the final  distribution),
        either  (1)  in  immediately   available  funds  (by  wire  transfer  or
        otherwise) to the account of such  Certificateholder  at a bank or other
        entity having appropriate facilities therefor, if such Certificateholder
        has so notified the Master Servicer or the Paying Agent, as the case may
        be, or (2) if such  Certificateholder  has not so  notified  the  Master
        Servicer or the Paying Agent by the Record Date, by check mailed to such
        Certificateholder  at  the  address  of  such  Holder  appearing  in the
        Certificate Register,  such  Certificateholder's  share (which share (A)
        with respect to each Class of  Certificates  (other than any Subclass of
        the  Class A-V  Certificates),  shall be based on the  aggregate  of the
        Percentage Interests represented by Certificates of the applicable Class
        held by such Holder or (B) with respect to any Subclass of the Class A-V
        Certificates, shall be equal to the amount (if any) distributed pursuant
        to Section 4.02(a)(i) below to each Holder of a Subclass thereof) of the
        following  amounts,  in the following order of priority  (subject to the
        provisions of Section 4.02(b) below),  in each case to the extent of the
        Available  Distribution  Amount (net of the Insurance  Premium) together
        with,  as to  any  Insured  Certificate,  any  Reserve  Fund  Withdrawal
        pursuant  to Section  4.11 of this  Series  Supplement  and any  Insured
        Payment pursuant to Section 12.02 of this Series Supplement:

                      (i) to the Senior  Certificates  (other than the Principal
               Only Certificates,  and prior to the Accretion  Termination Date,
               the   Accrual   Certificates,   to  the  extent  of  the  Accrual
               Distribution  Amount)  on a  pro  rata  basis  based  on  Accrued
               Certificate Interest payable on such Certificates with respect to
               such  Distribution  Date,  Accrued  Certificate  Interest on such
               Classes of Certificates  (or Subclasses,  if any, with respect to
               the Class A-V Certificates) for such Distribution  Date, plus any
               Accrued  Certificate  Interest thereon  remaining unpaid from any
               previous  Distribution  Date  except  as  provided  in  the  last
               paragraph   of  this  Section   4.02(a)  (the  "Senior   Interest
               Distribution Amount"); and

                      (ii) (X) to the  Class  A-P  Certificates,  the  Class A-P
               Principal  Distribution  Amount (as defined in Section 4.02(b)(i)
               herein); and

                                      -30-

<PAGE>

                             (Y) to the  Senior  Certificates  (other  than  the
               Class A-P Certificates),  in the priorities and amounts set forth
               in Section  4.02(b)(ii)  through Section 4.02(f),  the sum of the
               following  (applied to reduce the Certificate  Principal Balances
               of such Senior Certificates, as applicable):

                             (A) the  Senior  Percentage  for such  Distribution
                      Date times the sum of the following:

                                    (1) the  principal  portion of each  Monthly
                             Payment  due during the  related Due Period on each
                             Outstanding  Mortgage  Loan (other than the related
                             Discount  Fraction of the principal portion of such
                             payment with respect to a Discount  Mortgage Loan),
                             whether or not  received on or prior to the related
                             Determination  Date, minus the principal portion of
                             any Debt Service  Reduction (other than the related
                             Discount  Fraction of the principal portion of such
                             Debt  Service   Reductions  with  respect  to  each
                             Discount  Mortgage  Loan) which together with other
                             Bankruptcy Losses exceeds the Bankruptcy Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                             Mortgage  Loan  repurchased  during  the  preceding
                             calendar   month   (or   deemed  to  have  been  so
                             repurchased in accordance  with Section  3.07(b) of
                             the Standard Terms) pursuant to Sections 2.02, 2.04
                             or 4.07 of the  Standard  Terms and Section 2.03 of
                             the Standard Terms and this Series Supplement,  and
                             the  amount  of  any  shortfall  deposited  in  the
                             Custodial    Account   in   connection   with   the
                             substitution of a Deleted Mortgage Loan pursuant to
                             Section 2.04 of the Standard  Terms or Section 2.03
                             of the Standard  Terms and this Series  Supplement,
                             during the preceding calendar month (other than the
                             related Discount  Fraction of such Stated Principal
                             Balance or shortfall  with respect to each Discount
                             Mortgage Loan); and

                                    (3)  the  principal  portion  of  all  other
                             unscheduled   collections   (other  than  Principal
                             Prepayments  in Full and  Curtailments  and amounts
                             received in connection  with a Cash  Liquidation or
                             REO  Disposition  of a Mortgage  Loan  described in
                             Section    4.02(a)(ii)(Y)(B)    of   this    Series
                             Supplement,  including without limitation Insurance
                             Proceeds,  Liquidation  Proceeds and REO  Proceeds)
                             received  during the preceding  calendar  month (or
                             deemed to have been so received in accordance  with
                             Section  3.07(b)  of  the  Standard  Terms)  to the
                             extent applied by the Master Servicer as recoveries
                             of principal of the related  Mortgage Loan pursuant
                             to Section 3.14 of the  Standard  Terms (other than
                             the  related  Discount  Fraction  of the  principal
                             portion  of  such  unscheduled  collections,   with
                             respect to each Discount Mortgage Loan);

                                      -31-

<PAGE>

                             (B) with respect to each  Mortgage Loan for which a
                      Cash Liquidation or a REO Disposition  occurred during the
                      preceding  calendar  month (or was deemed to have occurred
                      during such period in accordance  with Section  3.07(b) of
                      the  Standard  Terms)  and did not  result  in any  Excess
                      Special  Hazard  Losses,   Excess  Fraud  Losses,   Excess
                      Bankruptcy Losses or Extraordinary Losses, an amount equal
                      to the  lesser  of (a)  the  Senior  Percentage  for  such
                      Distribution  Date times the Stated  Principal  Balance of
                      such  Mortgage  Loan  (other  than  the  related  Discount
                      Fraction of such Stated Principal Balance, with respect to
                      each   Discount   Mortgage   Loan)  and  (b)  the   Senior
                      Accelerated  Distribution Percentage for such Distribution
                      Date times the related unscheduled  collections (including
                      without   limitation   Insurance   Proceeds,   Liquidation
                      Proceeds and REO  Proceeds)  to the extent  applied by the
                      Master  Servicer as recoveries of principal of the related
                      Mortgage  Loan  pursuant to Section  3.14 of the  Standard
                      Terms  (in  each  case  other  than  the  portion  of such
                      unscheduled  collections,   with  respect  to  a  Discount
                      Mortgage Loan,  included in Section  4.02(b)(i)(C) of this
                      Series Supplement);

                             (C) the Senior Accelerated  Distribution Percentage
                      for such  Distribution  Date  times the  aggregate  of all
                      Principal  Prepayments  in Full  received  in the  related
                      Prepayment   Period  and  Curtailments   received  in  the
                      preceding  calendar month (other than the related Discount
                      Fraction  of  such  Principal   Prepayments  in  Full  and
                      Curtailments,  with  respect  to  each  Discount  Mortgage
                      Loan);

                         (D) any Excess  Subordinate  Principal  Amount for such
                    Distribution Date; and

                             (E) any amounts  described in  subsection  (ii)(Y),
                      clauses  (A),  (B)  and (C) of this  Section  4.02(a),  as
                      determined  for  any  previous  Distribution  Date,  which
                      remain  unpaid  after  application  of amounts  previously
                      distributed pursuant to this clause (E) to the extent that
                      such amounts are not attributable to Realized Losses which
                      have been allocated to the Subordinate Certificates;

                      (iii)  if  the  Certificate   Principal  Balances  of  the
               Subordinate  Certificates  have not been reduced to zero,  to the
               Master  Servicer or a  Sub-Servicer,  by remitting for deposit to
               the Custodial Account,  to the extent of and in reimbursement for
               any  Advances  or  Sub-Servicer  Advances  previously  made  with
               respect  to any  Mortgage  Loan  or  REO  Property  which  remain
               unreimbursed  in whole or in part following the Cash  Liquidation
               or REO  Disposition of such Mortgage Loan or REO Property,  minus
               any such  Advances  that were made with respect to  delinquencies
               that ultimately  constituted Excess Special Hazard Losses, Excess
               Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;

                      (iv) to the  Holders  of the Class M-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued Certificate Interest

                                      -32-

<PAGE>

               thereon  remaining  unpaid from any previous  Distribution  Date,
               except as provided below;

                      (v) to the  Holders  of the  Class  M-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections 4.02(a)(vii), (ix), (xi), (xiii), (xiv)
               and (xv) of this Series  Supplement  are  insufficient  therefor,
               applied in reduction of the Certificate  Principal Balance of the
               Class M-1 Certificates;

                      (vi) to the  Holders  of the Class M-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (vii) to the  Holders  of the Class M-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections  4.02(a)(ix),  (xi), (xiii),  (xiv) and
               (xv) of this Series Supplement are insufficient therefor, applied
               in reduction of the  Certificate  Principal  Balance of the Class
               M-2 Certificates;

                      (viii) to the Holders of the Class M-3  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (ix) to the  Holders  of the  Class M-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections 4.02(a)(xi),  (xiii), (xiv) and (xv) of
               this Series  Supplement  are  insufficient  therefor,  applied in
               reduction of the Certificate  Principal  Balance of the Class M-3
               Certificates;

                      (x) to the  Holders  of the  Class B-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (xi) to the  Holders  of the  Class B-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution Dates, to the

                                      -33-

<PAGE>

               extent the amounts  available  pursuant to clause (x) of Sections
               4.02(a)(xiii),  (xiv)  and  (xv) of this  Series  Supplement  are
               insufficient  therefor,  applied in reduction of the  Certificate
               Principal Balance of the Class B-1 Certificates;

                      (xii) to the  Holders of the Class B-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (xiii) to the  Holders of the Class B-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of  Sections  4.02(a)(xiv)  and (xv) of this Series
               Supplement are insufficient therefor, applied in reduction of the
               Certificate Principal Balance of the Class B-2 Certificates;

                      (xiv) to the  Holders  of the Class B-3  Certificates,  an
               amount equal to (x) the Accrued Certificate  Interest thereon for
               such  Distribution  Date, plus any Accrued  Certificate  Interest
               thereon  remaining  unpaid from any previous  Distribution  Date,
               except as provided  below,  minus (y) the amount of any Class A-P
               Collection  Shortfalls  for such  Distribution  Date or remaining
               unpaid for all  previous  Distribution  Dates,  to the extent the
               amounts available  pursuant to clause (x) of Section 4.02(a) (xv)
               of this Series Supplement are insufficient therefor;

                      (xv) to the  Holders  of the  Class B-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates  applied  in  reduction  of  the  Certificate
               Principal Balance of the Class B-3 Certificates;

                      (xvi)  to the  Certificate  Insurer,  as  subrogee  of the
               Insured Certificateholders,  an amount necessary to reimburse the
               Certificate Insurer for claims paid under the Certificate Policy,
               to the extent of  Cumulative  Insurance  Payments  on the Insured
               Certificates;

                      (xvii) to the Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available  Distribution Amount remaining after the
               foregoing distributions,  together with Insured Payments pursuant
               to Section 12.02 herein and any Reserve Fund Withdrawals pursuant
               to  Section   4.11  herein  each  with  respect  to  the  Insured
               Certificates and Rounding Account withdrawals with respect to the
               Retail Certificates,  applied to reduce the Certificate Principal
               Balances of such Senior  Certificates,  but in no event more than
               the aggregate of the outstanding  Certificate  Principal Balances
               of each such Class of Senior  Certificates,  and  thereafter,  to
               each Class of Subordinate Certificates then outstanding beginning
               with such Class with the Highest Priority, any portion of the

                                      -34-

<PAGE>

               Available   Distribution   Amount   remaining  after  the  Senior
               Certificates have been retired, applied to reduce the Certificate
               Principal Balance of each such Class of Subordinate Certificates,
               but in no event more than the outstanding  Certificate  Principal
               Balance of each such Class of Subordinate Certificates; and

                    (xviii)to the Class R-II Certificates,  the balance, if any,
               of the Available Distribution Amount.

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the subject of a Cash Liquidation
or REO Disposition or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

               (b) Distributions of principal on the Senior Certificates on each
        Distribution  Date occurring prior to the Credit Support  Depletion Date
        will be made as follows:

                      (i) to the Class A-P  Certificates,  until the Certificate
               Principal  Balance  thereof is reduced  to zero,  an amount  (the
               "Class A-P Principal Distribution Amount") equal to the aggregate
               of:

                             (A) the related Discount  Fraction of the principal
                      portion of each Monthly Payment on each Discount  Mortgage
                      Loan due during the  related  Due  Period,  whether or not
                      received  on or prior to the related  Determination  Date,
                      minus the Discount  Fraction of the  principal  portion of
                      any related Debt Service  Reduction  which  together  with
                      other Bankruptcy Losses exceeds the Bankruptcy Amount;

                             (B) the related Discount  Fraction of the principal
                      portion of all  unscheduled  collections  on each Discount
                      Mortgage Loan received during the preceding calendar month
                      or, in the case of Principal  Prepayments in Full,  during
                      the related Prepayment Period (other than amounts received
                      in connection  with a Cash  Liquidation or REO Disposition
                      of a  Discount  Mortgage  Loan  described  in  clause  (C)
                      below),   including   Principal   Prepayments   in   Full,
                      Curtailments and repurchases (including deemed repurchases
                      under Section  3.07(b) of the Standard  Terms) of Discount
                      Mortgage  Loans (or,  in the case of a  substitution  of a
                      Deleted Mortgage Loan, the Discount Fraction of the amount
                      of any  shortfall  deposited in the  Custodial  Account in
                      connection with such substitution);

                                      -35-

<PAGE>

                             (C) in connection with the Cash  Liquidation or REO
                      Disposition  of a  Discount  Mortgage  Loan  that  did not
                      result in any Excess Special  Hazard Losses,  Excess Fraud
                      Losses,  Excess Bankruptcy Losses or Extraordinary Losses,
                      an  amount  equal  to the  lesser  of (1)  the  applicable
                      Discount  Fraction of the Stated Principal Balance of such
                      Discount   Mortgage   Loan   immediately   prior  to  such
                      Distribution  Date  and (2) the  aggregate  amount  of the
                      collections  on such Discount  Mortgage Loan to the extent
                      applied as recoveries of principal;

                             (D) any  amounts  allocable  to  principal  for any
                      previous Distribution Date (calculated pursuant to clauses
                      (A) through (C) above) that remain undistributed; and

                             (E)  the   amount  of  any  Class  A-P   Collection
                      Shortfalls  for such  Distribution  Date and the amount of
                      any Class A-P Collection  Shortfalls  remaining unpaid for
                      all previous Distribution Dates, but only to the extent of
                      the Eligible Funds for such Distribution Date;

                      (ii) an amount  equal to the Accrual  Distribution  Amount
               shall be distributed in the following manner and priority:

                             (A)   first,   sequentially,   to  the   Class  A-9
                      Certificates  and  Class  A-7  Certificates,  in each case
                      until the Certificate  Principal  Balance thereof has been
                      reduced to the applicable  Targeted  Principal Balance for
                      such Distribution Date; and

                             (B) second,  sequentially,  to the Class A-8, Class
                      A-9 and Class A-7  Certificates,  in that  order,  without
                      regard to the Targeted Principal Balance for the Accretion
                      Directed TAC Certificates for such  Distribution  Date, in
                      each case until the Certificate  Principal Balance thereof
                      has been reduced to zero;

                      (iii) the Senior  Principal  Distribution  Amount shall be
               distributed,  concurrently,  to the  Class R-I  Certificates  and
               Class  R-II  Certificates,   on  a  pro  rata  basis,  until  the
               Certificate Principal Balances thereof have been reduced to zero;

                      (iv) commencing on the Distribution Date in December 2004,
               an amount equal to $25,000 of the balance of the Senior Principal
               Distribution  Amount remaining after the  distributions,  if any,
               described in clause (iii) above shall be distributed to the Class
               A-6-1  Component,  until the amount  thereof has been  reduced to
               zero;

                      (v)  the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii) and (iv) above shall be  distributed  to the Class
               A-1  Certificates  and Class  A-2  Certificates  concurrently  as
               follows,  until the Certificate  Principal  Balances of the Class
               A-1 Certificates and

                                      -36-

<PAGE>

               Class  A-2  Certificates  have  been  reduced  to the  applicable
               Planned Principal Balance for such Distribution Date:

          (A)  first, 57.14285714286% to the Class A-1 Certificates; and

          (B)  second, 42.85714285714% to the Class A-2 Certificates; and

                      (vi) the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses (iii) through (v) above shall be distributed to the Class
               A-2  Certificates  and Class  A-4  Certificates  concurrently  as
               follows,  until the Certificate  Principal  Balances of the Class
               A-2 Certificates and Class A-4 Certificates  have been reduced to
               the applicable  Planned  Principal  Balance for such Distribution
               Date:

          (A)  42.85714243603% to the Class A-2 Certificates; and

          (B)  57.14285756397% to the Class A-4 Certificates;

                      (vii) the  balance  of the Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii)  through  (vi) above shall be  distributed  to the
               Class A-2 Certificates and Class A-5 Certificates concurrently as
               follows,  until the Certificate  Principal  Balances of the Class
               A-2 Certificates and Class A-5 Certificates  have been reduced to
               the applicable  Planned  Principal  Balance for such Distribution
               Date:

          (A)  11.11111111111% to the Class A-2 Certificates; and

          (B)  88.88888888889% to the Class A-5 Certificates;

                      (viii) the  balance of the Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii)   through   (vii)  above  shall  be   distributed,
               sequentially,  to  the  Class  A-9  Certificates  and  Class  A-7
               Certificates,  in that order,  in each case until the Certificate
               Principal  Balance  thereof  has been  reduced to the  applicable
               Targeted Principal Balance for such Distribution Date;

                      (ix) the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses (iii) through  (viii) above shall be  distributed  to the
               Class A-8 Certificates,  until the Certificate  Principal Balance
               thereof has been reduced to zero;

                      (x)  the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses   (iii)   through   (ix)  above  shall  be   distributed,
               sequentially,  to  the  Class  A-9  Certificates  and  Class  A-7
               Certificates,  in that order,  in each case until the Certificate
               Principal Balance thereof has been reduced to zero;

                                      -37-

<PAGE>

                      (xi) the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses (iii) through (x) above shall be distributed to the Class
               A-6-2  Component,  until the amount  thereof has been  reduced to
               zero;

                      (xii) the  balance  of the Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii)  through  (xi) above shall be  distributed  to the
               Class A-1 Certificates and Class A-2 Certificates concurrently as
               follows,  without  regard  to the  applicable  Planned  Principal
               Balance  for  such  Distribution   Date,  until  the  Certificate
               Principal  Balance of the Class A-1 Certificates has been reduced
               to zero:

                 (A) 57.14285714286% to the Class A-1 Certificates; and

                 (B) 42.85714285714% to the Class A-2 Certificates;

                      (xiii) the  balance of the Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii) through  (xii) above shall be  distributed  to the
               Class A-2 Certificates and Class A-4 Certificates concurrently as
               follows,  without  regard  to the  applicable  Planned  Principal
               Balance  for  such  Distribution   Date,  until  the  Certificate
               Principal  Balance of the Class A-4 Certificates has been reduced
               to zero:

                  (A) 42.85714243603% to the Class A-2 Certificates; and

                  (B) 57.14285756397% to the Class A-4 Certificates;

                      (xiv) the  balance  of the Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses (iii) through  (xiii) above shall be  distributed  to the
               Class A-2 Certificates and Class A-5 Certificates concurrently as
               follows,  without  regard  to the  applicable  Planned  Principal
               Balance  for  such  Distribution   Date,  until  the  Certificate
               Principal Balances thereof have been reduced to zero:

                    (A) 11.11111111111% to the Class A-2 Certificates; and

                    (B) 88.88888888889% to the Class A-5 Certificates; and

                      (xv) the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii) through  (xiv) above shall be  distributed  to the
               Class A-6-1 Component,  until the amount thereof has been reduced
               to zero.

               (c) On or after the  occurrence of the Credit  Support  Depletion
        Date all priorities  relating to  distributions  as described in Section
        4.02(b) of this  Series  Supplement  in respect of  principal  among the
        Senior Certificates (other than the Class A-P Certificates) will be

                                      -38-

<PAGE>

        disregarded,  and (i) an amount  equal to the  Discount  Fraction of the
        principal  portion of scheduled  and  unscheduled  payments  received or
        advanced in respect of the Discount  Mortgage  Loans will be distributed
        to the Class A-P  Certificates,  (ii) the Senior Principal  Distribution
        Amount will be distributed to the remaining Senior  Certificates  (other
        than the Class  A-P  Certificates)  pro rata in  accordance  with  their
        respective  outstanding  Certificate  Principal  Balances  and (iii) the
        amount set forth in Section 4.02(a)(i) herein will be distributed as set
        forth therein.

               (d) On or after the  occurrence of the Credit  Support  Depletion
        Date all priorities  relating to  distributions  as described in clauses
        4.02(b) and (c) above in respect of principal  among the various classes
        of Senior  Certificates (other than the Class A-P Certificates and Class
        A-V Certificates)  will be disregarded,  an amount equal to the Discount
        Fraction of the principal portion of scheduled  payments and unscheduled
        collections  received or advanced in respect of Discount  Mortgage Loans
        will be  distributed  to the  Class  A-P  Certificates,  and the  Senior
        Principal  Distribution  Amount  will be  distributed  to the  remaining
        Senior  Certificates (other than the Class A-P Certificates) pro rata in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances  and  the  amount  set  forth  in  Section  4.02(a)(i)  will be
        distributed as set forth therein.

               (e) After the reduction of the Certificate  Principal Balances of
        the Senior  Certificates (other than the Class A-P Certificates) to zero
        but prior to the Credit Support Depletion Date, the Senior  Certificates
        (other than the Class A-P  Certificates)  will be entitled to no further
        distributions of principal thereon and the Available Distribution Amount
        will be paid solely to the Holders of the Class A-P Certificates,  Class
        A-V Certificates,  Class M Certificates and Class B Certificates in each
        case as described herein.

               (f) On each Distribution Date prior to the Accretion  Termination
        Date,  an amount equal to the Accrued  Certificate  Interest  that would
        otherwise be  distributed  on the Class A-7  Certificates  and Class A-8
        Certificates  shall be added to  Certificate  Principal  Balances of the
        Class A-7 Certificates and Class A-8 Certificates,  respectively.  On or
        after the  Accretion  Termination  Date,  the  entire  amount of Accrued
        Certificate  Interest  on the  Class  A-7  Certificates  and  Class  A-8
        Certificates  for such  Distribution  Date shall be payable to the Class
        A-7  Certificateholders  and Class A-8  Certificateholders  pursuant  to
        Section  4.02(a)(i) of this Series Supplement to the extent not required
        to reduce the Certificate Principal Balances of the Class A-7, Class A-8
        and Class A-9 Certificates to zero on such Accretion  Termination  Date;
        provided that if the Accretion  Termination  Date is the Credit  Support
        Depletion Date, the entire amount of Accrued Certificate Interest on the
        Class A-7 Certificates and Class A-8 Certificates for such  Distribution
        Date  will be paid to the  Class  A-7  Certificateholders  and Class A-8
        Certificateholders,  respectively,  to the extent of Accrued Certificate
        Interest  on that class of  Certificates  for the  related  Distribution
        Date.   Any  such  Accrued   Certificate   Interest  on  the  Class  A-7
        Certificates and Class A-8 Certificates  which is required to be paid to
        the  Holders of the Class A-7,  Class A-8 or Class A-9  Certificates  in
        reduction  of their  Certificate  Principal  Balances  on the  Accretion
        Termination Date will be added to the Certificate  Principal Balances of
        the Class A-7 Certificates and Class A-8 Certificates,  respectively, in
        the manner described in the first sentence of this Section 4.02(f).

                                      -39-

<PAGE>

               (g) In addition to the foregoing  distributions,  with respect to
        any Mortgage Loan that was previously the subject of a Cash  Liquidation
        or an REO  Disposition  that  resulted in a Realized  Loss, in the event
        that  within  two  years  of the date on which  such  Realized  Loss was
        determined to have occurred the Master Servicer receives amounts,  which
        the  Master  Servicer  reasonably   believes  to  represent   subsequent
        recoveries (net of any related liquidation expenses), or determines that
        it  holds  surplus  amounts  previously   reserved  to  cover  estimated
        expenses, specifically related to such Mortgage Loan (including, but not
        limited to, recoveries in respect of the  representations and warranties
        made by the related Seller pursuant to the applicable Seller's Agreement
        and  assigned  to the  Trustee  pursuant  to Section  2.04),  the Master
        Servicer   shall    distribute    such   amounts   to   the   applicable
        Certificateholders  of the Class or Classes to which such  Realized Loss
        was  allocated  (or to the  Certificate  Insurer,  as  subrogee  for the
        Insured Certificateholders, to the extent the Certificate Insurer made a
        Insured  Payment in respect of such Realized Loss, if applicable)  (with
        the amounts to be  distributed  allocated  among such Classes (or to the
        Certificate  Insurer) in the same  proportions as such Realized Loss was
        allocated),  and  within  each such Class to the  Certificateholders  of
        record as of the  Record  Date  immediately  preceding  the date of such
        distribution (or if such Class of Certificates is no longer outstanding,
        to the  Certificateholders of record at the time that such Realized Loss
        was  allocated);  provided  that no such  distribution  to any  Class of
        Certificates of subsequent  recoveries  related to a Mortgage Loan shall
        exceed,  either  individually  or in the aggregate and together with any
        other amounts paid in reimbursement  therefor, the amount of the related
        Realized  Loss  that  was  allocated  to  such  Class  of  Certificates.
        Notwithstanding  the foregoing,  no such distribution shall be made with
        respect to the  Certificates  of any Class to the extent that either (i)
        such Class was protected  against the related  Realized Loss pursuant to
        any instrument or fund  established  under Section 11.01(e) or (ii) such
        Class of  Certificates  has been deposited into a separate trust fund or
        other structuring vehicle and separate certificates or other instruments
        representing  interests therein have been issued in one or more classes,
        and  any  of  such  separate  certificates  or  other  instruments  were
        protected  against the  related  Realized  Loss  pursuant to any limited
        guaranty, payment obligation, irrevocable letter of credit, surety bond,
        insurance  policy  or  similar  instrument  or  a  reserve  fund,  or  a
        combination thereof. Any amount to be so distributed with respect to the
        Certificates of any Class shall be distributed by the Master Servicer to
        the  Certificateholders  of record  as of the  Record  Date  immediately
        preceding  the  date  of  such  distribution  (i)  with  respect  to the
        Certificates of any Class (other than the Class A-V Certificates),  on a
        pro rata basis  based on the  Percentage  Interest  represented  by each
        Certificate  of such Class as of such Record Date and (ii) with  respect
        to the Class A-V  Certificates,  to the  Class A-V  Certificates  or any
        Subclass thereof in the same proportion as the related Realized Loss was
        allocated.  Any amounts to be so distributed shall not be remitted to or
        distributed  from  the  Trust  Fund,  and  shall  constitute  subsequent
        recoveries  with respect to Mortgage  Loans that are no longer assets of
        the Trust Fund.

               (h) Each  distribution  with respect to a Book-Entry  Certificate
        shall be paid to the Depository,  as Holder thereof,  and the Depository
        shall  be  solely   responsible   for   crediting  the  amount  of  such
        distribution   to  the  accounts  of  its  Depository   Participants  in
        accordance with its normal procedures. Each Depository Participant shall
        be responsible for disbursing

                                      -40-

<PAGE>

        such  distribution to the  Certificate  Owners that it represents and to
        each indirect  participating  brokerage  firm (a  "brokerage  firm") for
        which it acts as agent.  Each brokerage  firm shall be  responsible  for
        disbursing funds to the Certificate  Owners that it represents.  None of
        the  Trustee,  the  Certificate  Registrar,  the  Company  or the Master
        Servicer shall have any responsibility therefor.

               (i) Except as otherwise  provided in Section  9.01, if the Master
        Servicer anticipates that a final distribution with respect to any Class
        of Certificates will be made on the next  Distribution  Date, the Master
        Servicer  shall,  no later than the  Determination  Date in the month of
        such final  distribution,  notify the Trustee and the Trustee shall,  no
        later than two (2) Business Days after such Determination  Date, mail on
        such date to each Holder of such Class of  Certificates  a notice to the
        effect that:  (i) the Trustee  anticipates  that the final  distribution
        with  respect  to  such  Class  of  Certificates  will  be  made on such
        Distribution  Date but only  upon  presentation  and  surrender  of such
        Certificates  at the  office of the  Trustee or as  otherwise  specified
        therein, and (ii) no interest shall accrue on such Certificates from and
        after the end of the related Interest Accrual Period.  In the event that
        Certificateholders  required to surrender their Certificates pursuant to
        Section   9.01(c)  do  not  surrender  their   Certificates   for  final
        cancellation,  the Trustee shall cause funds  distributable with respect
        to such  Certificates to be withdrawn from the  Certificate  Account and
        credited  to  a  separate   escrow  account  for  the  benefit  of  such
        Certificateholders as provided in Section 9.01(d).

               (j)  Notwithstanding  the priorities relating to distributions of
        principal  among  the  Retail  Certificates   described  above,  on  any
        Distribution  Date,  distributions in respect of principal on the Retail
        Certificates  will be  allocated  among  the  Certificate  Owners of the
        Retail  Certificates as set forth in Section 4.13. On each  Distribution
        Date on which amounts are available  for  distributions  in reduction of
        the Certificate Principal Balance of the Retail Certificates (including,
        for purposes of this paragraph, the portion of any Certificate Insurance
        Payment  allocable to principal) the aggregate amount available for such
        distributions  will be  rounded  upward  by the  Rounding  Amount.  Such
        rounding will be  accomplished on the first  Distribution  Date on which
        distributions in reduction of the Certificate  Principal  Balance of the
        Retail  Certificates  are made by withdrawing  from the Rounding Account
        the Rounding Amount for deposit into the Certificate  Account,  and such
        Rounding  Amount  will be  added to the  amount  that is  available  for
        distributions in reduction of the Certificate  Principal  Balance of the
        Retail  Certificates.  On each  succeeding  Distribution  Date on  which
        distributions in reduction of the Certificate  Principal  Balance of the
        Retail  Certificates are made, first, the aggregate amount available for
        distribution  in reduction of the Certificate  Principal  Balance of the
        Retail  Certificates  will be  applied  to  repay  the  Rounding  Amount
        withdrawn from the Rounding Account on the prior  Distribution  Date and
        then, the remainder of such allocable  amount, if any, will be similarly
        rounded upward through another  withdrawal from the Rounding Account and
        such  determined  Rounding  Amount  will be added to the amount  that is
        available for  distributions  in reduction of the Certificate  Principal
        Balance of the Retail Certificates.  Any funds remaining in the Rounding
        Account  after  the   Certificate   Principal   Balance  of  the  Retail
        Certificates  is reduced to zero shall be  distributed to the Class R-II
        Certificateholders.

                                      -41-

<PAGE>

          Section 4.03  Statements to  Certificateholders.  (See Section 4.03(a)
               through  (d) of the  Standard  Terms and Exhibit  Three  attached
               hereto)

        (e) The Trustee  will make the reports  referred to in this Section 4.03
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to Certificateholders,  the Certificate
Insurer and other parties to the Agreement via the Trustee's  website,  which is
presently  located at  www.abs.bankone.com.  Persons  that are unable to use the
above  website are  entitled to have a paper copy mailed to them via first class
mail by calling the Trustee at (800) 524-9472.  The Trustee shall have the right
to change the way the reports  referred to in this Section 4.03 are  distributed
in order to make such distribution more convenient and/or more accessible to the
above parties and to the  Certificateholders  and the Certificate  Insurer.  The
Trustee  shall  provide  timely and  adequate  notification  to all the  parties
mentioned  above  and to the  Certificateholders  and  the  Certificate  Insurer
regarding any such change.

        Section       4.04  Distribution  of  Reports  to the  Trustee  and  the
                      Company; Advances by the Master Servicer.

               (a) Prior to the close of business on the Determination Date, the
        Master  Servicer shall furnish a written  statement to the Trustee,  the
        Certificate  Insurer,  any Paying Agent and the Company (the information
        in such  statement  to be made  available to  Certificateholders  by the
        Master Servicer on request) setting forth (i) the Available Distribution
        Amount,  (ii) the amounts  required to be withdrawn  from the  Custodial
        Account,  Rounding  Account  or  Reserve  Fund  and  deposited  into the
        Certificate  Account on the immediately  succeeding  Certificate Account
        Deposit Date pursuant to Section 4.01(a),  (iii) the amounts required to
        be  withdrawn  from the  Rounding  Account or Reserve  Fund and (iv) the
        amount of Cumulative  Insurance Payments as of such Determination  Date;
        provided, however, that the Master Servicer shall provide to the Trustee
        a written  statement  setting forth the portion of the Senior  Principal
        Distribution  Amount  distributable  to the Retail  Certificates  on any
        Distribution  Date no later than 12:00 Noon Eastern Standard Time on the
        Business Day immediately preceding each Determination Date to enable the
        Trustee to notify the Depository in accordance with Sections 4.13(c) and
        (d). The  determination by the Master Servicer of such amounts shall, in
        the absence of obvious error, be presumptively  deemed to be correct for
        all  purposes  hereunder  and the Trustee  shall be protected in relying
        upon the same without any independent check or verification.

               (b) On or  before  2:00 P.M.  New York  time on each  Certificate
        Account  Deposit Date,  the Master  Servicer shall either (i) deposit in
        the Certificate  Account from its own funds, or funds received  therefor
        from the Subservicers, an amount equal to the Advances to be made by the
        Master Servicer in respect of the related Distribution Date, which shall
        be in an  aggregate  amount  equal to the  aggregate  amount of  Monthly
        Payments  (with  each  interest  portion  thereof  adjusted  to the  Net
        Mortgage Rate), less the amount of any related Servicing  Modifications,
        Debt  Service  Reductions  or  reductions  in  the  amount  of  interest
        collectable  from the Mortgagor  pursuant to the Relief Act, as amended,
        or similar legislation or regulations then in effect, on the Outstanding
        Mortgage Loans as of the related Due Date,  which Monthly  Payments were
        delinquent  as of the close of business as of the related  Determination
        Date; provided that no Advance shall be made if it would be a

                                      -42-

<PAGE>

        Nonrecoverable  Advance,  (ii)  withdraw  from amounts on deposit in the
        Custodial  Account  and  deposit  in the  Certificate  Account  all or a
        portion of the Amount Held for Future  Distribution  in discharge of any
        such Advance,  or (iii) make advances in the form of any  combination of
        (i) and (ii) aggregating the amount of such Advance.  Any portion of the
        Amount  Held for Future  Distribution  so used shall be  replaced by the
        Master Servicer by deposit in the Certificate Account on or before 11:00
        A.M. New York time on any future Certificate Account Deposit Date to the
        extent that funds  attributable to the Mortgage Loans that are available
        in the Custodial Account for deposit in the Certificate  Account on such
        Certificate  Account  Deposit  Date  shall  be  less  than  payments  to
        Certificateholders  required  to be made on the  following  Distribution
        Date. The Master Servicer shall be entitled to use any Advance made by a
        Subservicer  as described in Section  3.07(b) that has been deposited in
        the Custodial Account on or before such Distribution Date as part of the
        Advance made by the Master  Servicer  pursuant to this Section 4.04. The
        amount of any  reimbursement  pursuant to Section  4.02(a) in respect of
        outstanding  Advances on any  Distribution  Date shall be  allocated  to
        specific  Monthly  Payments due but delinquent for previous Due Periods,
        which  allocation shall be made, to the extent  practicable,  to Monthly
        Payments which have been delinquent for the longest period of time. Such
        allocations  shall be conclusive  for purposes of  reimbursement  to the
        Master  Servicer from  recoveries on related  Mortgage Loans pursuant to
        Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master  Servicer  delivered  to the  Company,  the  Certificate  Insurer and the
Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

                                      -43-

<PAGE>

        Section 4.05  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-P Certificates) on a
pro rata basis,  as described  below.  Any Excess Special Hazard Losses,  Excess
Bankruptcy  Losses,  Excess Fraud Losses,  Extraordinary  Losses on Non-Discount
Mortgage Loans will be allocated among the Senior  Certificates  (other than the
Class A-P  Certificates) and Subordinate  Certificates,  on a pro rata basis, as
described below.  The principal  portion of such Realized Losses on the Discount
Mortgage  Loans will be  allocated  to the Class A-P  Certificates  in an amount
equal to the Discount Fraction thereof and the remainder of such Realized Losses
on the Discount  Mortgage Loans and the entire amount of such Realized Losses on
Non-Discount  Mortgage  Loans will be  allocated  among the Senior  Certificates
(other than the Class A-P Certificates) and Subordinate  Certificates,  on a pro
rata basis, as described below.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss;  provided  that,  in  determining  the
Certificate  Principal  Balance of the Accrual  Certificates  for the purpose of
allocating  any portion of a Realized Loss thereto,  the  Certificate  Principal
Balance of the Accrual Certificates shall be deemed to be equal to the lesser of
(a) the original  Certificate  Principal Balance of such Certificate and (b) the
Certificate  Principal  Balance of such  Certificate  prior to giving  effect to
distributions  made  on  such  Distribution  Date.  Except  as  provided  in the
following  sentence,  any allocation of the principal portion of Realized Losses
(other than Debt Service Reductions) to a Class of Certificates shall be made by
reducing the Certificate  Principal  Balance thereof by the amount so allocated,
which allocation shall be deemed to have occurred on such Distribution Date. Any
allocation of the

                                      -44-

<PAGE>

principal portion of Realized Losses (other than Debt Service Reductions) to the
Subordinate Certificates then outstanding with the Lowest Priority shall be made
by  operation  of the  definition  of  "Certificate  Principal  Balance"  and by
operation of the  provisions  of Section  4.02(a).  Allocations  of the interest
portions of Realized Losses shall be made in proportion to the amount of Accrued
Certificate  Interest and by operation of the definition of "Accrued Certificate
Interest" and by operation of the provisions of Section 4.02(a).  Allocations of
the principal  portion of Debt Service  Reductions shall be made by operation of
the  provisions  of Section  4.02(a).  All Realized  Losses and all other losses
allocated  to a Class of  Certificates  hereunder  will be  allocated  among the
Certificates of such Class in proportion to the Percentage  Interests  evidenced
thereby; provided that if any Subclasses of the Class A-V Certificates have been
issued  pursuant  to Section  5.01(c),  such  Realized  Losses and other  losses
allocated to the Class A-V Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate  Interest payable
on such Distribution Date that would have resulted absent such reductions.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property. (See Section 4.06 of the Standard Terms)

          Section 4.07  Optional  Purchase of  Defaulted  Mortgage  Loans.  (See
               Section 4.07 of the Standard Terms)

        Section 4.08  [Reserved]

          Section 4.09  Distributions  on the  Uncertificated  REMIC  I  Regular
               Interests.

        (a) On each  Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular Interests,  from
REMIC I, the following  amounts in the following order of priority to the extent
of the Available  Distribution Amount reduced by distributions made to the Class
R-I Certificates pursuant to Section 4.02(a):

             (i)  Uncertificated  REMIC I Accrued Interest on the Uncertificated
        REMIC  I  Regular  Interests  for  such  Distribution   Date,  plus  any
        Uncertificated  REMIC I Accrued Interest  thereon  remaining unpaid from
        any previous Distribution Date; and

            (ii) In accordance  with the priority set forth in Section  4.09(b),
        an  amount  equal to the sum of the  amounts  in  respect  of  principal
        distributable  on the Class A-1  Certificates,  Class A-2  Certificates,
        Class A-3 Certificates,  Class A-4 Certificates, Class A-5 Certificates,
        Class A-6 Certificates,  Class A-7 Certificates, Class A-8 Certificates,
        Class  A-9   Certificates,   Class   A-10   Certificates,   Class   A-11
        Certificates,  Class A-P Certificates, Class M-1 Certificates, Class M-2
        Certificates,  Class M-3 Certificates, Class B-1 Certificates, Class B-2
        Certificates,  Class B-3 Certificates and Class R-II Certificates  under
        Section 4.02(a), as allocated thereto pursuant to Section 4.02(b).

        (b)  The  amount  described  in  Section  4.09(a)(ii)  shall  be  deemed
distributed to (i) Uncertificated REMIC I Regular Interest S, (ii)Uncertificated
REMIC I Regular  Interest T, (iii)  Uncertificated  REMIC I Regular  Interest V,
(iv)  Uncertificated  REMIC I Regular  Interest  W, (v)  Uncertificated  REMIC I
Regular Interest X, (vi) Uncertificated REMIC I Regular Interest Y and (vii)

                                      -45-

<PAGE>

Uncertificated  REMIC I Regular  Interest  Z with the  amount to be  distributed
allocated among such interests in accordance  with the priority  assigned to the
(i) Class A-1 and Class A-4  Certificates,  (ii) Class A-2  Certificates,  (iii)
Class A-5 Certificates,  (iv) Class A-6 Certificates,  (v) Class A-7, Class A-8,
Class R-II,  Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates,  (vi) Class A-9  Certificates  and (vii)  Class A-P  Certificates,
respectively,  under Section 4.02(b) until the Uncertificated  Principal Balance
of each such interest is reduced to zero.

        (c)  The  portion  of  the  Uncertificated   REMIC  I  Regular  Interest
Distribution Amounts described in Section 4.09(a)(i) shall be deemed distributed
by REMIC I to REMIC II in accordance with the priority  assigned to the REMIC II
Certificates relative to that assigned to the REMIC I Certificates under Section
4.02(b).

        (d) In determining from time to time the Uncertificated  REMIC I Regular
Interest  Distribution  Amounts,  Realized Losses  allocated to the Certificates
shall be  allocated  to  Uncertificated  REMIC I Regular  Interests  in the same
amounts and priorities as allocated to the Corresponding Certificated Interests.

        (e) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 4.09,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

          Section 4.10  Distributions  on the  Uncertificated  Class  A-V  REMIC
               Regular Interests.

        (a) On each Distribution Date, the Trustee shall be deemed to distribute
to  itself,  as the  holder  of  the  Uncertificated  Class  A-V  REMIC  Regular
Interests, from REMIC II, Uncertificated Class A-V REMIC Accrued Interest on the
Uncertificated  Class A-V REMIC Regular  Interests for such  Distribution  Date,
plus any  Uncertificated  Class A-V REMIC  Accrued  Interest  thereon  remaining
unpaid from any previous Distribution Date.

        (b) In determining from time to time the Uncertificated  Class A-V REMIC
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
A-V Certificates  under Section 4.05 shall be deemed allocated to Uncertificated
Class  A-V  REMIC   Regular   Interests  on  a  pro  rata  basis  based  on  the
Uncertificated  Class A-V REMIC  Accrued  Interest for the related  Distribution
Date.

        (c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Sections 4.02(a), to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
Class  A-V  REMIC  Regular  Interest  Distribution  Amounts  deemed to have been
received by the Trustee from the Trust Fund under this Section 4.08.  The amount
deemed distributable  hereunder with respect to the Class A-V Certificates shall
equal 100% of the amounts payable with respect to the  Uncertificated  Class A-V
REMIC Regular Interests.

        (d) Notwithstanding the deemed distributions on the Uncertificated Class
A-V REMIC Regular  Interests  described in this Section 4.10,  distributions  of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

                                      -46-

<PAGE>

        Section 4.11  Reserve Fund.

        No later than the Closing Date,  the Trustee will establish and maintain
the Reserve Fund. On the Closing Date the Senior  Underwriter shall deposit with
the Trustee,  and the Trustee shall  deposit into the Reserve  Fund,  cash in an
amount equal to the Reserve Fund Deposit.

        The  Master  Servicer  shall  direct  the  Trustee  in  writing  on each
Distribution Date to withdraw amounts on deposit in the Reserve Fund for deposit
into  the  Certificate  Account,  and  to  pay to  the  holders  of any  Insured
Certificates  pursuant to Section  4.02(a),  the amount of  Prepayment  Interest
Shortfalls  and  Relief  Act  Shortfalls  otherwise  allocable  to  any  Insured
Certificates  pursuant to the definition of Accrued Certificate Interest (to the
extent not offset by the Master  Servicer  pursuant  to Section  3.16(e) of this
Series  Supplement),  and to the extent of funds on deposit in the Reserve  Fund
(the amount of such  withdrawal  for any  Distribution  Date,  the "Reserve Fund
Withdrawal").

