Document:

EXHIBIT 10.7

             AGREEMENT DATED JUNE 6, 2001 BETWEEN CLEARCOLL PTY LTD
               AND PRAXIS PHARMACEUTICALS INTERNATIONAL PTY LTD.

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AGREEMENT               dated June 6th                                     2001

BETWEEN

CLEARCOLL PTY LTD (ACN: 076 764 013) of 262 Johnson St, Annandale NSW 2038
('CLEARCOLL')

AND

PRAXIS PHARMACEUTICALS INTERNATIONAL PTY LTD (ACN 092 654 870) of Anutech Court,
North Road, Canberra, ACT ('PRAXIS')

BACKGROUND

A.       Clearcoll has knowledge of and/or IPR in respect of the preparation and
         use of compositions for skin care, dermal filling and wound healing
         (the 'FIELD').

B.       Praxis has knowledge of and IPR in respect of mono and polysaccharides
         and analogues thereof which attract fibroblasts and/or similar cells
         (the 'PRAXIS POLYSACCHARIDES').

C.       Clearcoll desires to investigate the use of the Praxis Polysaccharides
         in the Field and Praxis is agreeable to grant Clearcoll an option to
         acquire an exclusive world-wide licence to use the Praxis
         Polysaccharides in the Field on the terms of this agreement.

AGREEMENT

1.       MEANING OF WORDS

1.1      DEFINITIONS

         In this agreement:

         `BACKGROUND IPR' means any IPR created independently of the Project
         which Praxis or Clearcoll makes available to carry out the Project and
         includes at the date of this agreement the Background IPR of each party
         described in the Project Plan.

         `CONFIDENTIAL INFORMATION' of a party means any information that is:

         (a) by its nature confidential;

         (b) is designated by a party as confidential at the time it is
             communicated to the other party; and

         (c) is communicated by the one party to the other party in writing or,
             in the event that it is communicated verbally, is confirmed in
             writing within 20 days of such verbal communication, such

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             written communication or confirmation being marked "confidential".

         'FIRST RIGHT OF REFUSAL PERIOD' means [insert period] from the grant of
         the right of first refusal under CLAUSE 6.6.

         `INTELLECTUAL PROPERTY RIGHTS' OR 'IPR' means all intellectual property
         rights, including:

         (a) patents, plant breeder's right, copyright, rights in circuit
             layouts, registered designs, trade marks, and any right to have
             confidential information kept confidential; and

         (b) any application or right to apply for registration of any of the
             rights referred to in (a).

         `IPR COSTS' means the fees, costs and expenses of obtaining and
         maintaining registered IPR protection for IPR, including patent
         attorney and legal fees.

         'PROJECT' means the project described in the Project Plan.

         'PROJECT PLAN' means the project plan in the Schedule to this
         agreement.

         `PROJECT IPR' means any IPR developed during and as a result of
         carrying out the Project.

         `PROJECT RESULTS' means the Deliverables and the Project IPR.

         The following words have the meaning ascribed to them in the Project
         Plan: PROJECT MEETINGS, TASKS, MILESTONES and DELIVERABLES.

1.2      INTERPRETATION

         In this agreement, unless the contrary intention appears:

         (a) headings are for ease of reference only and do not affect the
             meaning of this agreement;

         (b) the singular includes the plural and vice versa and words importing
             a gender include other genders; and

         (c) other grammatical forms of defined words or expressions have
             corresponding meanings.

2.       PROJECT

2.1      BACKGROUND IPR

         Each Party:
         (a) retains ownership of its Background IPR;

         (b) grants the other party a non exclusive, non transferable, royalty
             free licence to use its Background IPR to the extent necessary to
             enable the other party to carry out its obligations under this
             agreement; and

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         (c) may only use any Background IPR of the other party outside the
             Project if it obtains prior written consent from that party.

2.2      WORKING TOGETHER

           Each party must:

         (a) ensure that its Personnel carry out the Tasks allotted to it:

             (i) in accordance with the Project Plan; and

             (ii) with due professional care and skill;

         (b) attend Project Meetings as set out in the Project Plan; and

         (c) supply the other party promptly with information the other party
             reasonably requires so that it is not delayed in performing its
             obligations under this agreement.

2.3      INDEPENDENT ACTIVITIES

         Each party acknowledges that the other party may carry out research,
         development and commercial exploitation independently of the Project.

3.       REPORTS

3.1      SUBMISSION

         Each party must submit to the Management Committee at each Milestone
         a `Milestone Report', as set out in the Project Plan specifying:

         (a) the Tasks performed for the Milestone; and

         (b) any Project IPR generated.

3.2      FINAL REPORT

         Within 30 days after the final Milestone, or, in the case of early
         termination, within 30 days after termination, the parties must submit
         a `Final Report' to the Management Committee specifying all tasks
         performed during the Project and all Project IPR generated.

3.3      INFORMATION EXCHANGE

         Each party must provide all information requested by the other party to
         enable the other party to prepare the reports.

4.       MANAGEMENT COMMITTEE

4.1      ESTABLISHMENT

         The parties must set up a Management Committee of equal representation:

         (a) to be responsible for the overall relationship between the parties;
             and

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         (b) to oversee the Project.

4.2      REPRESENTATIVES

         Each party:

         (a) must appoint at least two representatives (`RESEARCH COORDINATORS')
             acceptable to the other party as its representatives on the
             Management Committee;

         (b) subject to the other party's approval, may replace a representative
             by giving reasonable prior notice to the other party; and

         (c) may appoint an alternate person to act as its representative at a
             meeting but only if it notifies the other party at least 24 hours
             before the relevant meeting.

4.3      MEETINGS

         The Research Coordinators will arrange meetings of the Management
         Committee at each Milestone or more frequently if mutually agreed, to:
         (a) oversee the conduct of the Project;

         (b) review the Project at least every two months;

         (c) consider Milestone Reports;

         (d) discuss and recommend to the parties any proposed variations to any
             aspect of the Project; and

         (e) manage the Project IPR, including by:

             (i) identifying and notifying the parties of existing and future
                 Project IPR;

             (ii) making recommendations about which Project IPR should be:

                 (A) retained as Confidential Information; or

                 (B) protected by patent or any other form of IPR protection.

4.4      CHAIR

         Praxis will appoint the Chair of the Management Committee who must
         ensure that for each meeting:
         (a) where possible, an agenda is circulated in advance; and

         (b) minutes are kept and promptly circulated to each party.

4.5      QUORUM

         The quorum for meetings of the Management Committee is at least one
         representative of each party. All decisions of the Management Committee
         are to be unanimous. If this is not achievable then clause 19 (Dispute
         Resolution) will apply.

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5.       PROJECT RESULTS AND IPR

5.1      BACKGROUND IPR

         Each party retains ownership of any Background IPR it provides to carry
         out the Project.

5.2      DELIVERABLES

         The parties acknowledge and agree that Praxis and Clearcoll will own
         the Deliverables on creation as tenants in common in equal shares.

5.3      PROJECT IPR

         Project IPR shall belong to Clearcoll and Praxis as tenants in common
         in equal shares and will be protected as determined by the Management
         Committee.

5.4      COMMERCIALISATION

         Neither party shall use the Project IP for commercial purposes without
         first reaching agreement with the other party as to the terms and
         conditions upon which the IP is to be used. In the event that the
         parties are unable to agree upon such terms and conditions the matter
         shall be referred to mediationwith a mediator registered under the
         MEDIATIONS ACT 1997 (ACT) in a genuine effort to reach agreement upon
         such terms, and, if such mediation is unsuccessful the matter shall
         then be referred to binding arbitration under the ARBITRATION (CIVIL
         ACTIONS) ACT 1983. In the event of a disagreement between the parties
         as to the proceedures of the Australian Commercial Disputes Centre
         shall apply.

6.       OPTION

6.1      GRANT

         If Clearcoll has undertaken the Project in accordance with this
         agreement, Praxis grants Clearcoll an option to acquire an exclusive,
         world-wide licence of all intellectual property owned, by or licensed
         to, Praxis, including Project IPR, in the Praxis Polysaccharides in the
         Field (the 'OPTION').

6.2      EXERCISE OF OPTION

         Clearcoll may exercise the Option by notifying Praxis ('Exercise
         Notice') at any time within 12 months from the date of delivery of the
         Final Report or such further period as is agreed by the parties in
         writing (the 'OPTION PERIOD').

6.3      OPTION PERIOD

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         Praxis shall not during the Option Period discuss with any third party
         any issue relating to the use of the Praxis Polysaccharides in the
         Field nor shall it enter into any negotiations to deal with its IP
         rights in respect of the use of the Praxis Polysaccharides in the
         Field.

6.4      NEGOTIATIONS

         Upon Clearcoll exercising the Option, the parties will enter
         negotiations in good faith to determine the terms and conditions on
         which the licence shall be granted to Clearcoll. The parties
         acknowledge and agree that any licence granted to Clearcoll under this
         Clause 6 will be based upon the premise that the licensor(s), or all
         licensors together in the circumstances that more than one licence is
         required to commercialise the technology, shall receive 25% of the
         additional profit made by the licensee from the use of the licensed
         technology and shall include amongst its terms:

         (a) a specified purpose;

         (b) a specified term;

         (c) a requirement for Clearcoll to pay Praxis licence fees and/or,
             royalties and/or milestone payments; and

         (d) minimum performance obligations applicable to Clearcoll.

6.5      MEDIATION

         In the event that the parties are unable to agree upon such terms
         within 3 MONTHS after the date of the Exercise Notice then they will
         enter into mediation with a mediator registered under the MEDIATIONS
         ACT 1997 (ACT) in a genuine effort to reach agreement upon such terms.

6.6      NO AGREEMENT

         In the event that the parties are unable to so agree then Praxis grants
         Clearcoll a first right of refusal to an exclusive, non-transferable,
         world-wide licence of all intellectual property owned, by or licensed
         to, Praxis in the Praxis Polysaccharides in the Field.

6.7      NOTIFICATION

         During the First Right of Refusal Period, Praxis must not grant any
         third party a licence of some or all intellectual property owned, by or
         licensed to, Praxis in the Praxis Polysaccharides in the Field without
         first notifying Clearcoll of the terms and conditions on which Praxis
         proposes to do so ('PROPOSAL').

6.8      ELECTION

         Clearcoll may elect, within 30 days after receiving a Proposal, to
         enter into an agreement with Praxis on the terms and conditions of the
         Proposal.

6.9      AGREEMENT

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         If Clearcoll does not, within 30 days after receipt of a Proposal:

         (a) enter into an agreement with Praxis in accordance with clause 6.8;
             and

         (b) respond to a Proposal;

         Praxis may enter into an agreement in relation to the Praxis
         Polysaccharides with any other person on terms and conditions no more
         favourable to that other person than the terms and conditions of the
         Proposal.

7.       GOODS AND SERVICES TAX

7.1      INTERPRETATION

         Words or expressions used in this clause 7 which are defined in the A
         NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 (Cth) or, if not so
         defined, then which are defined in the TRADE PRACTICES ACT 1974 (Cth),
         have the same meaning in this clause.

7.2      GST INCLUSIVE AMOUNTS

         For the purposes of this agreement where the expression 'GST inclusive'
         is used in relation to an amount payable or other consideration to be
         provided for a supply under this agreement, the amount or consideration
         will not be increased on account of any GST payable on that supply.

7.3      CONSIDERATION IS GST EXCLUSIVE

         Any consideration to be paid or provided for a supply made under or in
         connection with this agreement, unless specifically described in this
         agreement as 'GST inclusive', does not include an amount on account of
         GST.

7.4      GROSS UP OF CONSIDERATION

         Despite any other provision in this agreement, if a party ('SUPPLIER')
         makes a supply under or in connection with this agreement on which GST
         is imposed (not being a supply the consideration for which is
         specifically described in this agreement as 'GST inclusive'):

         (a) the consideration payable or to be provided for that supply under
             this agreement but for the application of this clause ('GST
             EXCLUSIVE CONSIDERATION') is increased by, and the recipient of the
             supply ('RECIPIENT') must also pay to the Supplier, an amount equal
             to the GST payable by the Supplier on that supply; and

         (b) the amount by which the GST exclusive consideration is increased
             must be paid to the Supplier by the Recipient without set off,
             deduction or requirement for demand, at the same time as the GST
             exclusive consideration is payable or to be provided.

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7.5      REIMBURSEMENTS (NET DOWN)

         If a payment to a party under this AGREEMENT is a reimbursement or
         indemnification, calculated by reference to a loss, cost or expense
         incurred by that party, then the payment will be reduced by the amount
         of any input tax credit to which that party is entitled for that loss,
         cost or expense.

         That party is assumed to be entitled to a full input tax credit unless
         it proves, before the date on which the payment must be made, that its
         entitlement is otherwise.

7.6      NEW TAX SYSTEM CHANGES

         The Supplier must pay to the Recipient a refund of payments under this
         clause calculated as follows:

         R=A(1+B)

         Where:
         'R' is the amount of the refund;
         'A' is the Supplier's calculation of the amount of savings realised
         by the Supplier during the New Tax System transition period as a
         result of the New Tax System changes in respect of any supply under
         this agreement; and
         'B' is the rate of GST applicable at the date of the calculation
         (expressed as a decimal).

8.       CONFIDENTIAL INFORMATION

8.1      OBLIGATIONS

         Each party shall in relation to the Confidential Information of the
         other:

         (a) keep it confidential;

         (b) use it only as permitted under this agreement and only disclose it
             to employees, contractors and agents who have a need to know;

         (c) not copy it or any part of it that is in material form other than
             as strictly necessary and must mark any such copy `Confidential -
             (Discloser)';

         (d) promptly comply with any request by the Discloser to return or
             destroy any or all copies of Confidential Information unless
             required by law to be retained;

         (e) implement security practices against unauthorised copying, use and
             disclosure (whether that disclosure is oral, in writing or in any
             other form); and

         (f) immediately notify the Discloser if the Recipient becomes aware of
             any:

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             (i) unauthorised copying, use or disclosure in any form; or

             (ii) disclosure required by law.

8.2      EXCEPTIONS

         The obligations in this clause 8 do not apply to the extent that
         Confidential Information:

         (a) was already in the public domain before disclosure to the recipient
             party;

         (b) subsequently becomes available in the public domain through no
             fault of the recipient party;

         (c) can be shown to have already been in the possession of the
             recipient party before disclosure to the recipient party;

         (d) is provided to recipient by a third party who has no obligation of
             confidence to the disclosing party; or

         (e) is obliged to be disclosed by Law.

9.       WARRANTIES

9.1      PRAXIS WARRANTIES

           Praxis warrants that:

         (a) it is free to enter into this agreement,

         (b) at the date of this agreement, it knows of no reason why any
             license which it holds in respect of the Praxis Polysaccharide may
             be terminated by the licensor thereof; and

         (c) at the date of this agreement, it knows of no third party
             intellectual property which would be infringed by the use of the
             Praxis Polysaccharides in the Field.

9.2      CLEARCOLL WARRANTIES

         Clearcoll warrants that:

         (a) it is free to and has all necessary power to enter into this
             agreement; and

         (b) at the date of this agreement, it knows of no third party
             intellectual property which would be infringed by the use of
             Clearcoll's Background IPR other than claim 11 of US Patent
             6,031,017 and its foreign.

10.      END OF AGREEMENT

10.1     END OF TERM

         Unless the parties agree otherwise this agreement will end on the
         expiry of the last to expire of any patents granted on Praxis

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         Polysacharides or Project IPR or 10 years from the date hereof,
         whichever is the later.

10.2     EARLIER TERMINATION

         Either party may end this agreement immediately by giving notice to the
         other party if that other party:

         (a) breaches any provision of this agreement and fails to remedy the
             breach within 30 days after receiving notice requiring it to do so;
             and

         (b) breaches a material provision of this agreement where that breach
             is not capable of remedy.

10.3     INSOLVENCY

         Each party may end this agreement immediately by giving notice to the
         other party if any of the following events happen to the other party:

         (a) there is a change in the direct or indirect beneficial ownership or
             control of the party which would affect its ability to comply with
             its obligations under this agreement;

         (b) it disposes of the whole or any part of its assets, operations or
             business other than in the ordinary course of business;

         (c) it ceases to carry on business;

         (d) it ceases to be able to pay its debts as they become due;

         (e) any step is taken by a mortgagee to take possession or dispose of
             the whole or any part of its assets, operations or business;

         (f) any step is taken to enter into any arrangement between the party
             and its creditors;

         (g) any step is taken to appoint a receiver, a receiver and manager, a
             trustee in bankruptcy, a liquidator, a provisional liquidator, an
             administrator or other like person of the whole or any part of its
             assets or business; or

         (h) where the party is a partnership, any step is taken to dissolve, or
             which has the effect of dissolving, that partnership.

11.      AFTER END OF AGREEMENT

         After the end of the agreement:

         (a) the licence ceases;

         (b) Clearcoll must immediately stop using the Praxis Polysaccharides if
             doing sop would infringe any subsisting IPR of Praxis;

         (c) each party's (the `FIRST PARTY') right to use Confidential
             Information of the other party ceases and the first party must
             immediately at the other party's request and option:

             (i)   return to the other party;

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             (ii)  destroy and certify in writing to the other party the
                   destruction of; or

             (iii) destroy and permit the other party to witness the destruction
                   of

             all of the other party's Confidential Information in the first
             party's possession or control;

         (d) clauses 5 (Project Results and IPR), 8 (Confidential Information)
             and 9 (Warranties) continue; and

         (e) accrued rights or remedies of either party are not affected.

12.      UNEXPECTED EVENTS

12.1     DEFINITION

         `UNEXPECTED EVENT' affecting a party means anything outside that
         party's reasonable control, including but not limited to, acts or
         omissions of the other party, fire, storm, flood, earthquake, war,
         transportation embargo or failure or delay in transportation, act or
         omission (including laws, regulations, disapprovals or failures to
         approve) of any third person (including but not limited to,
         sub-contractors, customers, governments or government agencies).

12.2     CONSEQUENCES

         No party is liable for any failure to perform or delay in performing
         its obligations under this agreement if that failure or delay is due to
         an Unexpected Event. If that failure or delay exceeds 3 months, the
         other party may, by notice, terminate this agreement with immediate
         effect. This clause does not apply to any obligation to pay money.

13.      GENERAL

13.1     GOVERNING LAW

         This agreement shall be governed by and interpreted under the Laws of
         the State of New South Wales, Australia.

13.2     NOTICES

         A party notifying or giving notice under this agreement must give
         notice in writing to the last known mail, facsimile or e-mail address
         of the recipient party.