        For federal  income tax purposes,  the Senior  Underwriter  shall be the
owner of the Reserve Fund and shall report all items of income,  deduction, gain
or loss arising therefrom.  Notwithstanding anything herein to the contrary, the
Reserve  Fund  shall not be an asset of any  REMIC.  The  Reserve  Fund shall be
invested in Permitted  Investments  at the direction of the Senior  Underwriter.
All income and gain realized from  investment of funds  deposited in the Reserve
Fund  shall be  deposited  in the  Reserve  Fund for the sole use and  exclusive
benefit of the Reserve  Fund.  The amount of any loss incurred in respect of any
such  investments  shall  be  deposited  in  the  Reserve  Fund  by  the  Senior
Underwriter  out of its own funds  immediately as realized  without any right of
reimbursement.  The  balance,  if  any,  remaining  in the  Reserve  Fund on the
Distribution  Date on which the  Certificate  Principal  Balance of the  Insured
Certificates is reduced to zero will be distributed by the Trustee to the Senior
Underwriter.  To the extent that the Reserve Fund constitutes a reserve fund for
federal income tax purposes,  (1) it shall be an outside reserve fund and not an
asset of any REMIC, (2) it shall be owned by the Senior Underwriter,  all within
the meaning of Section 1.860G-2(h) of the Treasury Regulations. The Reserve Fund
may not be owned by more than one Person and (3) for all federal  tax  purposes,
any  amounts  transferred  by any REMIC to the  Reserve  Fund will be treated as
amounts distributed by any REMIC to the Senior Underwriter.

        Section 4.12  Rounding Account.
                      ----------------

        No later than the Closing Date,  the Trustee will establish and maintain
with itself a segregated trust account that is an Eligible Account,  which shall
be titled "Rounding Account, Bank One, National Association,  as trustee for the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates, Series 2001-S27, Class A-6." On the Closing Date, the
Senior Underwriter shall deposit with the Trustee, and the Trustee shall deposit
into the Rounding Account, cash in an amount equal to $999.99.

        The  Trustee on each  Distribution  Date shall,  based upon  information
provided by the Master  Servicer  for the related  Distribution  Date,  withdraw
funds from the Rounding Account to pay the Rounding Amount to the Holders of the
Retail  Certificates  pursuant to Section 4.02(j).  In addition,  the Trustee on
each  Distribution  Date shall,  based upon  information  provided by the Master
Servicer for the related  Distribution Date, withdraw funds from the Certificate
Account to repay to the

                                      -47-

<PAGE>

Rounding  Account  the  Rounding  Amount  from the  prior  Distribution  Date as
contemplated in Section 4.02(j).

        Section 4.13  Principal Distributions on the Retail Certificates.

        Distributions in reduction of the Certificate  Principal  Balance of the
Retail  Certificates will be made in integral multiples of $1,000 at the request
of  the  appropriate   representatives   of  Deceased  Holders  of  such  Retail
Certificates and at the request of Living Owners of such Retail  Certificates or
by mandatory distributions by Random Lot, pursuant to clauses (a) and (d) below,
or on a pro rata basis pursuant to clause (e) below.

        (a) On each Distribution Date on which distributions in reduction of the
Certificate  Principal  Balance  priority  among the  Certificate  Owners of the
Retail Certificates:

               (i) any  request by the  personal  representatives  of a Deceased
        Holder or by a surviving  tenant by the entirety,  by a surviving  joint
        tenant  or by a  surviving  tenant  in  common,  but  not  exceeding  an
        aggregate amount of $100,000 per request; and

               (ii)  any  request  by a  Living  Owner,  but  not  exceeding  an
          aggregate amount of $10,000 per request.

        Thereafter,  distributions  will be made,  with  respect  to the  Retail
Certificates,  as provided in clauses (i) and (ii) above up to a second $100,000
and $10,000, respectively. This sequence of priorities will be repeated for each
request for principal distributions made by the Certificate Owners of the Retail
Certificates until all such requests have been honored.

        Requests for  distributions  in reduction of the  Certificate  Principal
Balance of the Retail  Certificates  presented on behalf of Deceased  Holders in
accordance  with the provisions of clause (i) above will be accepted in order of
their receipt by the Depository.  Requests for distributions in reduction of the
Certificate  Principal Balance of the Retail Certificate presented in accordance
with the  provisions of clause (ii) above will be accepted in the order of their
receipt by the Depository after all requests presented in accordance with clause
(i) have been  honored.  All  requests  for  distributions  in  reduction of the
Certificate  Principal  Balance of the Retail  Certificates  will be accepted in
accordance  with the provisions set forth in Section  4.13(c).  All requests for
distributions  in reduction of the Certificate  Principal  Balance of the Retail
Certificates  with  respect to any  Distribution  Date must be  received  by the
Depository and on the Depository's "participant terminal system" and received by
the  Trustee no later than the close of business  on the  related  Record  Date.
Requests for  distributions  that are on the Depository's  participant  terminal
system and received by the Trustee  after the related  Record Date and requests,
in either case, for  distributions not accepted with respect to any Distribution
Date,  will be  treated  as  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of Retail  Certificates  on the next  succeeding
Distribution Date, and each succeeding Distribution Date thereafter,  until such
request is  accepted  or is  withdrawn  as  provided  in Section  4.13(c).  Such
requests as are not so withdrawn  shall  retain their order of priority  without
the need for any further action on the part of the appropriate Certificate Owner
of the related Retail Certificate,  all in accordance with the procedures of the
Depository and the Trustee. Upon the transfer of the beneficial ownership of any
Retail Certificate, any distribution request previously

                                      -48-

<PAGE>

submitted with respect to such Certificate will be deemed to have been withdrawn
only upon the  receipt by the  Trustee  on or before  the  Record  Date for such
Distribution  Date of notification of such withdrawal in the manner set forth in
Section 4.13(c) on the Depository's participant terminal system.

        Distributions in reduction of the Certificate  Principal  Balance of the
Retail  Certificates  will be applied in an amount equal to the Senior Principal
Distribution  Amount allocable to such Class pursuant to Section 4.02(b),  plus,
with respect to the Retail Certificates,  any amounts available for distribution
from the Rounding Account established as provided in Section 4.12, provided that
the aggregate  distribution in reduction of the Certificate Principal Balance of
the Retail  Certificates on any  Distribution  Date shall be made in an integral
multiple of $1,000.

        To the extent  that the  portion of the  Senior  Principal  Distribution
Amount  allocable to  distributions  in reduction of the  Certificate  Principal
Balance  of  the  Retail  Certificates  on any  Distribution  Date  exceeds  the
aggregate  Certificate Principal Balance of the Retail Certificates with respect
to which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account with respect
to the Retail  Certificates),  distributions  in  reduction  of the  Certificate
Principal  Balance  of  the  Retail  Certificates  will  be  made  by  mandatory
distribution pursuant to Section 4.13(d).

        (b) A Retail Certificate shall be deemed to be held by a Deceased Holder
for purposes of this Section 4.13 if the death of the Certificate  Owner thereof
is deemed to have occurred. Retail Certificates beneficially owned by tenants by
the  entirety,  joint  tenants  or tenants in common  will be  considered  to be
beneficially  owned by a single  owner.  The death of a tenant by the  entirety,
joint  tenant  or  tenant  in  common  will be  deemed  to be the  death  of the
Certificate  Owner,  and the Retail  Certificates so beneficially  owned will be
eligible  for  priority  with  respect  to  distributions  in  reduction  of the
Certificate Principal Balance thereof,  subject to the limitations stated above.
Retail  Certificates  beneficially  owned by a trust  will be  considered  to be
beneficially  owned  by each  beneficiary  of the  trust to the  extent  of such
beneficiary's  beneficial  interest  therein,  but in no  event  will a  trust's
beneficiaries  collectively  be deemed to be  Certificate  Owners of a number of
Individual Retail  Certificates of which such trust is the owner. The death of a
beneficiary of a trust will be deemed to be the death of a Certificate  Owner of
the Retail Certificates, as applicable, owned by the trust to the extent of such
beneficiary's  beneficial interest in such trust. The death of an individual who
was a tenant  by the  entirety,  joint  tenant  or tenant in common in a tenancy
which  is the  beneficiary  of a trust  will be  deemed  to be the  death of the
beneficiary  of such  trust.  The  death  of a  person  who,  during  his or her
lifetime,  was  entitled  to  substantially  all  of  the  beneficial  ownership
interests in Individual  Retail  Certificates  will be deemed to be the death of
the Certificate Owner of the Retail Certificates  regardless of the registration
of ownership, if such beneficial interest can be established to the satisfaction
of the Depository Participant.  Such beneficial interest will be deemed to exist
in typical  cases of street name or nominee  ownership,  ownership by a trustee,
ownership under the Uniform Gifts to Minors Act and community  property or other
joint ownership  arrangements between a husband and wife. Certificate beneficial
interests  shall include the power to sell,  transfer or otherwise  dispose of a
Retail Certificate and the right to receive the proceeds  therefrom,  as well as
interest and distributions in reduction of the Certificate  Principal Balance of
the Retail  Certificates,  as  applicable,  payable  with respect  thereto.  The
Trustee shall not be under any duty to determine independently the occurrence of
the death of any deceased Certificate Owner.

                                      -49-

<PAGE>

The Trustee may rely  entirely  upon  documentation  delivered to it pursuant to
Section  4.13(c) in establishing  the  eligibility of any  Certificate  Owner to
receive the priority accorded Deceased Holders in Section 4.13(a).

        (c) Requests for distributions in reduction of the Certificate Principal
Balance of Retail  Certificates  must be made by  delivering  a written  request
therefor to the Depository  Participant or Indirect Depository  Participant that
maintains the account  evidencing such  Certificate  Owner's  interest in Retail
Certificates.  In  the  case  of a  request  on  behalf  of a  Deceased  Holder,
appropriate  evidence of death and any tax waivers are  required to be forwarded
to the Depository  Participant under separate cover. The Depository  Participant
shall forward a certification, satisfactory to the Trustee, certifying the death
of the Deceased Holder and the receipt of the appropriate death and tax waivers.
The  Depository  Participant  should in turn make the request of the  Depository
(or, in the case of an Indirect Depository Participant, such Indirect Depository
Participant  must notify the related  Depository  Participant  of such  request,
which Depository  Participant  should make the request of the Depository) on the
Depository's  participant  terminal  system.  The  Depository may establish such
procedures  as it deems fair and  equitable to establish the order of receipt of
requests  for such  distributions  received  by it on the same day.  None of the
Company,  the Master  Servicer or the  Trustee  shall be liable for any delay in
delivery of requests for  distributions  or  withdrawals of such requests by the
Depository, a Depository Participant or any Indirect Depository Participant.

        The Depository  shall maintain a list of those  Depository  Participants
representing the appropriate Certificate Owners of Retail Certificates that have
submitted  requests for distributions in reduction of the Certificate  Principal
Balance  of Retail  Certificates,  together  with the order of  receipt  and the
amounts of such requests on the Depository's  participant  terminal system.  The
Depository will honor requests for  distributions  in the order of their receipt
(subject to the  priorities  described in Section  4.13(a)  above).  The Trustee
shall  notify  the  Depository  as to which  requests  should be honored on each
Distribution  Date at least two Business  Days prior to such  Distribution  Date
based on the report  received by the Trustee  pursuant to Section 4.04 and shall
notify the  Depository  as to the amount of the  Senior  Principal  Distribution
amount to be  distributed to the Retail  Certificates  by Random Lot pursuant to
Section 4.13(d).  Requests shall be honored by the Depository in accordance with
the procedures, and subject to the priorities and limitations, described in this
Section  4.13.  The exact  procedures  to be  followed  by the  Trustee  and the
Depository for purposes of determining  such priorities and limitations  will be
those  established  from time to time by the Trustee or the  Depository,  as the
case may be. The  decisions of the Trustee and the  Depository  concerning  such
matters will be final and binding on all affected persons.

        Individual   Retail   Certificates   that  have  been   accepted  for  a
distribution shall be due and payable on the applicable  Distribution Date. Such
Certificates  shall  cease to bear  interest  after  the  last day of the  month
preceding the month in which such Distribution Date occurs.

        Any  Certificate  Owner of a Retail  Certificate  that has  requested  a
distribution  may withdraw its request by so notifying in writing the Depository
Participant or Indirect  Depository  Participant that maintains such Certificate
Owner's  account.  In the event that such account is  maintained  by an Indirect
Depository  Participant,  such Indirect  Depository  Participant must notify the
related Depository Participant which in turn must forward the withdrawal of such
request on the

                                      -50-

<PAGE>

Depository's  participant  terminal system.  If such withdrawal of a request for
distribution  has not been  received on the  Depository's  participant  terminal
system  on or  before  the  Record  Date for the  next  Distribution  Date,  the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Retail Certificates on such Distribution Date.

        In  the  event  any  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of the Retail  Certificates  are rejected by the
Trustee for failure to comply with the  requirements  of this Section 4.13,  the
Trustee shall return such request to the appropriate Depository Participant with
a copy  to  the  Depository  with  an  explanation  as to the  reason  for  such
rejection.

        (d) To the  extent,  if any,  that  distributions  in  reduction  of the
Certificate  Principal Balance of the Retail Certificates on a Distribution Date
exceed the outstanding  Certificate Principal Balance of the Retail Certificates
with respect to which  distribution  requests  have been received by the related
Record Date, as provided in Section 4.13(a) above, the additional  distributions
in reduction of the  Certificate  Principal  Balance of the Retail  Certificates
will be made by mandatory  distributions  in reduction  thereof.  Such mandatory
distributions on Individual  Retail  Certificates  will be made by Random Lot in
accordance with the then-applicable Random Lot procedures of the Depository, the
Depository  Participants and the Indirect Depository  Participants  representing
the Certificate Owners. The Trustee shall notify the Depository of the aggregate
amount of the mandatory  distribution in reduction of the Certificate  Principal
Balance of the Retail Certificates to be made on any such Distribution Date. The
Depository  shall then  allocate  such  aggregate  amount  among its  Depository
Participants on a Random Lot basis.  Each Depository  Participant  and, in turn,
each Indirect  Depository  Participant will then select,  in accordance with its
own  procedures,  Individual  Retail  Certificates  from among those held in its
accounts to receive  mandatory  distributions  in reduction  of the  Certificate
Principal  Balance of the  Retail  Certificates,  such that the total  amount so
selected  is equal  to the  aggregate  amount  of such  mandatory  distributions
allocated to such Depository  Participant by the Depository and to such Indirect
Depository  Participant by its related Depository  Participant,  as the case may
be.  Depository  Participants  and Indirect  Depository  Participants  that hold
Retail  Certificates  selected for mandatory  distributions  in reduction of the
Certificate  Principal  Balance  thereof are required to provide  notice of such
mandatory  distributions to the affected Certificate Owners. The Master Servicer
agrees to notify the Trustee of the amount of  distributions in reduction of the
Certificate  Principal  Balance  of the Retail  Certificates  to be made on each
Distribution  Date in a timely  manner  such that the  Trustee  may  fulfill its
obligations  pursuant to the letter of  representations  dated the Closing  Date
among the Company, the Trustee and the Depository.

        (e)  Notwithstanding  any  provisions  herein  to the  contrary,  on any
Distribution  Date on which (i) any Realized  Losses are allocated to the Retail
Certificates  and (ii) a  Certificate  Insurer  Default has  occurred  and/or is
continuing,  distributions in reduction of the Certificate  Principal Balance of
the Retail  Certificates  will be made pro rata on the basis of their respective
Percentage  Interests  with the  respect  to the Retail  Certificates  among the
Certificate  Owners of the Retail  Certificates and will not be made in integral
multiples of $1,000 nor pursuant to requests  for  distribution  as permitted by
this Section 4.13 or mandatory distributions by Random Lot.

                                      -51-

<PAGE>

        (f) In the event that Definitive  Certificates  representing  the Retail
Certificates  are issued  pursuant to Section  5.01 of the  Standard  Terms,  an
amendment to this  Agreement,  which may be approved  without the consent of any
Certificateholders,  shall establish  procedures relating to the manner in which
distributions in reduction of the Certificate  Principal  Balance of such Retail
Certificates are to be made;  provided that such procedures shall be consistent,
to the extent  practicable and customary for certificates  similar to the Retail
Certificates, with the provisions of this Section 4.13.

                                      -52-

<PAGE>

                                          ARTICLE V

                                THE CERTIFICATES

       Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)

        Section 5.02. Registration of Transfer and Exchange of Certificates.

               (a) -  (e)(iii)(A).  (See Section  5.02(a) -  (e)(iii)(A)  of the
               Standard Terms)

               (B) Any purported  Certificate Owner whose acquisition or holding
               of any Class M Certificate (or interest  therein) was effected in
               violation  of the  restrictions  in this  Section  5.02(e)  shall
               indemnify and hold harmless the Company,  the Trustee, the Master
               Servicer,  any  Subservicer,  the Underwriters and the Trust Fund
               from  and  against  any and all  liabilities,  claims,  costs  or
               expenses incurred by such parties as a result of such acquisition
               or holding.

               (f) - (h).  (See Section 5.02(f) - (h) of the Standard Terms)

          Section 5.03. Mutilated,  Destroyed, Lost or Stolen Certificates. (See
               Section 5.03 of the Standard Terms)

          Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard
               Terms)

          Section 5.05.  Appointment  of Paying Agent.  (See Section 5.05 of the
               Standard Terms)

                                      -53-

<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER
                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                      -54-

<PAGE>

                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                      -55-

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE
                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                      -56-

<PAGE>

                                   ARTICLE IX

                                   TERMINATION
                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                      -57-

<PAGE>

                                    ARTICLE X

                                REMIC PROVISIONS

          Section 10.01 REMIC Administration. (See Section 10.01 of the Standard
               Terms)

          Section  10.02  Master  Servicer;   REMIC  Administrator  and  Trustee
               Indemnification. (See Section 10.02 of the Standard Terms)

        Section 10.03 Designation of REMIC(s).

        The REMIC Administrator will make elections to treat each of REMIC I and
REMIC II, and  subject  to this  Agreement  (including  the  Mortgage  Loans but
excluding the Initial  Monthly  Payment Fund) as a REMIC for federal  income tax
purposes.

        The Uncertificated  REMIC I Regular Interests shall be designated as the
"regular  interests" and the Class R-I  Certificates  shall be designated as the
sole class of "residual  interests" in REMIC I. The Class A-1,  Class A-2, Class
A-3,  Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class
A-10,  Class A-11,  Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class
B-2  and  Class  B-3  Certificates  and  the  rights  in and to  which  will  be
represented by the Class A-V Certificates,  will be "regular interests" in REMIC
II,  and the  Class  R-II  Certificates  will be the  sole  class  of  "residual
interests"  therein  for  purposes  of the REMIC  Provisions  (as defined in the
Standard  Terms) under federal income tax law. On and after the date of issuance
of any  Subclass of Class A-V  Certificates  pursuant to Section  5.01(c) of the
Standard Terms,  any such Subclass will represent the  Uncertificated  Class A-V
REMIC Regular Interest or Interests specified by the initial Holder of the Class
A-V Certificates pursuant to said Section.

        Section 10.04 [Reserved].

        Section 10.05 Compliance with Withholding Requirements.

        Notwithstanding  any other provision of this  Agreement,  the Trustee or
any Paying  Agent,  as  applicable,  shall  comply with all federal  withholding
requirements  respecting payments to  Certificateholders,  including interest or
original  interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                      -58-

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)

          Section 11.02  Recordation  of Agreement.  Counterparts.  (See Section
               11.02 of the Standard Terms)

          Section 11.03 Limitation on Rights of Certificateholders. (See Section
               11.03 of the Standard Terms)

        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)

        Section       11.05 Notices.  All demands and notices hereunder shall be
                      in writing  and shall be deemed to have been duly given if
                      personally  delivered  at or  mailed by  registered  mail,
                      postage  prepaid  (except for notices to the Trustee which
                      shall  be  deemed  to  have  been  duly  given  only  when
                      received),  to the appropriate  address for each recipient
                      listed in the table  below or, in each  case,  such  other
                      address as may  hereafter  be  furnished in writing to the
                      Master   Servicer,   the  Trustee  and  the  Company,   as
                      applicable:

           Recipient                                        Address
                                 8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota  55437,
Company                          Attention:  President
                                 2255 N. Ontario Street, Suite 400
                                 Burbank, California 91504-2130,
Master Servicer                  Attention:  Managing Director/Master Servicing
                                 Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 55 Water Street,  1st Floor New York,  New York
                                 10041, for the purposes of Section 8.12
Trustee                          of the Standard Terms
                                 One State Street Plaza
Fitch                            New York, New York 10007
                                 99 Church Street
Moody's                          New York, New York 10007
                                 113 King Street
                                 Armonk, New York 10504
                                 Attention: Insured Portfolio Management--
                                Structured Finance
Certificate Insurer              (RFMSI 2001-S27)

                                      -59-

<PAGE>

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such Holder as
shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

               (a)    a material change or amendment to this Agreement,

               (b)    the occurrence of an Event of Default,

               (c) the termination or appointment of a successor Master Servicer
          or Trustee or a change in the majority ownership of the Trustee,

               (d) the filing of any claim under the Master  Servicer's  blanket
        fidelity bond and the errors and omissions  insurance policy required by
        Section 3.12 or the  cancellation  or modification of coverage under any
        such instrument,

               (e) the statement required to be delivered to the Holders of each
          Class of Certificates pursuant to Section 4.03,

               (f) the statements  required to be delivered pursuant to Sections
          3.18 and 3.19,

               (g) a change in the  location  of the  Custodial  Account  or the
          Certificate Account,

               (h) the  occurrence  of any monthly  cash flow  shortfall  to the
        Holders of any Class of  Certificates  resulting from the failure by the
        Master Servicer to make an Advance pursuant to Section 4.04,

               (i)    the occurrence of the Final Distribution Date,

               (j) the repurchase of or substitution for any Mortgage Loan, and

               (k)    any Certificate Insurer Default that has not been cured,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

          Section 11.07  Severability  of Provisions.  (See Section 11.07 of the
               Standard Terms)

                                      -60-

<PAGE>

          Section  11.08  Supplemental  Provisions  for  Resecuritization.  (See
               Section 11.08 of the Standard Terms)

        Section 11.09 Allocation of Voting Rights.

        95.0%  of  all  Voting  Rights  shall  be  allocated  among  Holders  of
Certificates,   other  than  the  Interest   Only   Certificates   and  Residual
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  1.0% of all Voting  Rights  shall be allocated
among the Holders of the Class A-3 Certificates, 1.0% of all Voting Rights shall
be  allocated  among the  Holders  of the Class A-10  Certificates,  1.0% of all
Voting  Rights  shall  be  allocated   among  the  Holders  of  the  Class  A-11
Certificates,  1.0% of all Voting Rights shall be allocated among the Holders of
the Class A-V  Certificates  in  accordance  with  their  respective  Percentage
Interests;  and 0.5% and 0.5% of all Voting Rights shall be allocated  among the
Holders of the Class R-I Certificates and Class R-II Certificates, respectively,
in accordance with their respective Percentage Interests.

        Notwithstanding the foregoing, so long as there does not exist a failure
by the  Certificate  Insurer to make a required  payment  under the  Certificate
Policy,  the Insurer  shall have the right to exercise all rights of the Holders
of the  Insured  Certificates  without  any  consent of such  holders,  and such
Holders may  exercise  such rights  only with the prior  written  consent of the
Certificate Insurer.

                                      -61-

<PAGE>

                                   ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER

          Section 12.01.Rights of the Certificate  Insurer to Exercise Rights of
               Insured Certificateholders.

        By accepting its Certificate, each Insured Certificateholder agrees that
unless a Certificate  Insurer Default exists, the Certificate Insurer shall have
the right to exercise all consent, voting, direction and other control rights of
the Insured  Certificateholders under this Agreement without any further consent
of the Insured Certificateholders.

          Section  12.02.Claims   Upon  the  Certificate   Policy;   Certificate
               Insurance Account.

        (a) If, on the Business Day next succeeding the Determination  Date, the
Master  Servicer  determines  that (i) the funds  that will be on deposit in the
Certificate  Account on the related  Certificate  Account  Deposit  Date, to the
extent  distributable  to the  Insured  Certificateholders  pursuant  to Section
4.02(a)(i),   together  with  any  Reserve  Fund   Withdrawal  for  the  related
Distribution Date, are insufficient to pay the Accrued Certificate  Interest for
such Distribution Date; provided however,  Accrued  Certificate  Interest on the
Insured  Certificates  will be deemed to  include  any  portion  of the  amounts
allocated to such Certificates described in clause (i) of the definition thereof
(to the  extent  such  amounts  are not  offset by  payments  made by the Master
Servicer or from the Reserve Fund  Withdrawal)  and clauses (ii) through (iv) of
the  definition  thereof (in each case,  to the extent such  shortfalls  are not
covered by the subordination provided by the Class M and Class B Certificates or
otherwise  offset by the Reserve Fund  Withdrawals) on such  Distribution  Date,
(ii) the  principal  portion of any  Realized  Loss is  allocated to the Insured
Certificates  on such  Distribution  Date or (iii)  the funds  available  on the
Scheduled Final Distribution Date will be insufficient to reduce the Certificate
Principal Balance of the Insured Certificates to zero, the Master Servicer shall
deliver  to the  Trustee  not later  than  1:00  p.m.  New York City time on the
Business Day next succeeding the  Determination  Date a certificate  signed by a
Servicing  Officer  directing the Trustee to draw on the Certificate  Policy and
stating the amount to be drawn and stating the Insured  Payment for each Insured
Certificate,  and the Trustee  shall give notice by telephone or telecopy of the
aggregate amount of such deficiency,  confirmed in writing in the form set forth
as Exhibit A to the Certificate  Policy, to the Certificate Insurer at or before
12:00 noon,  New York City time, on the Business Day prior to such  Distribution
Date.  If,  subsequent to such notice,  and prior to payment by the  Certificate
Insurer  pursuant  to such  notice,  additional  amounts  are  deposited  in the
Certificate   Account,   the  Trustee  shall  reasonably   promptly  notify  the
Certificate  Insurer and  withdraw the notice or reduce the amount  claimed,  as
appropriate.

        (b) The Trustee shall establish a separate special purpose trust account
for the  benefit of  Holders of the  Insured  Certificates  and the  Certificate
Insurer referred to herein as the "Certificate Insurance Account" over which the
Trustee shall have exclusive  control and sole right of withdrawal.  The Trustee
shall deposit any amount paid under the  Certificate  Policy in the  Certificate
Insurance  Account and  distribute  such amount only for  purposes of payment to
Holders of Insured  Certificates  of the  Insured  Payment for which a claim was
made.  Such  amount  may not be  applied  to  satisfy  any  costs,  expenses  or
liabilities of the Master Servicer, the Trustee or the Trust Fund. Amounts paid

                                      -62-

<PAGE>

under the Certificate Policy shall be transferred to the Certificate  Account in
accordance  with the next  succeeding  paragraph and disbursed by the Trustee to
Holders of Insured  Certificates  in  accordance  with  Section  4.02 or Section
9.01(c),  as applicable.  It shall not be necessary for such payments to be made
by checks or wire  transfers  separate from the checks or wire transfers used to
pay the  Insured  Payment  with  other  funds  available  to make such  payment.
However,  the amount of any payment of  principal  of or interest on the Insured
Certificates to be paid from funds  transferred  from the Certificate  Insurance
Account  shall be noted as provided in paragraph  (c) below and in the statement
to be furnished to Holders of the  Certificates  pursuant to Section 4.03. Funds
held in the  Certificate  Insurance  Account shall not be invested by the Master
Servicer or any other Person.

        On any  Distribution  Date with  respect  to which a claim has been made
under the Certificate Policy, the amount of any funds received by the Trustee as
a result of any claim under the  Certificate  Policy,  to the extent required to
make the Insured Payment on such Distribution  Date, shall be withdrawn from the
Certificate  Insurance  Account and  deposited  in the  Certificate  Account and
applied by the Master Servicer on behalf of the Trustee, together with the other
funds to be  distributed to the Insured  Certificateholders  pursuant to Section
4.02,  directly to the payment in full of the Insured Payment due on the Insured
Certificates.  Any funds remaining in the Certificate  Insurance  Account on the
first  Business  Day  following  a  Distribution  Date shall be  remitted to the
Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by
the end of such Business Day.

        (c) The Trustee shall keep a complete and accurate  record of the amount
of interest and principal paid into the Certificate Insurance Account in respect
of any Insured  Certificate  from moneys received under the Certificate  Policy.
The  Certificate  Insurer  shall  have the  right to  inspect  such  records  at
reasonable  times during  normal  business  hours upon two Business  Day's prior
notice to the Trustee.

        (d) In accordance with the terms of the Certificate Policy, any claim on
the  Certificate  Policy in respect of a Preference  Amount,  shall  require the
Trustee  to obtain a  certified  copy of the  order  requiring  the  return of a
preference  payment,  an  opinion  of counsel  satisfactory  to the  Certificate
Insurer  that  the  order  is  final  and  not  subject  to  appeal,  and  other
documentation as required by the Certificate Policy. Any such opinion of counsel
shall be provided at the sole expense of the Senior  Underwriter,  in accordance
with the terms of the Commitment Letter.

      Section 12.03.Effect of Payments by the Certificate Insurer; Subrogations.

        Anything  herein to the contrary  notwithstanding,  for purposes of this
Section  12.03,  any payment  with  respect to  principal  of or interest on the
Insured Certificates which is made with monies received pursuant to the terms of
the  Certificate   Policy  shall  not  be  considered  payment  of  the  Insured
Certificates  from the Trust  Fund.  The Master  Servicer,  the  Company and the
Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate
agrees,  that  without  the  need  for any  further  action  on the  part of the
Certificate  Insurer,  the Master  Servicer,  the  Company,  the  Trustee or the
Certificate  Registrar,  to the extent the  Certificate  Insurer makes payments,
directly or  indirectly,  on account of  principal of or interest on the Insured
Certificates to the Holders of such Certificates,  the Certificate  Insurer will
be fully subrogated to, and each Insured Certificateholder,

                                      -63-

<PAGE>

the Master  Servicer,  the Company and the Trustee hereby delegate and assign to
the Certificate  Insurer,  to the fullest extent permitted by law, the rights of
such  Holders  to receive  such  principal  and  interest  from the Trust  Fund;
provided that the  Certificate  Insurer shall be paid such amounts only from the
sources and in the manner explicitly provided for herein.

        The Trustee and the Master Servicer shall cooperate in all respects with
any  reasonable  request by the  Certificate  Insurer  for action to preserve or
enforce the  Certificate  Insurer's  rights or  interests  under this  Agreement
without  limiting  the  rights or  affecting  the  interests  of the  Holders as
otherwise set forth herein.

        Section 12.04.Notices and Information to the Certificate Insurer.

        (a) All notices, statements,  reports, certificates or opinions required
by this Agreement to be sent to any other party hereto to the Rating Agencies or
to the Certificateholders shall also be sent to the Certificate Insurer.

        (b) the Master  Servicer shall designate a Person who shall be available
to the Certificate Insurer to provide reasonable access to information regarding
the Mortgage Loans.

        Section 12.05.Trustee to Hold Certificate Policy.

        The Trustee will hold the  Certificate  Policy in trust as agent for the
Insured  Certificateholders  for  the  purpose  of  making  claims  thereon  and
distributing  the proceeds  thereof.  Neither the  Certificate  Policy,  nor the
amounts paid on the Certificate Policy will constitute part of the Trust Fund or
assets of any REMIC created by this Agreement.  Each Insured  Certificateholder,
by accepting its Certificate,  appoints the Trustee as attorney-in-fact  for the
purpose of making claims on the Certificate  Policy. The Trustee shall surrender
the Certificate  Policy to the  Certificate  Insurer for  cancellation  upon the
payment in full of the Insured Certificates.  To the extent that the Certificate
Policy constitutes a reserve fund for federal income tax purposes,  (1) it shall
be an outside credit support  agreement and not an asset of any REMIC and (2) it
shall be owned by the  Certificate  Insurer,  all within the  meaning of Section
1.860G-2(h) of the Treasury Regulations.

        Section 12.06.Ratings.

        The parties  hereto agree that  references  in this  Agreement or in the
Standard   Terms  to  ratings  on  the   Certificates   or   interests   of  the
Certificateholders shall be determined without regard to the Certificate Policy.

        Section 12.07.Third Party Beneficiaries.

        The Certificate Insurer shall be an express  third-party  beneficiary of
this Agreement to the extent of its express  subrogation  rights,  its rights to
receive the Insurance Premium pursuant to Section 4.02(a) and its express rights
set forth in Article XII of this  Agreement  and shall have the right to enforce
the related provisions of this Agreement as if it were a party hereto.

                                      -64-

<PAGE>

        IN WITNESS  WHEREOF,  the Company,  the Master  Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

[Seal]                                          RESIDENTIAL FUNDING MORTGAGE
                                                        SECURITIES I, INC.

Attest: /s/ Lisa Lundsten                       By:/s/ Randy Van Zee
        ---------------------------------------    -----------------
        Name:  Lisa Lundsten                       Name:  Randy Van Zee
        Title:   Vice President                    Title:    Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest: /s/ Randy Van Zee                       By:/s/ Lisa Lundsten
        ---------------------------------------    -----------------
        Name:  Randy Van Zee                      Name:  Lisa Lundsten
        Title:   Director                         Title:    Managing Director

[Seal]                                          BANK ONE, NATIONAL ASSOCIATION
                                                                  as Trustee

Attest: /s/ R. Tarnas
       ----------------------------------------
        Name:  R. Tarnas                        By: /s/ Keith R. Richardson
                                                   ---------------------------
        Title: Vice President                     Name:   Keith R. Richardson
                                                  Title:     Vice President

                                             -1-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 29th day of November,  2001 before me, a notary  public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    -----------------

[Notarial Seal]

                                             -2-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 29th day of November,  2001 before me, a notary  public in
and for said  State,  personally  appeared  Lisa  Lundsten,  known to me to be a
Managing Director of Residential  Funding  Corporation,  one of the corporations
that executed the within  instrument,  and also known to me to be the person who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    ------------------

[Notarial Seal]

                                             -3-

<PAGE>

STATE OF ILLINOIS               )
                                ) ss.:
COUNTY OF COOK                  )

               On the 29th day of November,  2001 before me, a notary  public in
and for said State, personally appeared Keith R. Richardson, known to me to be a
Vice President of Bank One, National Association, a national banking association
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    -------------------

[Notarial Seal]

                                             -4-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

  RUN ON     : 11/26/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 11.50.44           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S27                                 CUTOFF : 11/01/01
  POOL       : 0004552
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  -----------------------------------------------------------------------

      3961441                              .2500
      649,480.20                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      4256726                              .2500
       44,979.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      4745257                              .2500
      315,418.03                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      4768991                              .2500
      270,829.41                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      4832312                              .2500
      462,747.64                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      4948828                              .2500
      388,534.60                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
1

      4964994                              .2500
      399,950.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      4973491                              .2500
      334,949.80                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      4984477                              .2500
      291,125.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      4998002                              .2500
      314,032.35                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5172222                              .2500
      418,909.03                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5177428                              .2500
      348,057.97                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5184850                              .2500
      612,221.75                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5202499                              .2500
       66,365.26                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700
1

      5232167                              .2500
      348,924.82                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5232301                              .2500
      459,022.88                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5235334                              .2500
      353,575.45                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5244568                              .2500
      299,575.15                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5257241                              .2500
      324,503.90                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5260991                              .2500
      333,056.42                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5299283                              .2500
      518,978.09                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5302306                              .2500
      447,614.28                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      5302319                              .2500
      196,346.71                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5312746                              .2500
      514,173.88                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5318275                              .2500
      331,734.50                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5338506                              .2500
      329,333.67                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5353852                              .2500
      116,406.84                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5363493                              .2500
      318,017.87                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5364025                              .2500
      299,765.97                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5369026                              .2500
      319,246.59                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5369221                              .2500
      336,463.24                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5374226                              .2500
      320,842.80                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5393234                              .2500
      549,071.34                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5401771                              .2500
      374,383.43                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5407389                              .2500
      304,497.70                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5408683                              .2500
      798,808.85                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5412404                              .2500
      587,198.21                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5416178                              .2500
      307,139.70                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5418719                              .2500
      410,356.84                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5428226                              .2500
      343,461.66                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5433728                              .2500
      439,648.13                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5440798                              .2500
      650,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5444079                              .2500
      371,687.47                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5452885                              .2500
      399,580.21                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5461175                              .2500
      389,404.66                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5462699                              .2500
      307,753.70                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5462961                              .2500
      768,853.53                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5464005                              .2500
      649,007.76                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5465201                              .2500
      494,888.22                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5466078                              .2500
      397,939.32                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5468263                              .2500
      310,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      5468586                              .2500
      442,213.02                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5469587                              .2500
      349,726.96                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5470429                              .2500
      348,720.91                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5471837                              .2500
      321,505.17                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5473232                              .2500
      489,858.04                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5475785                              .2500
      298,504.88                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5477223                              .2500
      474,600.93                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5488913                              .2500
      419,680.41                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5491191                              .2500
      387,674.03                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5494795                              .2500
      388,100.70                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5495950                              .2500
      347,225.71                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5498723                              .2500
      348,874.65                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5499322                              .2500
      479,643.77                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5499782                              .2500
      386,367.06                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5500628                              .2500
      294,211.72                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5500663                              .2500
      384,534.62                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5501908                              .2500
      399,404.42                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5504735                              .2500
      298,570.38                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5507191                              .2500
      337,230.10                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5516949                              .2500
      298,520.36                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5519993                              .2500
      313,688.95                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5520661                              .2500
      384,684.42                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5522614                              .2500
      461,648.45                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5530432                              .2500
      399,680.13                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5530690                              .2500
      366,924.89                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5534350                              .2500
      360,304.30                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5534558                              .2500
      326,766.98                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5538310                              .2500
      386,619.30                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      5539196                              .2500
      317,629.15                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5539788                              .2500
      343,360.53                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5539815                              .2500
      297,128.98                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5540282                              .2500
      309,420.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5546386                              .2500
      329,483.56                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5549970                              .2500
      562,527.01                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5556590                              .2500
      365,114.95                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5559400                              .2500
      308,758.95                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5562523                              .2500
      359,386.38                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5562555                              .2500
      126,938.40                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5563059                              .2500
      997,645.55                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5564021                              .2500
      399,680.13                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5565414                              .2500
      445,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5567924                              .2500
      692,431.95                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5569152                              .2500
      302,745.44                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      5570178                              .2500
      299,530.53                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5571132                              .2500
      623,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5574460                              .2500
      501,567.79                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5580666                              .5000
      334,442.23                          .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5580673                              .3750
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      6292124                              .2500
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            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6292412                              .2500
      335,247.23                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6294270                              .2500
      548,239.02                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6294996                              .2500
      476,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000
1

      6300014                              .2500
      430,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6301186                              .2500
      607,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6303054                              .2500
      401,900.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6303074                              .2500
      590,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6305956                              .2500
      400,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      6309008                              .2500
      445,634.42                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6309300                              .2500
      292,759.83                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6312866                              .2500
      325,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      6313630                              .2500
      525,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      6315564                              .2500
      357,430.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6315802                              .2500
      487,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6319694                              .2500
      298,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6320286                              .2500
      334,538.82                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6320714                              .2500
      599,587.08                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      6336500                              .2500
      360,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6336646                              .2500
      374,400.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      6344302                              .2500
      400,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6378634                              .2500
      464,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

  TOTAL NUMBER OF LOANS:      640
  TOTAL BALANCE........:        258,762,293.71

  RUN ON     : 11/26/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 11.50.44            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S27       FIXED SUMMARY REPORT      CUTOFF : 11/01/01
  POOL       : 0004552
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        7.0807            6.3750      8.2500
  RFC NET RATE                          6.7846            6.1250      8.0000
  NET MTG RATE(INVSTR RATE)             6.7173            6.0950      7.9200
  POST STRIP RATE                       6.4826            6.0950      6.5000
  SUB SERV FEE                           .2961             .2500       .7500
  MSTR SERV FEE                          .0674             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .2347             .0000      1.4200

  TOTAL NUMBER OF LOANS:   640
  TOTAL BALANCE........:     258,762,293.71

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 11/26/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 11.50.44          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S27                                 CUTOFF : 11/01/01
  POOL       : 0004552
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    3961441          253/253             F          650,000.00         ZZ
                                         360        649,480.20          1
                                       7.125          4,379.18         60
                                       6.875          4,379.18
    BOULDER          CO   80303          4            09/13/01         00
    958586                               05           11/01/01          0
    958586                               O            10/01/31
    0

    4256726          532/G01             F           46,000.00         ZZ
                                         360         44,979.00          1
                                       7.500            321.64         66
                                       7.250            321.64
    TWENTYNINE PALM  CA   92277          5            02/06/01         00
    0432618874                           05           04/01/01          0
    070192895                            O            03/01/31
    0

    4745257          E82/G01             F          317,000.00         ZZ
                                         360        315,418.03          1
                                       7.000          2,109.01         80
                                       6.750          2,109.01
    HADDONFIELD      NJ   08033          2            04/30/01         00
    0400410247                           05           06/01/01          0
    0400410247                           O            05/01/31
    0

    4768991          E22/G01             F          272,000.00         ZZ
                                         360        270,829.41          1
                                       7.750          1,948.64         80
                                       7.500          1,948.64
    AURORA           CO   80016          2            05/02/01         00
    0412590077                           03           06/01/01          0
1

    0412590077                           O            05/01/31
    0

    4832312          L60/F27             F          464,594.35         ZZ
                                         359        462,747.64          1
                                       7.250          3,171.83         72
                                       7.000          3,171.83
    CHARLOTTE        NC   28226          1            06/15/01         00
    6610545813                           05           07/01/01          0
    6610545813                           O            05/01/31
    0

    4948828          286/286             F          390,000.00         ZZ
                                         360        388,534.60          1
                                       7.500          2,726.94         80
                                       7.250          2,726.94
    SAN JOSE         CA   95111          1            05/18/01         00
    341578                               05           07/01/01          0
    341578                               O            06/01/31
    0

    4964994          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.875          2,627.39         28
                                       6.625          2,627.39
    SANTA BARBARA    CA   93105          5            10/04/01         00
    0433256930                           05           12/01/01          0
    129411                               O            11/01/31
    0

    4973491          994/994             F          336,000.00         ZZ
                                         360        334,949.80          1
                                       7.875          2,436.23         74
                                       7.625          2,436.23
    BOSTON           MA   02114          5            06/21/01         00
    1                                    01           08/01/01          0
    1                                    O            07/01/31
    0

    4984477          A50/G01             F          292,000.00         ZZ
                                         360        291,125.00          1
                                       7.500          2,041.71         76
                                       7.250          2,041.71
    FERNANDINA BEAC  FL   32034          1            06/22/01         00
    0433331410                           03           08/01/01          0
    521475507                            O            07/01/31
    0

1

    4998002          975/G01             F          315,000.00         ZZ
                                         360        314,032.35          1
                                       7.375          2,175.63         63
                                       7.125          2,175.63
    ARCADIA          CA   91006          2            06/20/01         00
    0432945772                           05           08/01/01          0
    2012366                              O            07/01/31
    0

    5172222          L46/L46             F          420,000.00         ZZ
                                         360        418,909.03          1
                                       6.750          2,724.12         73
                                       6.500          2,724.12
    SOUTHLAKE        TX   76092          1            08/01/01         00
    0000941369                           03           09/01/01          0
    0000941369                           O            08/01/31
    0

    5177428          L38/G01             F          348,900.00         ZZ
                                         360        348,057.97          1
                                       7.125          2,350.61         80
                                       6.875          2,350.61
    LEESBURG         VA   20175          1            07/30/01         00
    0433284346                           03           09/01/01          0
    07540000002674                       O            08/01/31
    0

    5184850          R65/G01             F          613,600.00         ZZ
                                         360        612,221.75          1
                                       7.500          4,290.38         80
                                       7.250          4,290.38
    RIDGEFIELD       CT   06877          2            07/30/01         00
    0433334992                           05           09/01/01          0
    20013226                             O            08/01/31
    0

    5202499          E22/G01             F           66,500.00         ZZ
                                         360         66,365.26          1
                                       8.000            487.95         95
                                       7.750            487.95
    LOS LUNAS        NM   87031          1            07/25/01         04
    0412822082                           05           09/01/01         30
    0412822082                           O            08/01/31
    0

    5232167          L38/G01             F          350,000.00         ZZ
                                         360        348,924.82          1
                                       7.375          2,417.37         67
                                       7.125          2,417.37
1

    CARLSBAD         CA   92009          1            06/19/01         00
    0433258787                           03           08/01/01          0
    07060                                O            07/01/31
    0

    5232301          575/G01             F          460,000.00         ZZ
                                         360        459,022.88          1
                                       6.750          2,983.55         80
                                       6.500          2,983.55
    CLARKSVILLE      MD   21029          1            08/20/01         00
    0433256971                           05           10/01/01          0
    12020608                             O            09/01/31
    0

    5235334          994/X14             F          355,200.00         ZZ
                                         360        353,575.45          1
                                       7.125          2,393.05         80
                                       6.875          2,393.05
    SEATTLE          WA   98116          1            05/29/01         00
    0218289787                           05           07/01/01          0
    0218289787                           O            06/01/31
    0

    5244568          994/994             F          300,000.00         ZZ
                                         360        299,575.15          1
                                       7.750          2,149.24         84
                                       7.500          2,149.24
    RIVERSIDE        CA   92506          1            08/24/01         11
    648683922                            05           10/01/01         25
    648683922                            O            09/01/31
    0

    5257241          144/144             F          325,000.00         ZZ
                                         360        324,503.90          1
                                       7.375          2,244.69         44
                                       7.125          2,244.69
    CHAPPAQUA        NY   10514          5            08/30/01         00
    160672360                            05           10/01/01          0
    160672360                            O            09/01/31
    0