13.3     RELATIONSHIPS

         This agreement does not create a relationship of employment, agency or
         partnership between the parties.

13.4     FURTHER ACTION

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         Each party must do or cause to be done all things necessary or
         desirable to give effect to, and refrain from doing things that would
         hinder performance of, this agreement.

13.5     ASSIGNMENT

         A party must not assign or attempt to assign or otherwise transfer any
         right arising out of this agreement without the written consent of the
         other party.

13.6     WAIVER

         The failure of a party at any time to insist on performance by the
         other party of any obligation under this agreement is not a waiver of
         its right:

         (a) to insist on providing of, or to claim damages for breach of, that
             obligation unless that party acknowledges in writing that the
             failure is a waiver; and

         (b) at any other time to insist on performance of that or any other
             obligation of the other party under this agreement.

13.7     SEVERABILITY

         If part or all of any clause of this agreement is illegal or
         unenforceable it will be severed from this agreement and will not
         affect the continued operation of the remaining provisions.

13.8     ENTIRE AGREEMENT

         This agreement:

         (a) records the entire agreement between the parties and supersedes all
             earlier agreements and representations by the parties about its
             subject matter; and

         (b) may only be altered in writing signed by both parties.

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<TABLE>
<CAPTION>

<S>                                                            <C>
SIGNED for CLEARCOLL PTY LTD by an authorised officer    )     /s/ GEOFFREY HEBER
in the presence of                                       )     ------------------------------------------------------
                                                         )     Signature of officer

/s/ CARENE CONNELL                                             GEOFFREY HEBER
--------------------------------------------------------       ------------------------------------------------------
Signature of witness                                           Name of officer (print)

CARENE CONNELL                                                 DIRECTOR
--------------------------------------------------------       ------------------------------------------------------
Name of witness (print)                                        Office held

SIGNED for PRAXIS                                        )
PHARMACEUTICALS                                          )     /s/ BRETT CHARLTON
ININTERNATIONAL PTY LTD by                               )     ------------------------------------------------------
an authorised officer in the presence of                       Signature of officer

/s/ DOUGLAS FRANCIS                                            BRETT CHARLTON
--------------------------------------------------------       ------------------------------------------------------
Signature of witness                                           Name of officer (print)

DOUGLAS FRANCIS                                                DIRECTOR
--------------------------------------------------------       ------------------------------------------------------
Name of witness (print)                                        Office held
</TABLE>

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                            SCHEDULE TOPICAL PRODUCT

                                  PROJECT PLAN
<TABLE>
<CAPTION>
<S>                          <C>                           <C>                          <C>

BACKGROUND                   Praxis has discovered novel dermal actions of mono
                             and polysaccharides and Clearcoll may provide
                             permeation enhancement technology which will make
                             these polysaccharides permeate into the dermis.

OBJECTIVES                   To produce topical formulations of Praxis
                             polysaccharides suitable for commercial
                             distribution from which the Polysaccharides will
                             permeate into the dermis and to document the in
                             vivo effects of these topically applied
                             Polysaccharides in animals and in humans.

BACKGROUND IPR               FROM CLEARCOLL                FROM PRAXIS

                             SKIN PERMEATION               Praxis saccharides with dermal structure
                             ENHANCEMENT OF                modifying activity
                             PARTICES LESS THAN
                             20UM IN SIZE

START DATE                   1ST MAY 2001

COMPLETION DATE              DATE ON WHICH PROJECT IS DUE TO END

TASKS                        Task                          Responsibility               Timeframe

                             Provision of sufficient       Praxis                       3 mths
                             quantities of Praxis
                             polysaccharide in particles
                             less than 20um in size to
                             Clearcoll for production of
                             topical formulations

                             Provision to Praxis of
                             topical formulations for      Clearcoll                    1 month
                             transdermal penetration
                             testing

                             Transdermal testing
                                                           Praxis                       3 mths
                             Animal study of dermal
                             effects                       Praxis                       3 mths

                             Protocol for human safety
                             and efficacy effects          Clearcoll/Praxis             2 months

                             Human safety and
                                                           Clearcoll                    6 months

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                             efficicacy studies

                             Stability studies

                                                           Clearcoll                    6 months

MILESTONES                   Milestone                                                  Milestone Date
                             Production of topical formulations                         1/8/01

                             Completion of skin permeation testing                      1/12/01

                             Completion of animal studies                               1/12/01

                             Completion of human safety and efficacy studies            1/8/02

DELIVERABLES                 Formulas of topical products containing Praxis Polysaccharide which
                             successfully allow transdermal penetration

                             Report on transdermal penetration studies

                             Protocol for human safety and efficacy studies

                             Report on human safety and efficacy studies

                             Report on stability studies

PROJECT MEETINGS             Meeting after completion of transdermal penetration studies to discuss protocol for
                             human safety and efficacy studies

                             Meeting after completion of human safety and efficacy studies

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                          SCHEDULE INJECTABLE PRODUCTS

                                  PROJECT PLAN

BACKGROUND                   Praxis has discovered novel dermal actions of mono
                             and polysaccharides and Clearcoll is in the
                             business of researching and developing dermal
                             fillers and the manufacturing and distribution of
                             cosmetic medical products to physicians.

OBJECTIVES                   To produce fillers which will produce long term
                             effects through new collagen deposition and which
                             will be acceptable to physicians and their patients
                             and to document these effects.

BACKGROUND IPR               FROM CLEARCOLL                FROM PRAXIS
                             METHOD OF PRODUCING
                             CROSSLINKED HYALURONIC ACID   Saccharides with dermal structure
                             BIOMATERIALS SUITABLE FOR     modifying activity
                             USE AS DERMAL FILLING
                             MATERIALS

START DATE                   1ST MAY 2001

COMPLETION DATE              DATE ON WHICH PROJECT IS DUE TO END

TASKS                        Task                          Responsibility               Timeframe

                             Production of sufficient      Praxis                       3 mths
                             quantities of Praxis
                             polysaccharide for dermal
                             filler studies

                             Production of covalently      Clearcoll                    3 mths
                             bound crosslinked
                             hyaluronic acid/Praxis
                             polysaccharide material

                             Production of GLP or GMP                                   6 mths
                             validated 1ml syringes of     Praxis/Clearcoll
                             solutions of Praxis
                             polysaccharide with and
                             without HA in various
                             concentrations

                             Toxicity testing including                                 6 mths
                             cytotoxicity,                 Praxis
                             sensitisation,
                             genotoxicity,
                             carcinogenicity and
                             implantation studies
                                                                                        2 mths

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                             Protocol for human pilot
                             study Praxis
                                                                                        4 months
                             Ethics Committee approval
                             for human pilot study         Praxis/Clearcoll

                             Human pilot study                                          6 mths

                             Protocol for human safety     Clearcoll                    2 months
                             and efficacy study
                                                           Clearcoll/Praxis

                             Ethics Committee approval                                  4 mths
                             for human safety and
                             efficacy study of Praxis
                             polysaccharide with and       Praxis/Clearcoll
                             without HA

                             Human safety and efficacy
                             study                                                      12 months

                                                           Clearcoll

MILESTONES                   Milestone                                                  Milestone Date
                             Production of HA/Praxis polysaccharide                     1/9/01

                             Production of GLP/GMP materials for testing                1/4/02

                             Completion of toxicity testing                             1/10/02

                             Completion of human pilot study                            1/4/03

                             Completion of human safety and efficacy studies            1/10/04

DELIVERABLES                 Report on toxicity testing Protocol for human pilot
                             study Report human pilot study Protocol for human
                             safety and efficacy study Report on human safety
                             and efficacy study

PROJECT                      MEETINGS Meeting upon completion of toxicity testing
                             Meeting upon completion of human pilot study
                             Meeting upon completion of human safety and efficacy study

</TABLE>

Praxis_Clearcoll 6_5_01         Page 17 of 17EXECUTION COPY

===============================================================================

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF AUGUST 1, 2001,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                            dated as of July 1, 2001

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2001-QS10

===============================================================================

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................3

 Section 1.01.    Definitions...............................................................3

 Section 1.02.    Use of Words and Phrases.................................................13

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........14

 Section 2.01.    Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard
         Terms)   .........................................................................14

 Section 2.02.    Acceptance by Trustee.  (See Section 2.02 of the Standard Terms).........14

 Section 2.03.    Representations, Warranties and Covenants of the Master Servicer and
         the Company.......................................................................14

 Section 2.04.    Representations and Warranties of Sellers. (See Section 2.04 of the
         Standard Terms)...................................................................17

 Section 2.05.    Execution and Authentication of Certificates/ Issuance of
         Certificates......................................................................17

 Section 2.06.    [Reserved]...............................................................17

 Section 2.07.    [Reserved]...............................................................17

 Section 2.08.    Purposes and Powers of the Trust (See Section 2.08 of the Standard
         Terms)   .........................................................................17

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................18

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................19

 Section 4.01.    Certificate Account.  (See Section 4.01 of the Standard Terms)...........19

 Section 4.02.    Distributions............................................................19

 Section 4.03.    Statements to Certificateholders.  (See Section 4.03 of the Standard
         Terms and Exhibit Three attached hereto)..........................................31

 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).....................31

 Section 4.05.    Allocation of Realized Losses............................................31

 Section 4.06.    Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
         Section 4.06 of the Standard Terms)...............................................32

 Section 4.07.    Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of
         the Standard Terms)...............................................................32

 Section 4.08.    Surety Bond. (See Section 4.08 of the Standard Terms)....................32