    5260991          T44/G01             F          336,000.00         ZZ
                                         360        333,056.42          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
    LAS VEGAS        NV   89129          2            08/20/01         00
    0433256245                           03           10/01/01          0
    1018590                              O            09/01/31
    0
1

    5299283          N60/N60             F          520,840.00         ZZ
                                         360        518,978.09          1
                                       7.750          3,731.36         80
                                       7.500          3,731.36
    DAYTON           OH   45406          2            05/07/01         00
    783311589                            05           07/01/01          0
    783311589                            O            06/01/31
    0

    5302306          313/G01             F          448,000.00         ZZ
                                         360        447,614.28          1
                                       6.750          2,905.72         80
                                       6.500          2,905.72
    DALLAS           TX   75230          1            09/07/01         00
    0433290749                           05           11/01/01          0
    0008309809                           O            10/01/31
    0

    5302319          253/253             F          196,500.00         ZZ
                                         360        196,346.71          1
                                       7.250          1,340.48         65
                                       7.000          1,340.48
    MISSION VIEJO    CA   92692          2            09/07/01         00
    973633                               03           11/01/01          0
    973633                               O            10/01/31
    0

    5312746          R84/G01             F          515,000.00         ZZ
                                         360        514,173.88          1
                                       7.125          3,469.65         77
                                       6.875          3,469.65
    BAINBRIDGE ISLA  WA   98110          1            08/16/01         00
    0433228004                           05           10/01/01          0
    WA371371                             O            09/01/31
    0

    5318275          356/G01             F          332,000.00         ZZ
                                         360        331,734.50          1
                                       7.125          2,236.75         31
                                       6.875          2,236.75
    PALO ALTO        CA   94301          2            09/11/01         00
    0433266954                           05           11/01/01          0
    2889921                              O            10/01/31
    0

    5338506          G75/G75             F          330,400.00         ZZ
                                         360        329,333.67          1
1

                                       7.125          2,225.97         80
                                       6.875          2,225.97
    BOWIE            MD   20721          1            06/27/01         00
    04375261                             03           08/01/01          0
    04375261                             O            07/01/31
    0

    5353852          Q73/G01             F          116,500.00         ZZ
                                         360        116,406.84          1
                                       7.125            784.88         43
                                       6.875            784.88
    CORINTH          MS   38834          2            09/13/01         00
    0433292760                           05           11/01/01          0
    2846372                              O            10/01/31
    0

    5363493          R65/G01             F          318,750.00         ZZ
                                         360        318,017.87          1
                                       7.375          2,201.53         75
                                       7.125          2,201.53
    MARRIOTTSVILLE   MD   21104          1            07/26/01         00
    0433116811                           05           09/01/01          0
    20014050                             O            08/01/31
    0

    5364025          L46/L46             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         75
                                       7.000          2,046.53
    DAVISBURG        MI   48350          5            09/11/01         00
    0002095586                           05           11/01/01          0
    0002095586                           O            10/01/31
    0

    5369026          994/X14             F          320,000.00         ZZ
                                         360        319,246.59          1
                                       7.250          2,182.96         67
                                       7.000          2,182.96
    NEW BRAUNFELS    TX   78132          4            07/26/01         00
    403355651                            05           09/01/01          0
    403355651                            O            08/01/31
    0

    5369221          994/X14             F          337,500.00         ZZ
                                         360        336,463.24          1
                                       7.375          2,331.03         80
                                       7.125          2,331.03
    SOUTHLAKE        TX   76092          2            06/28/01         00
    218444960                            03           08/01/01          0
1

    218444960                            O            07/01/31
    0

    5374226          623/G01             F          321,600.00         ZZ
                                         360        320,842.80          1
                                       7.250          2,193.88         80
                                       7.000          2,193.88
    MARIETTA         GA   30066          1            07/09/01         00
    0433110848                           03           09/01/01          0
    5361330                              O            08/01/31
    0

    5393234          738/G01             F          549,500.00         ZZ
                                         360        549,071.34          1
                                       7.250          3,748.56         70
                                       7.000          3,748.56
    MARIETTA         GA   30062          5            09/05/01         00
    0433314796                           05           11/01/01          0
    5841323                              O            10/01/31
    0

    5401771          757/G01             F          375,000.00         ZZ
                                         360        374,383.43          1
                                       7.000          2,494.89         67
                                       6.750          2,494.89
    BURLINGTON       MA   01803          1            08/31/01         00
    0433244787                           05           10/01/01          0
    1000331247                           O            09/01/31
    0

    5407389          E22/G01             F          305,000.00         ZZ
                                         360        304,497.70          1
                                       7.000          2,029.17         61
                                       6.750          2,029.17
    WILLIAMS         OR   97544          2            08/14/01         00
    0412792533                           05           10/01/01          0
    0412792533                           O            09/01/31
    0

    5408683          144/144             F          800,000.00         ZZ
                                         360        798,808.85          1
                                       7.500          5,593.72         63
                                       7.250          5,593.72
    ARMONK           NY   10504          1            08/30/01         00
    160672477                            05           10/01/01          0
    160672477                            O            09/01/31
    0

1

    5412404          196/G01             F          588,550.00         ZZ
                                         360        587,198.21          1
                                       7.375          4,064.97         80
                                       7.125          4,064.97
    AUSTIN           TX   78733          1            07/12/01         00
    0433188059                           03           09/01/01          0
    1429614                              O            08/01/31
    0

    5416178          025/025             F          308,900.00         ZZ
                                         360        307,139.70          1
                                       7.125          2,081.12         78
                                       6.875          2,081.12
    NASHVILLE        TN   37215          2            03/28/01         00
    0025268434                           05           05/01/01          0
    0025268434                           O            04/01/31
    0

    5418719          A06/G01             F          411,000.00         ZZ
                                         360        410,356.84          1
                                       7.250          2,803.75         50
                                       7.000          2,803.75
    BIRMINGHAM       MI   48009          2            08/31/01         00
    0433208766                           05           10/01/01          0
    021000020114510                      O            09/01/31
    0

    5428226          E82/G01             F          344,000.00         ZZ
                                         360        343,461.66          1
                                       7.250          2,346.69         80
                                       7.000          2,346.69
    SCOTTSDALE       AZ   85258          1            08/22/01         00
    0400465613                           03           10/01/01          0
    0400465613                           O            09/01/31
    0

    5433728          K89/G01             F          440,000.00         ZZ
                                         360        439,648.13          1
                                       7.125          2,964.37         80
                                       6.875          2,964.37
    CORAL GABLES     FL   33156          1            09/26/01         00
    0433284908                           05           11/01/01          0
    200107153                            O            10/01/31
    0

    5440798          N47/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         62
                                       6.625          4,270.04
1

    OAKLAND          CA   94618          2            10/10/01         00
    0433296977                           05           12/01/01          0
    20211321                             O            11/01/31
    0

    5444079          757/G01             F          372,000.00         ZZ
                                         360        371,687.47          1
                                       6.875          2,443.78         71
                                       6.625          2,443.78
    BATESVILLE       IN   47006          2            08/31/01         00
    0433214319                           05           11/01/01          0
    1000390490                           O            10/01/31
    0

    5452885          B57/G01             F          399,900.00         ZZ
                                         360        399,580.21          1
                                       7.125          2,694.20         80
                                       6.875          2,694.20
    GLENDORA         CA   91741          1            09/19/01         00
    0433261773                           05           11/01/01          0
    2116718                              O            10/01/31
    0

    5461175          W56/M32             F          390,000.00         ZZ
                                         360        389,404.66          1
                                       7.375          2,693.63         89
                                       7.125          2,693.63
    MARBLEHEAD       MA   01945          1            08/31/01         00
    0400468278                           05           10/01/01          0
    0400468278                           O            09/01/31
    0

    5462699          P67/G01             F          308,000.00         ZZ
                                         360        307,753.70          1
                                       7.125          2,075.05         79
                                       6.875          2,075.05
    MILLBURN         NJ   07041          2            09/06/01         00
    0433282175                           05           11/01/01          0
    2873                                 O            10/01/31
    0

    5462961          696/G01             F          770,000.00         ZZ
                                         360        768,853.53          1
                                       7.500          5,383.95         70
                                       7.250          5,383.95
    ARLINGTON        VA   22209          1            08/24/01         00
    0433333481                           06           10/01/01          0
    25501134                             O            09/01/31
    0
1

    5464005          356/G01             F          650,000.00         ZZ
                                         360        649,007.76          1
                                       7.375          4,489.39         80
                                       7.125          4,489.39
    WALNUT CREEK     CA   94596          1            09/05/01         00
    0433292638                           05           10/01/01          0
    2893444                              O            09/01/31
    0

    5465201          J37/286             F          497,000.00         ZZ
                                         360        494,888.22          1
                                       6.875          3,264.94         77
                                       6.625          3,264.94
    DALLAS           TX   75214          2            05/11/01         00
    5391742                              05           07/01/01          0
    5391742                              O            06/01/31
    0

    5466078          253/253             F          398,250.00         ZZ
                                         360        397,939.32          1
                                       7.250          2,716.77         75
                                       7.000          2,716.77
    EDINA            MN   55439          5            09/10/01         00
    979673                               05           11/01/01          0
    979673                               O            10/01/31
    0

    5468263          964/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.625          1,984.96         62
                                       6.375          1,984.96
    SAN JOSE         CA   95111          5            10/03/01         00
    0433272382                           05           12/01/01          0
    145835                               O            11/01/31
    0

    5468586          L60/F27             F          444,100.00         ZZ
                                         360        442,213.02          1
                                       6.875          2,917.42         80
                                       6.625          2,917.42
    SPRINGFIELD      VA   22153          1            05/24/01         00
    6920090573                           05           07/01/01          0
    6920090573                           O            06/01/31
    0

    5469587          356/G01             F          350,000.00         ZZ
                                         360        349,726.96          1
1

                                       7.250          2,387.62         40
                                       7.000          2,387.62
    PALO ALTO        CA   94306          2            09/07/01         00
    0433267812                           05           11/01/01          0
    2898443                              O            10/01/31
    0

    5470429          356/G01             F          349,000.00         ZZ
                                         360        348,720.91          1
                                       7.125          2,351.28         35
                                       6.875          2,351.28
    LOS ALTOS        CA   94024          2            09/11/01         00
    0433266145                           05           11/01/01          0
    2895605                              O            10/01/31
    0

    5471837          757/G01             F          321,750.00         ZZ
                                         360        321,505.17          1
                                       7.375          2,222.25         75
                                       7.125          2,222.25
    CLIFTON          VA   20124          5            09/07/01         00
    0433309507                           03           11/01/01          0
    5BODEKE                              O            10/01/31
    0

    5473232          J37/286             F          492,000.00         ZZ
                                         360        489,858.04          1
                                       6.750          3,191.10         80
                                       6.500          3,191.10
    RICHMOND         VA   23233          1            05/15/01         00
    5391708                              05           07/01/01          0
    5391708                              O            06/01/31
    0

    5475785          J37/286             F          300,000.00         ZZ
                                         360        298,504.88          1
                                       7.375          2,072.03         68
                                       7.125          2,072.03
    NORTH RICHLAND   TX   76180          4            04/06/01         00
    5391795                              05           06/01/01          0
    5391795                              O            05/01/31
    0

    5477223          A21/G01             F          475,000.00         ZZ
                                         360        474,600.93          1
                                       6.875          3,120.42         67
                                       6.625          3,120.42
    TENAFLY          NJ   07670          5            09/06/01         00
    0433234655                           05           11/01/01          0
1

    0100117787                           O            10/01/31
    0

    5488913          356/G01             F          420,000.00         ZZ
                                         360        419,680.41          1
                                       7.375          2,900.84         70
                                       7.125          2,900.84
    NEWARK           CA   94560          5            09/10/01         00
    0433267861                           05           11/01/01          0
    2895308                              O            10/01/31
    0

    5491191          964/G01             F          388,000.00         ZZ
                                         360        387,674.03          1
                                       6.875          2,548.89         80
                                       6.625          2,548.89
    LAKE OSWEGO      OR   97035          1            09/12/01         00
    0433199288                           03           11/01/01          0
    140970                               O            10/01/31
    0

    5494795          J37/286             F          390,000.00         ZZ
                                         360        388,100.70          1
                                       7.125          2,627.51         65
                                       6.875          2,627.51
    PLANO            TX   75093          1            04/27/01         00
    5391310                              03           06/01/01          0
    5391310                              O            05/01/31
    0

    5495950          J37/286             F          348,602.00         ZZ
                                         360        347,225.71          1
                                       7.250          2,378.09         80
                                       7.000          2,378.09
    NAPERVILLE       IL   60564          1            05/15/01         00
    5391717                              05           07/01/01          0
    5391717                              O            06/01/31
    0

    5498723          356/G01             F          349,168.00         ZZ
                                         360        348,874.65          1
                                       6.875          2,293.79         56
                                       6.625          2,293.79
    SAN MATEO        CA   94403          5            09/18/01         00
    0433317724                           05           11/01/01          0
    2897551                              O            10/01/31
    0

1

    5499322          950/G01             F          480,000.00         ZZ
                                         360        479,643.77          1
                                       7.500          3,356.23         80
                                       7.250          3,356.23
    MILPITAS         CA   95035          1            09/14/01         00
    0433277647                           05           11/01/01          0
    A6104031                             O            10/01/31
    0

    5499782          U62/G01             F          386,700.00         ZZ
                                         360        386,367.06          1
                                       6.750          2,508.13         69
                                       6.500          2,508.13
    DIX HILLS        NY   11746          5            09/14/01         00
    0433235470                           05           11/01/01          0
    2001289537                           O            10/01/31
    0

    5500628          J37/286             F          296,000.00         ZZ
                                         360        294,211.72          1
                                       7.125          1,994.21         80
                                       6.875          1,994.21
    MARIETTA         GA   30066          1            03/30/01         00
    5390771                              05           05/01/01          0
    5390771                              O            04/01/31
    0

    5500663          J37/286             F          389,130.00         ZZ
                                         360        384,534.62          1
                                       7.500          2,720.86         90
                                       7.250          2,720.86
    SAN MATEO        CA   94401          2            03/23/01         10
    5391463                              05           05/01/01         25
    5391463                              O            04/01/31
    0

    5501908          696/G01             F          400,000.00         ZZ
                                         360        399,404.42          1
                                       7.500          2,796.86         73
                                       7.250          2,796.86
    RECTORTOWN       VA   20140          5            08/29/01         00
    0433252012                           05           10/01/01          0
    50101124                             O            09/01/31
    0

    5504735          J37/286             F          300,000.00         ZZ
                                         360        298,570.38          1
                                       7.250          2,046.53         50
                                       7.000          2,046.53
1

    ANNAPOLIS        MD   21401          1            04/03/01         00
    5390776                              05           06/01/01          0
    5390776                              O            05/01/31
    0

    5507191          A06/G01             F          337,500.00         ZZ
                                         360        337,230.10          1
                                       7.125          2,273.81         66
                                       6.875          2,273.81
    HUNTINGTON WOOD  MI   48070          2            09/20/01         00
    0433257482                           05           11/01/01          0
    001000010012826                      O            10/01/31
    0

    5516949          E22/G01             F          299,000.00         ZZ
                                         360        298,520.36          1
                                       7.125          2,014.42         47
                                       6.875          2,014.42
    BOULDER          CO   80302          2            08/31/01         00
    0412887358                           05           10/01/01          0
    0412887358                           O            09/01/31
    0

    5519993          964/G01             F          313,940.00         ZZ
                                         360        313,688.95          1
                                       7.125          2,115.07         80
                                       6.875          2,115.07
    SAN LEANDRO      CA   94577          1            09/19/01         00
    0433255007                           03           11/01/01          0
    144810                               O            10/01/31
    0

    5520661          A35/A35             F          385,000.00         ZZ
                                         360        384,684.42          1
                                       7.000          2,561.41         80
                                       6.750          2,561.41
    FOREST HILLS     NY   11375          1            09/11/01         00
    12152                                05           11/01/01          0
    12152                                O            10/01/31
    0

    5522614          M29/G01             F          462,000.00         ZZ
                                         360        461,648.45          1
                                       7.375          3,190.92         47
                                       7.125          3,190.92
    AUSTIN           TX   78703          2            09/24/01         00
    0433284361                           05           11/01/01          0
    0108146CFC                           O            10/01/31
    0
1

    5530432          T29/G01             F          400,000.00         ZZ
                                         360        399,680.13          1
                                       7.125          2,694.87         49
                                       6.875          2,694.87
    SCOTTSDALE       AZ   85255          2            09/19/01         00
    0433254950                           03           11/01/01          0
    1210504                              O            10/01/31
    0

    5530690          696/G01             F          367,500.00         ZZ
                                         360        366,924.89          1
                                       7.250          2,507.00         72
                                       7.000          2,507.00
    WASHINGTON       DC   20016          5            09/05/01         00
    0433273182                           05           10/01/01          0
    31101196                             O            09/01/31
    0

    5534350          664/G01             F          361,500.00         ZZ
                                         360        360,304.30          1
                                       7.000          2,405.07         73
                                       6.750          2,405.07
    LA CANADA        CA   91011          2            06/15/01         00
    0433150885                           05           08/01/01          0
    0008109928                           O            07/01/31
    0

    5534558          664/G01             F          327,825.00         ZZ
                                         360        326,766.98          1
                                       7.125          2,208.62         80
                                       6.875          2,208.62
    COLLEGEVILLE     PA   19426          1            06/22/01         00
    0433150463                           05           08/01/01          0
    0006938518                           O            07/01/31
    0

    5538310          664/G01             F          388,000.00         ZZ
                                         360        386,619.30          1
                                       6.625          2,484.41         80
                                       6.375          2,484.41
    NARBERTH         PA   19072          1            06/08/01         00
    0433149788                           05           08/01/01          0
    8091597                              O            07/01/31
    0

    5539196          664/G01             F          319,000.00         ZZ
                                         360        317,629.15          1
1

                                       7.500          2,230.50         78
                                       7.250          2,230.50
    LIVERMORE        CA   94550          2            06/08/01         00
    0433149044                           05           08/01/01          0
    8063638                              O            07/01/31
    0

    5539788          664/G01             F          344,500.00         ZZ
                                         360        343,360.53          1
                                       7.000          2,291.97         81
                                       6.750          2,291.97
    GILBERT          AZ   85296          1            06/20/01         11
    0433140985                           03           08/01/01         25
    701315                               O            07/01/31
    0

    5539815          664/G01             F          298,000.00         ZZ
                                         360        297,128.98          1
                                       7.625          2,109.23         80
                                       7.375          2,109.23
    ANAHEIM          CA   92808          1            06/27/01         00
    0433146099                           05           08/01/01          0
    8180564                              O            07/01/31
    0

    5540282          664/G01             F          310,350.00         ZZ
                                         360        309,420.00          1
                                       7.500          2,170.02         80
                                       7.250          2,170.02
    AMBLER           PA   19002          1            07/02/01         00
    0433144169                           05           08/01/01          0
    0006940407                           O            07/01/31
    0

    5546386          A06/G01             F          330,000.00         ZZ
                                         360        329,483.56          1
                                       7.250          2,251.19         75
                                       7.000          2,251.19
    HUNTINGTON WOOD  MI   48070          5            08/31/01         00
    0433271178                           05           10/01/01          0
    021000020143443                      O            09/01/31
    0

    5549970          L46/L46             F          563,000.00         ZZ
                                         360        562,527.01          1
                                       6.875          3,698.51         78
                                       6.625          3,698.51
    PLANO            TX   75093          2            09/25/01         00
    0000944827                           05           11/01/01          0
1

    0000944827                           O            10/01/31
    0

    5556590          A21/A21             F          365,400.00         ZZ
                                         360        365,114.95          1
                                       7.250          2,492.68         68
                                       7.000          2,492.68
    MONTVALE         NJ   07645          2            09/26/01         00
    0100122410                           05           11/01/01          0
    0100122410                           O            10/01/31
    0

    5559400          964/G01             F          309,000.00         ZZ
                                         360        308,758.95          1
                                       7.250          2,107.93         74
                                       7.000          2,107.93
    SACRAMENTO       CA   95818          5            09/17/01         00
    0433254372                           05           11/01/01          0
    143690                               O            10/01/31
    0

    5562523          926/G01             F          360,000.00         ZZ
                                         351        359,386.38          1
                                       7.125          2,443.40         39
                                       6.875          2,443.40
    SAVANNAH         GA   31411          1            09/01/01         00
    0433325180                           03           10/01/01          0
    1                                    O            12/01/30
    0

    5562555          K89/G01             F          127,040.00         ZZ
                                         360        126,938.40          1
                                       7.125            855.90         80
                                       6.875            855.90
    MIAMI            FL   33018          1            09/11/01         00
    0433284593                           05           11/01/01          0
    200108196                            O            10/01/31
    0

    5563059          R88/G01             F        1,000,000.00         ZZ
                                         360        997,645.55          1
                                       7.250          6,821.76         65
                                       7.000          6,821.76
    GOLETA           CA   93117          4            07/31/01         00
    0433321635                           05           09/01/01          0
    1227597                              O            08/01/31
    0

1

    5564021          P60/G01             F          400,000.00         ZZ
                                         360        399,680.13          1
                                       7.125          2,694.87         60
                                       6.875          2,694.87
    SHAKER HEIGHTS   OH   44122          2            09/18/01         00
    0433284940                           05           11/01/01          0
    6100058967                           O            10/01/31
    0

    5565414          356/G01             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       7.125          2,998.05         68
                                       6.875          2,998.05
    HAYWARD          CA   94544          2            10/09/01         00
    0433317179                           03           12/01/01          0
    2874020                              O            11/01/31
    0

    5567924          E33/G01             F          693,000.00         ZZ
                                         360        692,431.95          1
                                       7.000          4,610.55         73
                                       6.750          4,610.55
    LAKE FOREST      IL   60045          5            09/05/01         00
    0433313491                           05           11/01/01          0
    CARTER                               O            10/01/31
    0

    5569152          964/G01             F          303,000.00         ZZ
                                         360        302,745.44          1
                                       6.875          1,990.50         66
                                       6.625          1,990.50
    OAKLAND          CA   94602          2            09/24/01         00
    0433260304                           05           11/01/01          0
    400147952                            O            10/01/31
    0

    5570178          R88/G01             F          300,000.00         ZZ
                                         360        299,530.53          1
                                       7.250          2,046.53         58
                                       7.000          2,046.53
    DIX HILLS        NY   11746          1            08/09/01         00
    0433178084                           05           10/01/01          0
    1118116                              O            09/01/31
    0

    5571132          356/G01             F          623,000.00         ZZ
                                         360        623,000.00          1
                                       7.250          4,249.96         38
                                       7.000          4,249.96
1

    PLEASANTON       CA   94566          2            09/28/01         00
    0433325347                           05           12/01/01          0
    2898740                              O            11/01/31
    0

    5574460          E22/G01             F          502,000.00         ZZ
                                         360        501,567.79          1
                                       6.750          3,255.96         80
                                       6.500          3,255.96
    WESTON           FL   33327          1            09/14/01         00
    0412936148                           03           11/01/01          0
    0412936148                           O            10/01/31
    0

    5580666          405/405             F          336,000.00         ZZ
                                         360        334,442.23          1
                                       7.375          2,320.67         75
                                       6.875          2,320.67
    ALEDO            TX   76008          2            09/29/00         00
    0012180675                           03           06/01/01          0
    0012180675                           O            05/01/31
    0

    5580673          405/405             F          850,000.00         ZZ
                                         360        847,948.67          1
                                       7.125          5,726.61         60
                                       6.750          5,726.61
    HOUSTON          TX   77056          2            07/26/01         00
    0012304820                           03           09/01/01          0
    0012304820                           O            08/01/31
    0

    5581116          994/X14             F          443,200.00         ZZ
                                         360        442,540.10          1
                                       7.500          3,098.92         80
                                       7.250          3,098.92
    MCALLEN          TX   78504          2            08/13/01         00
    218626939                            05           10/01/01          0
    218626939                            O            09/01/31
    0

    5581839          405/405             F          340,000.00         ZZ
                                         360        339,279.74          1
                                       7.375          2,348.30         72
                                       6.750          2,348.30
    HUNTINGTON BEAC  CA   92649          2            08/01/01         00
    0017572777                           01           10/01/01          0
    0017572777                           O            09/01/31
    0
1

    5581848          405/405             F          407,000.00         ZZ
                                         360        406,378.70          1
                                       7.375          2,811.05         26
                                       6.750          2,811.05
    PASADENA         CA   91105          2            08/08/01         00
    0017618984                           05           10/01/01          0
    0017618984                           O            09/01/31
    0

    5581953          405/405             F          508,000.00         ZZ
                                         360        506,601.40          1
                                       7.000          3,379.74         80
                                       6.750          3,379.74
    HOUSTON          TX   77024          1            07/30/01         00
    0012360129                           03           09/01/01          0
    0012360129                           O            08/01/31
    0

    5582148          405/405             F          380,000.00         ZZ
                                         360        379,105.30          1
                                       7.250          2,592.27         80
                                       6.750          2,592.27
    SAN ANTONIO      TX   78261          2            07/25/01         00
    0012358222                           03           09/01/01          0
    0012358222                           O            08/01/31
    0

    5582297          405/405             F          425,000.00         ZZ
                                         360        424,334.92          1
                                       7.250          2,899.25         58
                                       6.750          2,899.25
    FRONTENAC        MO   63131          2            08/22/01         00
    0012408837                           03           10/01/01          0
    0012408837                           O            09/01/31
    0

    5582298          405/405             F          368,000.00         ZZ
                                         360        367,438.26          1
                                       7.375          2,541.68         80
                                       6.875          2,541.68
    BETHESDA         MD   20817          1            08/20/01         00
    0012409967                           05           10/01/01          0
    0012409967                           O            09/01/31
    0

    5582300          405/405             F          512,000.00         ZZ
                                         360        510,589.01          1
1

                                       7.375          3,536.26         80
                                       6.875          3,536.26
    HUNTINGTON BEAC  CA   92648          1            08/16/01         00
    0012414835                           05           10/01/01          0
    0012414835                           O            09/01/31
    0

    5582301          405/405             F          336,000.00         ZZ
                                         360        335,447.55          1
                                       7.000          2,235.42         80
                                       6.750          2,235.42
    SAN DIEGO        CA   92128          1            08/15/01         00
    0012416566                           03           10/01/01          0
    0012416566                           O            09/01/31
    0

    5582304          405/405             F          468,000.00         ZZ
                                         360        467,625.74          1
                                       7.125          3,153.01         80
                                       6.750          3,153.01
    MONROVIA         CA   91016          1            09/05/01         00
    0017456153                           05           11/01/01          0
    0017456153                           O            10/01/31
    0

    5582311          405/405             F          370,000.00         ZZ
                                         360        369,406.48          1
                                       7.125          2,492.76         76
                                       6.750          2,492.76
    AGOURA HILLS     CA   91301          5            08/22/01         00
    0017656810                           03           10/01/01          0
    0017656810                           O            09/01/31
    0

    5582317          405/405             F          325,000.00         ZZ
                                         360        324,478.65          1
                                       7.125          2,189.59         62
                                       6.750          2,189.59
    SIMI VALLEY      CA   93065          1            08/22/01         00
    0017677501                           03           10/01/01          0
    0017677501                           O            09/01/31
    0

    5582320          405/405             F          360,000.00         ZZ
                                         360        359,363.01          1
                                       6.625          2,305.12         80
                                       6.375          2,305.12
    REDONDO BEACH    CA   90277          1            08/28/01         00
    0017680869                           01           10/01/01          0
1

    0017680869                           O            09/01/31
    0

    5582321          405/405             F          493,000.00         ZZ
                                         360        492,169.27          1
                                       6.875          3,238.66         72
                                       6.625          3,238.66
    TORRANCE         CA   90505          2            08/29/01         00
    0017681263                           05           10/01/01          0
    0017681263                           O            09/01/31
    0

    5582322          405/405             F          495,000.00         ZZ
                                         360        494,186.13          1
                                       7.000          3,293.25         71
                                       6.750          3,293.25
    SOUTH SAN FRANC  CA   94080          5            08/21/01         00
    0017682741                           03           10/01/01          0
    0017682741                           O            09/01/31
    0

    5582329          405/405             F          404,000.00         ZZ
                                         360        403,367.78          1
                                       7.250          2,755.99         68
                                       6.750          2,755.99
    LONG BEACH       CA   90803          5            08/16/01         00
    0017691866                           05           10/01/01          0
    0017691866                           O            09/01/31
    0

    5582334          405/405             F          340,000.00         ZZ
                                         360        339,467.93          1
                                       7.250          2,319.40         80
                                       6.750          2,319.40
    CULVER CITY      CA   90232          2            08/28/01         00
    0017694761                           05           10/01/01          0
    0017694761                           O            09/01/31
    0

    5582337          405/405             F          562,400.00         ZZ
                                         360        561,428.84          1
                                       6.750          3,647.72         80
                                       6.500          3,647.72
    OAKLAND          CA   94610          1            08/22/01         00
    0017695305                           05           10/01/01          0
    0017695305                           O            09/01/31
    0

1

    5582340          405/405             F          316,650.00         ZZ
                                         360        316,142.06          1
                                       7.125          2,133.33         80
                                       6.750          2,133.33
    CLARKSBURG       MD   20871          1            08/30/01         00
    0017699273                           05           10/01/01          0
    0017699273                           O            09/01/31
    0

    5582342          405/405             F          500,000.00         ZZ
                                         360        499,236.74          1
                                       7.375          3,453.38         42
                                       6.875          3,453.38
    SAN FRANCISCO    CA   94115          5            08/23/01         00
    0017700220                           05           10/01/01          0
    0017700220                           O            09/01/31
    0

    5582354          405/405             F          510,000.00         ZZ
                                         360        509,075.40          1
                                       6.500          3,223.55         55
                                       6.250          3,223.55
    SAN JOSE         CA   95135          1            08/30/01         00
    0017710864                           05           10/01/01          0
    0017710864                           O            09/01/31
    0

    5582356          405/405             F          420,000.00         ZZ
                                         360        419,342.74          1
                                       7.250          2,865.14         80
                                       6.750          2,865.14
    SAN FRANCISCO    CA   94116          1            08/22/01         00
    0017713728                           05           10/01/01          0
    0017713728                           O            09/01/31
    0

    5582361          405/405             F          399,000.00         ZZ
                                         360        398,375.59          1
                                       7.250          2,721.89         80
                                       6.750          2,721.89
    CHEVY CHASE      MD   20815          1            08/31/01         00
    0017719014                           05           10/01/01          0
    0017719014                           O            09/01/31
    0

    5582368          405/405             F          310,000.00         ZZ
                                         360        309,502.72          1
                                       7.125          2,088.53         56
                                       6.750          2,088.53
1

    ALAMEDA          CA   94501          2            08/20/01         00
    0017723123                           05           10/01/01          0
    0017723123                           O            09/01/31
    0

    5582369          405/405             F          476,250.00         ZZ
                                         360        475,486.02          1
                                       7.125          3,208.59         75
                                       6.750          3,208.59
    OAKLAND          CA   94602          5            08/27/01         00
    0017724030                           05           10/01/01          0
    0017724030                           O            09/01/31
    0

    5582372          405/405             F          348,750.00         ZZ
                                         360        348,176.58          1
                                       7.000          2,320.25         75
                                       6.750          2,320.25
    DAVIE            FL   33330          5            08/30/01         00
    0017727280                           05           10/01/01          0
    0017727280                           O            09/01/31
    0

    5582377          405/405             F          286,000.00         ZZ
                                         360        285,771.29          1
                                       7.125          1,926.84         85
                                       6.750          1,926.84
    HERCULES         CA   94547          2            09/04/01         01
    0017731670                           05           11/01/01         12
    0017731670                           O            10/01/31
    0

    5582380          405/405             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         69
                                       6.750          2,395.09
    REDLANDS         CA   92373          1            09/04/01         00
    0019914407                           05           11/01/01          0
    0019914407                           O            10/01/31
    0

    5583212          964/G01             F          415,000.00         ZZ
                                         360        414,692.01          1
                                       7.500          2,901.74         63
                                       7.250          2,901.74
    WALNUT CREEK     CA   94596          5            09/21/01         00
    0433255056                           05           11/01/01          0
    400145831                            O            10/01/31
    0
1

    5583338          H58/G01             F          310,000.00         ZZ
                                         360        309,752.10          1
                                       7.125          2,088.53         70
                                       6.875          2,088.53
    GALT             CA   95632          1            09/20/01         00
    0433296373                           05           11/01/01          0
    0000075929                           O            10/01/31
    0

    5585164          470/G01             F          337,500.00         ZZ
                                         360        337,243.19          1
                                       7.375          2,331.03         75
                                       7.125          2,331.03
    FOLSOM           CA   95630          5            09/24/01         00
    0433271186                           05           11/01/01          0
    93103588                             O            10/01/31
    0

    5591991          U80/U80             F          437,500.00         ZZ
                                         360        437,141.38          1
                                       7.000          2,910.70         61
                                       6.750          2,910.70
    LEESVILLE        SC   29070          2            09/24/01         00
    10003217                             03           11/01/01          0
    10003217                             O            10/01/31
    0

    5596429          E76/G01             F          457,500.00         ZZ
                                         360        457,115.64          1
                                       6.875          3,005.45         61
                                       6.625          3,005.45
    WHEAT RIDGE      CO   80033          2            09/24/01         00
    0433253994                           05           11/01/01          0
    10008282                             O            10/01/31
    0

    5598741          964/G01             F          388,000.00         ZZ
                                         360        387,689.72          1
                                       7.125          2,614.03         80
                                       6.875          2,614.03
    SAN JOSE         CA   95111          2            09/25/01         00
    0433254356                           05           11/01/01          0
    145784                               O            10/01/31
    0

    5600294          E22/G01             F          301,500.00         ZZ
                                         360        301,252.86          1
1

                                       7.000          2,005.89         59
                                       6.750          2,005.89
    DESTIN           FL   32541          2            09/13/01         00
    0412935926                           03           11/01/01          0
    0412935926                           O            10/01/31
    0

    5600692          E33/G01             F          430,000.00         ZZ
                                         360        429,647.53          1
                                       7.000          2,860.80         63
                                       6.750          2,860.80
    LAKE FOREST      IL   60045          2            09/14/01         00
    0433254331                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5600827          757/G01             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       7.125          1,994.21         78
                                       6.875          1,994.21
    WASHINGTON       DC   20003          2            10/05/01         00
    0433298304                           07           12/01/01          0
    1000414662                           O            11/01/31
    0

    5602281          994/X14             F          435,000.00         ZZ
                                         360        428,949.92          1
                                       7.000          2,894.07         63
                                       6.750          2,894.07
    VIENNA           VA   22181          2            06/19/01         00
    218477473                            03           08/01/01          0
    218477473                            O            07/01/31
    0

    5603785          964/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         75
                                       7.000          2,046.53
    PLEASANT HILL    CA   94523          5            10/01/01         00
    0433256005                           09           12/01/01          0
    400146701                            O            11/01/31
    0

    5606263          356/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.125          2,398.44         64
                                       6.875          2,398.44
    DAVIS            CA   95616          2            10/11/01         00
    0433318144                           05           12/01/01          0
1

    2898013                              O            11/01/31
    0

    5607063          E23/G01             F          312,000.00         ZZ
                                         360        311,756.61          1
                                       7.250          2,128.39         80
                                       7.000          2,128.39
    OAK PARK AREA    CA   91377          1            09/24/01         00
    0433254901                           05           11/01/01          0
    11005457                             O            10/01/31
    0

    5609947          025/025             F          409,500.00         ZZ
                                         360        408,332.66          1
                                       7.750          2,933.71         74
                                       7.500          2,933.71
    LAYTON           UT   84040          2            06/28/01         00
    0139248470                           05           08/01/01          0
    0139248470                           O            07/01/31
    0

    5611015          E60/G01             F          300,000.00         ZZ
                                         360        299,747.96          1
                                       6.875          1,970.79         68
                                       6.625          1,970.79
    LOS ANGELES      CA   91356          1            09/24/01         00
    0433300126                           05           11/01/01          0
    521786                               O            10/01/31
    0

    5614866          E22/G01             F          377,000.00         ZZ
                                         360        376,675.42          1
                                       6.750          2,445.21         33
                                       6.500          2,445.21
    LITTLETON        CO   80121          2            09/14/01         00
    0412972770                           03           11/01/01          0
    0412972770                           O            10/01/31
    0

    5615047          E22/G01             F           38,000.00         ZZ
                                         360         37,973.18          1
                                       7.750            272.24         95
                                       7.500            272.24
    TREMONT          MS   38876          1            09/20/01         01
    0413033424                           05           11/01/01         30
    0413033424                           O            10/01/31
    0

1

    5615071          E22/G01             F          192,375.00         ZZ
                                         360        192,221.16          1
                                       7.125          1,296.07         95
                                       6.875          1,296.07
    EVERETT          WA   98208          1            09/17/01         11
    0413048489                           05           11/01/01         30
    0413048489                           O            10/01/31
    0

    5615300          550/550             F          750,000.00         ZZ
                                         360        749,426.45          1
                                       7.350          5,167.30         32
                                       7.100          5,167.30
    SAN FRANCISCO    CA   94123          5            09/12/01         00
    120542985                            05           11/01/01          0
    120542985                            O            10/01/31
    0

    5618453          964/G01             F          322,000.00         ZZ
                                         360        321,729.48          1
                                       6.875          2,115.31         78
                                       6.625          2,115.31
    SEATTLE          WA   98117          2            09/12/01         00
    0433235488                           05           11/01/01          0
    144560                               O            10/01/31
    0

    5619351          025/025             F          322,550.00         ZZ
                                         360        322,032.59          1
                                       7.125          2,173.08         80
                                       6.875          2,173.08
    MANASSAS         VA   20110          1            08/14/01         00
    0139396279                           05           10/01/01          0
    0139396279                           O            09/01/31
    0

    5619821          025/025             F          324,000.00         ZZ
                                         360        323,517.58          1
                                       7.500          2,265.46         80
                                       7.250          2,265.46
    BOCA RATON       FL   33486          1            08/07/01         00
    0139333272                           05           10/01/01          0
    0139333272                           O            09/01/31
    0

    5623074          025/025             F          335,200.00         ZZ
                                         360        334,467.53          1
                                       7.625          2,372.53         80
                                       7.375          2,372.53
1

    DENVER           CO   80210          1            07/13/01         00
    0139169817                           05           09/01/01          0
    0139169817                           O            08/01/31
    0

    5625270          B57/G01             F          410,000.00         ZZ
                                         360        409,710.63          1
                                       7.750          2,937.29         70
                                       7.500          2,937.29
    GILROY           CA   95020          5            09/20/01         00
    0433264306                           05           11/01/01          0
    2117003                              O            10/01/31
    0

    5625704          830/G01             F          449,600.00         ZZ
                                         360        449,203.33          1
                                       6.625          2,878.84         80
                                       6.375          2,878.84
    DRAPER           UT   84020          1            09/27/01         00
    0433276086                           05           11/01/01          0
    COLGROVE546010                       O            10/01/31
    0

    5627737          B68/G01             F          350,100.00         ZZ
                                         360        349,565.58          1
                                       7.375          2,418.05         45
                                       7.125          2,418.05
    WAYLAND          MA   01778          2            08/24/01         00
    0433189644                           05           10/01/01          0
    1031035360                           O            09/01/31
    0

    5631955          964/G01             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       6.625          2,317.93         56
                                       6.375          2,317.93
    SAN DIEGO        CA   92109          2            10/05/01         00
    0433289162                           01           12/01/01          0
    147379                               O            11/01/31
    0

    5632402          369/G01             F          313,650.00         ZZ
                                         360        313,386.49          1
                                       6.875          2,060.46         85
                                       6.625          2,060.46
    ESCONDIDO        CA   92025          1            09/26/01         10
    0433302908                           05           11/01/01         12
    17915362                             O            10/01/31
    0
1

    5632487          U62/G01             F          316,000.00         ZZ
                                         360        315,727.93          1
                                       6.750          2,049.57         66
                                       6.500          2,049.57
    FREMONT          CA   94539          2            09/26/01         00
    0433255692                           05           11/01/01          0
    2001282054                           O            10/01/31
    0

    5632743          E33/G01             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         80
                                       6.750          1,995.91
    LAKE FOREST      IL   60045          2            09/17/01         00
    0433289394                           05           11/01/01          0
    MARWEDE                              O            10/01/31
    0

    5636946          964/G01             F          328,000.00         ZZ
                                         360        327,731.14          1
                                       7.000          2,182.19         64
                                       6.750          2,182.19
    DUBLIN           CA   94568          2            09/28/01         00
    0433253333                           05           11/01/01          0
    400149947                            O            10/01/31
    0

    5637451          T44/G01             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       7.000          1,889.46         65
                                       6.750          1,889.46
    SONOMA           CA   95476          5            10/01/01         00
    0433294717                           05           12/01/01          0
    1021866                              O            11/01/31
    0

    5637588          B57/G01             F          492,000.00         ZZ
                                         360        491,586.66          1
                                       6.875          3,232.09         80
                                       6.625          3,232.09
    LOS ANGELES      CA   90027          2            09/26/01         00
    0433274073                           05           11/01/01          0
    2160246                              O            10/01/31
    0

    5639728          E22/G01             F          340,000.00         ZZ
                                         360        339,714.36          1
1

                                       6.875          2,233.56         80
                                       6.625          2,233.56
    EAST HANOVER     NJ   07936          1            09/25/01         00
    0413019902                           05           11/01/01          0
    0413019902                           O            10/01/31
    0

    5639750          E22/G01             F          304,000.00         ZZ
                                         360        303,756.90          1
                                       7.125          2,048.10         68
                                       6.875          2,048.10
    CLARKSVILLE      MD   21029          2            09/20/01         00
    0413032525                           05           11/01/01          0
    0413032525                           O            10/01/31
    0

    5643839          B44/G01             F          359,700.00         ZZ
                                         360        359,397.81          1
                                       6.875          2,362.97         78
                                       6.625          2,362.97
    EAGLE            ID   83616          2            09/24/01         00
    0433255981                           05           11/01/01          0
    4011587                              O            10/01/31
    0

    5644397          025/025             F          468,750.00         ZZ
                                         360        466,617.66          1
                                       7.125          3,158.06         75
                                       6.875          3,158.06
    LOOKOUT MOUNTAI  TN   37353          5            05/23/01         00
    0025708587                           05           07/01/01          0
    0025708587                           O            06/01/31
    0

    5646213          025/025             F          382,000.00         ZZ
                                         360        380,767.18          1
                                       7.125          2,573.60         80
                                       6.875          2,573.60
    LARGO            FL   33778          2            06/28/01         00
    0020844619                           03           08/01/01          0
    0020844619                           O            07/01/31
    0

    5648184          286/286             F          306,700.00         ZZ
                                         360        305,541.81          1
                                       7.000          2,040.49         65
                                       6.750          2,040.49
    FAIRFAX STATION  VA   22039          2            08/27/01         00
    535630                               03           10/01/01          0
1

    535630                               O            09/01/31
    0

    5648261          286/286             F          304,000.00         ZZ
                                         360        303,512.34          1
                                       7.125          2,048.11         80
                                       6.875          2,048.11
    DALLAS           TX   75214          1            08/15/01         00
    511977                               05           10/01/01          0
    511977                               O            09/01/31
    0

    5648264          286/286             F          354,500.00         ZZ
                                         360        353,945.23          1
                                       7.250          2,418.32         80
                                       7.000          2,418.32
    HILLIARD         OH   43026          1            08/30/01         00
    166391                               05           10/01/01          0
    166391                               O            09/01/31
    0

    5648313          286/286             F          298,250.00         ZZ
                                         360        297,771.56          1
                                       7.125          2,009.37         61
                                       6.875          2,009.37
    NEWARK           DE   19711          2            08/24/01         00
    539386                               03           10/01/01          0
    539386                               O            09/01/31
    0

    5648330          286/286             F          335,200.00         ZZ
                                         360        334,662.31          1
                                       7.125          2,258.30         78
                                       6.875          2,258.30
    SOUTHLAKE        TX   76092          2            08/24/01         00
    9889692                              05           10/01/01          0
    9889692                              O            09/01/31
    0

    5653924          E84/G01             F          332,000.00         ZZ
                                         360        331,505.68          1
                                       7.500          2,321.39         80
                                       7.250          2,321.39
    DEERFIELD        IL   60015          1            08/17/01         00
    0433203940                           09           10/01/01          0
    11008734                             O            09/01/31
    0

1

    5657597          664/G01             F          360,000.00         ZZ
                                         360        358,894.10          1
                                       7.375          2,486.44         80
                                       7.125          2,486.44
    GEORGETOWN       MA   01833          1            07/05/01         00
    0433221041                           05           08/01/01          0
    0008205783                           O            07/01/31
    0

    5658442          664/G01             F          413,000.00         ZZ
                                         360        411,792.88          1
                                       7.625          2,923.19         40
                                       7.375          2,923.19
    LOS ANGELES      CA   90064          5            06/05/01         00
    0433222106                           05           08/01/01          0
    0003823739                           O            07/01/31
    0