Article V         THE CERTIFICATES.........................................................33

Article VI        THE COMPANY AND THE MASTER SERVICER......................................34

Article VII       DEFAULT..................................................................35

Article VIII      CONCERNING THE TRUSTEE...................................................36

<PAGE>

Article IX        TERMINATION..............................................................37

Article X         REMIC PROVISIONS.........................................................38

 Section 10.01.   REMIC Administration.  (See Section 10.01 of the Standard Terms).........38

 Section 10.02.   Master Servicer; REMIC Administrator and Trustee Indemnification.
         (See Section 10.02 of the Standard Terms).........................................38

 Section 10.03.   Designation of REMICs....................................................38

 Section 10.04.   [Reserved]...............................................................38

 Section 10.05.   Compliance with Withholding Requirements.................................38

Article XI        MISCELLANEOUS PROVISIONS.................................................39

 Section 11.01.   Amendment.  (See Section 11.01 of the Standard Terms)....................39

 Section 11.02.   Recordation of Agreement.  Counterparts.  (See Section 11.02 of the
         Standard Terms)...................................................................39

 Section 11.03.   Limitation on Rights of Certificateholders.  (See Section 11.03 of
         the Standard Terms)...............................................................39

 Section 11.04.   Governing Laws.  (See Section 11.04 of the Standard Terms)...............39

 Section 11.05.   Notices..................................................................39

 Section 11.06.   Required Notices to Rating Agency and Subservicer.  (See Section
         11.06 of the Standard Terms)......................................................40

 Section 11.07.   Severability of Provisions. (See Section 11.07 of the Standard Terms)....40

 Section 11.08.   Supplemental Provisions for Resecuritization.  (See Section 11.08 of
         the Standard Terms)...............................................................40

 Section 11.09.   Allocation of Voting Rights..............................................40

 Section 11.10.   No Petition..............................................................40

</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

<PAGE>

        This is a Series  Supplement,  dated as of August  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  ACCREDIT LOANS, 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 BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The  Company   intends  to  sell  mortgage   asset-backed   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  Mortgage  Loans.  As  provided  herein,  the  REMIC
Administrator  will make an  election  to treat the  entire  segregated  pool of
assets  described in the definition of Trust Fund, 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.

        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.  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.

                                       1
<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
                             CERTIFICATE                                      MOODY'S /
                PASS-THROUGH  PRINCIPAL                        MATURITY      -----------       MINIMUM
 DESIGNATION      RATE        BALANCE        FEATURES1           DATE           FITCH     DENOMINATIONS2

                              --------
<S>              <C>      <C>                                      <C> <C>                   <C>
Class CB         7.00%    $112,614,000.00       Senior      August 25, 2031    Aaa/AAA       $25,000.00
Class NB-1       7.00%    $33,302,000.00        Senior/     August 25, 2031    Aaa/AAA       $25,000.00
                                               Accretion
                                               Directed
Class NB-2       7.00%    $72,100,000.00        Senior/     August 25, 2031    Aaa/AAA       $25,000.00
                                               Accretion
                                               Directed
Class NB-3       7.00%    $6,000,000.00         Senior/     August 25, 2031    Aaa/AAA       $25,000.00
                                                Accrual
Class NB-4       6.75%    $13,500,000.00     Senior/Lockout August 25, 2031    Aaa/AAA       $25,000.00
Class NB-5       7.25%    $13,500,000.00     Senior/Lockout August 25, 2031    Aaa/AAA       $25,000.00
Class A-P        0.00%       $467,131.79     Senior/PrincipaAugust 25, 2031    Aaa/AAA       $25,000.00
                                                 Only
Class A-V       Variable      $0.00          Senior/VariableAugust 25, 2031    Aaa/AAA    4
                Rate3                        Rate/Interest
                                                 Only
Class R          7.00%          $100.00        Senior/ResidualAugust 25, 2031    Aaa/AAA    5
Class M-1        7.00%    $8,668,700.00        Mezzanine    August 25, 2031     NA/AA        $25,000.00
Class M-2        7.00%    $2,400,100.00        Mezzanine    August 25, 2031     NA/A         $250,000.00
Class M-3        7.00%    $1,066,800.00        Mezzanine    August 25, 2031    NA/BBB        $250,000.00
Class B-1        7.00%    $1,333,400.00       Subordinate   August 25, 2031     NA/BB        $250,000.00
Class B-2        7.00%      $800,100.00       Subordinate   August 25, 2031     NA/B         $250,000.00
Class B-3        7.00%      $933,413.49       Subordinate   August 25, 2031     NA/NA        $250,000.00

</TABLE>

________________
1    The Certificates,  other than the Class A-P, Class A-V, Class B and Class R
     Certificates  shall be Book-Entry  Certificates.  The Class A-P, Class A-V,
     Class B and Class R 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) 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-1,  Class B-2 and Class B-3  Certificates  that  contain 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.
3    The Initial Pass-Through Rate on the Class A-V Certificates is 0.5382%.
4    The Class A-V  Certificates  shall be issuable in minimum  denominations of
     not less than a 20% Percentage Interest.
5    The Class R 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%.

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $266,685,745.28.

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

                                       2
<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 Termination Date: The earlier to occur of (i) the Distribution
Date on which the  Certificate  Principal  Balances  of the  Accretion  Directed
Certificates  have been  reduced to zero and (ii) the Credit  Support  Depletion
Date.

        Accrual Certificates:  Any of the Class NB-3 Certificates.

     Accretion  Directed  Certificates:  Any of the Class NB-1  Certificates  or
Class NB-2 Certificates.

        Accrual Distribution Amount: With respect to any Distribution Date on or
prior to the  Accretion  Termination  Date, an amount equal to the amount of the
Accrued  Certificate  Interest on the Accrual  Certificates that is added to the
Certificate  Principal  Balance  thereof on such  Distribution  Date pursuant to
Section 4.02(i).

        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)
$104,506 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)  (i) if the aggregate  principal  balance of the Non-Primary  Residence
          Loans as of the  Relevant  Anniversary  is less than 10% of the Stated
          Principal   Balance  of  the   Mortgage   Loans  as  of  the  Relevant
          Anniversary,  $0.00, or (ii) if the aggregate principal balance of the
          Non-Primary Residence Loans as of the Relevant Anniversary is equal to
          or greater  than 10% of the Stated  Principal  Balance of the Mortgage
          Loans as of the  Relevant  Anniversary,  the sum of (I) the  aggregate
          principal   balance  of  the   Non-Primary   Residence  Loans  with  a
          Loan-to-Value  Ratio of greater  than 80.00% but less than or equal to
          90.00% (other than Additional Collateral Loans), times 0.25%, (II) the
          aggregate principal balance of the Non-Primary  Residence Loans with a
          Loan-to-Value  Ratio of greater  than 90.00% but less than or equal to
          95.00% (other than  Additional  Collateral  Loans),  times 0.50%,  and
          (III) the aggregate  principal  balance of the  Non-Primary  Residence
          Loans with a  Loan-to-Value  Ratio of greater than 95.00%  (other than
          Additional  Collateral  Loans)  times  0.75%,  in each  case as of the
          Relevant Anniversary; and

                                       3
<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) 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.

     CB Loan Group: The group of Mortgage Loans comprised of the Group CB Loans.

        Certificate:  Any Class CB, Class NB-1,  Class NB-2,  Class NB-3,  Class
NB-4, Class NB-5, Class A-P, Class A-V, 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 "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2001-QS10" and which must be an Eligible Account.

        Certificate Policy:  None.

        Class A Certificate:  Any one of the Class A-P Certificates 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.

                                       4
<PAGE>

        Class CB Certificate: Any one of the Class CB Certificates,  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed to the Standard  Terms as Exhibit A, which  Certificates  relate to
the Group CB Loans.

        Class CB 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 Class CB 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) in the
CB Loan Group immediately prior to such Distribution Date.

        Class CB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the CB
Loan Group  remaining  after the  distribution  of all  amounts  required  to be
distributed  pursuant to Section  4.02(a)(i)(X),  after the  distribution of the
portion of the amounts required to be distributed  therefrom pursuant to Section
4.02(a)(i)(Z),  and  after  the  distribution  of  the  amount  required  to  be
distributed   to  the  Class  A-P   Certificateholders   pursuant   to   Section
4.02(a)(ii)(W)  or, after the Credit Support Depletion Date, the amount required
to be  distributed  to the  Class A-P  Certificateholders  pursuant  to  Section
4.02(d), and (b) the sum of the amounts required to be distributed  therefrom to
the Class CB  Certificateholders  on such Distribution Date pursuant to Sections
4.02(a)(ii)(Y), 4.02(a)(ii)(Z) and 4.02(a)(xvii).

        Class NB Certificate: Any one of the Class NB-1, Class NB-2, Class NB-3,
Class  NB-4  and  Class  NB-5   Certificates,   executed   by  the  Trustee  and
authenticated by the Certificate Registrar  substantially in the form annexed to
the  Standard  Terms as  Exhibit A,  which  Certificates  relate to the Group NB
Loans.

        Class NB 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  Class  NB  Certificates  and  Residual
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)  in  the NB  Loan  Group  immediately  prior  to  such
Distribution Date.