    5659063          664/G01             F          500,000.00         ZZ
                                         360        498,501.71          1
                                       7.500          3,496.08         41
                                       7.250          3,496.08
    APTOS            CA   95003          5            06/20/01         00
    0433218955                           05           08/01/01          0
    0008131005                           O            07/01/31
    0

    5659647          664/G01             F          347,500.00         ZZ
                                         360        345,937.25          1
                                       7.250          2,370.57         75
                                       7.000          2,370.57
    DUXBURY          MA   02332          2            06/19/01         00
    0433218344                           05           08/01/01          0
    0008125650                           O            07/01/31
    0

    5659909          286/286             F          408,000.00         ZZ
                                         360        407,015.33          1
                                       7.125          2,748.78         80
                                       6.875          2,748.78
    GIBSONIA         PA   15044          1            08/03/01         00
    507264                               03           09/01/01          0
    507264                               O            08/01/31
    0

    5659913          286/286             F          331,200.00         ZZ
                                         360        330,380.77          1
                                       7.000          2,203.49         80
                                       6.750          2,203.49
1

    ST LOUIS         MO   63127          1            08/02/01         00
    435216                               05           09/01/01          0
    435216                               O            08/01/31
    0

    5659934          286/286             F          512,000.00         ZZ
                                         360        510,963.55          1
                                       7.000          3,406.35         80
                                       6.750          3,406.35
    EVERGREEN        CO   80439          1            08/13/01         00
    513845                               03           10/01/01          0
    513845                               O            09/01/31
    0

    5659948          286/286             F          386,900.00         ZZ
                                         360        383,753.27          1
                                       7.625          2,738.46         79
                                       7.375          2,738.46
    ATASCOCITA       TX   77346          2            06/25/01         00
    439889                               03           08/01/01          0
    439889                               O            07/01/31
    0

    5659959          286/286             F          650,000.00         ZZ
                                         360        648,982.80          1
                                       7.250          4,434.15         69
                                       7.000          4,434.15
    TUSTIN           CA   92782          1            08/01/01         00
    502097                               05           10/01/01          0
    502097                               O            09/01/31
    0

    5659999          286/286             F          380,000.00         ZZ
                                         360        378,194.29          1
                                       7.250          2,592.27         80
                                       7.000          2,592.27
    KINNELON         NJ   07405          1            04/05/01         00
    438965                               05           06/01/01          0
    438965                               O            05/01/31
    0

    5660005          286/286             F          428,000.00         ZZ
                                         360        427,043.21          1
                                       7.000          2,847.50         80
                                       6.750          2,847.50
    ATLANTA          GA   30350          1            08/10/01         00
    515562                               05           10/01/01          0
    515562                               O            09/01/31
    0
1

    5660025          286/286             F          424,000.00         ZZ
                                         360        423,267.83          1
                                       6.750          2,750.06         80
                                       6.500          2,750.06
    MCLEAN           VA   22102          1            08/10/01         00
    418711                               05           10/01/01          0
    418711                               O            09/01/31
    0

    5660030          286/286             F          308,000.00         ZZ
                                         360        307,104.73          1
                                       7.125          2,075.06         80
                                       6.875          2,075.06
    SYLVANIA         OH   43560          1            08/13/01         00
    501804                               05           10/01/01          0
    501804                               O            09/01/31
    0

    5660032          286/286             F          580,000.00         ZZ
                                         360        578,565.38          1
                                       7.000          3,858.76         74
                                       6.750          3,858.76
    MCLEAN           VA   22101          1            07/31/01         00
    147148                               05           09/01/01          0
    147148                               O            08/01/31
    0

    5660041          286/286             F          423,050.00         ZZ
                                         360        422,387.96          1
                                       7.250          2,885.95         71
                                       7.000          2,885.95
    ALDIE            VA   22001          2            08/13/01         00
    500696                               05           10/01/01          0
    500696                               O            09/01/31
    0

    5660057          286/286             F          399,950.00         ZZ
                                         360        399,308.42          1
                                       7.125          2,694.54         80
                                       6.875          2,694.54
    INDIANAPOLIS     IN   46236          1            08/13/01         00
    516560                               03           10/01/01          0
    516560                               O            09/01/31
    0

    5660061          286/286             F          345,300.00         ZZ
                                         360        344,466.65          1
1

                                       7.125          2,326.36         80
                                       6.875          2,326.36
    DALLAS           TX   75244          1            07/31/01         00
    510520                               05           09/01/01          0
    510520                               O            08/01/31
    0

    5660088          286/286             F          481,600.00         ZZ
                                         360        480,827.45          1
                                       7.125          3,244.63         80
                                       6.875          3,244.63
    CHEVY CHASE      MD   20815          1            08/14/01         00
    9937691                              05           10/01/01          0
    9937691                              O            09/01/31
    0

    5660103          286/286             F          382,000.00         ZZ
                                         360        381,387.24          1
                                       7.125          2,573.60         75
                                       6.875          2,573.60
    OAKTON           VA   22031          2            08/10/01         00
    9937978                              03           10/01/01          0
    9937978                              O            09/01/31
    0

    5660121          286/286             F          585,000.00         ZZ
                                         360        583,588.22          1
                                       7.125          3,941.25         80
                                       6.875          3,941.25
    SCOTTSDALE       AZ   85259          2            07/31/01         00
    9879905                              03           09/01/01          0
    9879905                              O            08/01/31
    0

    5660156          286/286             F          300,000.00         ZZ
                                         360        299,481.97          1
                                       6.750          1,945.79         69
                                       6.500          1,945.79
    VIRGINIA BEACH   VA   23452          1            08/06/01         00
    9937662                              05           10/01/01          0
    9937662                              O            09/01/31
    0

    5660719          E82/G01             F          340,000.00         T
                                         360        339,741.28          1
                                       7.375          2,348.30         77
                                       7.125          2,348.30
    COROLLA          NC   27927          2            09/20/01         00
    0400482287                           05           11/01/01          0
1

    3568159                              O            10/01/31
    0

    5662651          964/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       6.625          3,585.74         80
                                       6.375          3,585.74
    TORTRENCE        CA   90277          1            10/12/01         00
    0433286598                           05           12/01/01          0
    151093                               O            11/01/31
    0

    5663080          F26/G01             F          497,252.65         ZZ
                                         352        496,369.51          1
                                       6.875          3,289.15         80
                                       6.625          3,289.15
    STEILACOOM       WA   98388          4            09/17/01         00
    0433273281                           05           10/01/01          0
    7142664003                           O            01/01/31
    0

    5663866          964/G01             F          332,000.00         ZZ
                                         360        331,727.87          1
                                       7.000          2,208.80         80
                                       6.750          2,208.80
    PHOENIX          AZ   85048          1            09/27/01         00
    0433227584                           03           11/01/01          0
    152697                               O            10/01/31
    0

    5668465          956/G01             F          297,000.00         ZZ
                                         360        296,768.32          1
                                       7.250          2,026.06         60
                                       7.000          2,026.06
    NEWBERG          OR   97132          5            09/07/01         00
    0433241445                           05           11/01/01          0
    30001668                             O            10/01/31
    0

    5668642          168/168             F          520,000.00         ZZ
                                         360        517,178.66          1
                                       7.375          3,591.51         80
                                       7.125          3,591.51
    CULLMAN          AL   35057          2            03/19/01         00
    0169644774                           05           05/01/01          0
    0169644774                           O            04/01/31
    0

1

    5668671          956/G01             F          291,850.00         ZZ
                                         360        291,604.81          1
                                       6.875          1,917.25         95
                                       6.625          1,917.25
    BEAVERTON        OR   97006          1            09/18/01         04
    0433223526                           03           11/01/01         30
    1411090057                           O            10/01/31
    0

    5671883          806/G01             F          367,100.00         ZZ
                                         360        366,566.90          1
                                       7.625          2,598.32         80
                                       7.375          2,598.32
    SAN JUAN CAPIST  CA   92675          1            08/27/01         00
    0433334455                           03           10/01/01          0
    1130001970                           O            09/01/31
    0

    5674383          964/G01             F          337,600.00         ZZ
                                         360        337,600.00          1
                                       7.125          2,274.47         80
                                       6.875          2,274.47
    NOVATO           CA   94947          1            10/16/01         00
    0433286382                           05           12/01/01          0
    135515                               O            11/01/31
    0

    5674427          964/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.250          2,285.29         75
                                       7.000          2,285.29
    HAYWARD          CA   94542          2            10/15/01         00
    0433300639                           05           12/01/01          0
    400150714                            O            11/01/31
    0

    5675666          964/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    FOLSOM           CA   95630          2            10/16/01         00
    0433309069                           03           12/01/01          0
    149589                               O            11/01/31
    0

    5677639          F19/G01             F          336,000.00         ZZ
                                         360        335,737.89          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
1

    SANTA CRUZ       CA   95062          1            09/07/01         00
    0433274495                           05           11/01/01          0
    705808                               O            10/01/31
    0

    5678062          U28/G01             F          328,500.00         ZZ
                                         360        328,224.02          1
                                       6.875          2,158.01         70
                                       6.625          2,158.01
    WAKE FOREST      NC   27587          2            09/20/01         00
    0433253556                           05           11/01/01          0
    SIVERMABB                            O            10/01/31
    0

    5678147          E82/G01             F          300,000.00         ZZ
                                         360        299,771.72          1
                                       7.375          2,072.03         89
                                       7.125          2,072.03
    INVER GROVE HEI  MN   55076          1            09/28/01         04
    0400403143                           05           11/01/01         25
    0400403143                           O            10/01/31
    0

    5679396          A06/G01             F          506,500.00         ZZ
                                         360        506,084.82          1
                                       7.000          3,369.76         62
                                       6.750          3,369.76
    FRANKLIN         MI   48025          2            10/01/01         00
    0433273778                           05           11/01/01          0
    5621721                              O            10/01/31
    0

    5679667          944/G01             F          344,500.00         ZZ
                                         360        344,231.25          1
                                       7.250          2,350.10         70
                                       7.000          2,350.10
    ROSEVILLE        CA   95661          5            09/17/01         00
    0433241130                           03           11/01/01          0
    W01071493                            O            10/01/31
    0

    5684452          025/025             F          324,000.00         ZZ
                                         360        323,505.40          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    MARTINEZ         CA   94553          1            08/06/01         00
    130389406                            05           10/01/01          0
    130389406                            O            09/01/31
    0
1

    5693131          964/G01             F          344,800.00         ZZ
                                         360        344,800.00          1
                                       6.750          2,236.37         80
                                       6.500          2,236.37
    RANCHO MURIETA   CA   95683          1            10/08/01         00
    0433293628                           03           12/01/01          0
    115696                               O            11/01/31
    0

    5695286          964/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       7.000          2,660.55         80
                                       6.750          2,660.55
    LAFAYETTE        CA   94549          1            10/17/01         00
    0433320041                           05           12/01/01          0
    400152114                            O            11/01/31
    0

    5703101          964/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.000          2,448.31         80
                                       6.750          2,448.31
    DALY CITY        CA   94015          1            10/08/01         00
    0433288206                           05           12/01/01          0
    151069                               O            11/01/31
    0

    5704692          E22/G01             F          433,000.00         ZZ
                                         360        432,645.07          1
                                       7.000          2,880.76         70
                                       6.750          2,880.76
    JONESTOWN        TX   78645          4            09/28/01         00
    0413074139                           03           11/01/01          0
    0413074139                           O            10/01/31
    0

    5704898          696/G01             F          580,000.00         ZZ
                                         360        579,547.55          1
                                       7.250          3,956.62         79
                                       7.000          3,956.62
    MCLEAN           VA   22101          2            09/21/01         00
    0433238151                           03           11/01/01          0
    10101109                             O            10/01/31
    0

    5705038          E82/G01             F          339,500.00         ZZ
                                         360        339,241.67          1
1

                                       7.375          2,344.84         77
                                       7.125          2,344.84
    REDDING          CT   06896          2            09/26/01         00
    0400489837                           05           11/01/01          0
    0400489837                           O            10/01/31
    0

    5705044          E82/G01             F          308,000.00         ZZ
                                         360        307,759.73          1
                                       7.250          2,101.10         64
                                       7.000          2,101.10
    ALISO VIEJO (AR  CA   92656          2            09/24/01         00
    0400478350                           05           11/01/01          0
    3018712                              O            10/01/31
    0

    5705528          A06/G01             F          860,000.00         ZZ
                                         360        860,000.00          1
                                       6.875          5,649.59         54
                                       6.625          5,649.59
    WEST BLOOMFIELD  MI   48322          2            10/08/01         00
    0433285541                           05           12/01/01          0
    001000010012831                      O            11/01/31
    0

    5709366          964/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.125          2,182.85         77
                                       6.875          2,182.85
    REDONDO BEACH    CA   90278          2            10/18/01         00
    0433316163                           01           12/01/01          0
    146868                               O            11/01/31
    0

    5716512          964/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.625          1,984.96         53
                                       6.375          1,984.96
    INVERNESS        CA   94937          5            10/10/01         00
    0433290772                           05           12/01/01          0
    152375                               O            11/01/31
    0

    5717793          964/G01             F          299,200.00         ZZ
                                         360        299,200.00          1
                                       6.750          1,940.61         80
                                       6.500          1,940.61
    ORANGE           CA   92869          1            10/08/01         00
    0433287547                           05           12/01/01          0
1

    148711                               O            11/01/31
    0

    5718478          N47/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.875          2,259.84         80
                                       6.625          2,259.84
    SAN JOSE         CA   95132          1            10/09/01         00
    0433297934                           05           12/01/01          0
    20311422                             O            11/01/31
    0

    5719113          994/X14             F          520,000.00         ZZ
                                         360        519,594.35          1
                                       7.250          3,547.32         38
                                       7.000          3,547.32
    DEL MAR          CA   92014          2            09/06/01         00
    1418705402                           05           11/01/01          0
    1418705402                           O            10/01/31
    0

    5720283          L46/L46             F          342,400.00         ZZ
                                         360        342,126.18          1
                                       7.125          2,306.82         80
                                       6.875          2,306.82
    PLANO            TX   75093          1            10/01/01         00
    0000944207                           05           11/01/01          0
    0000944207                           O            10/01/31
    0

    5722564          964/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.000          2,554.76         80
                                       6.750          2,554.76
    SAN JOSE         CA   95117          1            10/05/01         00
    0433286358                           05           12/01/01          0
    154614                               O            11/01/31
    0

    5723766          964/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.625          2,561.24         73
                                       6.375          2,561.24
    BELLEVUE         WA   98005          1            10/15/01         00
    0433287315                           03           12/01/01          0
    154030                               O            11/01/31
    0

1

    5724044          E22/G01             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         58
                                       7.000          2,319.40
    CHEVY CHASE      MD   20815          5            09/26/01         00
    0412982613                           05           11/01/01          0
    0412982613                           O            10/01/31
    0

    5724072          E22/G01             F          504,000.00         ZZ
                                         360        503,586.88          1
                                       7.000          3,353.12         62
                                       6.750          3,353.12
    RIDGFIELD        CT   06877          2            09/26/01         00
    0413018011                           05           11/01/01          0
    0413018011                           O            10/01/31
    0

    5724716          994/X14             F          519,500.00         ZZ
                                         360        519,084.56          1
                                       7.125          3,499.97         79
                                       6.875          3,499.97
    BETHESDA         MD   20816          1            09/06/01         00
    918723082                            05           11/01/01          0
    918723082                            O            10/01/31
    0

    5726346          253/253             F          825,000.00         ZZ
                                         360        824,372.24          1
                                       7.375          5,698.07         69
                                       7.125          5,698.07
    PALO ALTO        CA   94303          4            09/14/01         00
    956238                               05           11/01/01          0
    956238                               O            10/01/31
    0

    5726947          757/G01             F          418,000.00         T
                                         360        418,000.00          1
                                       6.375          2,607.78         42
                                       6.125          2,607.78
    GLENVILLE        NC   28736          2            10/15/01         00
    0433324589                           05           12/01/01          0
    1LOVEGL                              O            11/01/31
    0

    5727217          994/X14             F          300,000.00         ZZ
                                         360        299,494.48          1
                                       6.875          1,970.79         75
                                       6.625          1,970.79
1

    MINNETONKA       MN   55305          5            08/30/01         00
    218678278                            05           10/01/01          0
    218678278                            O            09/01/31
    0

    5728416          994/X14             F          465,000.00         ZZ
                                         360        464,254.07          1
                                       7.125          3,132.80         71
                                       6.875          3,132.80
    SWAMPSCOTT       MA   01907          1            08/29/01         00
    1000314059                           05           10/01/01          0
    1000314059                           O            09/01/31
    0

    5728994          994/X14             F          319,900.00         ZZ
                                         360        319,374.03          1
                                       7.000          2,128.30         80
                                       6.750          2,128.30
    FAIR HAVEN       NJ   07704          1            08/17/01         00
    402067681                            05           10/01/01          0
    402067681                            O            09/01/31
    0

    5730549          994/X14             F          340,860.00         T
                                         360        340,313.22          1
                                       7.125          2,296.44         80
                                       6.875          2,296.44
    BLUFFTON         SC   29910          1            08/28/01         00
    80945905                             03           10/01/01          0
    80945905                             O            09/01/31
    0

    5734378          964/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.000          2,368.48         80
                                       6.750          2,368.48
    MOORPARK         CA   93021          2            10/15/01         00
    0433323557                           03           12/01/01          0
    410153583                            O            11/01/31
    0

    5734704          U62/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       6.750          2,620.33         60
                                       6.500          2,620.33
    MORGAN HILL      CA   95037          5            10/09/01         00
    0433296696                           05           12/01/01          0
    2001295369                           O            11/01/31
    0
1

    5736220          E22/G01             F          335,000.00         ZZ
                                         360        334,718.56          1
                                       6.875          2,200.71         67
                                       6.625          2,200.71
    LA MESA          CA   91941          5            09/19/01         00
    0413017468                           05           11/01/01          0
    0413017468                           O            10/01/31
    0

    5745838          L46/L46             F          399,900.00         ZZ
                                         360        399,555.69          1
                                       6.750          2,593.75         66
                                       6.500          2,593.75
    HIGHLAND PARK    TX   75205          2            10/03/01         00
    0000944181                           05           11/01/01          0
    0000944181                           O            10/01/31
    0

    5746054          964/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    IRVINE           CA   92614          1            10/16/01         00
    0433331394                           03           12/01/01          0
    151661                               O            11/01/31
    0

    5761618          964/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.875          2,529.18         74
                                       6.625          2,529.18
    BELLEVUE         WA   98006          2            10/10/01         00
    0433300498                           05           12/01/01          0
    139659                               O            11/01/31
    0

    5762236          964/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.625          2,113.03         77
                                       6.375          2,113.03
    PORTLAND         OR   97201          1            10/08/01         00
    0433288313                           05           12/01/01          0
    154184                               O            11/01/31
    0

    5766860          E82/G01             F          614,000.00         ZZ
                                         360        613,532.79          1
1

                                       7.375          4,240.75         80
                                       7.125          4,240.75
    OAKLAND          CA   94619          2            09/28/01         00
    0400488193                           03           11/01/01          0
    0400488193                           O            10/01/31
    0

    5766884          E82/G01             F          412,500.00         ZZ
                                         360        412,500.00          1
                                       7.125          2,779.09         66
                                       6.875          2,779.09
    RIDGEWOOD        NJ   07450          2            10/01/01         00
    0400478855                           05           12/01/01          0
    0400478855                           O            11/01/31
    0

    5767318          E22/G01             F          352,600.00         ZZ
                                         360        352,303.77          1
                                       6.875          2,316.33         59
                                       6.625          2,316.33
    ENGLEWOOD        CO   80111          2            09/28/01         00
    0413023474                           03           11/01/01          0
    0413023474                           O            10/01/31
    0

    5767338          E22/G01             F          332,500.00         ZZ
                                         360        332,500.00          1
                                       7.250          2,268.24         73
                                       7.000          2,268.24
    REDWOOD CITY     CA   94061          2            09/26/01         00
    0413031626                           05           12/01/01          0
    0413031626                           O            11/01/31
    0

    5769276          964/G01             F          649,000.00         ZZ
                                         360        649,000.00          1
                                       6.875          4,263.47         59
                                       6.625          4,263.47
    CUPERTINO        CA   95014          2            10/15/01         00
    0433293172                           03           12/01/01          0
    153765                               O            11/01/31
    0

    5771612          994/X14             F          346,000.00         ZZ
                                         360        345,755.79          1
                                       7.750          2,478.79         56
                                       7.500          2,478.79
    CASTRO VALLEY    CA   94552          2            08/28/01         00
    218743130                            03           11/01/01          0
1

    218743130                            O            10/01/31
    0

    5772164          196/196             F          685,000.00         ZZ
                                         360        683,271.88          1
                                       7.250          4,672.91         46
                                       7.000          4,672.91
    NEWPORT BEACH    CA   92660          1            08/08/01         00
    1433354                              03           10/01/01          0
    1433354                              O            09/01/31
    0

    5772622          196/196             F          375,000.00         ZZ
                                         360        374,707.46          1
                                       7.250          2,558.17         89
                                       7.000          2,558.17
    RAMONA           CA   92065          1            09/07/01         14
    1437300                              05           11/01/01         25
    1437300                              O            10/01/31
    0

    5775252          E23/G01             F          421,200.00         ZZ
                                         360        420,854.75          1
                                       7.000          2,802.25         52
                                       6.750          2,802.25
    LOS ANGELES      CA   90027          2            09/24/01         00
    0433283819                           05           11/01/01          0
    51007740                             O            10/01/31
    0

    5776516          994/X14             F          338,500.00         ZZ
                                         360        338,235.93          1
                                       7.250          2,309.17         70
                                       7.000          2,309.17
    PHOENIX          AZ   85020          2            09/07/01         00
    218726465                            05           11/01/01          0
    218726465                            O            10/01/31
    0

    5777474          964/G01             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.875          1,891.95         80
                                       6.625          1,891.95
    ROSEVILLE        CA   95661          2            10/12/01         00
    0433289139                           03           12/01/01          0
    153911                               O            11/01/31
    0

1

    5779984          714/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         61
                                       6.625          2,299.25
    BELGIUM          WI   53004          2            09/26/01         00
    0433288339                           05           11/01/01          0
    0489093                              O            10/01/31
    0

    5782940          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.750          2,334.95         63
                                       6.500          2,334.95
    PISMO BEACH      CA   93449          5            10/10/01         00
    0433310372                           05           12/01/01          0
    149711                               O            11/01/31
    0

    5790632          994/X14             F          447,200.00         ZZ
                                         360        446,859.72          1
                                       7.375          3,088.70         80
                                       7.125          3,088.70
    CAMBRIDGE        MA   02138          1            09/10/01         00
    1000254655                           07           11/01/01          0
    1000254655                           O            10/01/31
    0

    5796094          W53/G01             F          390,500.00         ZZ
                                         360        389,903.89          1
                                       7.375          2,697.09         75
                                       7.125          2,697.09
    OLDSMAR          FL   34677          2            08/08/01         00
    0433300548                           03           10/01/01          0
    7601410252                           O            09/01/31
    0

    5801374          964/G01             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       6.750          1,926.34         76
                                       6.500          1,926.34
    SANTA ROSA       CA   95404          1            10/09/01         00
    0433274875                           05           12/01/01          0
    151666                               O            11/01/31
    0

    5805650          964/G01             F          626,000.00         ZZ
                                         360        626,000.00          1
                                       6.875          4,112.38         54
                                       6.625          4,112.38
1

    FAIRFAX          CA   94930          2            10/15/01         00
    0433319068                           05           12/01/01          0
    153675                               O            11/01/31
    0

    5808280          470/G01             F          319,200.00         ZZ
                                         360        319,200.00          1
                                       7.000          2,123.65         80
                                       6.750          2,123.65
    HUNTINGTON BEAC  CA   92646          1            10/01/01         00
    0433316437                           05           12/01/01          0
    110100058                            O            11/01/31
    0

    5811680          E22/G01             F          990,000.00         ZZ
                                         360        990,000.00          1
                                       7.250          6,753.55         55
                                       7.000          6,753.55
    HIGHLAND PARK    TX   75205          2            10/01/01         00
    0412889487                           05           12/01/01          0
    0412889487                           O            11/01/31
    0

    5811802          E22/G01             F          407,800.00         ZZ
                                         360        407,473.89          1
                                       7.125          2,747.42         70
                                       6.875          2,747.42
    PLANO            TX   75093          2            10/01/01         00
    0413041211                           03           11/01/01          0
    0413041211                           O            10/01/31
    0

    5811904          E22/G01             F          322,000.00         ZZ
                                         360        321,729.48          1
                                       6.875          2,115.31         80
                                       6.625          2,115.31
    SIMI VALLEY      CA   93065          2            09/28/01         00
    0413085648                           03           11/01/01          0
    0413085648                           O            10/01/31
    0

    5812104          696/G01             F          315,000.00         ZZ
                                         360        314,754.27          1
                                       7.250          2,148.86         70
                                       7.000          2,148.86
    WASHINGTON       DC   20012          1            10/01/01         00
    0433243672                           05           11/01/01          0
    25601193                             O            10/01/31
    0
1

    5821786          696/G01             F          635,400.00         ZZ
                                         360        634,879.17          1
                                       7.000          4,227.33         80
                                       6.750          4,227.33
    LEESBURG         VA   20175          1            09/28/01         00
    0433257029                           05           11/01/01          0
    21401116                             O            10/01/31
    0

    5821788          696/G01             F          466,600.00         ZZ
                                         360        466,178.19          1
                                       6.500          2,949.23         80
                                       6.250          2,949.23
    ALEXANDRIA       VA   22310          1            10/01/01         00
    0433244266                           05           11/01/01          0
    25101217                             O            10/01/31
    0

    5823458          N47/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.000          2,361.82         75
                                       6.750          2,361.82
    SAN JOSE         CA   95135          1            10/11/01         00
    0433297181                           05           12/01/01          0
    20311455                             O            11/01/31
    0

    5824594          K21/G01             F          367,200.00         ZZ
                                         360        367,200.00          1
                                       7.000          2,442.99         80
                                       6.750          2,442.99
    WOODLAND HILLS   CA   91303          1            10/11/01         00
    0433296118                           05           12/01/01          0
    0115824                              O            11/01/31
    0

    5835830          E82/G01             F          374,500.00         ZZ
                                         360        374,500.00          1
                                       7.250          2,554.75         63
                                       7.000          2,554.75
    ALEXANDRIA       VA   22314          2            10/02/01         00
    0400487443                           09           12/01/01          0
    0400487443                           O            11/01/31
    0

    5835868          E82/G01             F          319,000.00         ZZ
                                         360        319,000.00          1
1

                                       7.000          2,122.31         57
                                       6.750          2,122.31
    DOWNERS GROVE    IL   60515          2            10/04/01         00
    0400491825                           05           12/01/01          0
    0400491825                           O            11/01/31
    0

    5836026          696/G01             F          540,000.00         ZZ
                                         360        539,511.83          1
                                       6.500          3,413.17         80
                                       6.250          3,413.17
    ALEXANDRIA       VA   22302          1            09/21/01         00
    0433273547                           05           11/01/01          0
    23101083                             O            10/01/31
    0

    5843822          964/G01             F          620,000.00         ZZ
                                         360        620,000.00          1
                                       6.875          4,072.96         74
                                       6.625          4,072.96
    SCOTTS VALLEY    CA   95066          1            10/24/01         00
    0433325560                           05           12/01/01          0
    155687                               O            11/01/31
    0

    5849000          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.625          2,241.09         70
                                       6.375          2,241.09
    SAN MATEO        CA   94401          5            10/18/01         00
    0433306289                           05           12/01/01          0
    153653                               O            11/01/31
    0

    5849060          286/286             F          420,000.00         ZZ
                                         360        419,342.74          1
                                       7.250          2,865.14         80
                                       7.000          2,865.14
    ALEXANDRIA       VA   22314          1            08/20/01         00
    517378                               03           10/01/01          0
    517378                               O            09/01/31
    0

    5850652          L60/F27             F          175,000.00         ZZ
                                         360        174,002.74          1
                                       7.125          1,179.01         42
                                       6.875          1,179.01
    DATAW ISLAND     SC   29920          2            03/02/01         00
    6610605131                           05           05/01/01          0
1

    6610605131                           O            04/01/31
    0

    5850674          L60/F27             F          285,000.00         ZZ
                                         360        283,978.91          1
                                       7.375          1,968.43         95
                                       7.125          1,968.43
    BALDWIN          MD   21013          1            06/22/01         01
    6990379171                           05           08/01/01         30
    6990379171                           O            07/01/31
    0

    5850688          L60/F27             F          300,000.00         ZZ
                                         360        299,078.44          1
                                       7.375          2,072.03         49
                                       7.125          2,072.03
    BETHESDA         MD   20814          1            06/22/01         00
    6920100544                           03           08/01/01          0
    6920100544                           O            07/01/31
    0

    5850702          L60/F27             F          327,850.00         ZZ
                                         360        315,027.15          1
                                       7.375          2,264.38         83
                                       7.125          2,264.38
    ALEXANDRIA       VA   22315          1            06/14/01         14
    6990383284                           03           08/01/01         12
    6990383284                           O            07/01/31
    0

    5850704          L60/F27             F          316,000.00         ZZ
                                         360        315,194.30          1
                                       7.250          2,155.68         75
                                       7.000          2,155.68
    WILMINGTON       NC   28412          5            07/17/01         00
    6960194304                           05           09/01/01          0
    6960194304                           O            08/01/31
    0

    5850706          L60/F27             F          315,950.00         ZZ
                                         359        315,456.58          1
                                       7.375          2,183.85         89
                                       7.125          2,183.85
    THOMASVILLE      NC   27360          2            08/13/01         10
    6610382531                           05           10/01/01         25
    6610382531                           O            08/01/31
    0

1

    5850718          L60/F27             F          325,200.00         ZZ
                                         360        322,679.95          1
                                       7.375          2,246.08         80
                                       7.125          2,246.08
    CASTLE ROCK      CO   80104          2            02/28/01         00
    6960092625                           05           05/01/01          0
    6960092625                           O            04/01/31
    0

    5850728          L60/F27             F          330,000.00         ZZ
                                         360        329,470.65          1
                                       7.125          2,223.27         80
                                       6.875          2,223.27
    HERNDON          VA   20171          1            08/07/01         00
    6920137065                           05           10/01/01          0
    6920137065                           O            09/01/31
    0

    5850732          L60/F27             F          335,000.00         ZZ
                                         360        333,856.56          1
                                       7.375          2,313.76         90
                                       7.125          2,313.76
    ROME             GA   30165          1            06/27/01         12
    6990393298                           05           08/01/01         25
    6990393298                           O            07/01/31
    0

    5850734          L60/F27             F          334,800.00         ZZ
                                         360        333,771.54          1
                                       7.375          2,312.38         90
                                       7.125          2,312.38
    MANDEVILLE       LA   70471          1            06/15/01         12
    6960185380                           05           08/01/01         25
    6960185380                           O            07/01/31
    0

    5850750          L60/F27             F          350,000.00         ZZ
                                         360        347,160.80          1
                                       7.250          2,387.62         73
                                       7.000          2,387.62
    ATLANTA          GA   30319          5            07/23/01         00
    6960194193                           05           09/01/01          0
    6960194193                           O            08/01/31
    0

    5850762          L60/F27             F          356,800.00         ZZ
                                         360        356,268.75          1
                                       7.500          2,494.80         80
                                       7.250          2,494.80
1

    PINEHURST        NC   28374          2            08/03/01         00
    6610313572                           05           10/01/01          0
    6610313572                           O            09/01/31
    0

    5850766          L60/F27             F          357,850.00         ZZ
                                         360        357,289.99          1
                                       7.250          2,441.17         71
                                       7.000          2,441.17
    STAFFORD         VA   22554          2            08/20/01         00
    6920140708                           05           10/01/01          0
    6920140708                           O            09/01/31
    0

    5850772          L60/F27             F          360,000.00         ZZ
                                         360        359,408.10          1
                                       7.000          2,395.09         72
                                       6.750          2,395.09
    ATLANTA          GA   30305          2            08/14/01         00
    6610506419                           05           10/01/01          0
    6610506419                           O            09/01/31
    0

    5850774          L60/F27             F          365,150.00         ZZ
                                         360        363,672.55          1
                                       7.125          2,460.08         80
                                       6.875          2,460.08
    LEESBURG         VA   20175          1            05/11/01         00
    6920041661                           05           07/01/01          0
    6920041661                           O            06/01/31
    0

    5850804          L60/F27             F          386,250.00         ZZ
                                         360        384,697.77          1
                                       7.375          2,667.73         75
                                       7.125          2,667.73
    HILTON HEAD      SC   29926          2            05/11/01         00
    6990364786                           03           07/01/01          0
    6990364786                           O            06/01/31
    0

    5850808          L60/F27             F          388,000.00         ZZ
                                         360        387,304.01          1
                                       6.750          2,516.56         80
                                       6.500          2,516.56
    MANASSAS         VA   20112          1            08/28/01         00
    6920141755                           05           10/01/01          0
    6920141755                           O            09/01/31
    0
1

    5850810          L60/F27             F          388,500.00         ZZ
                                         360        387,585.31          1
                                       7.250          2,650.25         70
                                       7.000          2,650.25
    PURCELLVILLE     VA   20132          2            07/05/01         00
    6920100064                           05           09/01/01          0
    6920100064                           O            08/01/31
    0

    5850814          L60/F27             F          390,000.00         ZZ
                                         360        389,081.75          1
                                       7.250          2,660.49         67
                                       7.000          2,660.49
    WARRENTON        VA   20186          1            07/25/01         00
    6920012998                           05           09/01/01          0
    6920012998                           O            08/01/31
    0

    5850828          L60/F27             F          412,500.00         ZZ
                                         360        411,528.78          1
                                       7.250          2,813.98         80
                                       7.000          2,813.98
    PORTSMOUTH       VA   23704          2            07/25/01         00
    6920119970                           05           09/01/01          0
    6920119970                           O            08/01/31
    0

    5850830          L60/F27             F          417,000.00         ZZ
                                         360        415,968.58          1
                                       7.000          2,774.31         69
                                       6.750          2,774.31
    FAIRFAX STATION  VA   22039          2            07/23/01         00
    6920124222                           05           09/01/01          0
    6920124222                           O            08/01/31
    0

    5850868          L60/F27             F          490,650.00         ZZ
                                         360        487,996.25          1
                                       7.250          3,347.10         75
                                       7.000          3,347.10
    HAYMARKET        VA   20169          1            04/30/01         00
    6920020877                           05           06/01/01          0
    6920020877                           O            05/01/31
    0

    5850878          L60/F27             F          514,000.00         ZZ
                                         360        512,789.80          1
1

                                       7.250          3,506.39         80
                                       7.000          3,506.39
    SPRINGFIELD      VA   22150          2            07/23/01         00
    6920091448                           05           09/01/01          0
    6920091448                           O            08/01/31
    0

    5857016          367/367             F          365,362.41         ZZ
                                         346        365,017.83          1
                                       6.750          2,399.74         70
                                       6.500          2,399.74
    POTOMAC          MD   20854          1            10/01/01         00
    99243280                             05           11/01/01          0
    99243280                             O            08/01/30
    0

    5858194          286/286             F          350,898.00         ZZ
                                         360        350,335.13          1
                                       7.125          2,364.06         59
                                       6.875          2,364.06
    FRISCO           TX   75034          2            08/30/01         00
    541589                               03           10/01/01          0
    541589                               O            09/01/31
    0

    5858200          286/286             F          341,450.00         ZZ
                                         360        340,915.67          1
                                       7.250          2,329.29         80
                                       7.000          2,329.29
    ASHBURN          VA   20147          1            08/24/01         00
    547460                               03           10/01/01          0
    547460                               O            09/01/31
    0

    5858206          286/286             F          332,000.00         ZZ
                                         360        331,467.42          1
                                       7.125          2,236.75         80
                                       6.875          2,236.75
    RESTON           VA   20194          1            08/24/01         00
    463343                               03           10/01/01          0
    463343                               O            09/01/31
    0

    5860356          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         79
                                       7.000          2,292.11
    CHEVY CHASE      MD   20815          5            10/03/01         00
    0412990228                           05           12/01/01          0
1

    0412990228                           O            11/01/31
    0

    5860442          E22/G01             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.250          1,910.09         80
                                       7.000          1,910.09
    SAUGUS (AREA)    CA   91350          5            10/01/01         00
    0413046772                           05           12/01/01          0
    0413046772                           O            11/01/31
    0

    5860594          E22/G01             F          419,000.00         ZZ
                                         360        419,000.00          1
                                       7.125          2,822.88         68
                                       6.875          2,822.88
    OAKLAND          CA   94605          5            10/02/01         00
    0413105578                           05           12/01/01          0
    0413105578                           O            11/01/31
    0

    5869726          956/G01             F          407,000.00         ZZ
                                         360        407,000.00          1
                                       7.000          2,707.78         76
                                       6.750          2,707.78
    KENT             WA   98031          2            10/01/01         00
    0433282209                           03           12/01/01          0
    1311090209                           O            11/01/31
    0

    5869750          956/G01             F          407,000.00         ZZ
                                         360        406,674.53          1
                                       7.125          2,742.03         57
                                       6.875          2,742.03
    LAS VEGAS        NV   89123          2            09/27/01         00
    0433271301                           05           11/01/01          0
    3711090057                           O            10/01/31
    0

    5870322          956/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.000          2,594.68         65
                                       6.750          2,594.68
    ANACORTES        WA   98221          5            10/01/01         00
    0433282217                           05           12/01/01          0
    1311090081                           O            11/01/31
    0

1

    5870864          956/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       7.000          3,858.75         71
                                       6.750          3,858.75
    BETHESDA         MD   20816          2            10/01/01         00
    0433309358                           05           12/01/01          0
    4411090049                           O            11/01/31
    0

    5871368          956/G01             F          416,000.00         ZZ
                                         360        415,667.33          1
                                       7.125          2,802.67         80
                                       6.875          2,802.67
    LAGUNA HILLS     CA   92653          1            09/26/01         00
    0433288362                           03           11/01/01          0
    1911090015                           O            10/01/31
    0

    5874670          U80/U80             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.875          2,266.40         79
                                       6.625          2,266.40
    NORTH CHARLESTO  SC   29406          1            10/11/01         00
    10003604                             05           12/01/01          0
    10003604                             O            11/01/31
    0

    5875036          E82/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       7.250          2,496.77         80
                                       7.000          2,496.77
    TIGARD           OR   97224          2            10/03/01         00
    0400492666                           05           12/01/01          0
    3983957                              O            11/01/31
    0

    5875052          E82/G01             F          373,500.00         ZZ
                                         360        373,500.00          1
                                       7.250          2,547.93         90
                                       7.000          2,547.93
    ALAMEDA          CA   94502          2            10/03/01         04
    0400488151                           03           12/01/01         25
    3787006                              O            11/01/31
    0

    5875068          E82/G01             F          320,000.00         ZZ
                                         360        319,768.39          1
                                       7.625          2,264.94         80
                                       7.375          2,264.94
1

    BELLE HARBOR     NY   11694          2            10/01/01         00
    0400472346                           05           11/01/01          0
    0400472346                           O            10/01/31
    0

    5875072          E82/G01             F          308,400.00         ZZ
                                         360        308,400.00          1
                                       7.250          2,103.83         76
                                       7.000          2,103.83
    VIRGINIA BEACH   VA   23456          2            10/05/01         00
    0400498606                           03           12/01/01          0
    3456918                              O            11/01/31
    0

    5877894          964/G01             F          335,200.00         ZZ
                                         360        335,200.00          1
                                       6.750          2,174.10         80
                                       6.500          2,174.10
    HERMOSA BEACH    CA   90254          1            10/19/01         00
    0433322088                           05           12/01/01          0
    156563                               O            11/01/31
    0

    5885750          696/G01             F          450,000.00         ZZ
                                         360        449,640.15          1
                                       7.125          3,031.73         75
                                       6.875          3,031.73
    FAIRFAX          VA   22031          5            09/24/01         00
    0433275583                           03           11/01/01          0
    23101089                             O            10/01/31
    0

    5885754          696/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.875          2,299.25         52
                                       6.625          2,299.25
    MCLEAN           VA   22101          5            10/04/01         00
    0433261666                           05           12/01/01          0
    30501157                             O            11/01/31
    0

    5886878          E22/G01             F          299,120.00         ZZ
                                         360        299,120.00          1
                                       7.000          1,990.05         80
                                       6.750          1,990.05
    SAN DIEGO        CA   92129          1            09/28/01         00
    0413055997                           03           12/01/01          0
    0413055997                           O            11/01/31
    0
1

    5886944          E22/G01             F          319,800.00         ZZ
                                         360        319,800.00          1
                                       7.250          2,181.60         54
                                       7.000          2,181.60
    FORT LAUDERDALE  FL   33308          2            10/04/01         00
    0413089962                           05           12/01/01          0
    0413089962                           O            11/01/31
    0

    5901876          964/G01             F          327,200.00         ZZ
                                         360        327,200.00          1
                                       6.875          2,149.47         80
                                       6.625          2,149.47
    SAN RAFAEL       CA   94901          1            10/23/01         00
    0433326642                           05           12/01/01          0
    136110                               O            11/01/31
    0

    5902228          696/G01             F          331,100.00         ZZ
                                         360        331,100.00          1
                                       6.750          2,147.51         80
                                       6.500          2,147.51
    LORTON           VA   22079          1            10/09/01         00
    0433252145                           03           12/01/01          0
    24501021                             O            11/01/31
    0

    5908944          964/G01             F          389,500.00         ZZ
                                         360        389,500.00          1
                                       6.875          2,558.74         75
                                       6.625          2,558.74
    FELTON           CA   95018          2            10/23/01         00
    0433310018                           05           12/01/01          0
    155915                               O            11/01/31
    0

    5910488          E22/G01             F          393,750.00         ZZ
                                         360        393,750.00          1
                                       7.125          2,652.77         75
                                       6.875          2,652.77
    AUSTIN           TX   78705          5            10/04/01         00
    0413023276                           05           12/01/01          0
    0413023276                           O            11/01/31
    0

    5910568          E22/G01             F          327,200.00         ZZ
                                         360        327,200.00          1
1

                                       6.875          2,149.47         80
                                       6.625          2,149.47
    UNION CITY       CA   94587          1            09/27/01         00
    0413076175                           05           12/01/01          0
    0413076175                           O            11/01/31
    0

    5910580          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         80
                                       6.625          2,627.72
    CASTRO VALLEY    CA   94552          1            10/02/01         00
    0413080540                           03           12/01/01          0
    0413080540                           O            11/01/31
    0

    5910664          E22/G01             F          368,000.00         T
                                         360        368,000.00          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    GREENBANK        WA   98253          1            10/05/01         00
    0413121369                           05           12/01/01          0
    0413121369                           O            11/01/31
    0

    5910672          E22/G01             F          422,400.00         ZZ
                                         360        422,400.00          1
                                       6.625          2,704.67         80
                                       6.375          2,704.67
    CHARLOTTE        NC   28226          1            10/11/01         00
    0413140641                           05           12/01/01          0
    0413140641                           O            11/01/31
    0

    5915530          964/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       6.875          2,075.90         80
                                       6.625          2,075.90
    TIGARD           OR   97224          1            10/16/01         00
    0433287968                           05           12/01/01          0
    120875                               O            11/01/31
    0

    5918404          964/G01             F          734,500.00         ZZ
                                         360        734,500.00          1
                                       7.000          4,886.65         65
                                       6.750          4,886.65
    ANAHEIM          CA   92807          2            10/04/01         00
    0433288412                           05           12/01/01          0
1

    148030                               O            11/01/31
    0

    5920700          N60/N60             F          432,917.00         ZZ
                                         360        430,625.35          1
                                       7.500          3,027.02         62
                                       7.250          3,027.02
    EDWARDS          CO   81632          4            04/01/01         00
    467167331                            05           05/01/01          0
    467167331                            O            04/01/31
    0

    5930036          964/G01             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       6.625          2,215.48         66
                                       6.375          2,215.48
    BERKELEY         CA   94702          5            10/23/01         00
    0433326527                           05           12/01/01          0
    153185                               O            11/01/31
    0

    5935158          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         63
                                       6.750          2,528.15
    APTOS            CA   95003          2            10/05/01         00
    0413107541                           05           12/01/01          0
    0413107541                           O            11/01/31
    0

    5935180          E22/G01             F          341,600.00         ZZ
                                         360        341,600.00          1
                                       6.875          2,244.07         80
                                       6.625          2,244.07
    SAN DIEGO        CA   92128          1            10/11/01         00
    0413115346                           03           12/01/01          0
    0413115346                           O            11/01/31
    0

    5935208          E22/G01             F          452,000.00         ZZ
                                         360        452,000.00          1
                                       6.875          2,969.32         80
                                       6.625          2,969.32
    GIG HARBOR       WA   98332          1            10/10/01         00
    0413136433                           05           12/01/01          0
    0413136433                           O            11/01/31
    0

1

    5935444          E82/G01             F          800,000.00         ZZ
                                         360        800,000.00          1
                                       7.250          5,457.41         54
                                       7.000          5,457.41
    UPPERVILLE       VA   20184          2            10/09/01         00
    0400492385                           05           12/01/01          0
    0400492385                           O            11/01/31
    0

    5935470          E82/G01             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       7.250          2,503.59         79
                                       7.000          2,503.59
    LITTLE ROCK      AR   72223          2            10/10/01         00
    0400492872                           03           12/01/01          0
    3855810                              O            11/01/31
    0

    5942832          975/G01             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       7.000          1,975.95         75
                                       6.750          1,975.95
    ARCADIA          CA   91007          1            10/04/01         00
    0433319472                           05           12/01/01          0
    2014395                              O            11/01/31
    0

    5943464          964/G01             F          603,000.00         ZZ
                                         360        603,000.00          1
                                       6.875          3,961.28         58
                                       6.625          3,961.28
    SAN JOSE         CA   95125          2            10/21/01         00
    0433322005                           05           12/01/01          0
    153741                               O            11/01/31
    0

    5947064          470/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.10         52
                                       6.500          2,270.10
    LAFAYETTE        CA   94549          5            10/22/01         00
    0433332426                           05           12/01/01          0
    45000965                             O            11/01/31
    0

    5948014          956/G01             F          300,056.00         ZZ
                                         360        299,803.92          1
                                       6.875          1,971.15         80
                                       6.625          1,971.15
1

    MORRISVILLE      NC   27560          1            10/05/01         00
    0433284767                           03           11/01/01          0
    3911090117                           O            10/01/31
    0

    5949410          830/G01             F          324,250.00         T
                                         360        324,250.00          1
                                       6.750          2,103.08         75
                                       6.500          2,103.08
    SALT LAKE CITY   UT   84121          2            10/18/01         00
    0433329034                           01           12/01/01          0
    1932651                              O            11/01/31
    0

    5954092          G75/G75             F          508,000.00         ZZ
                                         360        507,091.93          1
                                       7.375          3,508.63         80
                                       7.125          3,508.63
    RARITAN TOWNSHI  NJ   08822          1            08/29/01         00
    04419809                             05           10/01/01          0
    04419809                             O            09/01/31
    0

    5954114          G75/G75             F          399,550.00         ZZ
                                         360        399,238.31          1
                                       7.250          2,725.64         48
                                       7.000          2,725.64
    ANNAPOLIS        MD   21401          2            09/21/01         00
    04449282                             05           11/01/01          0
    04449282                             O            10/01/31
    0

    5954116          G75/G75             F          616,000.00         ZZ
                                         360        615,059.66          1
                                       7.375          4,254.56         69
                                       7.125          4,254.56
    WASHINGTON       DC   20009          5            08/17/01         00
    04427351                             05           10/01/01          0
    04427351                             O            09/01/31
    0

    5954126          G75/G75             F          300,000.00         ZZ
                                         360        299,530.53          1
                                       7.250          2,046.53         75
                                       7.000          2,046.53
    OCEANPORT        NJ   07757          1            08/31/01         00
    04429773                             05           10/01/01          0
    04429773                             O            09/01/31
    0
1

    5954128          G75/G75             F          299,000.00         ZZ
                                         360        298,543.57          1
                                       7.375          2,065.12         75
                                       7.125          2,065.12
    BOROUGH OF CHES  NJ   07930          1            08/29/01         00
    04270257                             05           10/01/01          0
    04270257                             O            09/01/31
    0

    5954132          G75/G75             F          171,000.00         ZZ
                                         360        170,869.88          1
                                       7.375          1,181.06         95
                                       7.125          1,181.06
    AMELIA           OH   45102          1            09/06/01         10
    04445020                             05           11/01/01         30
    04445020                             O            10/01/31
    0

    5954136          G75/G75             F          320,950.00         ZZ
                                         360        320,447.73          1
                                       7.250          2,189.45         75
                                       7.000          2,189.45
    IJAMSVILLE       MD   21754          2            08/22/01         00
    04377657                             03           10/01/01          0
    04377657                             O            09/01/31
    0

    5954138          G75/G75             F          307,200.00         ZZ
                                         360        306,719.25          1
                                       7.250          2,095.65         80
                                       7.000          2,095.65
    GLEN ALLEN       VA   23059          1            08/31/01         00
    04452772                             05           10/01/01          0
    04452772                             O            09/01/31
    0

    5954140          G75/G75             F          310,400.00         ZZ
                                         360        309,864.00          1
                                       6.750          2,013.25         80
                                       6.500          2,013.25
    RALEIGH          NC   27607          1            08/31/01         00
    04441349                             05           10/01/01          0
    04441349                             O            09/01/31
    0

    5954146          G75/G75             F          432,000.00         ZZ
                                         360        431,654.53          1
1

                                       7.125          2,910.47         80
                                       6.875          2,910.47
    PALOS HEIGHTS    IL   60463          1            09/14/01         00
    04429800                             05           11/01/01          0
    04429800                             O            10/01/31
    0

    5954150          G75/G75             F          480,000.00         ZZ
                                         360        479,596.74          1
                                       6.875          3,153.26         77
                                       6.625          3,153.26
    BERNARDSVILLE    NJ   07924          1            09/21/01         00
    04434128                             05           11/01/01          0
    04434128                             O            10/01/31
    0

    5954156          G75/G75             F          309,000.00         ZZ
                                         360        308,752.89          1
                                       7.125          2,081.80         89
                                       6.875          2,081.80
    MIDDLETOWN       NJ   07718          1            10/01/01         14
    04410647                             05           11/01/01         25
    04410647                             O            10/01/31
    0

    5954158          G75/G75             F          346,500.00         ZZ
                                         360        346,500.00          1
                                       6.875          2,276.26         90
                                       6.625          2,276.26
    MONROE           NC   28110          2            10/02/01         10
    04462230                             05           12/01/01         25
    04462230                             O            11/01/31
    0

    5954270          964/G01             F          457,000.00         T
                                         360        457,000.00          1
                                       6.875          3,002.16         51
                                       6.625          3,002.16
    CARMEL           CA   93923          2            10/22/01         00
    0433326352                           05           12/01/01          0
    154668                               O            11/01/31
    0

    5961288          E22/G01             F          680,000.00         ZZ
                                         360        680,000.00          1
                                       6.500          4,298.06         53
                                       6.250          4,298.06
    LA CANADA FLINT  CA   91011          2            10/02/01         00
    0412682932                           05           12/01/01          0
1

    0412682932                           O            11/01/31
    0

    5961548          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         70
                                       6.625          4,270.04
    FRISCO           TX   75034          1            10/15/01         00
    0413124488                           03           12/01/01          0
    0413124488                           O            11/01/31
    0

    5961846          E82/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.375          2,279.23         56
                                       7.125          2,279.23
    LOS ANGELES      CA   90027          2            10/10/01         00
    0400465720                           05           12/01/01          0
    5961846                              O            11/01/31
    0

    5961850          E82/G01             F          334,200.00         ZZ
                                         360        334,200.00          1
                                       7.250          2,279.83         66
                                       7.000          2,279.83
    LOS ANGELES      CA   91403          2            10/05/01         00
    0400491627                           05           12/01/01          0
    4378570                              O            11/01/31
    0

    5961854          E82/G01             F          362,400.00         T
                                         360        362,400.00          1
                                       7.250          2,472.21         80
                                       7.000          2,472.21
    PALM BEACH GARD  FL   33418          2            10/08/01         00
    0400491916                           03           12/01/01          0
    3379556                              O            11/01/31
    0

    5961862          E82/G01             F          309,000.00         ZZ
                                         360        309,000.00          1
                                       6.625          1,978.56         79
                                       6.375          1,978.56
    HERNDON          VA   20170          2            10/05/01         00
    0400496725                           05           12/01/01          0
    2912548                              O            11/01/31
    0

1

    5961904          696/G01             F          650,000.00         ZZ
                                         360        649,467.20          1
                                       7.000          4,324.47         69
                                       6.750          4,324.47
    CABIN JOHN       MD   20818          1            10/11/01         00
    0433298098                           05           11/01/01          0
    30201137                             O            10/01/31
    0

    5967772          944/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.000          2,368.48         80
                                       6.750          2,368.48
    NEWCASTLE        WA   98056          2            10/19/01         00
    0433334638                           05           12/01/01          0
    W01093089                            O            11/01/31
    0

    5968004          B57/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.875          2,594.87         79
                                       6.625          2,594.87
    LOS ANGELES      CA   90068          2            10/19/01         00
    0433332632                           05           12/01/01          0
    2117645                              O            11/01/31
    0

    5973078          369/G01             F          296,000.00         ZZ
                                         360        295,757.37          1
                                       7.000          1,969.30         80
                                       6.750          1,969.30
    NASHVILLE        TN   37215          2            09/26/01         00
    0433305141                           05           11/01/01          0
    0073393480                           O            10/01/31
    0

    5979660          964/G01             F          298,000.00         ZZ
                                         360        298,000.00          1
                                       7.000          1,982.60         80
                                       6.750          1,982.60
    ROCKLIN          CA   95765          1            10/12/01         00
    0433287430                           03           12/01/01          0
    400154617                            O            11/01/31
    0

    5985940          E22/G01             F          850,000.00         ZZ
                                         360        850,000.00          1
                                       6.750          5,513.08         50
                                       6.500          5,513.08
1

    PALOS VERDES ES  CA   90274          2            10/03/01         00
    0412998718                           05           12/01/01          0
    0412998718                           O            11/01/31
    0

    5985958          E22/G01             F          682,500.00         ZZ
                                         360        682,500.00          1
                                       6.875          4,483.54         65
                                       6.625          4,483.54
    HOUSTON          TX   77030          5            10/09/01         00
    0413036310                           05           12/01/01          0
    0413036310                           O            11/01/31
    0

    5985994          E22/G01             F          310,500.00         ZZ
                                         360        310,500.00          1
                                       7.000          2,065.76         90
                                       6.750          2,065.76
    CONCORD          CA   94518          1            10/09/01         01
    0413061342                           05           12/01/01         25
    0413061342                           O            11/01/31
    0

    5986106          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.875          2,791.95         49
                                       6.625          2,791.95
    WILDWOOD         MO   63005          1            10/16/01         00
    0413121609                           03           12/01/01          0
    0413121609                           O            11/01/31
    0

    5986110          E22/G01             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.750          2,951.12         40
                                       6.500          2,951.12
    SACRAMENTO       CA   95864          2            10/11/01         00
    0413122896                           05           12/01/01          0
    0413122896                           O            11/01/31
    0

    5986332          E82/G01             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       7.125          1,987.47         74
                                       6.875          1,987.47
    MANHATTAN BEACH  CA   90266          2            10/03/01         00
    0400502019                           05           12/01/01          0
    0400502019                           O            11/01/31
    0
1

    5986340          E82/G01             F          463,700.00         ZZ
                                         360        463,700.00          1
                                       7.375          3,202.66         67
                                       7.125          3,202.66
    OAKLAND          CA   94611          2            10/10/01         00
    0400494274                           05           12/01/01          0
    4185911                              O            11/01/31
    0

    5990258          964/G01             F          321,600.00         ZZ
                                         360        321,600.00          1
                                       6.875          2,112.68         80
                                       6.625          2,112.68
    VISALIA          CA   93291          1            10/22/01         00
    0433319183                           03           12/01/01          0
    159014                               O            11/01/31
    0

    5999954          696/G01             F          445,150.00         ZZ
                                         360        445,150.00          1
                                       6.875          2,924.32         80
                                       6.625          2,924.32
    POTOMAC          MD   20854          1            10/15/01         00
    0433296167                           05           12/01/01          0
    30401135                             O            11/01/31
    0

    5999956          696/G01             F          457,350.00         ZZ
                                         360        457,350.00          1
                                       6.750          2,966.36         80
                                       6.500          2,966.36
    WASHINGTON       DC   20015          1            10/17/01         00
    0433286168                           05           12/01/01          0
    31201502                             O            11/01/31
    0

    5999958          696/G01             F          314,000.00         ZZ
                                         360        314,000.00          1
                                       6.875          2,062.76         80
                                       6.625          2,062.76
    BETHESDA         MD   20816          1            10/15/01         00
    0433286325                           05           12/01/01          0
    31901122                             O            11/01/31
    0

    6010850          E22/G01             F          347,500.00         ZZ
                                         360        347,500.00          1
1

                                       6.625          2,225.08         80
                                       6.375          2,225.08
    VENTURA          CA   93003          1            10/09/01         00
    0412853624                           05           12/01/01          0
    0412853624                           O            11/01/31
    0

    6010928          E22/G01             F          980,000.00         ZZ
                                         360        980,000.00          1
                                       6.750          6,356.26         70
                                       6.500          6,356.26
    AURORA           CO   80016          2            10/12/01         00
    0413070418                           03           12/01/01          0
    0413070418                           O            11/01/31
    0

    6011016          E22/G01             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       6.750          3,041.93         59
                                       6.500          3,041.93
    BETHESDA         MD   20814          2            10/12/01         00
    0413122250                           05           12/01/01          0
    0413122250                           O            11/01/31
    0

    6011036          E22/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       7.000          2,820.88         80
                                       6.750          2,820.88
    BERKLEY          CA   94603          1            10/11/01         00
    0413133232                           05           12/01/01          0
    0413133232                           O            11/01/31
    0

    6020276          696/G01             F          319,920.00         ZZ
                                         360        319,664.17          1
                                       7.125          2,155.36         80
                                       6.875          2,155.36
    STERLING         VA   20164          1            09/28/01         00
    0433260866                           03           11/01/01          0
    21401110                             O            10/01/31
    0

    6027122          944/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.625          3,201.56         34
                                       6.375          3,201.56
    WOODWAY          WA   98020          2            10/24/01         00
    0433331949                           05           12/01/01          0
1

    W01093118                            O            11/01/31
    0

    6028940          696/G01             F          382,700.00         ZZ
                                         240        382,700.00          1
                                       7.125          2,995.85         75
                                       6.875          2,995.85
    GAITHERSBURG     MD   20882          2            10/08/01         00
    0433288917                           05           12/01/01          0
    30401116                             O            11/01/21
    0

    6033944          E22/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.375          2,141.09         73
                                       7.125          2,141.09
    MOORPARK         CA   93021          2            10/03/01         00
    0412953978                           03           12/01/01          0
    0412953978                           O            11/01/31
    0

    6034060          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.750          2,756.54         69
                                       6.500          2,756.54
    PLEASANTON       CA   94566          2            10/12/01         00
    0413142811                           05           12/01/01          0
    0413142811                           O            11/01/31
    0

    6034330          E82/G01             F          322,900.00         ZZ
                                         360        322,900.00          1
                                       7.375          2,230.19         79
                                       7.125          2,230.19
    SAN JOSE         CA   95148          2            10/10/01         00
    0400489605                           03           12/01/01          0
    4190154                              O            11/01/31
    0

    6054130          696/G01             F          367,700.00         ZZ
                                         360        367,700.00          1
                                       7.000          2,446.32         74
                                       6.750          2,446.32
    LEESBURG         VA   20176          1            10/18/01         00
    0433296233                           03           12/01/01          0
    24501044                             O            11/01/31
    0

1

    6059728          E22/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.750          2,075.51         80
                                       6.500          2,075.51
    LOS ANGELES      CA   90731          1            10/11/01         00
    0413121393                           05           12/01/01          0
    0413121393                           O            11/01/31
    0

    6071706          W93/G01             F          377,000.00         ZZ
                                         360        376,690.98          1
                                       7.000          2,508.19         58
                                       6.750          2,508.19
    LA CANADA        CA   91011          2            09/21/01         00
    0433275567                           05           11/01/01          0
    3349546                              O            10/01/31
    0

    6075340          W93/G01             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         54
                                       6.625          2,627.72
    VANCOVER         WA   98682          5            09/19/01         00
    0433286945                           05           11/01/01          0
    29287514                             O            10/01/31
    0

    6075398          405/405             F          334,400.00         ZZ
                                         360        333,612.66          1
                                       7.250          2,281.20         80
                                       6.750          2,281.20
    LAGUNA NIGUEL    CA   92677          1            07/09/01         00
    0012303285                           03           09/01/01          0
    0012303285                           O            08/01/31
    0

    6075422          405/405             F          339,000.00         ZZ
                                         360        338,442.62          1
                                       7.000          2,255.38         62
                                       6.750          2,255.38
    SAN FRANCISCO    CA   94121          5            08/27/01         00
    0017618323                           05           10/01/01          0
    0017618323                           O            09/01/31
    0

    6075428          405/405             F          495,000.00         ZZ
                                         360        493,923.57          1
                                       7.250          3,376.77         77
                                       6.750          3,376.77
1

    TUSTIN           CA   92782          2            08/27/01         00
    0017664343                           03           10/01/01          0
    0017664343                           O            09/01/31
    0

    6075434          405/405             F          397,500.00         ZZ
                                         360        394,856.41          1
                                       7.125          2,678.04         75
                                       6.750          2,678.04
    LAFAYETTE        CA   94549          5            08/28/01         00
    0017668039                           05           10/01/01          0
    0017668039                           O            09/01/31
    0

    6075448          405/405             F          320,000.00         ZZ
                                         360        319,298.61          1
                                       7.250          2,182.97         80
                                       6.750          2,182.97
    PETALUMA         CA   94952          1            08/16/01         00
    0017676750                           05           10/01/01          0
    0017676750                           O            09/01/31
    0

    6075456          405/405             F          332,000.00         ZZ
                                         360        331,493.18          1
                                       7.375          2,293.05         80
                                       6.750          2,293.05
    REDONDO BEACH    CA   90278          1            08/20/01         00
    0017690181                           01           10/01/01          0
    0017690181                           O            09/01/31
    0

    6075462          405/405             F          336,000.00         ZZ
                                         360        335,461.00          1
                                       7.125          2,263.70         80
                                       6.750          2,263.70
    LOS ANGELES      CA   91326          2            08/24/01         00
    0017691262                           03           10/01/01          0
    0017691262                           O            09/01/31
    0

    6075468          405/405             F          404,000.00         ZZ
                                         360        403,367.78          1
                                       7.250          2,755.99         80
                                       6.750          2,755.99
    WALNUT           CA   91789          1            08/29/01         00
    0017697467                           05           10/01/01          0
    0017697467                           O            09/01/31
    0
1

    6075470          405/405             F          551,000.00         ZZ
                                         360        550,158.89          1
                                       7.375          3,805.62         62
                                       6.750          3,805.62
    LOS GATOS        CA   95032          2            08/27/01         00
    0017698390                           05           10/01/01          0
    0017698390                           O            09/01/31
    0

    6075488          405/405             F          440,000.00         ZZ
                                         360        439,656.75          1
                                       7.250          3,001.58         65
                                       6.750          3,001.58
    LA CANADA FLINT  CA   91011          5            09/05/01         00
    0017718008                           05           11/01/01          0
    0017718008                           O            10/01/31
    0

    6075490          405/405             F          705,000.00         ZZ
                                         360        704,476.78          1
                                       7.500          4,929.47         53
                                       6.750          4,929.47
    LOS ANGELES      CA   90068          2            09/06/01         00
    0017721754                           05           11/01/01          0
    0017721754                           O            10/01/31
    0

    6075508          405/405             F          650,000.00         ZZ
                                         360        648,982.80          1
                                       7.250          4,434.15         49
                                       6.750          4,434.15
    SANTA MONICA     CA   90402          5            08/25/01         00
    0019916626                           05           10/01/01          0
    0019916626                           O            09/01/31
    0

    6075510          405/405             F          308,400.00         ZZ
                                         360        307,750.61          1
                                       7.375          2,130.05         80
                                       6.750          2,130.05
    WOODLAND HILLS   CA   91367          5            08/27/01         00
    0019926088                           05           10/01/01          0
    0019926088                           O            09/01/31
    0

    6078856          696/G01             F          421,500.00         ZZ
                                         360        421,500.00          1
1

                                       6.875          2,768.95         80
                                       6.625          2,768.95
    KENSINGTON       MD   20895          2            10/17/01         00
    0433289725                           05           12/01/01          0
    32201239                             O            11/01/31
    0

    6078858          696/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.125          2,324.33         80
                                       6.875          2,324.33
    WASHINGTON       DC   20008          2            10/17/01         00
    0433289782                           08           12/01/01          0
    32601268                             O            11/01/31
    0

    6078860          696/G01             F          450,500.00         ZZ
                                         360        450,500.00          1
                                       7.000          2,997.19         79
                                       6.750          2,997.19
    STERLING         VA   20165          2            10/16/01         00
    0433289733                           03           12/01/01          0
    25101242                             O            11/01/31
    0

    6083616          E22/G01             F          292,300.00         ZZ
                                         360        292,300.00          1
                                       7.125          1,969.28         75
                                       6.875          1,969.28
    SAN JOSE         CA   95135          2            10/11/01         00
    0413016494                           01           12/01/01          0
    0413016494                           O            11/01/31
    0

    6083700          E22/G01             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.875          1,708.01         68
                                       6.625          1,708.01
    COPPELL          TX   75019          5            10/17/01         00
    0413079997                           05           12/01/01          0
    0413079997                           O            11/01/31
    0

    6083704          E22/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.875          2,594.87         42
                                       6.625          2,594.87
    LOS ANGELES      CA   90064          2            10/12/01         00
    0413080201                           05           12/01/01          0
1

    0413080201                           O            11/01/31
    0

    6083768          E22/G01             F          284,500.00         ZZ
                                         360        284,500.00          1
                                       6.625          1,821.68         67
                                       6.375          1,821.68
    OAKLAND          CA   94602          2            10/09/01         00
    0413110925                           05           12/01/01          0
    0413110925                           O            11/01/31
    0

    6083852          E22/G01             F          615,594.00         ZZ
                                         360        615,594.00          1
                                       6.625          3,941.72         53
                                       6.375          3,941.72
    PLEASANTON       CA   94566          5            10/16/01         00
    0413150756                           05           12/01/01          0
    0413150756                           O            11/01/31
    0

    6084552          W93/G01             F          339,200.00         ZZ
                                         360        338,907.95          1
                                       6.750          2,200.05         68
                                       6.500          2,200.05
    CLOVIS           CA   93611          2            09/24/01         00
    0433285327                           03           11/01/01          0
    45351072                             O            10/01/31
    0

    6084586          W93/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         78
                                       6.625          2,299.25
    RANCHO CUCAMONG  CA   91737          1            09/25/01         00
    0433321007                           05           11/01/01          0
    67334832                             O            10/01/31
    0

    6087340          W93/G01             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         55
                                       6.625          4,270.04
    ANAHEIM          CA   92808          5            09/24/01         00
    0433284221                           05           11/01/01          0
    4295254                              O            10/01/31
    0

1

    6087886          W93/G01             F          301,600.00         ZZ
                                         360        301,346.62          1
                                       6.875          1,981.30         80
                                       6.625          1,981.30
    PHOENIX          AZ   85050          1            09/22/01         00
    0433284668                           03           11/01/01          0
    35347615                             O            10/01/31
    0

    6088640          W93/G01             F          312,000.00         ZZ
                                         360        311,737.88          1
                                       6.875          2,049.62         80
                                       6.625          2,049.62
    LONGMONT         CO   80504          2            09/27/01         00
    0433284890                           03           11/01/01          0
    30346646                             O            10/01/31
    0

    6088820          L94/G01             F          440,000.00         T
                                         360        440,000.00          1
                                       6.875          2,890.49         55
                                       6.625          2,890.49
    PARK CITY        UT   84060          2            10/19/01         00
    0433334208                           05           12/01/01          0
    1000005338                           O            11/01/31
    0

    6089138          W93/G01             F          650,000.00         ZZ
                                         360        649,480.21          1
                                       7.125          4,379.17         57
                                       6.875          4,379.17
    CASTLE ROCK      CO   80104          5            09/14/01         00
    0433285236                           03           11/01/01          0
    77337466                             O            10/01/31
    0

    6091356          D03/D03             F          263,700.00         ZZ
                                         360        263,700.00          1
                                       6.500          1,666.76         21
                                       6.250          1,666.76
    STANFORD         CA   94305          5            09/28/01         00
    1                                    02           12/01/01          0
    1                                    O            11/01/31
    0

    6097202          W93/G01             F          367,000.00         ZZ
                                         360        366,684.02          1
                                       6.750          2,380.36         74
                                       6.500          2,380.36
1

    FREMONT          CA   94539          2            09/20/01         00
    0433275997                           05           11/01/01          0
    20299993                             O            10/01/31
    0

    6099308          696/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.750          2,646.28         80
                                       6.500          2,646.28
    WASHINGTON       DC   20016          1            10/18/01         00
    0433293610                           05           12/01/01          0
    30201185                             O            11/01/31
    0

    6099310          696/G01             F          507,000.00         ZZ
                                         360        507,000.00          1
                                       6.750          3,288.39         70
                                       6.500          3,288.39
    POTOMAC          MD   20854          2            10/18/01         00
    0433293602                           03           12/01/01          0
    32701264                             O            11/01/31
    0

    6101114          E87/G01             F          362,150.00         ZZ
                                         360        362,150.00          1
                                       7.000          2,409.39         80
                                       6.750          2,409.39
    GOLETA           CA   93117          1            10/26/01         00
    0433330016                           09           12/01/01          0
    70003817                             O            11/01/31
    0

    6111058          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.750          1,945.79         79
                                       6.500          1,945.79
    LA PALMA         CA   90623          5            10/12/01         00
    0413148974                           05           12/01/01          0
    0413148974                           O            11/01/31
    0

    6117250          964/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       6.875          2,338.67         80
                                       6.625          2,338.67
    SACRAMENTO       CA   95829          1            10/22/01         00
    0433320827                           05           12/01/01          0
    158334                               O            11/01/31
    0
1

    6126396          696/G01             F          610,400.00         ZZ
                                         360        610,400.00          1
                                       6.750          3,959.04         67
                                       6.500          3,959.04
    CHEVY CHASE      MD   20815          2            10/19/01         00
    0433291499                           06           12/01/01          0
    32901310                             O            11/01/31
    0

    6136546          E22/G01             F          139,300.00         ZZ
                                         360        139,300.00          1
                                       7.250            950.27         38
                                       7.000            950.27
    AUSTIN           TX   78703          2            10/18/01         00
    0413077074                           05           12/01/01          0
    0413077074                           O            11/01/31
    0

    6136604          E22/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.625          2,049.00         48
                                       6.375          2,049.00
    BERKELEY         CA   94705          1            10/19/01         00
    0413106998                           05           12/01/01          0
    0413106998                           O            11/01/31
    0

    6136662          E22/G01             F          423,000.00         ZZ
                                         360        423,000.00          1
                                       6.875          2,778.81         65
                                       6.625          2,778.81
    BELLEVUE         WA   98006          2            10/17/01         00
    0413137522                           05           12/01/01          0
    0413137522                           O            11/01/31
    0

    6136698          E22/G01             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       7.500            517.42         68
                                       7.250            517.42
    GRANTS PASS      OR   97526          1            10/15/01         00
    0413163213                           05           12/01/01          0
    0413163213                           O            11/01/31
    0

    6137116          E82/G01             F          330,500.00         ZZ
                                         360        330,500.00          1
1

                                       7.125          2,226.64         72
                                       6.875          2,226.64
    GLENELG          MD   21737          2            10/22/00         00
    0400496089                           05           12/01/01          0
    1637491                              O            11/01/31
    0

    6137122          E82/G01             F          327,700.00         ZZ
                                         360        327,700.00          1
                                       7.375          2,263.34         71
                                       7.125          2,263.34
    ANTIOCH          CA   94509          2            10/04/01         00
    0400490157                           05           12/01/01          0
    3994072                              O            11/01/31
    0

    6140758          W93/G01             F          511,000.00         ZZ
                                         360        510,560.04          1
                                       6.750          3,314.34         79
                                       6.500          3,314.34
    ALBUQUERQUE      NM   87122          2            09/27/01         00
    0433285558                           05           11/01/01          0
    36351522                             O            10/01/31
    0

    6158946          356/G01             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       7.250          2,762.82         65
                                       7.000          2,762.82
    PLEASANTON       CA   94566          2            10/03/01         00
    0433324555                           05           12/01/01          0
    28851368                             O            11/01/31
    0

    6161288          E22/G01             F          649,950.00         ZZ
                                         360        649,950.00          1
                                       7.000          4,324.13         77
                                       6.750          4,324.13
    SAN FRANCISCO    CA   94116          1            10/15/01         00
    0413133968                           03           12/01/01          0
    0413133968                           O            11/01/31
    0

    6163680          W93/G01             F          360,000.00         ZZ
                                         360        359,712.11          1
                                       7.125          2,425.39         72
                                       6.875          2,425.39
    PHOENIX          AZ   85018          5            09/28/01         00
    0433288842                           05           11/01/01          0
1

    35347609                             O            10/01/31
    0

    6173026          W93/G01             F          403,450.00         ZZ
                                         360        403,127.36          1
                                       7.125          2,718.12         80
                                       6.875          2,718.12
    PLACENTIA        CA   92870          1            09/10/01         00
    0433321502                           03           11/01/01          0
    04295146                             O            10/01/31
    0

    6173846          994/994             F          552,000.00         ZZ
                                         360        551,558.57          1
                                       7.125          3,718.93         60
                                       6.875          3,718.93
    PHOENIX          AZ   85048          1            09/26/01         00
    1818781312                           03           11/01/01          0
    1818781312                           O            10/01/31
    0

    6174410          994/994             F          319,200.00         ZZ
                                         360        318,747.96          1
                                       7.750          2,286.79         80
                                       7.500          2,286.79
    EMERSON          NJ   07630          1            08/28/01         00
    1000279374                           05           10/01/01          0
    1000279374                           O            09/01/31
    0

    6175162          994/994             F          360,000.00         ZZ
                                         360        359,450.44          1
                                       7.375          2,486.44         38
                                       7.125          2,486.44
    HOPEWELL         NJ   08525          1            08/31/01         00
    1000316368                           05           10/01/01          0
    1000316368                           O            09/01/31
    0

    6175206          956/G01             F          422,700.00         ZZ
                                         360        422,700.00          1
                                       6.875          2,776.84         75
                                       6.625          2,776.84
    SAMMAMISH        WA   98074          2            10/11/01         00
    0433297249                           05           12/01/01          0
    1311100048                           O            11/01/31
    0

1

    6175400          994/994             F          350,000.00         ZZ
                                         360        349,465.70          1
                                       7.375          2,417.37         70
                                       7.125          2,417.37
    LAFAYETTE        IN   47909          2            08/22/01         00
    41014156                             05           10/01/01          0
    41014156                             O            09/01/31
    0

    6177124          994/994             F          400,000.00         ZZ
                                         360        399,078.24          1
                                       8.250          3,005.07         70
                                       8.000          3,005.07
    GILROY           CA   95020          5            06/25/01         00
    718498545                            05           09/01/01          0
    718498545                            O            08/01/31
    0

    6177284          405/405             F          362,000.00         ZZ
                                         360        361,419.32          1
                                       7.125          2,438.86         79
                                       6.625          2,438.86
    HOUSTON          TX   77030          2            08/24/01         00
    0012288833                           05           10/01/01          0
    0012288833                           O            09/01/31
    0

    6177286          405/405             F          340,550.00         ZZ
                                         360        339,787.03          1
                                       7.500          2,381.18         80
                                       7.000          2,381.18
    LAFAYETTE        CO   80026          1            07/26/01         00
    0012313243                           03           09/01/01          0
    0012313243                           O            08/01/31
    0

    6177288          405/405             F          425,000.00         ZZ
                                         360        424,334.92          1
                                       7.250          2,899.25         46
                                       6.750          2,899.25
    ROLLING HILLS E  CA   90274          1            08/07/01         00
    0012346698                           03           10/01/01          0
    0012346698                           O            09/01/31
    0

    6177290          405/405             F          369,250.00         ZZ
                                         360        368,713.80          1
                                       7.625          2,613.53         77
                                       7.125          2,613.53
1

    MEAD             CO   80542          2            08/09/01         00
    0012354627                           03           10/01/01          0
    0012354627                           O            09/01/31
    0

    6177292          405/405             F          500,000.00         ZZ
                                         360        499,177.93          1
                                       7.000          3,326.51         80
                                       6.500          3,326.51
    SILVER SPRINGS   MD   20905          1            08/31/01         00
    0012400016                           03           10/01/01          0
    0012400016                           O            09/01/31
    0

    6177296          405/405             F          343,600.00         ZZ
                                         360        343,062.30          1
                                       7.250          2,343.96         80
                                       6.750          2,343.96
    BOTHELL          WA   98021          1            08/09/01         00
    0012405528                           05           10/01/01          0
    0012405528                           O            09/01/31
    0

    6177298          405/405             F          529,000.00         ZZ
                                         360        527,899.25          1
                                       7.500          3,698.85         66
                                       7.000          3,698.85
    BROOMFIELD       CO   80020          2            08/27/01         00
    0012406807                           03           10/01/01          0
    0012406807                           O            09/01/31
    0

    6177302          405/405             F          328,000.00         ZZ
                                         360        326,735.21          1
                                       7.125          2,209.80         51
                                       6.625          2,209.80
    POTOMAC          MD   20854          5            07/26/01         00
    0012410668                           05           09/01/01          0
    0012410668                           O            08/01/31
    0

    6177304          405/405             F          424,000.00         ZZ
                                         360        423,302.88          1
                                       7.000          2,820.88         71
                                       6.500          2,820.88
    ESTES PARK       CO   80517          2            08/27/01         00
    0012411195                           03           10/01/01          0
    0012411195                           O            09/01/31
    0
1

    6177306          405/405             F          480,000.00         ZZ
                                         360        479,267.28          1
                                       7.375          3,315.24         80
                                       6.875          3,315.24
    ALAMEDA          CA   94501          1            08/28/01         00
    0012411310                           05           10/01/01          0
    0012411310                           O            09/01/31
    0

    6177308          405/405             F          326,250.00         ZZ
                                         360        325,726.65          1
                                       7.125          2,198.01         75
                                       6.625          2,198.01
    BOULDER          CO   80305          5            08/30/01         00
    0012412987                           05           10/01/01          0
    0012412987                           O            09/01/31
    0

    6177310          405/405             F          345,000.00         ZZ
                                         360        344,473.35          1
                                       7.375          2,382.83         75
                                       6.875          2,382.83
    COSTA MESA       CA   92627          2            08/27/01         00
    0012417358                           05           10/01/01          0
    0012417358                           O            09/01/31
    0

    6177312          405/405             F          460,000.00         ZZ
                                         360        459,062.10          1
                                       7.125          3,099.11         71
                                       6.625          3,099.11
    LAYTONSVILLE     MD   20882          1            08/30/01         00
    0012427696                           03           10/01/01          0
    0012427696                           O            09/01/31
    0

    6177314          405/405             F          300,000.00         ZZ
                                         360        299,530.53          1
                                       7.250          2,046.53         57
                                       6.750          2,046.53
    LOS ANGELES      CA   90046          1            08/20/01         00
    0012429205                           05           10/01/01          0
    0012429205                           O            09/01/31
    0

    6177318          405/405             F          350,000.00         ZZ
                                         360        349,713.11          1
1

                                       7.000          2,328.56         80
                                       6.500          2,328.56
    HOUSTON          TX   77007          1            09/04/01         00
    0012435996                           05           11/01/01          0
    0012435996                           O            10/01/31
    0

    6177320          405/405             F          500,000.00         ZZ
                                         360        499,609.95          1
                                       7.250          3,410.88         42
                                       6.750          3,410.88
    AGOURA HILLS     CA   91301          1            09/19/01         00
    0012437687                           03           11/01/01          0
    0012437687                           O            10/01/31
    0

    6177326          405/405             F          499,950.00         ZZ
                                         360        499,167.63          1
                                       7.250          3,410.54         36
                                       6.750          3,410.54
    NEWPORT BEACH    CA   92663          1            08/29/01         00
    0012447017                           03           10/01/01          0
    0012447017                           O            09/01/31
    0

    6177328          405/405             F          322,400.00         ZZ
                                         360        321,919.96          1
                                       7.500          2,254.27         80
                                       7.000          2,254.27
    PHOENIX          MD   21131          5            08/29/01         00
    0012449930                           03           10/01/01          0
    0012449930                           O            09/01/31
    0

    6177330          405/405             F          480,000.00         ZZ
                                         360        479,616.15          1
                                       7.125          3,233.85         71
                                       6.625          3,233.85
    LITTLETON        CO   80127          1            09/14/01         00
    0012450177                           03           11/01/01          0
    0012450177                           O            10/01/31
    0

    6177332          405/405             F          315,000.00         ZZ
                                         360        314,507.05          1
                                       7.250          2,148.86         70
                                       6.750          2,148.86
    LONG BEACH       CA   90814          2            08/24/01         00
    0012460333                           01           10/01/01          0
1

    0012460333                           O            09/01/31
    0

    6177336          405/405             F          350,600.00         ZZ
                                         360        350,305.46          1
                                       6.875          2,303.19         80
                                       6.500          2,303.19
    PORTLAND         OR   97229          1            09/25/01         00
    0012465043                           03           11/01/01          0
    0012465043                           O            10/01/31
    0

    6177340          405/405             F          436,800.00         ZZ
                                         360        436,450.69          1
                                       7.125          2,942.81         70
                                       6.625          2,942.81
    STAMFORD         CT   06903          2            09/13/01         00
    0017386970                           05           11/01/01          0
    0017386970                           O            10/01/31
    0

    6177342          405/405             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         78
                                       6.500          2,661.21
    LOS ANGELES      CA   91423          5            09/24/01         00
    0017437450                           05           11/01/01          0
    0017437450                           O            10/01/31
    0

    6177344          405/405             F          600,000.00         ZZ
                                         360        599,508.18          1
                                       7.000          3,991.82         48
                                       6.500          3,991.82
    LOS ANGELES      CA   90069          2            09/18/01         00
    0017472887                           05           11/01/01          0
    0017472887                           O            10/01/31
    0

    6177350          405/405             F          320,000.00         ZZ
                                         360        318,674.73          1
                                       6.750          2,075.52         39
                                       6.500          2,075.52
    OAKLAND          CA   94610          2            09/13/01         00
    0017572207                           03           11/01/01          0
    0017572207                           O            10/01/31
    0

1

    6177358          405/405             F          600,000.00         ZZ
                                         360        599,508.18          1
                                       7.000          3,991.82         50
                                       6.500          3,991.82
    LA CANADAFLINTR  CA   91011          5            09/14/01         00
    0017605775                           05           11/01/01          0
    0017605775                           O            10/01/31
    0

    6177362          405/405             F          750,000.00         ZZ
                                         360        749,385.23          1
                                       7.000          4,989.77         72
                                       6.500          4,989.77
    COTO DE CAZA     CA   92679          2            09/06/01         00
    0017647868                           03           11/01/01          0
    0017647868                           O            10/01/31
    0

    6177378          405/405             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         74
                                       6.500          4,270.04
    TOPANGA          CA   90290          1            09/25/01         00
    0017679176                           05           11/01/01          0
    0017679176                           O            10/01/31
    0

    6177382          405/405             F          650,000.00         ZZ
                                         360        649,467.20          1
                                       7.000          4,324.47         77
                                       6.500          4,324.47
    THOUSAND OAKS    CA   91362          1            09/10/01         00
    0017681024                           03           11/01/01          0
    0017681024                           O            10/01/31
    0

    6177384          405/405             F          575,000.00         ZZ
                                         360        574,504.94          1
                                       6.750          3,729.44         53
                                       6.500          3,729.44
    CAMPBELL         CA   95008          5            09/20/01         00
    0017690702                           05           11/01/01          0
    0017690702                           O            10/01/31
    0

    6177394          405/405             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         45
                                       6.500          2,299.25
1

    AROMAS           CA   95004          5            09/14/01         00
    0017698846                           05           11/01/01          0
    0017698846                           O            10/01/31
    0

    6177402          405/405             F          308,000.00         ZZ
                                         360        307,753.69          1
                                       7.125          2,075.06         80
                                       6.625          2,075.06
    LOS ANGELES      CA   91344          2            09/10/01         00
    0017710120                           05           11/01/01          0
    0017710120                           O            10/01/31
    0

    6177404          405/405             F          487,228.00         ZZ
                                         360        486,776.73          1
                                       6.375          3,039.67         33
                                       6.125          3,039.67
    BURLINGAME       CA   94010          2            09/20/01         00
    0017710328                           05           11/01/01          0
    0017710328                           O            10/01/31
    0

    6177408          405/405             F          341,600.00         ZZ
                                         360        341,319.99          1
                                       7.000          2,272.68         80
                                       6.500          2,272.68
    COSTA MESA       CA   92627          1            09/19/01         00
    0017711862                           05           11/01/01          0
    0017711862                           O            10/01/31
    0

    6177418          405/405             F          356,000.00         ZZ
                                         360        355,685.89          1
                                       6.625          2,279.51         60
                                       6.375          2,279.51
    RANCHO PALOS VE  CA   90275          2            09/07/01         00
    0017718032                           05           11/01/01          0
    0017718032                           O            10/01/31
    0

    6177424          405/405             F          430,500.00         ZZ
                                         360        430,147.12          1
                                       7.000          2,864.13         69
                                       6.500          2,864.13
    NOVATO           CA   94945          5            09/05/01         00
    0017720004                           05           11/01/01          0
    0017720004                           O            10/01/31
    0
1

    6177426          405/405             F          560,000.00         ZZ
                                         360        559,540.97          1
                                       7.000          3,725.70         48
                                       6.500          3,725.70
    SAN JOSE         CA   95121          5            09/18/01         00
    0017720038                           05           11/01/01          0
    0017720038                           O            10/01/31
    0

    6177428          405/405             F          310,000.00         ZZ
                                         360        309,733.09          1
                                       6.750          2,010.66         65
                                       6.500          2,010.66
    ENCINITAS        CA   92024          5            09/28/01         00
    0017720392                           05           11/01/01          0
    0017720392                           O            10/01/31
    0

    6177432          405/405             F          611,000.00         ZZ
                                         360        610,486.68          1
                                       6.875          4,013.84         64
                                       6.500          4,013.84
    SIMI VALLEY      CA   93065          2            09/14/01         00
    0017720871                           03           11/01/01          0
    0017720871                           O            10/01/31
    0

    6177434          405/405             F          460,000.00         ZZ
                                         360        459,622.93          1
                                       7.000          3,060.40         66
                                       6.500          3,060.40
    LOS ANGELES      CA   91364          2            09/07/01         00
    0017721325                           05           11/01/01          0
    0017721325                           O            10/01/31
    0

    6177440          405/405             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         73
                                       6.500          4,270.04
    UNION CITY       CA   94587          1            09/11/01         00
    0017722687                           05           11/01/01          0
    0017722687                           O            10/01/31
    0

    6177448          405/405             F          308,000.00         ZZ
                                         360        308,000.00          1
1

                                       7.000          2,049.14         80
                                       6.500          2,049.14
    WILMINGTON       DE   19807          1            10/01/01         00
    0017725045                           05           12/01/01          0
    0017725045                           O            11/01/31
    0

    6177452          405/405             F          416,000.00         ZZ
                                         360        415,659.01          1
                                       7.000          2,767.66         80
                                       6.500          2,767.66
    LOS ANGELES      CA   91423          1            09/24/01         00
    0017725763                           05           11/01/01          0
    0017725763                           O            10/01/31
    0

    6177458          405/405             F          390,000.00         ZZ
                                         360        389,680.32          1
                                       7.000          2,594.68         65
                                       6.500          2,594.68
    SAN JOSE         CA   95120          2            09/19/01         00
    0017726407                           03           11/01/01          0
    0017726407                           O            10/01/31
    0

    6177464          405/405             F          361,600.00         ZZ
                                         360        361,303.59          1
                                       7.000          2,405.74         80
                                       6.500          2,405.74
    SIMI VALLEY      CA   93065          1            09/06/01         00
    0017729112                           03           11/01/01          0
    0017729112                           O            10/01/31
    0

    6177466          405/405             F          295,000.00         ZZ
                                         360        294,758.18          1
                                       7.000          1,962.65         40
                                       6.500          1,962.65
    RANCHO PALOS VE  CA   90275          2            09/19/01         00
    0017730102                           03           11/01/01          0
    0017730102                           O            10/01/31
    0

    6177468          405/405             F          421,500.00         ZZ
                                         360        421,154.50          1
                                       7.000          2,804.25         80
                                       6.500          2,804.25
    SIMI VALLEY      CA   93065          1            09/07/01         00
    0017730250                           03           11/01/01          0
1

    0017730250                           O            10/01/31
    0

    6177470          405/405             F          308,000.00         ZZ
                                         360        307,747.53          1
                                       7.000          2,049.14         78
                                       6.500          2,049.14
    CHULA VISTA      CA   91910          5            09/11/01         00
    0017730607                           05           11/01/01          0
    0017730607                           O            10/01/31
    0

    6177482          405/405             F          441,500.00         ZZ
                                         360        440,929.09          1
                                       6.875          2,900.34         63
                                       6.500          2,900.34
    FREMONT          CA   94536          1            09/14/01         00
    0017733445                           05           11/01/01          0
    0017733445                           O            10/01/31
    0

    6177492          405/405             F          560,000.00         ZZ
                                         360        553,277.09          1
                                       6.875          3,678.80         47
                                       6.500          3,678.80
    PALOS VERDES ES  CA   90274          2            09/25/01         00
    0017734427                           05           11/01/01          0
    0017734427                           O            10/01/31
    0