        Class NB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the NB
Loan Group  remaining  after the  distribution  of all  amounts  required  to be
distributed  pursuant to Section  4.02(a)(ii)(X)  and  4.02(a)(i)(Y),  after the
distribution of the portion of the amounts required to be distributed  therefrom
pursuant  to Section  4.02(a)(i)(Z),  and after the  distribution  of the amount
required  to be  distributed  to the Class A-P  Certificateholders  pursuant  to
Section  4.02(a)(ii)(W)  or, after the Credit Support Depletion Date, the amount
required  to be  distributed  to the Class A-P  Certificateholders  pursuant  to
Section  4.02(d),  and (b) the sum of the  amounts  required  to be  distributed
therefrom to the Class NB Certificateholders and Residual  Certificateholders on
such  Distribution  Date  pursuant to Sections  4.02(a)(ii)(Y),  4.02(a)(ii)(Z),
4.02(a)(xvii) and 4.02(a)(xviii).

                                       5
<PAGE>

        Class R Certificate: Any one of the Class R 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 the REMIC for purposes of the REMIC Provisions.

        Closing Date:  August 30, 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
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2001-QS10.

        Cut-off Date:  August 1, 2001.

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

        Discount Net Mortgage Rate: 7.00% 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)  hereof),  (iii) the Class A-P Principal Distribution
Amount (determined without regard to Section  4.02(b)(i)(E) hereof) and (iv) the
aggregate amount of Accrued  Certificate  Interest on the Class M, Class B-1 and
Class B-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  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such 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  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with Section 4.05 since the most recent  anniversary  of the Cut-off
Date up to such  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  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

                                       6
<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 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.

        Group CB Loans:  The Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group CB Loans,  having  original  principal  balances  less than or
equal to (i)  $275,000  in the  case of  Mortgage  Loans  secured  by  mortgaged
properties  consisting of a single  dwelling unit,  (ii) $351,950 in the case of
Mortgage Loans secured by mortgaged properties consisting of two dwelling units,
(iii)  $425,400 in the case of Mortgage  Loans  secured by mortgaged  properties
consisting of three  dwelling  units,  and (iv) $528,700 in the case of Mortgage
Loans secured by mortgaged properties consisting of four dwelling units.

        Group NB Loans:  The Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group NB Loans,  having original  principal  balances  exceeding the
amounts  listed in clauses (i) through (iv) of the definition of Group CB Loans,
except for 1.61% of the Group NB Loans,  which have original  principal balances
that meet the restrictions  applicable to the CB Loan Group described in clauses
(i) through (iv) of the preceding sentence.

        Initial Monthly Payment Fund: $133,614, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on September 1, 2001, for those Mortgage Loans for which the Trustee will not be
entitled to receive such payment.

        Initial Notional  Amount:  With respect to the 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 the 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: 3.25%.....       Class B-1: 0.50%
        Class M-2: 0.90%.....       Class B-2: 0.30%
        Class M-3: 0.40%.....       Class B-3: 0.35%

     Interest  Accrual  Period:   With  respect  to  any  Certificates  and  any
Distribution  Date,  the  calendar  month  preceding  the  month in  which  such
Distribution Date occurs.

                                       7
<PAGE>

     Interest  Only  Certificates:  Any one of the Class A-V  Certificates.  The
Interest Only Certificates will have no Certificate Principal Balance.

        Loan Group:  Either or both of the CB Loan Group or the NB Loan Group.

     Lockout Certificates:  Any one of the Class NB-4 Certificates or Class NB-5
Certificates.

        Lockout  Certificate Share: The percentage  obtained by dividing the sum
of the Certificate  Principal  Balance of the Class NB-4  Certificates and Class
NB-5  Certificates  plus  $10,267,000  by the  aggregate  Certificate  Principal
Balance of the Class NB Certificates.

        Lockout Prepayment Percentage: For any Distribution Date occurring prior
to the Distribution  Date in September 2006 will be 0%, and for any Distribution
Date thereafter, as follows: 30% for any Distribution Date on or after September
2006 and prior to  September  2007;  40% for any  Distribution  Date on or after
September 2007 and prior to September 2008; 60% for any Distribution  Date on or
after September 2008 and prior to September 2009; 80% for any Distribution  Date
on or  after  September  2009  and  prior to  September  2010;  and 100% for any
Distribution Date thereafter.

        Lockout Scheduled Percentage:  For any Distribution Date occurring prior
to  the  Distribution   Date  in  September  2006,  0%,  and  beginning  on  the
Distribution Date in September 2006 and thereafter, 100%.

     Maturity Date: August 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:

(i)     the Mortgage Loan identifying number ("RFC LOAN #");

(ii)    the maturity of the Mortgage Note ("MATURITY DATE");

(iii)   the Mortgage Rate ("ORIG RATE");

(iv)    the Subservicer pass-through rate ("CURR NET");

(v)     the Net Mortgage Rate ("NET MTG RT");

(vi)    the Pool Strip Rate ("STRIP");

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

(viii)  the Cut-off Date Principal Balance ("PRINCIPAL BAL");

(ix)    the Loan-to-Value Ratio at origination ("LTV");

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

(xi) 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

                                       8
<PAGE>

(xii)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.

     NB Loan Group: The group of Mortgage Loans comprised of the Group NB Loans.

        Notional Amount: 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 immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Class A-V Certificates and Class A-P Certificates), Class M Certificates and
Class B Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary  Statement  hereto.  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 0.5382% 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.

        Prepayment  Assumption:  With respect to the Class CB, Class A-P,  Class
A-V, Class M and Class B Certificates,  the prepayment assumption to be used for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on such  Certificates for federal income tax purposes,  which assumes a
constant  prepayment  rate of 4.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an additional  1.090909% per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
16% per  annum.  With  respect  to the  Class NB  Certificates,  the  prepayment
assumption  used for  determining  the accrual of original  issue  discount  and
market  discount  and  premium  on such  Certificates  for  federal  income  tax

                                       9
<PAGE>

purposes,  which assumes a constant rate of prepayment of mortgage loans of 6.0%
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
1.272727% per annum in each succeeding  month until the thirteenth  month, and a
constant  20.0%  per annum  rate of  prepayment  thereafter  for the life of the
Mortgage Loans.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date and the Available Distribution Amount for each Loan Group 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
               September 2006 (unless the Certificate  Principal Balances of the
               Class  CB  Certificates  or Class NB  Certificates  and  Residual
               Certificates, as applicable, have been reduced to zero), 0%.

(ii)           For any  Distribution  Date not  discussed in clause (i) above 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 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

                                       10
<PAGE>

     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.

        Senior Certificate:  Any one of the Class CB, Class NB, Class A-P, Class
A-V 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.

     Senior  Percentage:  The Class CB  Percentage  or Class NB  Percentage,  as
applicable.

     Senior Principal  Distribution Amount: The Class CB Principal  Distribution
Amount or the Class NB Principal Distribution Amount, as applicable.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,666,857  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  greater of (A) the  greater of (i) the  product of the
Special Hazard  Percentage for such  anniversary  multiplied by the  outstanding
principal balance of all the Mortgage Loans on the Distribution Date immediately
preceding such anniversary and (ii) twice the outstanding  principal  balance of
the  Mortgage  Loan with the  largest  outstanding  principal  balance as of the
Distribution Date immediately  preceding 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 35.0%
(which  percentage  is equal to the  percentage  of Mortgage  Loans by aggregate
principal balance 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.

                                       11
<PAGE>

        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.

        Special Hazard  Percentage:  As of each anniversary of the Cut-off Date,
the greater of (i) 1.0% and (ii) the largest percentage obtained by dividing the
aggregate   outstanding   principal   balance  (as  of   immediately   preceding
Distribution Date) of the Mortgage Loans secured by Mortgaged Properties located
in a  single,  five-digit  zip  code  area in the  State  of  California  by the
outstanding  principal  balance of all the Mortgage Loans as of the  immediately
preceding Distribution Date.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of the  following:  (i)  such  Class's  pro  rata  share,  based  on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,  of the aggregate of the amounts calculated  (without giving effect
to the related Senior  Percentages) for such  Distribution  Date for the related
Loan Group under  clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A)  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)  for the related Loan Group  (without  giving effect to the
related  Senior  Accelerated  Distribution   Percentages)  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 for
the  related  Loan Group  (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 the  related  Loan Group 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.

        Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular  Interests:   The  1,270  uncertificated  partial  undivided  beneficial
ownership  interests in the Trust Fund,  numbered  sequentially from 1 to 1,270,
each relating to a particular Mortgage Loan identified by such sequential number
on the  Mortgage  Loan  Schedule,  each having no  principal  balance,  and each
bearing  interest  at the  respective  Pool Strip  Rate on the Stated  Principal
Balance of the related Mortgage Loan.

                                       12
<PAGE>

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.