    6177500          405/405             F          477,000.00         ZZ
                                         360        476,609.00          1
                                       7.000          3,173.50         71
                                       6.500          3,173.50
    DANVILLE         CA   94526          5            09/21/01         00
    0017740127                           05           11/01/01          0
    0017740127                           O            10/01/31
    0

    6177510          405/405             F          575,000.00         ZZ
                                         360        574,528.68          1
                                       7.000          3,825.49         78
                                       6.500          3,825.49
    LOS ANGELES      CA   91607          2            09/13/01         00
    0017744905                           05           11/01/01          0
    0017744905                           O            10/01/31
    0

1

    6177516          405/405             F          355,000.00         ZZ
                                         360        354,558.45          1
                                       7.125          2,391.71         79
                                       6.625          2,391.71
    SEMINOLE         FL   33776          2            09/21/01         00
    0017745662                           05           11/01/01          0
    0017745662                           O            10/01/31
    0

    6177530          405/405             F          373,200.00         ZZ
                                         360        372,886.47          1
                                       6.875          2,451.66         78
                                       6.500          2,451.66
    SIMI VALLEY      CA   93065          2            09/06/01         00
    0017748187                           03           11/01/01          0
    0017748187                           O            10/01/31
    0

    6177534          405/405             F          450,000.00         ZZ
                                         360        449,631.13          1
                                       7.000          2,993.87         55
                                       6.500          2,993.87
    CAMARILLO        CA   93010          2            09/14/01         00
    0017748492                           03           11/01/01          0
    0017748492                           O            10/01/31
    0

    6177538          405/405             F          422,100.00         ZZ
                                         360        421,754.00          1
                                       7.000          2,808.25         70
                                       6.500          2,808.25
    HUNTINGTON BEAC  CA   92646          1            10/30/01         00
    0017750480                           05           11/01/01          0
    0017750480                           O            10/01/31
    0

    6177542          405/405             F          310,000.00         ZZ
                                         360        309,745.89          1
                                       7.000          2,062.44         36
                                       6.500          2,062.44
    REDWOOD CITY     CA   94062          2            09/20/01         00
    0017750878                           05           11/01/01          0
    0017750878                           O            10/01/31
    0

    6177544          405/405             F          345,000.00         ZZ
                                         360        344,710.15          1
                                       6.875          2,266.41         75
                                       6.500          2,266.41
1

    LOS ANGELES      CA   91335          1            09/27/01         00
    0017751108                           05           11/01/01          0
    0017751108                           O            10/01/31
    0

    6177548          405/405             F          355,000.00         ZZ
                                         360        354,723.06          1
                                       7.250          2,421.73         55
                                       6.750          2,421.73
    LINCOLNWOOD      IL   60712          5            09/20/01         00
    0017753005                           05           11/01/01          0
    0017753005                           O            10/01/31
    0

    6177554          405/405             F          364,000.00         ZZ
                                         360        363,705.71          1
                                       7.125          2,452.34         75
                                       6.625          2,452.34
    FALLS CHURCH     VA   22043          5            09/18/01         00
    0017754581                           05           11/01/01          0
    0017754581                           O            10/01/31
    0

    6177556          405/405             F          421,300.00         ZZ
                                         360        419,946.21          1
                                       7.000          2,802.92         72
                                       6.500          2,802.92
    AUSTIN           TX   78738          2            09/26/01         00
    0017754912                           05           11/01/01          0
    0017754912                           O            10/01/31
    0

    6177562          405/405             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         64
                                       6.500          2,299.25
    REDWOOD CITY     CA   94061          5            09/20/01         00
    0017757568                           05           11/01/01          0
    0017757568                           O            10/01/31
    0

    6177564          405/405             F          385,000.00         ZZ
                                         360        384,676.55          1
                                       6.875          2,529.18         54
                                       6.500          2,529.18
    OAKLAND          CA   94609          5            09/07/01         00
    0017757980                           05           11/01/01          0
    0017757980                           O            10/01/31
    0
1

    6177568          405/405             F          510,000.00         ZZ
                                         360        508,734.37          1
                                       7.000          3,393.05         54
                                       6.500          3,393.05
    TOPANGA          CA   90290          2            09/19/01         00
    0017758996                           05           11/01/01          0
    0017758996                           O            10/01/31
    0

    6177574          405/405             F          570,000.00         ZZ
                                         360        569,532.77          1
                                       7.000          3,792.23         75
                                       6.500          3,792.23
    AUSTIN           TX   78730          2            10/03/01         00
    0017760190                           03           11/01/01          0
    0017760190                           O            10/01/31
    0

    6177580          405/405             F          360,000.00         ZZ
                                         360        359,712.11          1
                                       7.125          2,425.39         80
                                       6.625          2,425.39
    TAKOMA PARK      MD   20912          2            09/24/01         00
    0017761966                           05           11/01/01          0
    0017761966                           O            10/01/31
    0

    6177588          405/405             F          359,200.00         ZZ
                                         360        358,905.56          1
                                       7.000          2,389.77         80
                                       6.500          2,389.77
    SAN RAMON        CA   94583          1            09/21/01         00
    0017763145                           03           11/01/01          0
    0017763145                           O            10/01/31
    0

    6177594          405/405             F          600,000.00         ZZ
                                         360        599,508.18          1
                                       7.000          3,991.82         70
                                       6.500          3,991.82
    SAN ANSELMO      CA   94960          2            09/20/01         00
    0017764374                           05           11/01/01          0
    0017764374                           O            10/01/31
    0

    6177596          405/405             F          620,000.00         ZZ
                                         360        618,869.49          1
1

                                       7.125          4,177.06         78
                                       6.625          4,177.06
    ROCKVILLE        MD   20850          2            09/21/01         00
    0017764713                           05           11/01/01          0
    0017764713                           O            10/01/31
    0

    6177604          405/405             F          490,000.00         ZZ
                                         360        489,598.34          1
                                       7.000          3,259.99         57
                                       6.500          3,259.99
    YORBA LINDA      CA   92887          2            09/25/01         00
    0017767856                           05           11/01/01          0
    0017767856                           O            10/01/31
    0

    6177614          405/405             F          308,000.00         ZZ
                                         360        307,747.53          1
                                       7.000          2,049.14         80
                                       6.500          2,049.14
    SIMI VALLEY      CA   93065          1            09/19/01         00
    0017770587                           05           11/01/01          0
    0017770587                           O            10/01/31
    0

    6177624          405/405             F          538,000.00         ZZ
                                         360        537,569.77          1
                                       7.125          3,624.61         57
                                       6.625          3,624.61
    SAN DIEGO        CA   92037          5            09/20/01         00
    0017772187                           05           11/01/01          0
    0017772187                           O            10/01/31
    0

    6177638          405/405             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       7.000          2,601.34         80
                                       6.500          2,601.34
    LOS ANGELES      CA   91356          1            10/03/01         00
    0017775883                           05           12/01/01          0
    0017775883                           O            11/01/31
    0

    6177642          405/405             F          471,000.00         ZZ
                                         360        470,613.92          1
                                       7.000          3,133.58         80
                                       6.500          3,133.58
    PASADENA         CA   91103          1            09/19/01         00
    0017776352                           05           11/01/01          0
1

    0017776352                           O            10/01/31
    0

    6177644          405/405             F          363,000.00         ZZ
                                         360        362,687.46          1
                                       6.750          2,354.42         79
                                       6.500          2,354.42
    LONG BEACH       CA   90803          1            09/24/01         00
    0017776642                           05           11/01/01          0
    0017776642                           O            10/01/31
    0

    6177648          405/405             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       7.000          2,767.66         80
                                       6.500          2,767.66
    BETHESDA         MD   20816          1            10/01/01         00
    0017778408                           05           12/01/01          0
    0017778408                           O            11/01/31
    0

    6177650          405/405             F          600,000.00         ZZ
                                         360        599,508.18          1
                                       7.000          3,991.82         42
                                       6.500          3,991.82
    SANTA MONICA     CA   90402          2            09/20/01         00
    0017780263                           05           11/01/01          0
    0017780263                           O            10/01/31
    0

    6177654          405/405             F          360,000.00         ZZ
                                         360        359,682.38          1
                                       6.625          2,305.12         49
                                       6.375          2,305.12
    VENTURA          CA   93003          1            09/24/01         00
    0017780461                           03           11/01/01          0
    0017780461                           O            10/01/31
    0

    6177660          405/405             F          357,500.00         ZZ
                                         360        357,500.00          1
                                       6.750          2,318.74         80
                                       6.500          2,318.74
    SAN RAMON        CA   94583          1            10/02/01         00
    0017781972                           03           12/01/01          0
    0017781972                           O            11/01/31
    0

1

    6177664          405/405             F          326,900.00         ZZ
                                         360        326,632.04          1
                                       7.000          2,174.88         80
                                       6.500          2,174.88
    PARKLAND         FL   33076          1            09/28/01         00
    0017782566                           03           11/01/01          0
    0017782566                           O            10/01/31
    0

    6177666          405/405             F          450,000.00         ZZ
                                         360        449,631.13          1
                                       7.000          2,993.87         75
                                       6.500          2,993.87
    REDWOOD CITY     CA   94065          2            09/20/01         00
    0017782871                           03           11/01/01          0
    0017782871                           O            10/01/31
    0

    6177672          405/405             F          444,000.00         ZZ
                                         360        443,626.98          1
                                       6.875          2,916.77         68
                                       6.500          2,916.77
    SAN JOSE         CA   95120          2            09/21/01         00
    0017784851                           05           11/01/01          0
    0017784851                           O            10/01/31
    0

    6177676          405/405             F          462,000.00         ZZ
                                         360        461,611.87          1
                                       6.875          3,035.01         63
                                       6.500          3,035.01
    FOSTER CITY      CA   94404          5            09/28/01         00
    0017786120                           05           11/01/01          0
    0017786120                           O            10/01/31
    0

    6177678          405/405             F          406,000.00         ZZ
                                         360        405,658.91          1
                                       6.875          2,667.13         78
                                       6.500          2,667.13
    SIMI VALLEY      CA   93065          1            09/21/01         00
    0017786369                           03           11/01/01          0
    0017786369                           O            10/01/31
    0

    6177688          405/405             F          347,200.00         ZZ
                                         360        347,200.00          1
                                       7.125          2,339.16         80
                                       6.625          2,339.16
1

    OAKLAND          CA   94602          1            10/02/01         00
    0017790841                           05           12/01/01          0
    0017790841                           O            11/01/31
    0

    6177690          405/405             F          568,000.00         ZZ
                                         360        567,510.96          1
                                       6.750          3,684.04         80
                                       6.500          3,684.04
    LOS ANGELES      CA   90004          1            09/21/01         00
    0017790866                           05           11/01/01          0
    0017790866                           O            10/01/31
    0

    6177698          405/405             F          325,000.00         ZZ
                                         360        324,733.59          1
                                       7.000          2,162.24         69
                                       6.500          2,162.24
    LOS ANGELES      CA   90039          5            09/28/01         00
    0017791864                           05           11/01/01          0
    0017791864                           O            10/01/31
    0

    6177700          405/405             F          303,900.00         ZZ
                                         360        303,631.87          1
                                       6.625          1,945.91         80
                                       6.375          1,945.91
    SAN MARCOS       CA   92069          1            09/20/01         00
    0017792946                           03           11/01/01          0
    0017792946                           O            10/01/31
    0

    6177718          405/405             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       7.000          2,421.71         80
                                       6.500          2,421.71
    DANVILLE         CA   94526          1            10/01/01         00
    0017797655                           03           12/01/01          0
    0017797655                           O            11/01/31
    0

    6177722          405/405             F          615,000.00         ZZ
                                         360        614,495.89          1
                                       7.000          4,091.61         73
                                       6.500          4,091.61
    LOS ANGELES      CA   90024          5            09/26/01         00
    0017797762                           05           11/01/01          0
    0017797762                           O            10/01/31
    0
1

    6177728          405/405             F          388,500.00         ZZ
                                         360        388,173.61          1
                                       6.875          2,552.17         54
                                       6.500          2,552.17
    SAN FRANCISCO    CA   94114          2            10/01/01         00
    0017799925                           01           11/01/01          0
    0017799925                           O            10/01/31
    0

    6177734          405/405             F          309,600.00         ZZ
                                         360        309,600.00          1
                                       6.625          1,982.41         80
                                       6.375          1,982.41
    GLENDALE         CA   91201          1            10/04/01         00
    0017807512                           05           12/01/01          0
    0017807512                           O            11/01/31
    0

    6177736          405/405             F          367,960.00         ZZ
                                         360        367,658.38          1
                                       7.000          2,448.05         80
                                       6.500          2,448.05
    SAN JOSE         CA   95130          1            09/27/01         00
    0017807652                           05           11/01/01          0
    0017807652                           O            10/01/31
    0

    6177748          405/405             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       6.875          2,943.04         80
                                       6.500          2,943.04
    SOUTH SAN FRANC  CA   94080          1            10/02/01         00
    0017828716                           05           12/01/01          0
    0017828716                           O            11/01/31
    0

    6177758          405/405             F          326,000.00         ZZ
                                         360        325,726.12          1
                                       6.875          2,141.59         80
                                       6.500          2,141.59
    STUDIO CITY      CA   91602          1            09/14/01         00
    0019908284                           05           11/01/01          0
    0019908284                           O            10/01/31
    0

    6177766          405/405             F          385,000.00         ZZ
                                         360        384,676.55          1
1

                                       6.875          2,529.18         48
                                       6.500          2,529.18
    SAN RAFAEL       CA   94903          5            09/12/01         00
    0019926203                           03           11/01/01          0
    0019926203                           O            10/01/31
    0

    6177778          405/405             F          370,000.00         ZZ
                                         360        369,689.15          1
                                       6.875          2,430.64         60
                                       6.500          2,430.64
    LAGUNA BEACH     CA   92651          5            09/12/01         00
    0019930577                           05           11/01/01          0
    0019930577                           O            10/01/31
    0

    6177780          405/405             F          288,000.00         ZZ
                                         360        287,758.04          1
                                       6.875          1,891.96         80
                                       6.500          1,891.96
    WOODLAND HILLS   CA   91367          1            09/07/01         00
    0019931104                           05           11/01/01          0
    0019931104                           O            10/01/31
    0

    6177784          405/405             F          488,000.00         ZZ
                                         360        487,590.02          1
                                       6.875          3,205.81         80
                                       6.500          3,205.81
    RANCHO PALOS VE  CA   90275          1            09/19/01         00
    0019932391                           05           11/01/01          0
    0019932391                           O            10/01/31
    0

    6177786          405/405             F          454,000.00         ZZ
                                         360        453,618.58          1
                                       6.875          2,982.46         80
                                       6.500          2,982.46
    FREMONT          CA   94539          1            09/26/01         00
    0019933977                           05           11/01/01          0
    0019933977                           O            10/01/31
    0

    6177788          405/405             F          320,600.00         ZZ
                                         360        318,244.56          1
                                       6.750          2,079.41         71
                                       6.500          2,079.41
    LOS ANGELES      CA   90019          1            09/25/01         00
    0019935055                           05           11/01/01          0
1

    0019935055                           O            10/01/31
    0

    6177792          405/405             F          350,000.00         ZZ
                                         360        349,720.11          1
                                       7.125          2,358.02         64
                                       6.625          2,358.02
    HAYWARD          CA   94544          5            09/21/01         00
    0019936384                           03           11/01/01          0
    0019936384                           O            10/01/31
    0

    6177794          405/405             F          475,000.00         ZZ
                                         360        474,610.64          1
                                       7.000          3,160.19         20
                                       6.500          3,160.19
    WOODSIDE         CA   94062          5            09/24/01         00
    0019936970                           05           11/01/01          0
    0019936970                           O            10/01/31
    0

    6177798          405/405             F          465,000.00         ZZ
                                         360        464,609.34          1
                                       6.875          3,054.72         52
                                       6.500          3,054.72
    SHERMAN OAKS     CA   91403          5            09/21/01         00
    0019938174                           05           11/01/01          0
    0019938174                           O            10/01/31
    0

    6177800          405/405             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.24         80
                                       6.500          2,205.24
    SAN DIEGO        CA   92101          1            10/02/01         00
    0019944578                           03           12/01/01          0
    0019944578                           O            11/01/31
    0

    6177806          405/405             F          414,500.00         ZZ
                                         360        414,143.12          1
                                       6.750          2,688.44         70
                                       6.500          2,688.44
    LONG BEACH       CA   90814          1            09/18/01         00
    0019948041                           05           11/01/01          0
    0019948041                           O            10/01/31
    0

1

    6178414          W93/G01             F          426,400.00         ZZ
                                         360        426,032.87          1
                                       6.750          2,765.63         69
                                       6.500          2,765.63
    PISMO BEACH      CA   93449          1            09/13/01         00
    0433290228                           05           11/01/01          0
    48286523                             O            10/01/31
    0

    6178774          994/994             F          598,000.00         ZZ
                                         360        593,971.27          1
                                       7.125          4,028.84         72
                                       6.875          4,028.84
    VIENNA           VA   22182          2            06/01/01         00
    218336901                            03           07/01/01          0
    218336901                            O            06/01/31
    0

    6179926          W93/G01             F          330,500.00         ZZ
                                         360        330,235.70          1
                                       7.125          2,226.64         78
                                       6.875          2,226.64
    PORTLAND         OR   97221          5            09/14/01         00
    0433289485                           05           11/01/01          0
    37310963                             O            10/01/31
    0

    6180152          994/994             F          390,000.00         ZZ
                                         360        389,419.31          1
                                       7.500          2,726.94         89
                                       7.250          2,726.94
    MARLBOROUGH      MA   01752          1            08/30/01         11
    1000303199                           05           10/01/01         25
    1000303199                           O            09/01/31
    0

    6180582          994/994             F          358,000.00         ZZ
                                         360        356,969.33          1
                                       7.750          2,564.76         80
                                       7.500          2,564.76
    SAN FRANCISCO    CA   94116          2            08/16/01         00
    718656100                            05           10/01/01          0
    718656100                            O            09/01/31
    0

    6188466          E22/G01             F          109,250.00         ZZ
                                         360        109,250.00          1
                                       7.375            754.56         95
                                       7.125            754.56
1

    NORTH EAST       NY   12546          1            10/26/01         04
    0413161662                           05           12/01/01         30
    0413161662                           O            11/01/31
    0

    6189254          F28/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.250          3,274.45         80
                                       7.000          3,274.45
    FOREST HILLS     NY   11375          1            10/11/01         00
    0433296134                           05           12/01/01          0
    7423579                              O            11/01/31
    0

    6189532          994/994             F          469,000.00         ZZ
                                         360        468,301.68          1
                                       7.500          3,279.32         70
                                       7.250          3,279.32
    WILTON           CT   06897          1            08/30/01         00
    1000290708                           05           10/01/01          0
    1000290708                           O            09/01/31
    0

    6189802          994/994             F          312,000.00         ZZ
                                         360        311,744.25          1
                                       7.000          2,075.75         80
                                       6.750          2,075.75
    SILVER SPRINGS   MD   20906          1            09/28/01         00
    404220073                            03           11/01/01          0
    404220073                            O            10/01/31
    0

    6190172          994/994             F          371,000.00         ZZ
                                         360        371,000.00          1
                                       7.125          2,499.50         79
                                       6.875          2,499.50
    CREVE COEUR      MO   63141          2            10/03/01         00
    404221807                            03           12/01/01          0
    404221807                            O            11/01/31
    0

    6190242          F28/G01             F          413,600.00         ZZ
                                         360        413,260.97          1
                                       7.000          2,751.70         80
                                       6.750          2,751.70
    CORNELIUS        NC   28031          2            09/19/01         00
    0433308137                           03           11/01/01          0
    7419940                              O            10/01/31
    0
1

    6190762          F28/G01             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       7.000          3,033.78         80
                                       6.750          3,033.78
    HOUSTON          TX   77057          2            10/01/01         00
    0433295813                           03           12/01/01          0
    7443849                              O            11/01/31
    0

    6193328          994/994             F          410,000.00         ZZ
                                         360        408,771.42          1
                                       7.500          2,866.78         72
                                       7.250          2,866.78
    BROWNSVILLE      TX   78520          2            06/25/01         00
    218350324                            05           08/01/01          0
    218350324                            O            07/01/31
    0

    6201244          168/168             F          394,500.00         ZZ
                                         360        394,184.52          1
                                       7.125          2,657.82         72
                                       6.875          2,657.82
    SAN JOSE         CA   95148          2            09/21/01         00
    59862963                             05           11/01/01          0
    59862963                             O            10/01/31
    0

    6212016          168/168             F          450,000.00         ZZ
                                         360        449,640.15          1
                                       7.125          3,031.73         63
                                       6.875          3,031.73
    NEW ROCHELLE     NY   10804          1            09/26/01         00
    59629487                             05           11/01/01          0
    59629487                             O            10/01/31
    0

    6213172          E22/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.125          2,189.59         69
                                       6.875          2,189.59
    PETALUMA         CA   94954          2            10/02/01         00
    0413046608                           05           12/01/01          0
    0413046608                           O            11/01/31
    0

    6213270          E22/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
1

                                       7.000          2,661.20         29
                                       6.750          2,661.20
    PLANO            TX   75093          5            10/23/01         00
    0413106618                           03           12/01/01          0
    0413106618                           O            11/01/31
    0

    6213476          E22/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.875          2,181.00         65
                                       6.625          2,181.00
    LAGUNA HILLS     CA   92653          2            10/17/01         00
    0413174772                           05           12/01/01          0
    0413174772                           O            11/01/31
    0

    6213738          168/168             F          425,000.00         ZZ
                                         360        424,398.14          2
                                       7.750          3,044.75         74
                                       7.500          3,044.75
    STATEN ISLAND    NY   10307          1            07/26/01         00
    59334584                             05           09/01/01          0
    59334584                             O            08/01/31
    0

    6216748          F28/G01             F          420,000.00         ZZ
                                         360        419,672.36          1
                                       7.250          2,865.14         53
                                       7.000          2,865.14
    FALMOUTH         ME   04105          5            09/27/01         00
    0433315520                           05           11/01/01          0
    7418571                              O            10/01/31
    0

    6225282          F28/G01             F          507,200.00         ZZ
                                         360        506,784.25          1
                                       7.000          3,374.42         80
                                       6.750          3,374.42
    BELLAIRE         TX   77401          1            09/26/01         00
    0433311206                           05           11/01/01          0
    7473424                              O            10/01/31
    0

    6228262          F28/G01             F          384,000.00         ZZ
                                         360        383,399.07          1
                                       7.250          2,619.56         80
                                       7.000          2,619.56
    SAN JOSE         CA   95132          1            08/27/01         00
    0433317674                           05           10/01/01          0
1

    7290513                              O            09/01/31
    0

    6228866          F28/G01             F          360,000.00         ZZ
                                         360        359,463.96          1
                                       7.500          2,517.17         74
                                       7.250          2,517.17
    BOULDER          CO   80303          5            08/30/01         00
    0433297892                           05           10/01/01          0
    7282148                              O            09/01/31
    0

    6229994          F28/G01             F          367,000.00         ZZ
                                         240        365,608.10          1
                                       7.125          2,872.95         54
                                       6.875          2,872.95
    FLORISSANT       CO   80816          5            08/17/01         00
    0433297504                           05           10/01/01          0
    7318449                              O            09/01/21
    0

    6230348          F28/G01             F          338,500.00         ZZ
                                         360        338,235.93          1
                                       7.250          2,309.17         78
                                       7.000          2,309.17
    QUAKERTOWN       PA   18951          1            09/05/01         00
    0433317013                           05           11/01/01          0
    7401575                              O            10/01/31
    0

    6230916          F28/G01             F          329,200.00         ZZ
                                         360        328,949.51          1
                                       7.375          2,273.70         72
                                       7.125          2,273.70
    CANTON           MI   48188          5            10/01/01         00
    0433317161                           05           11/01/01          0
    7404841                              O            10/01/31
    0

    6233908          956/G01             F          335,700.00         ZZ
                                         360        335,700.00          1
                                       6.750          2,177.34         80
                                       6.500          2,177.34
    RIVERSIDE        CA   92508          1            10/05/01         00
    0433318276                           05           12/01/01          0
    1911010139                           O            11/01/31
    0

1

    6236914          E22/G01             F          370,000.00         ZZ
                                         240        370,000.00          1
                                       6.750          2,813.35         44
                                       6.500          2,813.35
    POWAY            CA   92064          5            10/24/01         00
    0413074378                           05           12/01/01          0
    0413074378                           O            11/01/21
    0

    6237010          E22/G01             F          582,000.00         ZZ
                                         360        582,000.00          1
                                       7.000          3,872.06         79
                                       6.750          3,872.06
    CAREFREE         AZ   85377          2            10/22/01         00
    0413140278                           05           12/01/01          0
    0413140278                           O            11/01/31
    0

    6237130          E22/G01             F          439,200.00         ZZ
                                         360        439,200.00          1
                                       6.750          2,848.64         80
                                       6.500          2,848.64
    SAN JOSE         CA   95135          1            10/18/01         00
    0413182940                           05           12/01/01          0
    0413182940                           O            11/01/31
    0

    6237552          F28/G01             F          360,000.00         ZZ
                                         347        359,751.68          1
                                       7.375          2,512.21         80
                                       7.125          2,512.21
    EXETER           NH   03833          2            09/10/01         00
    0433301777                           05           11/01/01          0
    7429840                              O            09/01/30
    0

    6241504          F28/G01             F          335,200.00         ZZ
                                         360        335,200.00          1
                                       7.250          2,286.65         80
                                       7.000          2,286.65
    NEW CITY         NY   10956          1            10/10/01         00
    0433315348                           05           12/01/01          0
    7371206                              O            11/01/31
    0

    6243040          F28/G01             F          447,200.00         ZZ
                                         360        446,500.18          1
                                       7.250          3,050.69         70
                                       7.000          3,050.69
1

    NAPLES           FL   34109          1            08/17/01         00
    0433295938                           03           10/01/01          0
    2157279                              O            09/01/31
    0

    6250210          F28/G01             F          479,200.00         ZZ
                                         360        478,450.10          1
                                       7.250          3,268.99         80
                                       7.000          3,268.99
    BROOKLINE        MA   02446          2            08/31/01         00
    0433334075                           01           10/01/01          0
    7377601                              O            09/01/31
    0

    6250450          F28/G01             F          320,000.00         ZZ
                                         360        319,750.37          1
                                       7.250          2,182.96         69
                                       7.000          2,182.96
    WOODBURY         MN   55125          1            09/27/01         00
    0433298841                           05           11/01/01          0
    7469531                              O            10/01/31
    0

    6251900          F28/G01             F          412,000.00         T
                                         360        411,618.41          1
                                       6.375          2,570.34         75
                                       6.125          2,570.34
    SEA ISLE CITY    NJ   08243          2            10/09/01         00
    0433299799                           01           11/01/01          0
    7361464                              O            10/01/31
    0

    6253212          F28/G01             F          360,000.00         ZZ
                                         360        359,719.16          1
                                       7.250          2,455.84         68
                                       7.000          2,455.84
    MONTGOMERY       AL   36117          2            09/26/01         00
    0433305547                           05           11/01/01          0
    7372642                              O            10/01/31
    0

    6254534          F28/G01             F          650,000.00         ZZ
                                         360        648,957.33          1
                                       7.125          4,379.17         60
                                       6.875          4,379.17
    CINCINNATI       OH   45243          2            08/24/01         00
    0433317682                           05           10/01/01          0
    5933076                              O            09/01/31
    0
1

    6256840          F28/G01             F          580,000.00         ZZ
                                         360        576,694.87          1
                                       7.125          3,907.57         80
                                       6.875          3,907.57
    CINCINNATI       OH   45244          1            03/13/01         00
    0433299047                           05           05/01/01          0
    5897032                              O            04/01/31
    0

    6266214          F28/G01             F          307,500.00         ZZ
                                         360        307,053.46          1
                                       7.625          2,176.47         87
                                       7.375          2,176.47
    HAM LAKE         MN   55304          2            08/15/01         04
    0433314069                           05           10/01/01         25
    6610558                              O            09/01/31
    0

    6266394          F28/G01             F          440,325.00         ZZ
                                         360        439,069.78          1
                                       7.750          3,154.55         90
                                       7.500          3,154.55
    SANTA FE         NM   87501          4            06/07/00         14
    0433315959                           03           08/01/01         25
    7013271                              O            07/01/31
    0

    6266678          F28/G01             F          598,500.00         ZZ
                                         360        596,661.45          1
                                       7.375          4,133.69         67
                                       7.125          4,133.69
    MEDFIELD         MA   02052          2            06/29/01         00
    0433313855                           05           08/01/01          0
    7041868                              O            07/01/31
    0

    6266742          F28/G01             F          319,600.00         ZZ
                                         360        319,344.42          1
                                       7.125          2,153.20         80
                                       6.875          2,153.20
    ELLICOTT CITY    MD   21043          2            09/27/01         00
    0433305117                           05           11/01/01          0
    7331590                              O            10/01/31
    0

    6267570          Q51/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
1

                                       7.000          2,894.07         73
                                       6.750          2,894.07
    SANTA CLARA      CA   95051          2            10/15/01         00
    0433323573                           05           12/01/01          0
    0500258R1092828                      O            11/01/31
    0

    6267576          F28/G01             F          435,000.00         ZZ
                                         360        434,284.78          1
                                       7.000          2,894.07         75
                                       6.750          2,894.07
    IRVINE           CA   92606          2            08/28/01         00
    0433312147                           03           10/01/01          0
    6681722                              O            09/01/31
    0

    6270524          F28/G01             F          460,000.00         ZZ
                                         360        458,142.95          1
                                       6.375          2,869.80         59
                                       6.125          2,869.80
    BELMONT          CA   94002          5            08/09/01         00
    0433314846                           05           10/01/01          0
    7263841                              O            09/01/31
    0

    6271226          F28/G01             F          383,000.00         ZZ
                                         360        382,385.59          1
                                       7.125          2,580.34         50
                                       6.875          2,580.34
    RAMONA           CA   92065          2            08/16/01         00
    0433307410                           05           10/01/01          0
    7265608                              O            09/01/31
    0

    6271572          F28/G01             F          750,000.00         ZZ
                                         360        748,883.30          1
                                       7.500          5,244.11         63
                                       7.250          5,244.11
    DEL MAR          CA   92014          5            08/10/01         00
    0433314770                           05           10/01/01          0
    7274089                              O            09/01/31
    0

    6271950          F28/G01             F          477,000.00         ZZ
                                         360        474,631.03          1
                                       7.375          3,294.52         72
                                       7.125          3,294.52
    ST CHARLES       IL   60175          2            08/21/01         00
    0433307543                           03           10/01/01          0
1

    7273246                              O            09/01/31
    0

    6272056          F28/G01             F          560,000.00         ZZ
                                         360        559,540.97          1
                                       7.000          3,725.70         74
                                       6.750          3,725.70
    WINSTON SALEM    NC   27104          1            10/01/01         00
    0433334000                           05           11/01/01          0
    7344849                              O            10/01/31
    0

    6273578          F28/G01             F          300,000.00         T
                                         360        299,564.33          1
                                       7.625          2,123.38         80
                                       7.375          2,123.38
    NAGS HEAD        NC   27959          2            08/29/01         00
    0433307980                           03           10/01/01          0
    7271895                              O            09/01/31
    0

    6275946          076/076             F          350,000.00         ZZ
                                         360        349,720.12          1
                                       7.125          2,358.01         78
                                       6.875          2,358.01
    COLUMBUS         OH   43221          1            09/27/01         00
    1260557                              05           11/01/01          0
    1260557                              O            10/01/31
    0

    6275948          076/076             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         71
                                       6.625          2,299.25
    ROSEVILLE        CA   95747          5            09/26/01         00
    1260558                              05           11/01/01          0
    1260558                              O            10/01/31
    0

    6275954          076/076             F          392,500.00         ZZ
                                         360        391,838.61          1
                                       6.875          2,578.45         72
                                       6.625          2,578.45
    MANHASSET        NY   11030          2            08/22/01         00
    4519613                              05           10/01/01          0
    4519613                              O            09/01/31
    0

1

    6275956          076/076             F          380,800.00         ZZ
                                         360        380,204.08          1
                                       7.250          2,597.73         80
                                       7.000          2,597.73
    SIOUX CITY       IA   51108          1            08/15/01         00
    5445835                              05           10/01/01          0
    5445835                              O            09/01/31
    0

    6275958          076/076             F          382,500.00         ZZ
                                         360        382,230.03          1
                                       7.750          2,740.28         70
                                       7.500          2,740.28
    GROSSE ILE       MI   48138          5            09/14/01         00
    5462364                              05           11/01/01          0
    5462364                              O            10/01/31
    0

    6275962          076/076             F          328,000.00         ZZ
                                         360        327,351.96          1
                                       8.125          2,435.39         90
                                       7.875          2,435.39
    TOWNSHIP OF GEN  MI   48114          1            07/27/01         12
    5768853                              05           09/01/01         25
    5768853                              O            08/01/31
    0

    6277850          F28/G01             F          284,500.00         ZZ
                                         360        284,097.12          1
                                       7.750          2,038.19         95
                                       7.500          2,038.19
    NATICK           MA   01760          1            08/10/01         10
    0433309572                           05           10/01/01         30
    6363402                              O            09/01/31
    0

    6279426          F28/G01             F          487,350.00         ZZ
                                         360        486,428.57          1
                                       7.125          3,283.37         80
                                       6.875          3,283.37
    GREENSBORO       NC   27407          1            09/26/01         00
    0433315637                           03           11/01/01          0
    7516739                              O            10/01/31
    0

    6281960          F28/G01             F          500,000.00         ZZ
                                         360        498,879.81          2
                                       7.500          3,496.07         57
                                       7.250          3,496.07
1

    BOSTON           MA   02118          1            07/23/01         00
    0433315223                           07           09/01/01          0
    7242928                              O            08/01/31
    0

    6282452          F28/G01             F          393,000.00         T
                                         360        392,051.53          1
                                       7.125          2,647.71         75
                                       6.875          2,647.71
    RANGELEY         ME   04970          1            07/27/01         00
    0433316312                           05           09/01/01          0
    7080724                              O            08/01/31
    0

    6283244          696/G01             F          512,750.00         ZZ
                                         360        512,750.00          1
                                       7.000          3,411.34         80
                                       6.750          3,411.34
    ROCKVILLE        MD   20850          1            10/31/01         00
    0433311024                           03           12/01/01          0
    32700144                             O            11/01/31
    0

    6283412          F28/G01             F          440,000.00         ZZ
                                         360        439,612.50          1
                                       7.125          2,964.37         70
                                       6.875          2,964.37
    NEW BERLIN       WI   53151          5            09/27/01         00
    0433315009                           05           11/01/01          0
    7385216                              O            10/01/31
    0

    6283596          F28/G01             F          336,000.00         ZZ
                                         360        335,189.09          1
                                       7.125          2,263.69         47
                                       6.875          2,263.69
    MORAGA           CA   94556          2            07/09/01         00
    0433311388                           05           09/01/01          0
    7053574                              O            08/01/31
    0

    6290888          E22/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.875          2,181.00         80
                                       6.625          2,181.00
    LIVERMORE        CA   94550          1            10/19/01         00
    0413160110                           05           12/01/01          0
    0413160110                           O            11/01/31
    0
1

    6290890          E22/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       7.000          2,894.07         66
                                       6.750          2,894.07
    SANTA CLARITA    CA   91321          2            10/22/01         00
    0413160615                           05           12/01/01          0
    0413160615                           O            11/01/31
    0

    6291674          F28/G01             F          410,000.00         ZZ
                                         360        409,509.24          1
                                       7.000          2,727.74         71
                                       6.750          2,727.74
    LONG GROVE       IL   60047          2            09/26/01         00
    0433315314                           05           11/01/01          0
    7133657                              O            10/01/31
    0

    6291806          F28/G01             F          369,000.00         ZZ
                                         360        368,464.16          1
                                       7.625          2,611.76         90
                                       7.375          2,611.76
    DELAFIELD        WI   53018          1            08/17/01         10
    0433313541                           05           10/01/01         25
    7122633                              O            09/01/31
    0

    6291992          F28/G01             F          348,000.00         ZZ
                                         360        347,707.63          1
                                       6.875          2,286.12         80
                                       6.625          2,286.12
    MORRISVILLE      NC   27560          1            10/01/01         00
    0433303302                           03           11/01/01          0
    7485446                              O            10/01/31
    0

    6292124          F28/G01             F          450,000.00         ZZ
                                         360        449,016.70          1
                                       7.625          3,185.07         75
                                       7.375          3,185.07
    NEWTON           MA   02460          1            07/31/01         00
    0433313400                           01           09/01/01          0
    7108832                              O            08/01/31
    0

    6292412          F28/G01             F          336,000.00         ZZ
                                         360        335,247.23          1
1

                                       7.500          2,349.36         80
                                       7.250          2,349.36
    DANA POINT       CA   92629          2            07/11/01         00
    0433315108                           05           09/01/01          0
    7105929                              O            08/01/31
    0

    6294270          M45/G01             F          548,700.00         ZZ
                                         360        548,239.02          1
                                       6.875          3,604.57         66
                                       6.625          3,604.57
    SCOTTS VALLEY    CA   95066          5            09/07/01         00
    0433315132                           03           11/01/01          0
    A0280247                             O            10/01/31
    0

    6294996          D03/D03             F          476,000.00         ZZ
                                         360        476,000.00          1
                                       6.500          3,008.64         70
                                       6.250          3,008.64
    MENLO PARK       CA   94025          5            10/12/01         00
    1010001223                           05           12/01/01          0
    1010001223                           O            11/01/31
    0

    6300014          M45/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       7.000          2,860.81         51
                                       6.750          2,860.81
    BERKELEY         CA   94705          2            10/05/01         00
    0433311131                           05           12/01/01          0
    A0284186                             O            11/01/31
    0

    6301186          R88/G01             F          607,000.00         ZZ
                                         360        607,000.00          1
                                       6.875          3,987.56         72
                                       6.625          3,987.56
    LOS ANGELES      CA   90210          2            09/27/01         00
    0433321700                           05           12/01/01          0
    01020337                             O            11/01/31
    0

    6303054          M45/G01             F          401,900.00         ZZ
                                         360        401,900.00          1
                                       6.875          2,640.20         60
                                       6.625          2,640.20
    RANCHO PALOS VE  CA   90275          2            10/17/01         00
    0433314127                           05           12/01/01          0
1

    A0297553                             O            11/01/31
    0

    6303074          M45/G01             F          590,000.00         ZZ
                                         360        590,000.00          1
                                       6.750          3,826.73         66
                                       6.500          3,826.73
    HALF NOON BAY    CA   94019          5            10/08/01         00
    0433312428                           05           12/01/01          0
    A0295618                             O            11/01/31
    0

    6305956          M45/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.625          2,561.25         69
                                       6.375          2,561.25
    NOVATO           CA   94947          5            10/10/01         00
    0433310570                           05           12/01/01          0
    A0298533                             O            11/01/31
    0

    6309008          M45/G01             F          446,000.00         ZZ
                                         360        445,634.42          1
                                       7.000          2,967.25         65
                                       6.750          2,967.25
    VIENNA           VA   22182          2            09/24/01         00
    0433310331                           03           11/01/01          0
    A0297599                             O            10/01/31
    0

    6309300          M45/G01             F          293,000.00         ZZ
                                         360        292,759.83          1
                                       7.000          1,949.34         76
                                       6.750          1,949.34
    BRIDGEWATER      NJ   08836          2            09/24/01         00
    0433314747                           05           11/01/01          0
    A0292212                             O            10/01/31
    0

    6312866          M45/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.750          2,107.95         65
                                       6.500          2,107.95
    PLEASANT HILL    CA   94523          5            10/08/01         00
    0433313103                           05           12/01/01          0
    A0298788                             O            11/01/31
    0

1

    6313630          M45/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.625          3,361.64         56
                                       6.375          3,361.64
    SANTA BARBARA    CA   93108          5            10/04/01         00
    0433313566                           05           12/01/01          0
    A0298279                             O            11/01/31
    0

    6315564          M45/G01             F          357,430.00         ZZ
                                         360        357,430.00          1
                                       7.125          2,408.08         77
                                       6.875          2,408.08
    ASHBURN          VA   20147          2            10/18/01         00
    0433316106                           03           12/01/01          0
    A0298317                             O            11/01/31
    0

    6315802          956/G01             F          487,000.00         ZZ
                                         360        487,000.00          1
                                       7.000          3,240.02         80
                                       6.750          3,240.02
    SHELTON          CT   06484          2            10/19/01         00
    0433324621                           05           12/01/01          0
    34110808171                          O            11/01/31
    0

    6319694          E22/G01             F          298,000.00         ZZ
                                         360        298,000.00          1
                                       6.875          1,957.65         78
                                       6.625          1,957.65
    SUPERIOR         CO   80027          2            10/29/01         00
    0413158122                           03           12/01/01          0
    0413158122                           O            11/01/31
    0

    6320286          F99/G01             F          334,800.00         ZZ
                                         360        334,538.82          1
                                       7.250          2,283.93         80
                                       7.000          2,283.93
    BROOKFIELD       CT   06804          1            09/28/01         00
    0433334356                           05           11/01/01          0
    4702156975                           O            10/01/31
    0

    6320714          F99/G01             F          600,000.00         ZZ
                                         360        599,587.08          1
                                       7.875          4,350.42         73
                                       7.625          4,350.42
1

    SOUTHBURY        CT   06488          5            09/21/01         00
    0433334372                           05           11/01/01          0
    4702159701                           O            10/01/31
    0

    6336500          696/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.94         77
                                       6.625          2,364.94
    BROAD RUN        VA   20137          2            11/01/01         00
    0433329620                           05           12/01/01          0
    23301310                             O            11/01/31
    0

    6336646          696/G01             F          374,400.00         ZZ
                                         360        374,400.00          1
                                       6.750          2,428.35         80
                                       6.500          2,428.35
    NEW MARKET       MD   21774          2            10/29/01         00
    0433329703                           03           12/01/01          0
    30301180                             O            11/01/31
    0

    6344302          696/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         73
                                       6.625          2,627.72
    LEESBURG         VA   20175          2            10/31/01         00
    0433335841                           05           12/01/01          0
    23601144                             O            11/01/31
    0

    6378634          696/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       7.000          3,087.00         80
                                       6.750          3,087.00
    ALEXANDRIA       VA   22302          2            11/01/01         00
    0433334539                           03           12/01/01          0
    25101296                             O            11/01/31
    0
1

   TOTAL NUMBER OF LOANS   :        640

   TOTAL ORIGINAL BALANCE  :   259,100,686.41

   TOTAL PRINCIPAL BALANCE :   258,762,293.71

   TOTAL ORIGINAL P+I      :     1,739,471.71

   TOTAL CURRENT P+I       :     1,739,471.71

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

Loan Number     Current Balance Net Mortgage Rate  Discount Fraction PO Balance
6251900 "$411,618.41 "  0.06095 0.062307692     "$25,646.99 "
6177404 "$486,776.73 "  0.06095 0.062307692     "$30,329.93 "
6270524 "$458,142.95 "  0.06095 0.062307692     "$28,545.83 "
5726947 "$418,000.00 "  0.06095 0.062307692     "$26,044.62 "
5821788 "$466,178.19 "  0.0622  0.043076923     "$20,081.52 "
6091356 "$263,700.00 "  0.0622  0.043076923     "$11,359.38 "
5836026 "$539,511.83 "  0.0622  0.043076923     "$23,240.51 "
5582354 "$509,075.40 "  0.0622  0.043076923     "$21,929.40 "
6294996 "$476,000.00 "  0.0622  0.043076923     "$20,504.62 "
5961288 "$680,000.00 "  0.0622  0.043076923     "$29,292.31 "
5762236 "$330,000.00 "  0.06345 0.023846154     "$7,869.23 "
6177734 "$309,600.00 "  0.06345 0.023846154     "$7,382.77 "
6177700 "$303,631.87 "  0.06345 0.023846154     "$7,240.45 "
5849000 "$350,000.00 "  0.06345 0.023846154     "$8,346.15 "
5930036 "$346,000.00 "  0.06345 0.023846154     "$8,250.77 "
6010850 "$347,500.00 "  0.06345 0.023846154     "$8,286.54 "
5910672 "$422,400.00 "  0.06345 0.023846154     "$10,072.62 "
6027122 "$500,000.00 "  0.06345 0.023846154     "$11,923.08 "
6083768 "$284,500.00 "  0.06345 0.023846154     "$6,784.23 "
6083852 "$615,594.00 "  0.06345 0.023846154     "$14,679.55 "
6136604 "$320,000.00 "  0.06345 0.023846154     "$7,630.77 "
5468263 "$310,000.00 "  0.06345 0.023846154     "$7,392.31 "
6177418 "$355,685.89 "  0.06345 0.023846154     "$8,481.74 "
5961862 "$309,000.00 "  0.06345 0.023846154     "$7,368.46 "
5662651 "$560,000.00 "  0.06345 0.023846154     "$13,353.85 "
6313630 "$525,000.00 "  0.06345 0.023846154     "$12,519.23 "
5538310 "$386,619.30 "  0.06345 0.023846154     "$9,219.38 "
5582320 "$359,363.01 "  0.06345 0.023846154     "$8,569.43 "
5625704 "$449,203.33 "  0.06345 0.023846154     "$10,711.77 "
5723766 "$400,000.00 "  0.06345 0.023846154     "$9,538.46 "
5716512 "$310,000.00 "  0.06345 0.023846154     "$7,392.31 "
5631955 "$362,000.00 "  0.06345 0.023846154     "$8,632.31 "
6305956 "$400,000.00 "  0.06345 0.023846154     "$9,538.46 "
6177654 "$359,682.38 "  0.06345 0.023846154     "$8,577.04 "
6177304 "$423,302.88 "  0.0647  0.004615385     "$1,953.71 "
5499782 "$386,367.06 "  0.0647  0.004615385     "$1,783.23 "
6097202 "$366,684.02 "  0.0647  0.004615385     "$1,692.39 "
6099308 "$408,000.00 "  0.0647  0.004615385     "$1,883.08 "
6099310 "$507,000.00 "  0.0647  0.004615385     "$2,340.00 "
6111058 "$300,000.00 "  0.0647  0.004615385     "$1,384.62 "
6126396 "$610,400.00 "  0.0647  0.004615385     "$2,817.23 "
6084552 "$338,907.95 "  0.0647  0.004615385     "$1,564.19 "
6059728 "$320,000.00 "  0.0647  0.004615385     "$1,476.92 "
6177292 "$499,177.93 "  0.0647  0.004615385     "$2,303.90 "
6010928 "$980,000.00 "  0.0647  0.004615385     "$4,523.08 "
6177318 "$349,713.11 "  0.0647  0.004615385     "$1,614.06 "
6177336 "$350,305.46 "  0.0647  0.004615385     "$1,616.79 "
6177342 "$399,672.12 "  0.0647  0.004615385     "$1,844.64 "
6177344 "$599,508.18 "  0.0647  0.004615385     "$2,766.96 "
6177350 "$318,674.73 "  0.0647  0.004615385     "$1,470.81 "
6177358 "$599,508.18 "  0.0647  0.004615385     "$2,766.96 "
6177362 "$749,385.23 "  0.0647  0.004615385     "$3,458.70 "
6177378 "$649,453.92 "  0.0647  0.004615385     "$2,997.48 "
6177382 "$649,467.20 "  0.0647  0.004615385     "$2,997.54 "
5473232 "$489,858.04 "  0.0647  0.004615385     "$2,260.88 "
6140758 "$510,560.04 "  0.0647  0.004615385     "$2,356.43 "
6177432 "$610,486.68 "  0.0647  0.004615385     "$2,817.63 "
5717793 "$299,200.00 "  0.0647  0.004615385     "$1,380.92 "
5734704 "$404,000.00 "  0.0647  0.004615385     "$1,864.62 "
5745838 "$399,555.69 "  0.0647  0.004615385     "$1,844.10 "
5693131 "$344,800.00 "  0.0647  0.004615385     "$1,591.38 "
5782940 "$360,000.00 "  0.0647  0.004615385     "$1,661.54 "
5801374 "$297,000.00 "  0.0647  0.004615385     "$1,370.77 "
5660156 "$299,481.97 "  0.0647  0.004615385     "$1,382.22 "
5614866 "$376,675.42 "  0.0647  0.004615385     "$1,738.50 "
5582337 "$561,428.84 "  0.0647  0.004615385     "$2,591.21 "
5850808 "$387,304.01 "  0.0647  0.004615385     "$1,787.56 "
5857016 "$365,017.83 "  0.0647  0.004615385     "$1,684.70 "
5574460 "$501,567.79 "  0.0647  0.004615385     "$2,314.93 "
5902228 "$331,100.00 "  0.0647  0.004615385     "$1,528.15 "
6034060 "$425,000.00 "  0.0647  0.004615385     "$1,961.54 "
5302306 "$447,614.28 "  0.0647  0.004615385     "$2,065.91 "
6177384 "$574,504.94 "  0.0647  0.004615385     "$2,651.56 "
5947064 "$350,000.00 "  0.0647  0.004615385     "$1,615.38 "
5949410 "$324,250.00 "  0.0647  0.004615385     "$1,496.54 "
5954140 "$309,864.00 "  0.0647  0.004615385     "$1,430.14 "
5232301 "$459,022.88 "  0.0647  0.004615385     "$2,118.57 "
5172222 "$418,909.03 "  0.0647  0.004615385     "$1,933.43 "
5985940 "$850,000.00 "  0.0647  0.004615385     "$3,923.08 "
5986110 "$455,000.00 "  0.0647  0.004615385     "$2,100.00 "
5999956 "$457,350.00 "  0.0647  0.004615385     "$2,110.85 "
6011016 "$469,000.00 "  0.0647  0.004615385     "$2,164.62 "
5877894 "$335,200.00 "  0.0647  0.004615385     "$1,547.08 "
6177678 "$405,658.91 "  0.0647  0.004615385     "$1,872.27 "
6177758 "$325,726.12 "  0.0647  0.004615385     "$1,503.35 "
6177748 "$448,000.00 "  0.0647  0.004615385     "$2,067.69 "
6177736 "$367,658.38 "  0.0647  0.004615385     "$1,696.88 "
6177728 "$388,173.61 "  0.0647  0.004615385     "$1,791.57 "
6177722 "$614,495.89 "  0.0647  0.004615385     "$2,836.13 "
6177718 "$364,000.00 "  0.0647  0.004615385     "$1,680.00 "
6177648 "$416,000.00 "  0.0647  0.004615385     "$1,920.00 "
6177690 "$567,510.96 "  0.0647  0.004615385     "$2,619.28 "
6177780 "$287,758.04 "  0.0647  0.004615385     "$1,328.11 "
6177676 "$461,611.87 "  0.0647  0.004615385     "$2,130.52 "
6177672 "$443,626.98 "  0.0647  0.004615385     "$2,047.51 "
6177666 "$449,631.13 "  0.0647  0.004615385     "$2,075.22 "
6177664 "$326,632.04 "  0.0647  0.004615385     "$1,507.53 "
6177660 "$357,500.00 "  0.0647  0.004615385     "$1,650.00 "
6177426 "$559,540.97 "  0.0647  0.004615385     "$2,582.50 "
6177698 "$324,733.59 "  0.0647  0.004615385     "$1,498.77 "
6177806 "$414,143.12 "  0.0647  0.004615385     "$1,911.43 "
5632487 "$315,727.93 "  0.0647  0.004615385     "$1,457.21 "
6336646 "$374,400.00 "  0.0647  0.004615385     "$1,728.00 "
6312866 "$325,000.00 "  0.0647  0.004615385     "$1,500.00 "
6303074 "$590,000.00 "  0.0647  0.004615385     "$2,723.08 "
6237130 "$439,200.00 "  0.0647  0.004615385     "$2,027.08 "
6236914 "$370,000.00 "  0.0647  0.004615385     "$1,707.69 "
6177766 "$384,676.55 "  0.0647  0.004615385     "$1,775.43 "
6178414 "$426,032.87 "  0.0647  0.004615385     "$1,966.31 "
6177778 "$369,689.15 "  0.0647  0.004615385     "$1,706.26 "
6177800 "$340,000.00 "  0.0647  0.004615385     "$1,569.23 "
6177798 "$464,609.34 "  0.0647  0.004615385     "$2,144.35 "
6177794 "$474,610.64 "  0.0647  0.004615385     "$2,190.51 "
6177788 "$318,244.56 "  0.0647  0.004615385     "$1,468.82 "
6177786 "$453,618.58 "  0.0647  0.004615385     "$2,093.62 "
6177784 "$487,590.02 "  0.0647  0.004615385     "$2,250.42 "
6177644 "$362,687.46 "  0.0647  0.004615385     "$1,673.94 "
6233908 "$335,700.00 "  0.0647  0.004615385     "$1,549.38 "
6177448 "$308,000.00 "  0.0647  0.004615385     "$1,421.54 "
6177492 "$553,277.09 "  0.0647  0.004615385     "$2,553.59 "
6177482 "$440,929.09 "  0.0647  0.004615385     "$2,035.06 "
6177470 "$307,747.53 "  0.0647  0.004615385     "$1,420.37 "
6177468 "$421,154.50 "  0.0647  0.004615385     "$1,943.79 "
6177466 "$294,758.18 "  0.0647  0.004615385     "$1,360.42 "
6177464 "$361,303.59 "  0.0647  0.004615385     "$1,667.56 "
6177650 "$599,508.18 "  0.0647  0.004615385     "$2,766.96 "
6177452 "$415,659.01 "  0.0647  0.004615385     "$1,918.43 "
6177530 "$372,886.47 "  0.0647  0.004615385     "$1,721.01 "
6177440 "$649,453.92 "  0.0647  0.004615385     "$2,997.48 "
6177434 "$459,622.93 "  0.0647  0.004615385     "$2,121.34 "
5660025 "$423,267.83 "  0.0647  0.004615385     "$1,953.54 "
6177428 "$309,733.09 "  0.0647  0.004615385     "$1,429.54 "
6177424 "$430,147.12 "  0.0647  0.004615385     "$1,985.29 "
6177408 "$341,319.99 "  0.0647  0.004615385     "$1,575.32 "
6177458 "$389,680.32 "  0.0647  0.004615385     "$1,798.52 "
6177564 "$384,676.55 "  0.0647  0.004615385     "$1,775.43 "
6177642 "$470,613.92 "  0.0647  0.004615385     "$2,172.06 "
6177638 "$391,000.00 "  0.0647  0.004615385     "$1,804.62 "
6177614 "$307,747.53 "  0.0647  0.004615385     "$1,420.37 "
6177604 "$489,598.34 "  0.0647  0.004615385     "$2,259.68 "
6177594 "$599,508.18 "  0.0647  0.004615385     "$2,766.96 "
6177588 "$358,905.56 "  0.0647  0.004615385     "$1,656.49 "
6177500 "$476,609.00 "  0.0647  0.004615385     "$2,199.73 "
6177568 "$508,734.37 "  0.0647  0.004615385     "$2,348.00 "
6177510 "$574,528.68 "  0.0647  0.004615385     "$2,651.67 "
6177562 "$349,705.96 "  0.0647  0.004615385     "$1,614.03 "
6177556 "$419,946.21 "  0.0647  0.004615385     "$1,938.21 "
6177544 "$344,710.15 "  0.0647  0.004615385     "$1,590.97 "
6177542 "$309,745.89 "  0.0647  0.004615385     "$1,429.60 "
6177538 "$421,754.00 "  0.0647  0.004615385     "$1,946.56 "
6177534 "$449,631.13 "  0.0647  0.004615385     "$2,075.22 "
6177394 "$349,705.96 "  0.0647  0.004615385     "$1,614.03 "
6177574 "$569,532.77 "  0.0647  0.004615385     "$2,628.61 "

153     "$65,353,354.45 "               1.06207043%     "$694,098.65 "

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
          Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
          Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the Insured  Payment  for such  Distribution  Date,  and the
        respective  portions thereof allocable to principal and interest for the
        Insured Certificates;

               (vii) the amount of any  Certificate  Insurance  Payment  made on
        such Distribution Date, the amount of any reimbursement  payment made to
        the Certificate  Insurer on such  Distribution  Date pursuant to Section
        4.02(a)(xvi)  and the  amount of  Cumulative  Insurance  Payments  after
        giving  effect to any such  Certificate  Insurance  Payment  or any such
        reimbursement payment to the Certificate Insurer;

               (viii) the aggregate  Certificate Principal Balance of each Class
        of Certificates  and the Senior  Percentage,  after giving effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (ix) the related  Subordinate  Principal  Distribution Amount and
          Prepayment Distribution Percentage, if applicable;

               (x) on the basis of the most recent  reports  furnished  to it by
        Sub-Servicers,  the number and aggregate  principal balances of Mortgage
        Loans that are  Delinquent  (A) 30-59 days, (B) 60-89 days and (C) 90 or
        more days and the number and  aggregate  principal  balance of  Mortgage
        Loans that are in foreclosure;

               (xi) the number,  aggregate  principal  balance and book value of
          any REO Properties;

                                             -1-

<PAGE>

               (xii)  the  aggregate  Accrued  Certificate   Interest  remaining
        unpaid,  if any, for each Class of Certificates,  after giving effect to
        the distribution made on such Distribution Date;

               (xiii)  the  Special  Hazard   Amount,   Fraud  Loss  Amount  and
        Bankruptcy  Amount as of the close of business on such Distribution Date
        and a description of any change in the calculation of such amounts;

               (xiv) the weighted average Pool Strip Rate for such  Distribution
        Date  and  the  Pass-  Through  Rate  with  respect  to  the  Class  A-V
        Certificates and each Subclass, if any, thereof;

               (xv) the  Notional  Amount with respect to each class of Interest
        Only Certificates and each Subclass Notional Amount;

               (xvi)  the occurrence of the Credit Support Depletion Date;

               (xvii) the related  Senior  Accelerated  Distribution  Percentage
          applicable to such distribution;

               (xviii)the related Senior Percentage for such Distribution Date;

               (xix)  the   aggregate   amount  of  Realized   Losses  for  such
          Distribution Date;

               (xx)  the  aggregate  amount  of  any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xxi) the  weighted  average  remaining  term to  maturity of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date;

               (xxii) the weighted  average Mortgage Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date;

              (xxiii)the Accrual Distribution Amount for such Distribution Date;

               (xxiv)  the  amount  of  Reserve   Fund   Withdrawals   for  such
          Distribution Date; and

               (xxv)  the  amount  of  Rounding  Account  withdrawals  for  such
          Distribution Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                             -2-

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

--------------------------------------------------------------------------------

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

--------------------------------------------------------------------------------

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................29

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................37
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................41
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                       Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
       Section 2.08  Purposes and Powers of the Trust......................................41

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................41
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................43
        Section 3.03  Successor Subservicers................................................44
        Section 3.04  Liability of the Master Servicer......................................44
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......45
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................45
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................49
        Section 3.10  Permitted Withdrawals from the Custodial Account......................50
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                       .....................................................................51

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....52
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................56
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................59
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............60
        Section 3.17  Reports to the Trustee and the Company................................61
        Section 3.18  Annual Statement as to Compliance.....................................61
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............62
        Section 3.21  Administration of Buydown Funds.......................................63

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................63
        Section 4.02  Distributions.........................................................64
        Section 4.03  Statements to Certificateholders......................................64
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................65
        Section 4.05  Allocation of Realized Losses.........................................66
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........66
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................67
        Section 4.08  Surety Bond...........................................................67

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................68
        Section 5.02  Registration of Transfer and Exchange of Certificates.................70
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................75
        Section 5.04  Persons Deemed Owners.................................................76
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........77
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................77
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                       .....................................................................78
        Section 6.04  Company and Master Servicer Not to Resign.............................79

                                         ARTICLE VII

                                              ii

<PAGE>

                                           DEFAULT
        Section 7.01  Events of Default.....................................................79
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................81
        Section 7.03  Notification to Certificateholders....................................82
        Section 7.04  Waiver of Events of Default...........................................82

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................83
        Section 8.02  Certain Matters Affecting the Trustee.................................84
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................86
        Section 8.04  Trustee May Own Certificates..........................................86
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...86
        Section 8.06  Eligibility Requirements for Trustee..................................87
        Section 8.07  Resignation and Removal of the Trustee................................88
        Section 8.08  Successor Trustee.....................................................89
        Section 8.09  Merger or Consolidation of Trustee....................................89
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................89
        Section 8.11  Appointment of Custodians.............................................90
        Section 8.12  Appointment of Office or Agency.......................................91

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
                                                                                            91
        Section 9.02  Additional Termination Requirements...................................94
        Section 9.03  Termination of Multiple REMICs........................................95

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................95
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......99
        Section 10.03 Designation of REMIC(s)...............................................99

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.............................................................99
        Section 11.02 Recordation of Agreement; Counterparts...............................102
        Section 11.03 Limitation on Rights of Certificateholders...........................102
        Section 11.04 Governing Law........................................................103
        Section 11.05 Notices..............................................................103

                                             iii

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer....................103
        Section 11.07 Severability of Provisions...........................................104
        Section 11.08 Supplemental Provisions for Resecuritization.........................104
        Section 11.09 Allocation of Voting Rights..........................................105
</TABLE>

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter

Exhibit K: Text of  Amendment  to Pooling and  Servicing  Agreement  Pursuant to
     Section 11.01(e) for a Limited Guaranty

Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form

                                              iv

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
 Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

     Assignment: An assignment of the Mortgage, notice of transfer or equivalent
instrument,  in recordable  form,  sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the immediately preceding Determination Date of (x) the
Amount Held for Future  Distribution,  and (y) amounts permitted to be withdrawn
by the Master  Servicer  from the  Custodial  Account in respect of the Mortgage
Loans pursuant to clauses (ii)-(x),  inclusive,  of Section 3.10(a). Such amount
shall be determined separately for each Loan Group.  Additionally,  with respect
to any Mortgage  Pool that is  comprised  of two or more Loan Groups,  if on any
Distribution Date Compensating  Interest provided pursuant to Section 3.16(e) is
less than  Prepayment  Interest  Shortfalls  incurred on the  Mortgage  Loans in
connection  with  Principal  Prepayments  in Full  received  during the  related
Prepayment  Period  and  Curtailments  made in the prior  calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

                                              5

<PAGE>

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

                                              6

<PAGE>

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

                                              7

<PAGE>

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

                                              8

<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                              9

<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

                                              10

<PAGE>

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

               1.   by any government or sovereign  power,  de jure or de facto,
                    or by any authority maintaining or using military,  naval or
                    air forces; or

               2.     by military, naval or air forces; or

               3.   by an agent  of any such  government,  power,  authority  or
                    forces;

                                              11

<PAGE>

     (d) any weapon of war employing atomic fission or radioactive force whether
in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

                                              12

<PAGE>

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

                                              13

<PAGE>

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

     MLCC: Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

                                              14

<PAGE>

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

                                              15

<PAGE>

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

     Outstanding  Mortgage Loan: As to any Due Date, a Mortgage Loan  (including
an REO  Property)  which was not the subject of a Principal  Prepayment in Full,
Cash Liquidation or REO

                                              16

<PAGE>

Disposition  and which was not purchased,  deleted or  substituted  for prior to
such Due Date pursuant to Section 2.02, 2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United  States  dollars  of any  U.S.  depository  institution  or trust
        company  incorporated  under the laws of the United  States or any state
        thereof or of any domestic branch of a foreign depository institution or
        trust company;  provided that the debt  obligations  of such  depository
        institution  or trust company (or, if the only Rating Agency is Standard
        &  Poor's,  in the case of the  principal  depository  institution  in a
        depository   institution  holding  company,   debt  obligations  of  the
        depository  institution  holding  company)  at the  date of  acquisition
        thereof have been rated by each Rating Agency in its highest  short-term
        rating  available;  and provided further that, if the only Rating Agency
        is  Standard  &  Poor's  and if the  depository  or trust  company  is a
        principal  subsidiary of a bank holding company and the debt obligations
        of such subsidiary are not separately rated, the applicable rating shall
        be that of the bank holding company;  and, provided further that, if the
        original maturity of such short-term obligations

                                              17

<PAGE>

        of a  domestic  branch  of a  foreign  depository  institution  or trust
        company shall exceed 30 days, the short-term  rating of such institution
        shall be A-1+ in the case of  Standard & Poor's if  Standard & Poor's is
        the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or

                                              18

<PAGE>

description  pledged by  Combined  Collateral  LLC as security in respect of any
Realized  Losses in connection  with such Mortgage Loan up to the Pledged Amount
for such Mortgage Loan, and any related collateral,  or such other collateral as
may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

                                              19

<PAGE>

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

                                              20

<PAGE>

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

               (a)  as to  which  a  Cash  Liquidation  or REO  Disposition  has
                    occurred,  an amount  (not less than zero)  equal to (i) the
                    Stated  Principal  Balance  of the  Mortgage  Loan  (or  REO
                    Property)  as  of  the  date  of  Cash  Liquidation  or  REO
                    Disposition,  plus (ii) interest (and REO Imputed  Interest,
                    if any) at the Net  Mortgage  Rate  from  the Due Date as to
                    which    interest    was   last   paid   or    advanced   to
                    Certificateholders  up to the Due  Date  in the  Due  Period
                    related to the Distribution Date on which such Realized Loss
                    will be  allocated  pursuant  to Section  4.05 on the Stated
                    Principal  Balance of such  Mortgage  Loan (or REO Property)
                    outstanding  during each Due Period that such  interest  was
                    not paid or  advanced,  minus  (iii) the  proceeds,  if any,
                    received during the month in which such Cash Liquidation (or
                    REO  Disposition)   occurred,   to  the  extent  applied  as
                    recoveries  of  interest  at the Net  Mortgage  Rate  and to
                    principal of the Mortgage Loan,  net of the portion  thereof
                    reimbursable to the Master Servicer or any Subservicer  with
                    respect  to related  Advances  or  expenses  as to which the
                    Master Servicer or Subservicer is entitled to  reimbursement
                    thereunder but which have not been previously reimbursed,

                                              21

<PAGE>

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

                                              22

<PAGE>

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

                                              23

<PAGE>

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the Subordinate Certificates, is less than 50%

                                              24

<PAGE>

        or (Y) the outstanding principal balance of Mortgage Loans delinquent 60
        days or more averaged  over the last six months,  as a percentage of the
        aggregate  outstanding  principal balance of all Mortgage Loans averaged
        over the last six months,  does not exceed 2% and (2) Realized Losses on
        the  Mortgage  Loans  to date for such  Distribution  Date if  occurring
        during  the  sixth,  seventh,  eighth,  ninth or tenth year (or any year
        thereafter)  after the Closing Date are less than 30%,  35%, 40%, 45% or
        50%,  respectively,  of the  sum of the  Initial  Certificate  Principal
        Balances of the Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

                                              25

<PAGE>

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case

                                              26

<PAGE>

which were  distributed  pursuant to Section 4.02 on any  previous  Distribution
Date,  and (c) any Realized Loss  allocated to  Certificateholders  with respect
thereto for any previous Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation,

                                              27

<PAGE>

the Addendum and Assignment  Agreement,  dated as of November 24, 1998,  between
the Master  Servicer and GMAC  Mortgage  Corporation,  as such  agreement may be
amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, including the proceeds from

                                              28

<PAGE>

               the  liquidation  of  Additional  Collateral  for any  Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and the  interest in the Surety Bond  transferred  to the Trustee
               pursuant to Section 2.01, and

        (v)    all proceeds of clauses (i) through (iv) above.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

                                              29

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                                              30

<PAGE>

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                    (iv) The original  recognition  agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v)    The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative  Loan  as  secured  party,   each  with  evidence  of
               recording  thereof,  evidencing  the  interest of the  originator
               under the Security  Agreement and the  Assignment of  Proprietary
               Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee as assignee and a

                                              31

<PAGE>

               duly completed UCC-1 financing  statement  showing the Company as
               debtor  and  the  Trustee  as  secured  party,  each  in  a  form
               sufficient for filing, evidencing the interest of such debtors in
               the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation

                                              32

<PAGE>

statements  with regard to each financing  statement and assignment  relating to
Cooperative  Loans as to which the  related  Cooperative  Apartment  is  located
outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With  respect  to  any  Additional   Collateral  Loan  or  Pledged  Asset  Loan,
Residential Funding shall cause to be filed in the appropriate  recording office
a UCC-3  statement  giving  notice of the  assignment  of the  related  security
interest to the Trust Fund and shall  thereafter  cause the timely filing of all
necessary continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction;

                                              33

<PAGE>

(b) the  conveyance  provided  for in  Section  2.01  shall be deemed to be, and
hereby is, (1) a grant by the Company to the  Trustee of a security  interest in
all of the Company's right (including the power to convey title thereto),  title
and  interest,  whether now owned or hereafter  acquired,  in and to any and all
general intangibles, payment intangibles,  accounts, chattel paper, instruments,
documents,  money, deposit accounts,  certificates of deposit, goods, letters of
credit, advices of credit and investment property and other property of whatever
kind or description  now existing or hereafter  acquired  consisting of, arising
from or relating to any of the following:  (A) the Mortgage Loans, including (i)
with respect to each  Cooperative  Loan,  the related  Mortgage  Note,  Security
Agreement,  Assignment of Proprietary  Lease,  Cooperative Stock Certificate and
Cooperative  Lease,  (ii)  with  respect  to each  Mortgage  Loan  other  than a
Cooperative  Loan,  the  related  Mortgage  Note and  Mortgage,  and  (iii)  any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements as may be occasioned

                                              34

<PAGE>

by (1) any change of name of  Residential  Funding,  the  Company or the Trustee
(such  preparation  and  filing  shall  be at the  expense  of the  Trustee,  if
occasioned by a change in the Trustee's name), (2) any change of location of the
place of business or the chief  executive  office of Residential  Funding or the
Company,  (3) any transfer of any interest of Residential Funding or the Company
in any Mortgage Loan or (4) any transfer of any interest of Residential  Funding
or the Company in any Uncertificated REMIC Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights  to  exercise  any  election  or  option  or  to  make  any  decision  or
determination  or to give or receive  any  notice,  consent,  approval or waiver
thereunder,  (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
is credited to the  Custodial  Account,  (iv) all  documents,  books and records
concerning the foregoing  (including  all computer  programs,  tapes,  disks and
related items containing any such  information)  and (v) all insurance  proceeds
(including  proceeds  from the  Federal  Deposit  Insurance  Corporation  or the
Securities  Investor  Protection  Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion,  voluntary or involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company, or any other person in

                                              35

<PAGE>

connection with the Pledged Assets or under any agreement or instrument relating
thereto,  including any obligation to the Mortgagor,  other than as owner of the
Mortgage Loan.

        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account maintained by it pursuant to Section 3.07

                                              36

<PAGE>

and, upon receipt by the Trustee of written  notification of such deposit signed
by a Servicing Officer, the Trustee or any Custodian,  as the case may be, shall
release to the Master  Servicer the related  Mortgage File and the Trustee shall
execute and deliver such  instruments of transfer or assignment  prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Seller or its designee or the  Subservicer or its designee,  as the case may
be, any Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan
shall not be part of the Trust Fund. In  furtherance  of the  foregoing,  if the
Subservicer or Seller that repurchases the Mortgage Loan is not a member of MERS
and the Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at
its own  expense and  without  any right of  reimbursement,  shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the  Mortgage  from MERS to such  Subservicer  or Seller  and shall  cause  such
Mortgage to be removed from  registration  on the MERS(R)  System in  accordance
with  MERS'  rules  and  regulations.  It is  understood  and  agreed  that  the
obligation of the Seller or the  Subservicer,  as the case may be, to so cure or
purchase  any  Mortgage  Loan as to which a material  and  adverse  defect in or
omission of a  constituent  document  exists  shall  constitute  the sole remedy
respecting  such  defect or  omission  available  to  Certificateholders  or the
Trustee on behalf of the Certificateholders.

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                      (ii) The execution  and delivery of this  Agreement by the
               Master Servicer and its performance and compliance with the terms
               of  this  Agreement  will  not  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  regardless of whether such  enforcement is
               considered in a proceeding in equity or at law;

                                              37

<PAGE>

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (v) No litigation is pending or, to the best of the Master
               Servicer's  knowledge,  threatened  against  the Master  Servicer
               which  would   prohibit  its  entering  into  this  Agreement  or
               performing its obligations under this Agreement;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

               It  is  understood  and  agreed  that  the   representations  and
               warranties  set  forth  in this  Section  2.03(a)  shall  survive
               delivery of the  respective  Mortgage Files to the Trustee or any
               Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master

                                              38

<PAGE>

Servicer  to cure  such  breach  or to so  purchase  such  Mortgage  Loan  shall
constitute  the sole  remedy  in  respect  of a breach of a  representation  and
warranty set forth in this Section 2.03(a)  available to the  Certificateholders
or the Trustee on behalf of the Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment  of the Mortgage in recordable  form if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage

                                              39

<PAGE>

Loan for such month and  thereafter  Residential  Funding  shall be  entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule,  and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions,  for the benefit of the  Certificateholders to reflect the removal of
such Deleted  Mortgage Loan and the  substitution  of the  Qualified  Substitute
Mortgage  Loan or Loans  and the  Master  Servicer  shall  deliver  the  amended
Mortgage  Loan  Schedule,  and,  if the  Deleted  Mortgage  Loan was a  Discount
Mortgage Loan, the amended Schedule of Discount Fractions,  to the Trustee. Upon
such  substitution,  the  Qualified  Substitute  Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all   respects,   the  related   Seller   shall  be  deemed  to  have  made  the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

                                              40

<PAGE>

        Section       2.05 Execution and Authentication of Certificates/Issuance
                      of Certificates Evidencing Interests in REMIC I.

               As provided in Section 2.05 of the Series Supplement.

        Section       2.06  Conveyance  of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

     (a) to sell the  Certificates  to the Company in exchange  for the Mortgage
Loans;

        (b)    to enter into and perform its obligations under this Agreement;

     (c)  to  engage  in  those  activities  that  are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and

                                              41

<PAGE>

authority,  acting alone or through Subservicers as provided in Section 3.02, to
do any and all things which it may deem  necessary  or  desirable in  connection
with such servicing and  administration.  Without limiting the generality of the
foregoing,  the Master  Servicer in its own name or in the name of a Subservicer
is hereby  authorized  and empowered by the Trustee when the Master  Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment,  to execute and deliver, on behalf of the  Certificateholders  and the
Trustee or any of them, any and all instruments of satisfaction or cancellation,
or of  partial or full  release or  discharge,  or of consent to  assumption  or
modification in connection with a proposed  conveyance,  or of assignment of any
Mortgage and Mortgage Note in connection  with the repurchase of a Mortgage Loan
and all other  comparable  instruments,  or with respect to the  modification or
re-recording  of a Mortgage  for the purpose of  correcting  the  Mortgage,  the
subordination  of the lien of the Mortgage in favor of a public utility  company
or government agency or unit with powers of eminent domain, the taking of a deed
in lieu of foreclosure, the commencement,  prosecution or completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage  Loans and with  respect to the  Mortgaged  Properties.  The Master
Servicer  further is authorized  and empowered by the Trustee,  on behalf of the
Certificateholders  and  the  Trustee,  in its own  name  or in the  name of the
Subservicer,  when the Master Servicer or the  Subservicer,  as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan on
the MERS(R) System,  or cause the removal from the  registration of any Mortgage
Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee and
the Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re- recording of
a  Mortgage  in the name of MERS,  solely as  nominee  for the  Trustee  and its
successors  and assigns.  Any expenses  incurred in connection  with the actions
described in the  preceding  sentence  shall be borne by the Master  Servicer in
accordance with Section 3.16(c), with no right of reimbursement;  provided, that
if, as a result of MERS discontinuing or becoming unable to continue  operations
in connection with the MERS System,  it becomes necessary to remove any Mortgage
Loan from  registration  on the MERS System and to arrange for the assignment of
the  related  Mortgages  to the  Trustee,  then any  related  expenses  shall be
reimbursable to the Master Servicer.  Notwithstanding the foregoing,  subject to
Section  3.07(a),  the Master  Servicer shall not permit any  modification  with
respect to any  Mortgage  Loan that would both  constitute a sale or exchange of
such  Mortgage  Loan  within the  meaning  of  Section  1001 of the Code and any
proposed,  temporary or final regulations  promulgated thereunder (other than in
connection  with a proposed  conveyance or assumption of such Mortgage Loan that
is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof)
and cause any REMIC formed under the Series  Supplement  to fail to qualify as a
REMIC under the Code.  The Trustee  shall  furnish the Master  Servicer with any
powers of attorney and other  documents  necessary or  appropriate to enable the
Master Servicer to service and administer the Mortgage Loans.  The Trustee shall
not be liable for any action  taken by the Master  Servicer  or any  Subservicer
pursuant  to such  powers  of  attorney.  In  servicing  and  administering  any
Nonsubserviced  Mortgage  Loan,  the Master  Servicer  shall,  to the extent not
inconsistent  with this  Agreement,  comply with the Program Guide as if it were
the  originator of such Mortgage Loan and had retained the servicing  rights and
obligations in respect thereof.  In connection with servicing and  administering
the Mortgage Loans, the Master Servicer and any Affiliate of the Master Servicer
(i) may perform services such as appraisals and brokerage  services that are not
customarily  provided by servicers of mortgage  loans,  and shall be entitled to
reasonable compensation therefor in

                                              42

<PAGE>

accordance  with Section 3.10 and (ii) may, at its own  discretion and on behalf
of the Trustee, obtain credit information in the form of a "credit score" from a
credit repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

          Section 3.02  Subservicing  Agreements  Between  Master  Servicer  and
               Subservicers;   Enforcement   of   Subservicers'   and   Sellers'
               Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable efforts to enforce the obligations of

                                              43

<PAGE>

each  Subservicer  under the related  Subservicing  Agreement and of each Seller
under the  related  Seller's  Agreement  insofar as the  Company's  rights  with
respect to such  obligation has been assigned to the Trustee  hereunder,  to the
extent that the  non-performance  of any such Seller's  obligation  would have a
material and adverse effect on a Mortgage Loan,  including,  without limitation,
the   obligation   to  purchase  a  Mortgage   Loan  on  account  of   defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation  or warranty,  as described in Section  2.04.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate,  and the pursuit
of other appropriate remedies,  shall be in such form and carried out to such an
extent and at such time as the Master  Servicer  would  employ in its good faith
business  judgment  and  which are  normal  and  usual in its  general  mortgage
servicing  activities.   The  Master  Servicer  shall  pay  the  costs  of  such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such  enforcement is directed.  For purposes of clarification
only,  the parties  agree that the  foregoing  is not intended to, and does not,
limit the ability of the Master  Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's  obligations  (insofar
as the  Company's  rights with respect to such  Seller's  obligations  have been
assigned  to the Trustee  hereunder)  and are  reimbursable  pursuant to Section
3.10(a)(viii).

        Section 3.03  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and

                                              44

<PAGE>

conditions as if the Master Servicer alone were servicing and  administering the
Mortgage  Loans.  The  Master  Servicer  shall be  entitled  to  enter  into any
agreement  with a  Subservicer  or  Seller  for  indemnification  of the  Master
Servicer  and nothing  contained in this  Agreement  shall be deemed to limit or
modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver or

                                              45

<PAGE>

extension will not impair the coverage of any related Primary  Insurance  Policy
or materially adversely affect the lien of the related Mortgage. In the event of
any such  arrangement,  the Master  Servicer  shall make timely  advances on the
related  Mortgage  Loan  during  the  scheduled  period in  accordance  with the
amortization  schedule of such  Mortgage  Loan without  modification  thereof by
reason of such  arrangements  unless  otherwise  agreed to by the Holders of the
Classes  of  Certificates  affected  thereby;  provided,  however,  that no such
extension shall be made if any such advance would be a  Nonrecoverable  Advance.
Consistent with the terms of this Agreement, the Master Servicer may also waive,
modify or vary any term of any Mortgage Loan or consent to the  postponement  of
strict  compliance  with any such term or in any manner grant  indulgence to any
Mortgagor if in the Master Servicer's  determination such waiver,  modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

                                              46

<PAGE>

                    (iii) Insurance  Proceeds and  Liquidation  Proceeds (net of
               any related expenses of the Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                    (v) Any amounts required to be deposited pursuant to Section
               3.07(c) or 3.21;

                    (vi) All amounts transferred from the Certificate Account to
               the Custodial Account in accordance with Section 4.02(a);

                    (vii) Any amounts  realized by the  Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                    (viii)  Any  amounts  received  by the  Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall mature not later than the Certificate Account Deposit Date next

                                              47

<PAGE>

following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following

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<PAGE>

month.  Any amounts paid by a  Subservicer  pursuant to the  preceding  sentence
shall  be for  the  benefit  of the  Master  Servicer  as  additional  servicing
compensation  and shall be subject to its  withdrawal or order from time to time
pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

                                              49

<PAGE>

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i) to make  deposits  into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  advances or expenses  made  pursuant to
               Sections 3.01,  3.07(a),  3.08, 3.11,  3.12(a),  3.14 and 4.04 or
               otherwise  reimbursable  pursuant to the terms of this Agreement,
               such  withdrawal  right  being  limited  to amounts  received  on
               particular  Mortgage  Loans  (including,  for this  purpose,  REO
               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property acquired in respect thereof that has been purchased or

                                              50

<PAGE>

               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided in  subsection  (c) below,  any Advance  made in
               connection  with a  modification  of a  Mortgage  Loan that is in
               default or, in the  judgment of the Master  Servicer,  default is
               reasonably foreseeable pursuant to Section 3.07(a), to the extent
               the  amount  of the  Advance  has been  added to the  outstanding
               principal   balance  of  the  Mortgage   Loan,   or  any  Advance
               reimbursable to the Master Servicer pursuant to Section 4.02(a);

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss

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<PAGE>

which,  but for the actions of the Master  Servicer or  Subservicer,  would have
been  covered  thereunder.  To the  extent  coverage  is  available,  the Master
Servicer  shall  keep or cause to be kept in full  force  and  effect  each such
Primary  Insurance  Policy until the principal  balance of the related  Mortgage
Loan secured by a Mortgaged  Property is reduced to 80% or less of the Appraised
Value in the  case of such a  Mortgage  Loan  having  a  Loan-to-Value  Ratio at
origination in excess of 80%, provided that such Primary Insurance Policy was in
place as of the  Cut-off  Date and the  Company had  knowledge  of such  Primary
Insurance Policy.  The Master Servicer shall be entitled to cancel or permit the
discontinuation  of any Primary Insurance Policy as to any Mortgage Loan, if the
Stated  Principal  Balance of the Mortgage Loan is reduced below an amount equal
to 80% of the appraised value of the related Mortgaged Property as determined in
any appraisal thereof after the Closing Date, or if the  Loan-to-Value  Ratio is
reduced  below 80% as a result of principal  payments on the Mortgage Loan after
the Closing Date. In the event that the Company gains  knowledge  that as of the
Closing Date, a Mortgage Loan had a Loan-to-Value Ratio at origination in excess
of 80% and is not  the  subject  of a  Primary  Insurance  Policy  (and  was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.

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<PAGE>

The Master Servicer shall also cause to be maintained on property  acquired upon
foreclosure,  or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative  Loan),  fire insurance with extended coverage in an amount which is
at  least  equal  to the  amount  necessary  to  avoid  the  application  of any
co-insurance  clause contained in the related hazard insurance policy.  Pursuant
to Section 3.07,  any amounts  collected by the Master  Servicer  under any such
policies  (other than amounts to be applied to the  restoration or repair of the
related Mortgaged  Property or property thus acquired or amounts released to the
Mortgagor in accordance with the Master Servicer's normal servicing  procedures)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10. Any cost incurred by the Master  Servicer in maintaining  any such
insurance shall not, for the purpose of calculating monthly distributions to the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that

                                              53

<PAGE>

any such bond or policy ceases to be in effect, the Master Servicer shall obtain
a comparable  replacement bond or policy from an issuer or insurer,  as the case
may be, meeting the requirements, if any, of the Program Guide and acceptable to
the Company.  Coverage of the Master Servicer under a policy or bond obtained by
an Affiliate of the Master Servicer and providing the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction involving the

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<PAGE>

assumption  or transfer (A) the Mortgage  Loan will  continue to be secured by a
first mortgage lien pursuant to the terms of the Mortgage,  (B) such transaction
will not adversely  affect the coverage under any Required  Insurance  Policies,
(C) the Mortgage Loan will fully amortize over the remaining  term thereof,  (D)
no material  term of the  Mortgage  Loan  (including  the  interest  rate on the
Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed
and (E) if the  seller/transferor  of the  Mortgaged  Property is to be released
from liability on the Mortgage Loan,  such release will not (based on the Master
Servicer's  or  Subservicer's  good faith  determination)  adversely  affect the
collectability  of the Mortgage Loan.  Upon receipt of appropriate  instructions
from the Master  Servicer in accordance  with the  foregoing,  the Trustee shall
execute  any  necessary  instruments  for such  assumption  or  substitution  of
liability as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct  copies of the assumption  agreement,  the release
(if any), or the  modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the  Custodian  and  deposited  with the Mortgage
File for such Mortgage  Loan.  Any fee collected by the Master  Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

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<PAGE>

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations under the Credit Support Pledge

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<PAGE>

Agreement in accordance  with such Agreement and in a manner that is in the best
interests of the Certificateholders.  Further, the Master Servicer shall use its
best  reasonable  efforts to  realize  upon any  Pledged  Assets for such of the
Pledged  Asset  Loans as come into and  continue  in default  and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee,  obtain  title to any such  Pledged  Assets as a result of or in
lieu of the disposition thereof or otherwise;  and provided further that (i) the
Master  Servicer  shall not proceed with  respect to such Pledged  Assets in any
manner that would  impair the ability to recover  against the related  Mortgaged
Property, and (ii) the Master Servicer shall proceed with any REO Acquisition in
a manner that preserves the ability to apply the proceeds of such Pledged Assets
against  amounts owed under the defaulted  Mortgage Loan. Any proceeds  realized
from such Pledged  Assets (other than amounts to be released to the Mortgagor or
the related  guarantor in accordance  with  procedures  that the Master Servicer
would follow in servicing  loans held for its own account,  subject to the terms
and  conditions  of the related  Mortgage and Mortgage Note and to the terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

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<PAGE>

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and

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unpaid interest on the Mortgage Loan, and any related REO Imputed  Interest,  at
the Net  Mortgage  Rate  (or the  Modified  Net  Mortgage  Rate in the case of a
Modified  Mortgage Loan) to the Due Date prior to the Distribution Date on which
such  amounts  are to be  distributed;  third,  to the  Certificateholders  as a
recovery of principal on the Mortgage Loan (or REO  Property)(provided  that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession

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of all, or any document  constituting  part of, the Mortgage File be released to
the Master  Servicer and  certifying  as to the reason for such release and that
such release will not invalidate any insurance  coverage  provided in respect of
the  Mortgage  Loan under any  Required  Insurance  Policy.  Upon receipt of the
foregoing,  the Trustee shall  deliver,  or cause the Custodian to deliver,  the
Mortgage  File or any  document  therein  to the  Master  Servicer.  The  Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

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        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the

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minimum servicing  standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material  obligations relating
to this Agreement in all material  respects  throughout  such year, or, if there
has been material  noncompliance  with such servicing  standards or a default in
the fulfillment in all material respects of any such obligation relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee. The

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Company shall not have any responsibility or liability for any action or failure
to act by the Master  Servicer and is not obligated to supervise the performance
of the Master Servicer under this Agreement or otherwise.

        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section

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9.01 and (v) all other amounts  constituting the Available  Distribution  Amount
for the immediately succeeding Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or

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applicable  portion  thereof  during which such Person was a  Certificateholder.
Such obligation of the Master Servicer shall be deemed to have been satisfied to
the extent that  substantially  comparable  information shall be provided by the
Master Servicer pursuant to any requirements of the Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        Section       4.04  Distribution  of  Reports  to the  Trustee  and  the
                      Company; Advances by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the

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Certificate  Account  on or  before  11:00  A.M.  New  York  time on any  future
Certificate  Account  Deposit Date to the extent that funds  attributable to the
Mortgage  Loans that are available in the  Custodial  Account for deposit in the
Certificate  Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date.  The  Master  Servicer  shall be  entitled  to use any  Advance  made by a
Subservicer  as  described  in Section  3.07(b)  that has been  deposited in the
Custodial  Account on or before  such  Distribution  Date as part of the Advance
made by the Master  Servicer  pursuant to this Section  4.04.  The amount of any
reimbursement  pursuant to Section 4.02(a) in respect of outstanding Advances on
any  Distribution  Date shall be allocated to specific  Monthly Payments due but
delinquent  for previous Due Periods,  which  allocation  shall be made,  to the
extent  practicable,  to Monthly  Payments  which have been  delinquent  for the
longest  period of time.  Such  allocations  shall be conclusive for purposes of
reimbursement  to the Master Servicer from recoveries on related  Mortgage Loans
pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and

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6050P,  respectively,  of the Code,  and  deliver to the  Trustee  an  Officers'
Certificate  on or before  March 31 of each year  stating that such reports have
been filed.  Such reports shall be in form and substance  sufficient to meet the
reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed inconsistent if they

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<PAGE>

are made with respect to different Certificate Owners. The Trustee may establish
a reasonable  record date in connection with  solicitations  of consents from or
voting by  Certificateholders  and shall give notice to the  Depository  of such
record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;

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<PAGE>

provided,  however,  that such  representation  letters  will not be required in
connection  with any  transfer  of any such  Certificate  by the  Company or any
Affiliate thereof to the Company or an Affiliate of the Company, and the Trustee
shall be entitled to conclusively  rely upon a representation  (which,  upon the
request of the Trustee, shall be a written  representation) from the Company, of
the  status  of such  transferee  as an  Affiliate  of the  Company  or (ii) the
prospective  transferee of such a  Certificate  shall be required to provide the
Trustee,  the  Company  and  the  Master  Servicer  with  an  investment  letter
substantially  in the form of Exhibit J  attached  hereto (or such other form as
the Company in its sole discretion deems  acceptable),  which investment  letter
shall not be an expense of the Trustee, the Company or the Master Servicer,  and
which investment letter states that, among other things,  such transferee (A) is
a "qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the  accounts of other  "qualified  institutional  buyers" as defined
under Rule 144A, and (B) is aware that the proposed  transferor  intends to rely
on the exemption  from  registration  requirements  under the  Securities Act of
1933,  as  amended,  provided by Rule 144A.  The Holder of any such  Certificate
desiring to effect any such transfer,  sale, pledge or other disposition  shall,
and does  hereby  agree to,  indemnify  the  Trustee,  the  Company,  the Master
Servicer and the Certificate  Registrar against any liability that may result if
the transfer,  sale, pledge or other disposition is not so exempt or is not made
in accordance with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or paragraph  fourteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such Certificate (or interest

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<PAGE>

               therein) that either (a) such  Transferee is not a Plan Investor,
               (b) it has acquired and is holding such  Certificate  in reliance
               on Prohibited  Transaction  Exemption ("PTE") 94-29, 59 Fed. Reg.
               14674 (March 29,  1994),  as amended by PTE 97-34,  62 Fed.  Reg.
               39021  (July 21,  1997),  and PTE  2000-58,  65 Fed.  Reg.  67765
               (November   13,  2000)  (the  "RFC   Exemption"),   and  that  it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

                             (B)   Any   purported   Certificate   Owner   whose
                      acquisition  or  holding  of any Class M  Certificate  (or
                      interest   therein)  was  effected  in  violation  of  the
                      restrictions  in this Section  5.02(e) shall indemnify and
                      hold  harmless  the  Company,   the  Trustee,  the  Master
                      Servicer,  any  Subservicer,  and the Trust  Fund from and
                      against any and all liabilities, claims, costs or expenses
                      incurred by such  parties as a result of such  acquisition
                      or holding.