                                       13
<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,  except with respect to 5 Mortgage
     Loans, representing approximately 0.4% of the Mortgage Loans, 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  (a) at least  35% of the  Stated
     Principal  Balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio  is  between  100.00%  and  95.01%,  (b) 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%, (c) at least 25% of such balance if the
     Loan-to-Value  Ratio is  between  90.00% and 85.01% and (d) 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;

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

                                       14
<PAGE>

(vi) No more  than  0.6% of the  Group CB 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 0.4% of the Group
     CB 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; and no more than 1.0% of the Group NB 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
     1.0% of the Group NB 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) Approximately  55.99% of the Group CB Loans by aggregate  Stated  Principal
     Balance  as of the  Cut-off  Date were  underwritten  under a reduced  loan
     documentation  program,  approximately  15.90%  of the  Group  CB  Loans by
     aggregate Stated Principal Balance as of the Cut-off Date were underwritten
     under a no-stated income program,  and approximately  2.71% of the Group CB
     Loans by  aggregate  Stated  Principal  Balance as of the Cut-off Date were
     underwritten under a no income/no asset program;  and approximately  54.90%
     of the  Group NB Loans by  aggregate  Stated  Principal  Balance  as of the
     Cut-off Date were underwritten under a reduced loan documentation  program,
     approximately  10.84% of the Group NB Loans by aggregate  Stated  Principal
     Balance as of the Cut-off Date were  underwritten  under a no-stated income
     program,  and 0.70% of the  Group NB Loans by  aggregate  Stated  Principal
     Balance as of the Cut-off Date were underwritten under a no income/no asset
     program;

(x)     Except  with  respect to  approximately  26.12% of the Group CB Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date,  and
        approximately  4.72% of the Group NB Loans by aggregate Stated Principal
        Balance as of the Cut-off Date,  the Mortgagor  represented  in its loan
        application with respect to the related Mortgage Loan that the Mortgaged
        Property would be owner-occupied;

(xi)    None of the Mortgage Loans is a  Buydown Mortgage Loan;

                                       15
<PAGE>

(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 is a  Cooperative  Loan;  with respect to a
        Mortgage Loan that is a Cooperative  Loan, the Cooperative Stock that is
        pledged  as  security  for the  Mortgage  Loan is held by a person  as a
        tenant-stockholder  (as  defined  in  Section  216  of  the  Code)  in a
        cooperative housing corporation (as defined in Section 216 of the Code);

(xv) With  respect  to each  Mortgage  Loan  originated  under  a  "streamlined"
     Mortgage  Loan  program  (through  which no new or  updated  appraisals  of
     Mortgaged  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) One  of the  Mortgage  Loans  contains  in the  related  Mortgage  File a
     Destroyed Mortgage Note;

(xviii) No more  than  0.4% of the Group CB Loans and none of the Group NB Loans
        by aggregate Stated  Principal  Balance as of the Cut-off Date will have
        been made to International  Borrowers, and no such Mortgagor is a member
        of a foreign diplomatic mission with diplomatic rank;

(xix)   No Mortgage  Loan provides for payments that are subject to reduction by
        withholding  taxes levied by any foreign  (non-United  States) sovereign
        government; and

(xx) None of the Mortgage Loans are Additional  Collateral Loans and none of the
     Mortgage Loans 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

                                       16
<PAGE>

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)

Section  2.05.  Execution  and  Authentication  of  Certificates/   Issuance  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 and/or the applicable REMIC,  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 that evidence ownership of the Trust Fund.

Section 2.06.  [Reserved].

Section 2.07.  [Reserved].

Section 2.08.  Purposes  and  Powers  of the  Trust.  (See  Section  2.08 of the
     Standard Terms).

                                       17
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       18
<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)(iv) below,
the amount  required to be distributed to the Master  Servicer or a Sub-Servicer
pursuant to Section 4.02(a)(iv) 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),  (c), (d), (e) and (f) below), in
each case to the  extent of the  related  or  specified  Available  Distribution
Amount  remaining in the case of clauses (i) through (iii), and to the extent of
the Available  Distribution  Amount for each Loan Group remaining in the case of
clauses (iv) through (xviii):

(i)     (X) from the Available Distribution Amount related to the CB Loan Group,
        to the Class CB Certificateholders  Accrued Certificate Interest on such
        Class of  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);

                      (Y) from the Available  Distribution Amount related to the
        NB  Loan  Group,  to  the  Class  NB  Certificateholders   and  Residual
        Certificateholders (other than the Accrual Certificates to the extent of
        the Accrual  Distribution Amount for such Distribution Date prior to the
        Accretion  Termination  Date)  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 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); and

                      (Z) from the Available  Distribution  Amount  derived from
        the related Loan Group, on a parity with the  distributions  in Sections
        4.02(a)(i)(X)  and  4.02(a)(i)(Y),  as  applicable,  to  the  Class  A-V
        Certificates  (or  Subclasses,  if any) in proportion to the  respective
        amounts of Accrued  Certificate  Interest thereon derived from each Loan
        Group,  Accrued  Certificate  Interest on the Class A-V Certificates (or

                                       19
<PAGE>

        Subclasses,  if any) with respect to such  Distribution Date and derived
        from the related  Loan  Group,  plus any  Accrued  Certificate  Interest
        thereon  remaining  unpaid  from any  previous  Distribution  Date  with
        respect to such Loan Group  except as provided in the last  paragraph of
        this Section 4.02(a);

(ii)    (W) to the  Class  A-P  Certificates,  from the  Available  Distribution
        Amount for each Loan Group in  proportion to the  respective  amounts of
        the Class  A-P  Principal  Distribution  Amount  derived  from each Loan
        Group, the Class A-P Principal Distribution Amount;

               (X)  to  the  Accretion   Directed   Certificates,   the  Accrual
          Distribution Amount, in the priority set forth in Section 4.02(b)(ii);
          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),  (c),  (d), (e) and (f), the sum of the  following  (applied to
        reduce the Certificate  Principal Balances of such Senior  Certificates,
        as applicable):

(A)            the related 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 in the related Loan Group (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 in the related Loan Group
     repurchased  during the preceding calendar month (or deemed to have been so
     repurchased in accordance with Section  3.07(b))  pursuant to Section 2.02,
     2.03,  2.04 or 4.07  and  the  amount  of any  shortfall  deposited  in the
     Custodial Account in connection with the substitution of a Deleted Mortgage
     Loan in such  Loan  Group  pursuant  to  Section  2.03 or 2.04  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 with respect to
     the  related  Loan Group  (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)

                                       20
<PAGE>

     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 in the related Loan Group 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
     related  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  related  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  related   Senior   Accelerated   Distribution   Percentage   for  such
     Distribution Date times the aggregate of all Principal  Prepayments in Full
     with respect to the related Loan Group  received in the related  Prepayment
     Period and Curtailments  with respect to the related Loan Group 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  portion  of  the  Excess   Subordinate   Principal   Amount  for  such
     Distribution Date allocated to the related Loan Group; 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; and

                      (Z)  to  the   Holders   of  the  Class  CB  or  Class  NB
        Certificates, as applicable, amounts required to be distributed pursuant
        to Section 4.02(c);

                                       21
<PAGE>

(iii)if  the   aggregate   Certificate   Principal   Balance  of  the  Class  CB
     Certificates or Class NB Certificates and Residual  Certificates is greater
     than the aggregate  Stated  Principal  Balance of the Mortgage Loans in the
     related  Loan Group  (other  than the  related  Discount  Fraction  of each
     Discount  Mortgage  Loan  in the  related  Loan  Group)  and  the  Class  M
     Certificates or Class B Certificates  are still  outstanding,  in each case
     after giving effect to distributions to be made on such Distribution  Date,
     to the Holders of such Class or Classes of Class CB  Certificates  or Class
     NB and Residual Certificates, as applicable, an amount equal to one month's
     interest at a rate equal to the Discount Net Mortgage Rate on the amount of
     the difference between the aggregate  Certificate Principal Balance of such
     Class or  Classes of Class CB  Certificates  or Class NB  Certificates  and
     Residual  Certificates,  as the  case  may  be,  and the  aggregate  Stated
     Principal   Balance  of  its  related  Loan  Group,   from  the   Available
     Distribution  Amount for the other  Loan  Group  with  respect to which the
     aggregate Stated Principal Balance of the Mortgage Loans in that Loan Group
     are not less  than  the  aggregate  Certificate  Principal  Balance  of the
     related  Classes  of  Senior  Certificates,  applied  first to pay  Accrued
     Certificate  Interest on such Class or Classes of Class CB  Certificates or
     Class NB Certificates and Residual  Certificates on a pro rata basis to the
     extent not paid on such Distribution  Date pursuant to Section  4.02(a)(i),
     and then to pay principal on such Class or Classes of Class CB Certificates
     or Class NB Certificates  and Residual  Certificates in accordance with the
     priorities set forth in Section  4.02(b),  until the Certificate  Principal
     Balance of such Class CB Certificates or Class NB Certificates and Residual
     Certificates  is equal to the  aggregate  Stated  Principal  Balance of the
     Mortgage Loans in the related Loan Group;

(iv) 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;

(v)  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;

(vi) 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 each Loan Group 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)(viii),  (x),  (xii),
     (xiv), (xv) and (xvi) of this Series Supplement are insufficient  therefor,
     applied in reduction of the Certificate  Principal Balance of the Class M-1
     Certificates;

                                       22
<PAGE>

(vii)   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;

(viii)  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 each Loan Group 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) (x), (xii),
        (xiv), (xv) and (xvi) are insufficient therefor, applied in reduction of
        the Certificate Principal Balance of the Class M-2 Certificates;

(ix)    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;

(x)     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 each Loan Group 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)(xii),
        (xiv), (xv) and (xvi) are insufficient therefor, applied in reduction of
        the Certificate Principal Balance of the Class M-3 Certificates;

(xi)    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;

(xii)   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 each Loan Group 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),  (xv)
        and  (xvi)  are  insufficient  therefor,  applied  in  reduction  of the
        Certificate Principal Balance of the Class B-1 Certificates;

(xiii)  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;

(xiv)   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 each Loan Group 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)(xv)  and
        (xvi) are insufficient therefor, applied in reduction of the Certificate
        Principal Balance of the Class B-2 Certificates;

                                       23
<PAGE>

(xv)    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) (xvi)
        are insufficient therefor;

(xvi)   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 each Loan Group 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;

(xvii)  to the Senior Certificates, on a pro rata basis in accordance with their
        respective  outstanding  Certificate Principal Balances, the portion, if
        any, of the Available Distribution Amounts for each Loan Group 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 Amounts
        for each Loan Group  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  Certificates,  the  balance,  if any,  of the  Available
        Distribution Amounts for each Loan Group.