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from the proposed Transferee, in form

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                      and  substance   satisfactory  to  the  Master   Servicer,
                      representing and warranting,  among other things,  that it
                      is a Permitted  Transferee,  that it is not  acquiring its
                      Ownership  Interest in the Class R Certificate that is the
                      subject of the proposed Transfer as a nominee,  trustee or
                      agent for any  Person who is not a  Permitted  Transferee,
                      that for so long as it retains its Ownership Interest in a
                      Class  R  Certificate,   it  will  endeavor  to  remain  a
                      Permitted  Transferee,   and  that  it  has  reviewed  the
                      provisions of this Section  5.02(f) and agrees to be bound
                      by them,  and  (II) a  certificate,  in the form  attached
                      hereto as Exhibit G-2, from the Holder wishing to transfer
                      the   Class  R   Certificate,   in  form   and   substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that no purpose of the
                      proposed   Transfer  is  to  impede  the   assessment   or
                      collection of tax.

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive

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<PAGE>

               to the date of  registration  of such  Transfer  of such  Class R
               Certificate.  If a Non-United States Person shall become a holder
               of a Class R Certificate,  then the last preceding  United States
               Person shall be restored,  to the extent permitted by law, to all
               rights and obligations as Holder thereof  retroactive to the date
               of registration of such Transfer of such Class R Certificate.  If
               a transfer of a Class R Certificate  is  disregarded  pursuant to
               the  provisions  of  Treasury  Regulations  Section  1.860E-1  or
               Section 1.860G-3,  then the last preceding  Permitted  Transferee
               shall be restored,  to the extent permitted by law, to all rights
               and  obligations  as Holder  thereof  retroactive  to the date of
               registration  of such Transfer of such Class R  Certificate.  The
               Trustee  shall  be  under  no  liability  to any  Person  for any
               registration of Transfer of a Class R Certificate that is in fact
               not permitted by this Section  5.02(f) or for making any payments
               due on such  Certificate  to the holder thereof or for taking any
               other action with respect to such holder under the  provisions of
               this Agreement.

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

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                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate issued pursuant to this Section

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shall constitute  complete and  indefeasible  evidence of ownership in the Trust
Fund,  as if  originally  issued,  whether or not the lost,  stolen or destroyed
Certificate shall be found at any time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

          Section 6.02  Merger or  Consolidation  of the  Company  or the Master
               Servicer; Assignment of Rights and Delegation of Duties by Master
               Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

          Section 6.03  Limitation  on  Liability  of the  Company,  the  Master
               Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing a conservator
               or receiver or  liquidator  in any  insolvency,  readjustment  of
               debt,   marshalling   of  assets  and   liabilities   or  similar
               proceedings, or for the winding-up or liquidation of its affairs,

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               shall have been  entered  against  the Master  Servicer  and such
               decree or order  shall have  remained  in force  undischarged  or
               unstayed for a period of 60 days; or

                      (iv) the Master  Servicer shall consent to the appointment
               of a conservator  or receiver or  liquidator  in any  insolvency,
               readjustment of debt,  marshalling of assets and liabilities,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

                      (v)  the  Master  Servicer  shall  admit  in  writing  its
               inability to pay its debts  generally as they become due,  file a
               petition  to take  advantage  of, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent  jurisdiction to appoint,  any  established  housing and home
finance  institution,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the

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               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) The  Trustee  shall not be  personally  liable  with
               respect to any action  taken,  suffered or omitted to be taken by
               it  in  good  faith  in   accordance   with  the   direction   of
               Certificateholders   of  any  Class  holding  Certificates  which
               evidence, as to such Class,  Percentage Interests aggregating not
               less than 25% as to the time,  method and place of conducting any
               proceeding for any remedy available to the Trustee, or exercising
               any  trust  or  power  conferred  upon the  Trustee,  under  this
               Agreement;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a)    Except as otherwise provided in Section 8.01:

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                      (i) The Trustee may rely and shall be  protected in acting
               or  refraining  from  acting  upon  any   resolution,   Officers'
               Certificate,  certificate  of auditors or any other  certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, appraisal,  bond or other paper or document believed by it
               to be genuine and to have been signed or  presented by the proper
               party or parties;

                      (ii) The Trustee may consult  with counsel and any Opinion
               of  Counsel  shall  be  full  and  complete   authorization   and
               protection  in respect of any action taken or suffered or omitted
               by it hereunder in good faith and in accordance with such Opinion
               of Counsel;

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

                      (iv) The Trustee  shall not be  personally  liable for any
               action  taken,  suffered  or  omitted  by it in  good  faith  and
               believed  by it to be  authorized  or within  the  discretion  or
               rights or powers conferred upon it by this Agreement;

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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<PAGE>

                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

          Section 8.05  Master  Servicer  to Pay  Trustee's  Fees and  Expenses;
               Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

                      (ii) while maintaining  control over its own defense,  the
               Trustee  shall  cooperate  and  consult  fully  with  the  Master
               Servicer in preparing such defense; and

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined

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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and have accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

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        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

        (c) Any notice,  request or other  writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee  therein  designated or, in the case of the
               purchase by the Master Servicer of the outstanding  Certificates,
               the Distribution Date on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution  Date  is not  applicable,  and in the  case  of the
               Senior  Certificates and Class M Certificates,  that payment will
               be made only upon  presentation and surrender of the Certificates
               at the office or agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the case of the  Senior,  Class M or Class B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have

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been surrendered for cancellation,  the Trustee shall pay to the Master Servicer
all amounts  distributable  to the holders thereof and the Master Servicer shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master Servicer as a result of such Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with this Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the  failure of each such REMIC to comply with the  requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

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                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax

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matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or  desirable  to  maintain  the status of each REMIC as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d)

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of the Code) (either such event,  in the absence of an Opinion of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such reimbursement the aggregate of such taxes shall be

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allocated  in  reduction  of the  Accrued  Certificate  Interest  on each  Class
entitled  thereto in the same manner as if such taxes  constituted  a Prepayment
Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify the Trust Fund against such tax, cause such REMIC

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<PAGE>

to be subject to a tax on "prohibited  transactions" or "contributions" pursuant
to the REMIC Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i)    to cure any ambiguity,

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<PAGE>

                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                    (vii) to amend any  provision  herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates

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<PAGE>

evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each  Class of  Certificates  affected  thereby  for the  purpose  of adding any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any

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<PAGE>

Certificateholder  and without the consent of the Master Servicer or the Trustee
being required unless any such amendment would impose any additional  obligation
on,   or   otherwise    adversely   affect   the   interests   of   the   Senior
Certificateholders,  the Class M Certificateholders,  the Master Servicer or the
Trustee,  as applicable;  provided that the Company obtains  (subject to Section
10.01(f))  an Opinion of Counsel  (which  need not be an opinion of  Independent
counsel)  to the effect that any such  amendment  will not cause (a) any federal
tax to be imposed on the Trust Fund,  including without limitation,  any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions  after the startup date" under Section  860G(d)(1) of the Code
and (b) any REMIC  created  hereunder  to fail to qualify as a REMIC at any time
that any  Certificate  is  outstanding.  In the event that the Company elects to
provide  such  coverage  in the form of a limited  guaranty  provided by General
Motors  Acceptance  Corporation,  the  Company  may elect  that the text of such
amendment to this Agreement shall be  substantially  in the form attached hereto
as Exhibit K (in which case Residential Funding's  Subordinate  Certificate Loss
Obligation  as described in such exhibit  shall be  established  by  Residential
Funding's  consent to such  amendment)  and that the limited  guaranty  shall be
executed  in the form  attached  hereto as Exhibit  K, with such  changes as the
Company shall deem to be appropriate;  it being  understood that the Trustee has
reviewed and approved the content of such forms and that the  Trustee's  consent
or approval to the use thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or

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<PAGE>

members  of an  association;  nor  shall  any  Certificateholder  be  under  any
liability  to any third  person by reason of any action  taken by the parties to
this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

        (a)    a material change or amendment to this Agreement,

        (b)    the occurrence of an Event of Default,

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<PAGE>

     (c) the  termination  or  appointment  of a  successor  Master  Servicer or
Trustee or a change in the majority ownership of the Trustee,

        (d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions  insurance  policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,

     (e) the statement  required to be delivered to the Holders of each Class of
Certificates pursuant to Section 4.03,

     (f) the statements  required to be delivered  pursuant to Sections 3.18 and
3.19,

     (g) a change in the location of the  Custodial  Account or the  Certificate
Account,

        (h) the  occurrence of any monthly cash flow shortfall to the Holders of
any Class of  Certificates  resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,

        (i)    the occurrence of the Final Distribution Date, and

        (j)    the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective interests would not be materially adversely affected

                                             104

<PAGE>

thereby. To the extent that the terms of the Supplemental  Article do not in any
way  affect  any  provisions  of this  Agreement  as to any of the  Certificates
initially issued hereunder,  the adoption of the Supplemental  Article shall not
constitute an "amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

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<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                CERTIFICATE POLICY OF MBIA INSURANCE CORPORATION

                            CERTIFICATE GUARANTY INSURANCE POLICY

OBLIGATIONS:          RFMSI Series 2001-S27 Trust          POLICY NUMBER:  36827
                      Mortgage Pass-Through Certificates, Series 2001-S27
                      $25,000,000 6.20% Class A-6 Certificates and
                      $74,000,000 6.40% Class A-9 Certificates

        MBIA Insurance  Corporation  (the  "Insurer"),  in  consideration of the
payment of the  premium and  subject to the terms of this  Certificate  Guaranty
Insurance  Policy  (this  "Policy"),   hereby  unconditionally  and  irrevocably
guarantees  to any Owner that an amount equal to each full and complete  Insured
Payment will be received from the Insurer by Bank One, National Association,  or
its  successors,  as trustee  for the Owners (the  "Trustee"),  on behalf of the
Owners,  for  distribution  by  the  Trustee  to  each  Owner  of  each  Owner's
proportionate share of the Insured Payment. The Insurer's  obligations hereunder
with respect to a particular  Insured  Payment shall be discharged to the extent
funds  equal to the  applicable  Insured  Payment are  received by the  Trustee,
whether or not such funds are properly applied by the Trustee.  Insured Payments
shall be made  only at the time set  forth in this  Policy,  and no  accelerated
Insured   Payments  shall  be  made  regardless  of  any   acceleration  of  the
Obligations, unless such acceleration is at the sole option of the Insurer. This
Policy does not provide credit  enhancement for any Class of Certificates  other
than the Class A-6 Certificates and the Class A-9 Certificates.

        Notwithstanding  the  foregoing  paragraph,  this  Policy does not cover
shortfalls,  if any,  attributable to the liability of the Trust Fund, any REMIC
or the Trustee for withholding  taxes, if any (including  interest and penalties
in respect of any such liability).

        The Insurer will pay any Insured Payment that is a Preference  Amount on
the  Business  Day  following  receipt on a Business Day by the Fiscal Agent (as
described  below) of (a) a certified copy of the order requiring the return of a
preference payment,  (b) an opinion of counsel  satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer,  irrevocably assigning to the Insurer all
rights and claims of the Owner  relating  to or  arising  under the  Obligations
against the debtor which made such preference  payment or otherwise with respect
to such  preference  payment  and (d)  appropriate  instruments  to  effect  the
appointment  of the  Insurer  as agent for such  Owner in any  legal  proceeding
related  to  such  preference   payment,   such  instruments  being  in  a  form
satisfactory to the Insurer,  provided that if such documents are received after
12:00 noon,  New York City time, on such Business Day, they will be deemed to be
received on the following  Business Day. Such payments shall be disbursed to the
receiver  or  trustee  in  bankruptcy  named in the  final  order  of the  court
exercising  jurisdiction  on behalf  of the Owner and not to any Owner  directly
unless such Owner has returned  principal or interest paid on the Obligations to
such  receiver or trustee in  bankruptcy,  in which case such  payment  shall be
disbursed to such Owner.

        The Insurer  will pay any other amount  payable  hereunder no later than
12:00 noon, New York City time, on the later of the  Distribution  Date on which
the related Deficiency Amount is due or the first Business Day following receipt
in New York, New York on a Business Day by State

                                             -2-

<PAGE>

Street Bank and Trust  Company,  N.A.,  as Fiscal Agent for the Insurer,  or any
successor  fiscal agent  appointed by the Insurer  (the  "Fiscal  Agent"),  of a
Notice (as  described  below),  provided  that if such Notice is received  after
12:00 noon,  New York City time,  on such  Business Day, it will be deemed to be
received on the  following  Business  Day.  If any such  Notice  received by the
Fiscal Agent is not in proper form or is otherwise  insufficient for the purpose
of making claim  hereunder,  it shall be deemed not to have been received by the
Fiscal  Agent for  purposes  of this  paragraph,  and the  Insurer or the Fiscal
Agent,  as the case may be, shall promptly so advise the Trustee and the Trustee
may submit an amended Notice.

        Insured Payments due hereunder,  unless otherwise stated herein, will be
disbursed  by the  Fiscal  Agent to the  Trustee on behalf of the Owners by wire
transfer of  immediately  available  funds in the amount of the Insured  Payment
less, in respect of Insured Payments related to Preference  Amounts,  any amount
held by the  Trustee  for  the  payment  of such  Insured  Payment  and  legally
available therefor.

        The Fiscal Agent is the agent of the Insurer only,  and the Fiscal Agent
shall in no event be liable to Owners  for any acts of the  Fiscal  Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds to
make payments due under this Policy.

        Subject to the terms of the Agreement, the Insurer will be subrogated to
the rights of each Owner to receive payments under  Obligations to the extent of
any payment by the Insurer under this Policy.

        As used herein, the following terms shall have the following meanings:

        "Agreement"  means the Series  Supplement  dated as of  November 1, 2001
among Residential Funding Mortgage Securities I, Inc., as Depositor, Residential
Funding Corporation,  as Master Servicer, and the Trustee, as trustee,  together
with the Standard Terms of Pooling and Servicing  Agreement  dated as of July 1,
2001  without  regard  to any  amendment  or  supplement  thereto,  unless  such
amendment or supplement has been approved in writing by the Insurer.

        "Business Day" means any day other than (a) a Saturday or a Sunday (b) a
day on which the Insurer is closed or (c) a day on which banking institutions in
New York City or in the city in which the corporate  trust office of the Trustee
under the  Agreement is located are  authorized or obligated by law or executive
order to close.

        "Deficiency  Amount" means, as of any Distribution Date, an amount equal
to: (i) any interest  shortfall  allocated to the Class A-6  Certificates or the
Class A-9 Certificates,  as applicable,  except for (a) any Prepayment  Interest
Shortfalls   allocated  to  the  Class  A-6   Certificates   or  the  Class  A-9
Certificates,  as  applicable,  that were not offset by the Master  Servicer and
were  otherwise  covered by the Reserve  Fund and (b) any Relief Act  Shortfalls
allocated  to the  Class A-6  Certificate  or the  Class  A-9  Certificates,  as
applicable,  that were otherwise covered by the Reserve Fund, (ii) the principal
portion of any Realized  Losses  allocated to the Class A-6  Certificates or the
Class A-9  Certificates,  as  applicable;  and (iii) the  Certificate  Principal
Balance  of the  Class  A-6  Certificates  or the  Class  A-9  Certificates,  as
applicable, to the extent unpaid on the Scheduled Final Distribution Date.

                                             -3-

<PAGE>

        "Insured Payment" means (a) as of any Distribution  Date, any Deficiency
Amount and (b) any Preference Amount.

        "Notice" means the telephonic or telegraphic notice,  promptly confirmed
in writing by facsimile  substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified mail,
from the Trustee  specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.

        "Owner"  means each  Holder (as  defined in the  Agreement)  who, on the
applicable  Distribution  Date,  is entitled  under the terms of the  applicable
Class A-6 Certificate or Class A-9 Certificate to payment thereunder.

        "Preference Amount" means any amount previously  distributed to an Owner
on the Obligations  that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy  pursuant to the United States  Bankruptcy
Code (11  U.S.C.),  as  amended  from  time to time in  accordance  with a final
nonappealable order of a court having competent jurisdiction.

        Capitalized  terms used herein and not  otherwise  defined  herein shall
have  the  respective  meanings  set  forth in the  Agreement  as of the date of
execution of this Policy,  without giving effect to any subsequent  amendment to
or modification of the Agreement  unless such amendment or modification has been
approved in writing by the Insurer.

        Any notice  hereunder  or service of process on the Fiscal  Agent may be
made at the address  listed below for the Fiscal Agent or such other  address as
the Insurer shall specify in writing to the Trustee.

        The notice address of the Fiscal Agent is 15th Floor,  61 Broadway,  New
York, New York 10006, Attention:  Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

        THIS  POLICY  IS BEING  ISSUED  UNDER  AND  PURSUANT  TO,  AND  SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF.

        The   insurance   provided   by  this  Policy  is  not  covered  by  the
Property/Casualty  Insurance  Security  Fund  specified in Article 76 of the New
York Insurance Law.

        This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

                                             -4-

<PAGE>

        IN WITNESS  WHEREOF,  the  Insurer has caused this Policy to be executed
and attested this 29th day of November, 2001.

                                            MBIA INSURANCE CORPORATION

                                            By ________________________________
                                    President

                                     Attest:

                                            By ________________________________
                                               Assistant Secretary

<PAGE>

                                    EXHIBIT A

                        TO CERTIFICATE GUARANTY INSURANCE
                              POLICY NUMBER: 36827

                        NOTICE UNDER CERTIFICATE GUARANTY
                         INSURANCE POLICY NUMBER: 36827

State Street Bank and Trust Company, N.A., as Fiscal Agent
        for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY  10006
Attention:  Municipal Registrar and
        Paying Agency

MBIA Insurance Corporation
113 King Street
Armonk, NY  10504

The undersigned, a duly authorized officer of [Name of Trustee], as trustee (the
"Trustee"),  hereby certifies to State Street Bank and Trust Company,  N.A. (the
"Fiscal Agent") and MBIA Insurance  Corporation (the "Insurer"),  with reference
to Certificate  Guaranty Insurance Policy Number: 36827 (the "Policy") issued by
the Insurer in respect of the RFMSI Series 2001-S27 Trust Mortgage  Pass-Through
Certificates,  Series  2001-S27  $25,000,000  6.20% Class A-6  Certificates  and
$74,000,000 6.40% Class A-9 Certificates (together, the "Obligations"), that:

a.   the Trustee is the trustee under the Series Supplement dated as of November
     1,  2001  among  Residential   Funding  Mortgage  Securities  I,  Inc.,  as
     Depositor,  Residential Funding  Corporation,  as Master Servicer,  and the
     Trustee,  as trustee for the owners,  together  with the Standard  Terms of
     Pooling and Servicing Agreement dated as of July 1, 2001;

b.   the amount due under clause (i) of the definition of Deficiency  Amount for
     the Distribution Date occurring on [________] (the "Applicable Distribution
     Date") is $[_____];

c.   the amount due under clause (ii) of the definition of Deficiency Amount for
     the Applicable Distribution Date is $[_________]

d.   the amount due under clause (iii) of the  definition of  Deficiency  Amount
     for the Applicable Distribution Date is $[__________];

e.   the sum of the  amounts  listed  in  paragraphs  (b),  (c) and (d) above is
     $[_______] (the "Deficiency Amount");

f.   the amount of previously  distributed  payments on the Obligations  that is
     recoverable  and  sought to be  recovered  as a  voidable  preference  by a
     trustee in bankruptcy pursuant to the

                                             A-1

<PAGE>

          Bankruptcy  Code in accordance with a final  nonappealable  order of a
          court having competent jurisdiction is $[_____________________- ] (the
          "Preference Amount");

g.   the total Insured  Payment due is  $[___________],  which amount equals the
     sum of the Deficiency Amount and the Preference Amount;

h.      the  Trustee is making a claim  under and  pursuant  to the terms of the
        Policy for the dollar  amount of the  Insured  Payment  set forth in (e)
        above to be applied  to the  payment  of the  Deficiency  Amount for the
        Applicable  Distribution  Date in accordance  with the Agreement and for
        the dollar  amount of the  Insured  Payment set forth in (f) above to be
        applied to the payment of any Preference Amount; and

i.   the Trustee  directs  that  payment of the  Insured  Payment be made to the
     following  account by bank wire  transfer  of federal or other  immediately
     available  funds in  accordance  with the terms of the  Policy:  [TRUSTEE'S
     ACCOUNT NUMBER].

        Any  capitalized  term used in this  Notice  and not  otherwise  defined
herein shall have the meaning assigned thereto in the Policy.

Any Person Who  Knowingly  And With Intent To Defraud Any  Insurance  Company Or
Other Person Files An Application For Insurance Or Statement Of Claim Containing
Any  Materially  False  Information,  Or Conceals For The Purpose Of Misleading,
Information Concerning Any Fact Material Thereto, Commits A Fraudulent Insurance
Act,  Which Is A Crime,  And Shall  Also Be Subject  To A Civil  Penalty  Not To
Exceed Five  Thousand  Dollars  And The Stated  Value Of The Claim For Each Such
Violation.

     IN WITNESS  WHEREOF,  the Trustee has  executed and  delivered  this Notice
under the Policy as of the [__________] day of [________________], [__________].

                                            [NAME OF TRUSTEE], as
                                     Trustee

                                            By  ______________________________
                                            Title _____________________________

                                             A-2

<PAGE>

<TABLE>
<CAPTION>

                                         EXHIBIT SIX

                           PLANNED PRINCIPAL BALANCES

                         PLANNED            PLANNED            PLANNED             PLANNED
                        PRINCIPAL          PRINCIPAL          PRINCIPAL           PRINCIPAL
                    ---BALANCES-FOR-------BALANCES-FOR-------BALANCES-FOR-------BALANCES-FOR--
DISTRIBUTION            CLASS A-1          CLASS A-2          CLASS A-4           CLASS A-5
DATE                   CERTIFICATES       CERTIFICATES       CERTIFICATES       CERTIFICATES
-------------------------------------------------------------------------------------------------
<S>                                      <C>                <C>                <C>                <C>
Initial Balance....                      $4,024,000.00      $  49,134,571.00   $58,155,429.00     $20,000,000.00
December 25, 2001..                      3,845,602.48       49,000,772.86      58,155,429.00      20,000,000.00
January 25, 2002...                      3,635,691.98       48,843,339.98      58,155,429.00      20,000,000.00
February 25, 2002..                      3,394,436.53       48,662,398.39      58,155,429.00      20,000,000.00
March 25, 2002.....                      3,121,910.04       48,458,003.53      58,155,429.00      20,000,000.00
April 25, 2002.....                      2,818,206.58       48,230,225.94      58,155,429.00      20,000,000.00
May 25, 2002.......                      2,483,440.34       47,979,151.26      58,155,429.00      20,000,000.00
June 25, 2002......                      2,117,745.63       47,704,880.22      58,155,429.00      20,000,000.00
July 25, 2002......                      1,721,276.81       47,407,528.61      58,155,429.00      20,000,000.00
August 25, 2002 ...                      1,294,208.21       47,087,227.16      58,155,429.00      20,000,000.00
September 25, 2002.                      836,734.05         46,744,121.54      58,155,429.00      20,000,000.00
October 25, 2002...                      349,068.31         46,378,372.23      58,155,429.00      20,000,000.00
November 25, 2002..                      0.00               45,990,154.44      57,986,873.58      20,000,000.00
December 25, 2002..                      0.00               45,579,657.95      57,439,544.92      20,000,000.00
January 25, 2003...                      0.00               45,147,087.01      56,862,783.66      20,000,000.00
February 25, 2003..                      0.00               44,692,660.17      56,256,881.19      20,000,000.00
March 25, 2003.....                      0.00               44,216,610.11      55,622,147.77      20,000,000.00
April 25, 2003.....                      0.00               43,719,183.46      54,958,912.23      20,000,000.00
May 25, 2003.......                      0.00               43,200,640.61      54,267,521.74      20,000,000.00
June 25, 2003......                      0.00               42,661,255.45      53,548,341.52      20,000,000.00
July 25, 2003......                      0.00               42,101,315.21      52,801,754.52      20,000,000.00
August 25, 2003 ...                      0.00               41,521,120.15      52,028,161.10      20,000,000.00
September 25, 2003.                      0.00               40,920,983.34      51,227,978.67      20,000,000.00
October 25, 2003...                      0.00               40,301,230.37      50,401,641.36      20,000,000.00
November 25, 2003..                      0.00               39,662,199.07      49,549,599.61      20,000,000.00
December 25, 2003..                      0.00               39,004,239.18      48,672,319.74      20,000,000.00
January 25, 2004...                      0.00               38,327,712.10      47,770,283.61      20,000,000.00
February 25, 2004..                      0.00               37,632,990.48      46,843,988.11      20,000,000.00
March 25, 2004.....                      0.00               36,920,457.95      45,893,944.73      20,000,000.00
April 25, 2004.....                      0.00               36,190,508.75      44,920,679.10      20,000,000.00
May 25, 2004.......                      0.00               35,465,385.73      43,953,848.39      20,000,000.00
June 25, 2004......                      0.00               34,745,057.84      42,993,411.19      20,000,000.00
July 25, 2004......                      0.00               34,029,494.23      42,039,326.36      20,000,000.00
August 25, 2004 ...                      0.00               33,318,664.24      41,091,553.02      20,000,000.00
September 25, 2004.                      0.00               32,612,537.42      40,150,050.58      20,000,000.00
October 25, 2004...                      0.00               31,911,083.51      39,214,778.68      20,000,000.00
November 25, 2004..                      0.00               31,214,272.46      38,285,697.27      20,000,000.00
December 25, 2004..                      0.00               30,532,788.68      37,377,052.22      20,000,000.00
January 25, 2005...                      0.00               29,855,888.24      36,474,518.28      20,000,000.00
February 25, 2005..                      0.00               29,183,541.65      35,578,056.14      20,000,000.00
March 25, 2005.....                      0.00               28,515,719.63      34,687,626.77      20,000,000.00
April 25, 2005.....                      0.00               27,852,393.09      33,803,191.37      20,000,000.00
May 25, 2005.......                      0.00               27,193,533.14      32,924,711.42      20,000,000.00

                                              1

<PAGE>

June 25, 2005......                      $0.00              $26,539,111.06     $32,052,148.63     $20,000,000.00
July 25, 2005......                      0.00               25,889,098.33      31,185,464.97      20,000,000.00
August 25, 2005 ...                      0.00               25,243,466.61      30,324,622.66      20,000,000.00
September 25, 2005.                      0.00               24,602,187.74      29,469,584.16      20,000,000.00
October 25, 2005...                      0.00               23,965,233.77      28,620,312.18      20,000,000.00
November 25, 2005..                      0.00               23,332,576.89      27,776,769.67      20,000,000.00
December 25, 2005..                      0.00               22,704,189.52      26,938,919.82      20,000,000.00
January 25, 2006...                      0.00               22,080,044.22      26,106,726.07      20,000,000.00
February 25, 2006..                      0.00               21,460,113.75      25,280,152.09      20,000,000.00
March 25, 2006.....                      0.00               20,844,371.03      24,459,161.80      20,000,000.00
April 25, 2006.....                      0.00               20,232,789.19      23,643,719.33      20,000,000.00
May 25, 2006.......                      0.00               19,625,341.51      22,833,789.08      20,000,000.00
June 25, 2006......                      0.00               19,022,001.45      22,029,335.64      20,000,000.00
July 25, 2006......                      0.00               18,422,742.63      21,230,323.87      20,000,000.00
August 25, 2006....                      0.00               17,827,538.87      20,436,718.85      20,000,000.00
September 25, 2006.                      0.00               17,236,364.14      19,648,485.86      20,000,000.00
October 25, 2006...                      0.00               16,649,192.60      18,865,590.46      20,000,000.00
November 25, 2006..                      0.00               16,065,998.55      18,087,998.38      20,000,000.00
December 25, 2006..                      0.00               15,492,833.20      17,323,777.90      20,000,000.00
January 25, 2007...                      0.00               14,923,567.56      16,564,757.02      20,000,000.00
February 25, 2007..                      0.00               14,358,176.37      15,810,902.10      20,000,000.00
March 25, 2007.....                      0.00               13,796,634.56      15,062,179.67      20,000,000.00
April 25, 2007.....                      0.00               13,238,917.20      14,318,556.52      20,000,000.00
May 25, 2007.......                      0.00               12,684,999.53      13,579,999.61      20,000,000.00
June 25, 2007......                      0.00               12,134,856.96      12,846,476.17      20,000,000.00
July 25, 2007......                      0.00               11,588,465.04      12,117,953.59      20,000,000.00
August 25, 2007....                      0.00               11,045,799.48      11,394,399.51      20,000,000.00
September 25, 2007.                      0.00               10,506,836.18      10,675,781.76      20,000,000.00
October 25, 2007...                      0.00               9,971,551.16       9,962,068.38       20,000,000.00
November 25, 2007..                      0.00               9,439,920.61       9,253,227.64       20,000,000.00
December 25, 2007..                      0.00               8,913,869.18       8,551,825.72       20,000,000.00
January 25, 2008...                      0.00               8,391,410.96       7,855,214.75       20,000,000.00
February 25, 2008..                      0.00               7,872,522.61       7,163,363.61       20,000,000.00
March 25, 2008.....                      0.00               7,357,180.96       6,476,241.40       20,000,000.00
April 25, 2008.....                      0.00               6,848,539.95       5,798,053.36       20,000,000.00
May 25, 2008.......                      0.00               6,354,364.04       5,139,152.14       20,000,000.00
June 25, 2008......                      0.00               5,874,262.50       4,499,016.74       20,000,000.00
July 25, 2008......                      0.00               5,407,854.97       3,877,140.03       20,000,000.00
August 25, 2008....                      0.00               4,954,771.22       3,273,028.35       20,000,000.00
September 25, 2008.                      0.00               4,514,650.87       2,686,201.20       20,000,000.00
October 25, 2008...                      0.00               4,087,143.12       2,116,190.86       20,000,000.00
November 25, 2008..                      0.00               3,671,906.53       1,562,542.07       20,000,000.00
December 25, 2008..                      0.00               3,281,207.89       1,041,610.54       20,000,000.00
January 25, 2009...                      0.00               2,901,761.58       535,682.12         20,000,000.00
February 25, 2009..                      0.00               2,533,260.23       44,346.98          20,000,000.00
March 25, 2009.....                      0.00               2,415,862.26       0.00               19,326,898.08
April 25, 2009.....                      0.00               2,325,769.49       0.00               18,606,155.89
May 25, 2009.......                      0.00               2,238,287.85       0.00               17,906,302.82
June 25, 2009......                      0.00               2,153,345.90       0.00               17,226,767.20

                                              2

<PAGE>

July 25, 2009......                      $0.00              $2,070,874.09      $0.00              $16,566,992.71
August 25, 2009....                      0.00               1,990,804.75       0.00               15,926,438.00
September 25, 2009.                      0.00               1,913,072.04       0.00               15,304,576.30
October 25, 2009...                      0.00               1,837,611.87       0.00               14,700,895.00
November 25, 2009..                      0.00               1,764,361.91       0.00               14,114,895.30
December 25, 2009..                      0.00               1,695,918.84       0.00               13,567,350.71
January 25, 2010...                      0.00               1,629,461.51       0.00               13,035,692.07
February 25, 2010..                      0.00               1,564,935.50       0.00               12,519,483.98
March 25, 2010.....                      0.00               1,502,287.85       0.00               12,018,302.83
April 25, 2010.....                      0.00               1,441,467.06       0.00               11,531,736.47
May 25, 2010.......                      0.00               1,382,422.99       0.00               11,059,383.91
June 25, 2010......                      0.00               1,325,106.87       0.00               10,600,855.00
July 25, 2010......                      0.00               1,269,471.27       0.00               10,155,770.17
August 25, 2010....                      0.00               1,215,470.02       0.00               9,723,760.14
September 25, 2010.                      0.00               1,163,058.20       0.00               9,304,465.62
October 25, 2010...                      0.00               1,112,192.13       0.00               8,897,537.07
November 25, 2010..                      0.00               1,062,829.30       0.00               8,502,634.41
December 25, 2010..                      0.00               1,016,954.12       0.00               8,135,632.94
January 25, 2011...                      0.00               972,399.18         0.00               7,779,193.42
February 25, 2011..                      0.00               929,129.08         0.00               7,433,032.64
March 25, 2011.....                      0.00               887,109.37         0.00               7,096,874.94
April 25, 2011.....                      0.00               846,306.50         0.00               6,770,451.97
May 25, 2011.......                      0.00               806,687.81         0.00               6,453,502.52
June 25, 2011......                      0.00               768,221.54         0.00               6,145,772.33
July 25, 2011......                      0.00               730,876.74         0.00               5,847,013.90
August 25, 2011....                      0.00               694,623.29         0.00               5,556,986.32
September 25, 2011.                      0.00               659,431.89         0.00               5,275,455.08
October 25, 2011...                      0.00               625,273.99         0.00               5,002,191.93
November 25, 2011..                      0.00               592,121.84         0.00               4,736,974.69
December 25, 2011..                      0.00               559,948.38         0.00               4,479,587.07
January 25, 2012...                      0.00               528,727.32         0.00               4,229,818.58
February 25, 2012..                      0.00               498,433.04         0.00               3,987,464.31
March 25, 2012.....                      0.00               469,040.60         0.00               3,752,324.81
April 25, 2012.....                      0.00               440,525.75         0.00               3,524,205.96
May 25, 2012.......                      0.00               412,864.85         0.00               3,302,918.80
June 25, 2012......                      0.00               386,034.93         0.00               3,088,279.42
July 25, 2012......                      0.00               360,013.60         0.00               2,880,108.78
August 25, 2012....                      0.00               334,779.08         0.00               2,678,232.66
September 25, 2012.                      0.00               310,310.18         0.00               2,482,481.46
October 25, 2012...                      0.00               286,586.26         0.00               2,292,690.10
November 25, 2012..                      0.00               263,587.24         0.00               2,108,697.91
December 25, 2012..                      0.00               241,293.57         0.00               1,930,348.53
January 25, 2013...                      0.00               219,686.22         0.00               1,757,489.75
February 25, 2013..                      0.00               198,746.68         0.00               1,589,973.41
March 25, 2013.....                      0.00               178,456.92         0.00               1,427,655.34
April 25, 2013.....                      0.00               158,799.40         0.00               1,270,395.21
May 25, 2013.......                      0.00               139,757.05         0.00               1,118,056.42
June 25, 2013......                      0.00               121,313.25         0.00               970,506.04
July 25, 2013......                      0.00               103,451.84         0.00               827,614.69

                                              3

<PAGE>

August 25, 2013....                      $0.00              $86,157.05         $0.00              $689,256.44
September 25, 2013.                      0.00               69,413.59          0.00               555,308.73
October 25, 2013...                      0.00               53,206.54          0.00               425,652.28
November 25, 2013..                      0.00               37,521.38          0.00               300,171.01
December 25, 2013..                      0.00               22,343.99          0.00               178,751.93
January 25, 2014...                      0.00               7,660.63           0.00               61,285.07
February 25, 2014                        0.00               0.00               0.00               0.00
and thereafter.....

                                              4

<PAGE>

                                        EXHIBIT SEVEN

                                 TARGETED PRINCIPAL BALANCES

                                 TARGETED PRINCIPAL          TARGETED PRINCIPAL
                            ---BALANCES-FOR-CLASS-A-7------BALANCES-FOR-CLASS-A-9
DISTRIBUTION DATE                   CERTIFICATES                CERTIFICATES
------------------------------------------------------------------------------------
Initial Balance............                                 $13,191,000.00                $74,000,000.00
December 25, 2001..........                                 13,262,451.25                 73,761,833.72
January 25, 2002...........                                 13,334,289.52                 73,457,945.82
February 25, 2002..........                                 13,406,516.93                 73,088,359.82
March 25, 2002.............                                 13,479,135.56                 72,653,231.05
April 25, 2002.............                                 13,552,147.54                 72,152,847.50
May 25, 2002...............                                 13,625,555.01                 71,587,630.35
June 25, 2002..............                                 13,699,360.10                 70,958,134.14
July 25, 2002..............                                 13,773,564.97                 70,265,046.63
August 25, 2002 ...........                                 13,848,171.78                 69,509,188.24
September 25, 2002.........                                 13,923,182.71                 68,691,511.22
October 25, 2002...........                                 13,998,599.95                 67,813,098.34
November 25, 2002..........                                 14,074,425.70                 66,875,161.36
December 25, 2002..........                                 14,150,662.17                 65,879,039.04
January 25, 2003...........                                 14,227,311.59                 64,826,194.83
February 25, 2003..........                                 14,304,376.19                 63,718,214.19
March 25, 2003.............                                 14,381,858.23                 62,556,801.59
April 25, 2003.............                                 14,459,759.96                 61,343,777.15
May 25, 2003...............                                 14,538,083.66                 60,081,072.92
June 25, 2003..............                                 14,616,831.62                 58,770,728.86
July 25, 2003..............                                 14,696,006.12                 57,414,888.52
August 25, 2003 ...........                                 14,775,609.49                 56,015,794.33
September 25, 2003.........                                 14,855,644.04                 54,575,782.71
October 25, 2003...........                                 14,936,112.11                 53,097,278.77
November 25, 2003..........                                 15,017,016.05                 51,582,790.87
December 25, 2003..........                                 15,098,358.22                 50,034,904.79
January 25, 2004...........                                 15,180,141.00                 48,456,277.80
February 25, 2004..........                                 15,262,366.76                 46,849,632.38
March 25, 2004.............                                 15,345,037.91                 45,217,749.84
April 25, 2004.............                                 15,428,156.87                 43,563,463.68
May 25, 2004...............                                 15,511,726.05                 41,947,394.85
June 25, 2004..............                                 15,595,747.90                 40,368,848.47
July 25, 2004..............                                 15,680,224.87                 38,827,140.67
August 25, 2004 ...........                                 15,765,159.42                 37,321,598.50
September 25, 2004.........                                 15,850,554.03                 35,851,559.69
October 25, 2004...........                                 15,936,411.20                 34,416,372.54
November 25, 2004..........                                 16,022,733.43                 33,015,395.72
December 25, 2004..........                                 16,109,523.23                 31,647,998.16
January 25, 2005...........                                 16,196,783.15                 30,313,558.81
February 25, 2005..........                                 16,284,515.73                 29,011,466.56
March 25, 2005.............                                 16,372,723.52                 27,741,120.05
April 25, 2005.............                                 16,461,409.11                 26,501,927.53
May 25, 2005...............                                 16,550,575.07                 25,293,306.72
June 25, 2005..............                                 16,640,224.02                 24,114,684.62
July 25, 2005..............                                 16,730,358.57                 22,965,497.43
August 25, 2005 ...........                                 16,820,981.34                 21,845,190.35

                                              1

<PAGE>

September 25, 2005.........                                 $16,912,094.99                $20,753,217.49
October 25, 2005...........                                 17,003,702.17                 19,689,041.69
November 25, 2005..........                                 17,095,805.56                 18,652,134.42
December 25, 2005..........                                 17,188,407.84                 17,641,975.59
January 25, 2006...........                                 17,281,511.72                 16,658,053.51
February 25, 2006..........                                 17,375,119.90                 15,699,864.67
March 25, 2006.............                                 17,469,235.14                 14,766,913.66
April 25, 2006.............                                 17,563,860.16                 13,858,713.03
May 25, 2006...............                                 17,658,997.74                 12,974,783.18
June 25, 2006..............                                 17,754,650.64                 12,114,652.22
July 25, 2006..............                                 17,850,821.66                 11,277,855.87
August 25, 2006............                                 17,947,513.62                 10,463,937.30
September 25, 2006.........                                 18,044,729.31                 9,672,447.08
October 25, 2006...........                                 18,142,471.60                 8,902,943.00
November 25, 2006..........                                 18,240,743.32                 8,154,990.01
December 25, 2006..........                                 18,339,547.35                 7,446,637.48
January 25, 2007...........                                 18,438,886.56                 6,758,822.43
February 25, 2007..........                                 18,538,763.86                 6,091,131.18
March 25, 2007.............                                 18,639,182.17                 5,443,156.74
April 25, 2007.............                                 18,740,144.40                 4,814,498.73
May 25, 2007...............                                 18,841,653.52                 4,204,763.24
June 25, 2007..............                                 18,943,712.48                 3,613,562.76
July 25, 2007..............                                 19,046,324.25                 3,040,516.05
August 25, 2007............                                 19,149,491.84                 2,485,248.08
September 25, 2007.........                                 19,253,218.26                 1,947,389.90
October 25, 2007...........                                 19,357,506.52                 1,426,578.57
November 25, 2007..........                                 19,462,359.68                 922,457.02
December 25, 2007..........                                 19,567,780.80                 440,283.94
January 25, 2008...........                                 19,647,776.30                 0.00
February 25, 2008..........                                 19,303,615.58                 0.00
March 25, 2008.............                                 18,975,252.31                 0.00
April 25, 2008.............                                 18,654,948.78                 0.00
May 25, 2008...............                                 18,324,215.06                 0.00
June 25, 2008..............                                 17,983,595.72                 0.00
July 25, 2008..............                                 17,633,616.65                 0.00
August 25, 2008............                                 17,274,785.58                 0.00
September 25, 2008.........                                 16,907,592.64                 0.00
October 25, 2008...........                                 16,532,510.91                 0.00
November 25, 2008..........                                 16,149,996.88                 0.00
December 25, 2008..........                                 15,749,679.43                 0.00
January 25, 2009...........                                 15,343,310.01                 0.00
February 25, 2009..........                                 14,931,284.69                 0.00
March 25, 2009.............                                 14,513,835.85                 0.00
April 25, 2009.............                                 14,091,629.76                 0.00
May 25, 2009...............                                 13,664,871.34                 0.00
June 25, 2009..............                                 13,233,901.69                 0.00
July 25, 2009..............                                 12,799,049.19                 0.00
August 25, 2009............                                 12,360,629.90                 0.00
September 25, 2009.........                                 11,918,947.97                 0.00
October 25, 2009...........                                 11,474,295.95                 0.00
November 25, 2009..........                                 11,026,955.19                 0.00
December 25, 2009..........                                 10,569,659.42                 0.00

                                              2

<PAGE>

January 25, 2010...........                                 $10,110,753.62                $0.00
February 25, 2010..........                                 9,650,466.91                  0.00
March 25, 2010.............                                 9,189,019.16                  0.00
April 25, 2010.............                                 8,726,621.25                  0.00
May 25, 2010...............                                 8,263,475.33                  0.00
June 25, 2010..............                                 7,799,775.13                  0.00
July 25, 2010..............                                 7,335,706.24                  0.00
August 25, 2010............                                 6,871,446.34                  0.00
September 25, 2010.........                                 6,407,165.45                  0.00
October 25, 2010...........                                 5,943,026.21                  0.00
November 25, 2010..........                                 5,479,184.12                  0.00
December 25, 2010..........                                 5,011,453.31                  0.00
January 25, 2011...........                                 4,544,800.97                  0.00
February 25, 2011..........                                 4,079,337.88                  0.00
March 25, 2011.............                                 3,615,169.47                  0.00
April 25, 2011.............                                 3,152,396.02                  0.00
May 25, 2011...............                                 2,691,112.80                  0.00
June 25, 2011..............                                 2,231,410.25                  0.00
July 25, 2011..............                                 1,773,374.17                  0.00
August 25, 2011............                                 1,317,085.81                  0.00
September 25, 2011.........                                 862,622.07                    0.00
October 25, 2011...........                                 410,055.66                    0.00
November 25, 2011 and                                       0.00                          0.00
thereafter.................

</TABLE>

                                              3

<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]