        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)     first, 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:

                                       24
<PAGE>

(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 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)    second, the Accrual Distribution Amount shall be distributed as follows:

(A)            first, an amount equal to $1,000, to the extent available, to the
               Class NB-1 Certificates,  until the Certificate Principal Balance
               of the Class NB-1 Certificates has been reduced to zero;

                      (B) second,  from the balance of the Accrual  Distribution
               Amount  remaining after the distribution in clause (ii)(A) above,
               an amount  equal to  $560,000,  to the extent  available,  to the
               Class NB-2 Certificates,  until the Certificate Principal Balance
               of the Class NB-2 Certificates has been reduced to zero;

                      (C) third,  from the balance of the  Accrual  Distribution
               Amount  remaining after the  distributions in clauses (ii)(A) and
               (ii)(B)  above,  to  the  Class  NB-1  Certificates,   until  the
               Certificate  Principal Balance of the Class NB-1 Certificates has
               been reduced to zero; and

                                       25
<PAGE>

                      (D) fourth,  from the balance of the Accrual  Distribution
               Amount  remaining  after the  distributions  in  clauses  (ii)(A)
               through (ii)(C) above, to the Class NB-2 Certificates,  until the
               Certificate  Principal Balance of the Class NB-2 Certificates has
               been reduced to zero;

             (iii)  third,  concurrently  with the  distributions  described  in
        clause (iv) below,  from the  Available  Distribution  Amount for the CB
        Loan  Group,  the  Class  CB  Principal  Distribution  Amount  shall  be
        distributed to the Class CB Certificates until the Certificate Principal
        Balance thereof has been reduced to zero; and

               (iv)  fourth,  concurrently  with the  distribution  described in
        clause (iii) above, the Class NB Principal  Distribution Amount shall be
        distributed as follows:

                      (A)    first,  to  the  Residual  Certificates  until  the
                             Certificate  Principal  Balance  thereof  has  been
                             reduced to zero;

                      (B)    second,  from the balance of the Class NB Principal
                             Distribution    Amount    remaining    after    the
                             distribution in clause (iv)(A) above, to the extent
                             available, to the Class NB-4 Certificates and Class
                             NB-5 Certificates, concurrently on a pro rata basis
                             (in  proportion  of  their  respective  Certificate
                             Principal Balances), the lesser of:

                    (1)  98.0% of the Class NB Principal Distribution Amount; or

                    (2)  the sum of the following:

                    (a)  the  Lockout   Scheduled   Percentage  of  the  Lockout
                         Certificate  Share of the aggregate of the  collections
                         relating  to the Group NB Loans  described  in  clauses
                         (A),  (B) and (E) (to the extent  clause (E) relates to
                         clauses  (A) and (B)) of Section  4.02(a)(ii)(Y)  after
                         application  of the Class NB  Percentage or the related
                         Senior Acceleration Distribution Percentage; and

                    (b)  the  Lockout  Prepayment   Percentage  of  the  Lockout
                         Certificate  Share of the aggregate of the  collections
                         relating to the Group NB Loans described in clauses (C)
                         and (E) (to the  extent  clause  (E)  relates to clause
                         (C)) of Section 4.02(a)(ii)(Y) after application of the
                         related Senior Acceleration Distribution Percentage;

                    provided  that, if the aggregate of the amounts set forth in
                    clauses (A), (B), (C) and (E) of Section  4.02(a)(ii)(Y)  is
                    more than the balance of the Available  Distribution  Amount
                    for  the  Group  NB  Loans   remaining   after  the  Accrued
                    Certificate  Interest on the Class NB Certificates and Class
                    R  Certificates,  the  portion  of the  Accrued  Certificate
                    Interest  on the Class  A-V  Certificates  payable  from the
                    Available  Distribution  Amount  derived  from  the NB  Loan

                                       26
<PAGE>

                    Group,  and the  Class  A-P  Distribution  Amount  have been
                    distributed,  the amount  paid to the  Lockout  Certificates
                    pursuant  to this clause  (iv)(B)(2)  shall be reduced by an
                    amount  equal  to the  Lockout  Certificate  Share  of  such
                    difference;

                      (C)    third,  from the balance of the Class NB  Principal
                             Distribution    Amount    remaining    after    the
                             distributions in clauses (iv)(A) and (iv)(B) above,
                             an amount  equal to, to the extent  available,  the
                             difference  between  $1,000  and the  amount of the
                             payment made in clause (ii)(A) above,  to the Class
                             NB-1 Certificates,  until the Certificate Principal
                             Balance  of the Class  NB-1  Certificates  has been
                             reduced to zero;

                      (D)    fourth,  from the balance of the Class NB Principal
                             Distribution    Amount    remaining    after    the
                             distributions  in clauses  (iv)(A)  through (iv)(C)
                             above, an amount equal to, to the extent available,
                             the difference  between  $560,000 and the amount of
                             the payment made in clause  (ii)(B)  above,  to the
                             Class  NB-2  Certificates,  until  the  Certificate
                             Principal  Balance of the Class  NB-2  Certificates
                             has been reduced to zero;

                      (E)    fifth,  from the balance of the Class NB  Principal
                             Distribution    Amount    remaining    after    the
                             distributions  in clauses  (iv)(A)  through (iv)(D)
                             above,  to the Class NB-1  Certificates,  until the
                             Certificate  Principal  Balance  of the Class  NB-1
                             Certificates   (after   taking  into   account  the
                             distributions   in  clauses  (ii)(A)  and  (C)  and
                             (iv)(C) above) has been reduced to zero;

                      (F)    sixth,  from the balance of the Class NB  Principal
                             Distribution    Amount    remaining    after    the
                             distributions  in clauses  (iv)(A)  through (iv)(E)
                             above,  to the Class NB-2  Certificates,  until the
                             Certificate  Principal  Balance  of the Class  NB-2
                             Certificates   (after   taking  into   account  the
                             distributions   in  clauses  (ii)(B)  and  (D)  and
                             (iv)(D) above) has been reduced to zero;

                      (G)    seventh, from the balance of the Class NB Principal
                             Distribution    Amount    remaining    after    the
                             distributions  in clauses  (iv)(A)  through (iv)(F)
                             above,  to the Class NB-3  Certificates,  until the
                             Certificate  Principal  Balance  of the Class  NB-3
                             Certificates has been reduced to zero; and

                                       27
<PAGE>

                      (H)    eighth,  from the balance of the Class NB Principal
                             Distribution    Amount    remaining    after    the
                             distributions  in clauses  (iv)(A)  through (iv)(G)
                             above, to the Lockout  Certificates,  on a pro rata
                             basis   (in   proportion   of   their    respective
                             Certificate   Principal   Balances),    until   the
                             Certificate   Principal  Balances  of  the  Lockout
                             Certificates have been reduced to zero.

(c) Prior to the occurrence of the Credit  Support  Depletion Date but after the
reduction of the Certificate  Principal Balances of the Class CB Certificates or
Class NB Certificates and Residual  Certificates to zero, the remaining Class CB
Certificates or Class NB Certificates and Residual Certificates,  as applicable,
will be entitled to receive, in addition to any Mortgagor prepayments related to
such Certificates'  respective Loan Group, 100% of the Mortgagor  prepayments on
the  Mortgage  Loans  in the  other  Loan  Group,  and in  accordance  with  the
priorities  set forth in clause (b) above,  and in reduction of the  Certificate
Principal  Balances  thereof,  on any Distribution  Date unless (i) the weighted
average of the  Subordinate  Percentages  for both Loan Groups,  weighted on the
basis of the Stated Principal Balances of the Mortgage Loans in the related Loan
Group,  is at least two times the  weighted  average of the initial  Subordinate
Percentages  for  both  Loan  Groups  (calculated  on such  basis)  and (ii) the
outstanding  principal  balance  of the  Mortgage  Loans  in  both  Loan  Groups
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%. In addition,  on any Distribution Date prior to
the Credit Support Depletion Date on which the aggregate  Certificate  Principal
Balance  of the Class CB  Certificates  or Class NB  Certificates  and  Residual
Certificates,  as  applicable,  is greater than the aggregate  Stated  Principal
Balance  of the  Mortgage  Loans in the  related  Loan  Group in each case after
giving effect to distributions to be made on such Distribution Date, 100% of the
Mortgagor prepayments allocable to the Subordinate  Certificates on the Mortgage
Loans in the other Loan Group  will be  distributed  to such class or classes of
Class CB  Certificates or Class NB Certificates  and Residual  Certificates,  as
applicable, and in accordance with the priorities set forth in clause (b) above,
and in  reduction  of the  Certificate  Principal  Balances  thereof,  until the
aggregate Certificate Principal Balance of such Class or Classes of Certificates
equals the  aggregate  Stated  Principal  Balance of the  Mortgage  Loans in the
related Loan Group.

(d) On or after the Credit Support  Depletion  Date, all priorities  relating to
distributions as described in clause (b) above in respect of principal among the
various classes of Senior  Certificates,  other than the Class A-P Certificates,
will  be  disregarded,  and  instead,  (i)  the  remaining  Class  CB  Principal
Distribution  Amount will be distributed to the Class CB Certificates,  (ii) the
remaining  Class NB Principal  Distribution  Amount will be  distributed  to the
Class  NB  Certificates  and  Residual  Certificates,  on a pro  rata  basis  in
accordance with their respective  outstanding  Certificate  Principal  Balances,
(iii) the amount  set forth in Section  4.02(a)(i)  will be  distributed  as set
forth  therein,  and  (iv) an  amount  equal  to the  Discount  Fraction  of the
principal portion of scheduled payments and unscheduled  collections received or

                                       28
<PAGE>

advanced in respect of Discount  Mortgage Loans will be distributed to the Class
A-P Certificates,  from the Available Distribution Amount for each Loan Group in
proportion to the  respective  amounts of the Class A-P  Principal  Distribution
Amount derived from each Loan Group.

(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 for each Loan Group will be paid solely to
the holders of the Class A-P, Class A-V and  Subordinate  Certificates,  in each
case as described herein.

(f) 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  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  was  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.

                                       29
<PAGE>

(g) 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.

(h) 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).

        (i) On each Distribution Date preceding the Accretion  Termination Date,
Accrued  Certificate  Interest on the Accrual  Certificates will be added to the
Certificate  Principal Balance of the Accrual  Certificates and such amount will
thereafter  accrue  interest  at a rate of 7.00%  per  annum.  On the  Accretion
Termination Date, the Accrued Certificate  Interest on the Accrual  Certificates
for  such  date  will  be  payable  to the  holders  of the  Accretion  Directed
Certificates  as a  distribution  of principal  pursuant to Section  4.02(b)(ii)
until the Certificate  Principal Balances thereof have been reduced to zero, any
such amount will be added to the  Certificate  Principal  Balance of the Accrual
Certificates,  and any remaining amount of Accrued Certificate  Interest will be
paid to the holders of the Accrual  Certificates  as a distribution  of interest
and will not be added to the Certificate  Principal  Balance thereof;  provided,
however, if the Accretion Termination Date is the Credit Support Depletion Date,
the entire amount of Accrued Certificate  Interest for such date will be payable
to the holders of the Accrual  Certificates  as a  distribution  of interest and
will not be added to the Certificate Principal Balance thereof.

                                       30
<PAGE>

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

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 Class CB  Certificates  (in the case of a Group CB Loan) or among
the Class NB Certificates and the Residual  Certificates (in the case of a Group
NB Loan), and the Class A-V Certificates (in the case of the interest portion of
a Realized Loss on a Mortgage Loan in either Loan Group) on a pro rata basis, as
described  below.  The principal  portion of any Excess  Special  Hazard Losses,
Excess  Bankruptcy  Losses,  Excess  Fraud  Losses and  Extraordinary  Losses on
Discount  Mortgage Loans will be allocated to the Class A-P  Certificates  in an
amount equal to the Discount  Fraction  thereof and the Class CB  Percentage  or
Class NB Percentage (as applicable) of the remainder of the principal portion of
such losses  (including  the  principal  portion of such losses on  Non-Discount
Mortgage Loans) will be allocated  among the Class CB Certificates  and Variable
Strip  Certificates  (in the case of a Group CB  Loan) on a pro rata  basis,  or
among the Class NB, Residual and Variable Strip  Certificates  (in the case of a
Group NB Loan) on a pro rata basis, as described below; and the remainder of the
principal   portion  of  such  Realized  Losses  will  be  allocated  among  the
Subordinate Certificates,  on a pro rata basis, as described below. The interest
portion of any Excess Special Hazard Losses,  Excess Bankruptcy  Losses,  Excess
Fraud Losses and Extraordinary  Losses will be allocated to all the Certificates
on a pro rata basis.

        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  derived  from the  related  Loan  Group  prior  to  giving  effect  to
distributions to be made on such  Distribution Date in the case of the principal

                                       31
<PAGE>

portion of a Realized Loss or based on the Accrued Certificate  Interest thereon
payable  from the related  Loan Group in respect of such  Distribution  Date and
derived from the related Loan Group (without regard to any Compensating Interest
for such  Distribution  Date) in the case of an  interest  portion of a Realized
Loss.  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; provided that the Certificate Principal
Balance of the Accrual  Certificates  for purposes of this Section 4.05 shall be
the lesser of (a) the Certificate  Principal Balance of the Accrual Certificates
as of the Cut-off Date, and (b) the Certificate Principal Balance of the Accrual
Certificates  as of the date of  determination.  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.  Surety Bond. (See Section 4.08 of the Standard Terms)

                                       32
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       33
<PAGE>

ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       34
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       35
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       36
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       37
<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.

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, 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 Class CB,  Class NB-1,  Class NB-2,  Class NB-3,  Class NB-4,  Class
NB-5, 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 Uncertificated  Class A-V REMIC Regular Interests,  the
rights in and to which will be represented by the Class A-V  Certificates,  will
be "regular  interests" in the REMIC,  and the Class R Certificates  will be the
sole class of "residual  interests" therein for purposes of the REMIC Provisions
(as  defined  herein)  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),
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  issue  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.

                                       38
<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:
<TABLE>
<CAPTION>

---------------------------------- --------------------------------------------------------------
            RECIPIENT                                         ADDRESS
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
<S>                                <C>
Company                            8400 Normandale Lake Boulevard
                                   Suite 250, Minneapolis, Minnesota  55437,
                                   Attention: President

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Master Servicer                    2255 N. Ontario Street, Suite 400
                                   -------------------------------------------------------------
                                   Burbank, California 91504-2130,
                                   Attention:  Managing Director/Master Servicing

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc. Series 2001-QS10

                                   The Trustee designates its offices located at
                                   Four Albany Street, New York, New York 10006,
                                   for  the  purposes  of  Section  8.12  of the
                                   Standard Terms
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street
                                   New York, New York 10007

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Fitch, Inc.                        One State Street Plaza
                                   New York, New York 10004

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

</TABLE>
                                        39
<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.  (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.

               98% of all of the Voting Rights shall be allocated  among Holders
of Certificates, other than the Class A-V Certificates and Class R Certificates,
in  proportion  to the  outstanding  Certificate  Principal  Balances  of  their
respective  Certificates;  1% of all Voting Rights shall be allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  and 1% of all Voting Rights shall be allocated among the
Holders  of the  Class R  Certificates,  in  accordance  with  their  respective
Percentage Interests.

Section 11.10. No Petition.

               The Depositor,  Master Servicer and the Trustee, by entering into
this Agreement, and each Certificateholder,  by accepting a Certificate,  hereby
covenant  and agree that they will not at any time  institute  against the Trust
Fund,  or join in any  institution  against  the Trust Fund of,  any  bankruptcy
proceedings  under any United States federal or state  bankruptcy or similar law
in  connection  with any  obligation  with respect to the  Certificates  or this
Agreement.

                                       40
<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.

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                            By:  /s/ Randy Van Zee
                                                Name:   Randy Van Zee
                                                Title:  Vice President

Attest: /s/ Lisa R. Lundsten
      Name:  Lisa R. Lundsten
      Title: Vice President

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By:  /s/ Lisa R. Lundsten
                                                 Name:  Lisa R. Lundsten
                                                 Title: Managing Director

Attest:/s/ Randy Van Zee
      Name: Randy Van Zee
      Title: Director

                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]

                                            By:  /s/ Stephen T. Hessler
                                                 Name: Stephen T. Hessler
                                                 Title:   Vice President

Attest:/s/ Jennifer Bohannon
      Name:  Jennifer Bohannon
      Title: Assistant Secretary

<PAGE>

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

               On the 30th day of August, 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  Accredit  Loans,  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.

                                            /s/ Brian S. Bangerter
                                            Notary Public

[Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of August, 2001 before me, a notary public in and
for  said  State,  personally  appeared  Lisa R.  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.

                                            /s/ Brian S. Bangerter
                                            Notary Public

[Notarial Seal]

<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 28th day of August, 2001 before me, a notary public in and
for said State, personally appeared Stephen Hessler, known to me to be a[n] Vice
President  of Bankers  Trust  Company,  the New York  banking  corporation  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.

                                                   /s/ Thomas J. Baldwin
                                                   Notary Public

[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 08/24/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.02.32           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS10   CONFORMING                    CUTOFF : 08/01/01
  POOL       : 0004530
             :
             :
  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
  -------------------------------------------------------------------------

      4014698                              .2500
       62,363.41                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4090510                              .2500
      119,466.82                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4123507                              .2500
      110,301.19                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4132363                              .2500
      214,766.13                          .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.0000                        1.7950

      4215731                              .2500
       57,611.89                          .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.0000                        1.7950

      4230775                              .2500
      143,673.48                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450
1

      4437689                              .2500
      119,631.32                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4443636                              .2500
       89,835.27                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4464100                              .2500
       65,859.04                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4475620                              .2500
      116,674.75                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4477669                              .2500
      164,529.65                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4478041                              .2500
      160,715.39                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4525571                              .2500
      274,428.52                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4525715                              .2500
       49,877.54                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700
1

      4564339                              .2500
      186,137.06                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4583906                              .2500
      199,095.74                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4594877                              .2500
       31,463.63                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4610606                              .2500
       97,365.36                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4619860                              .2500
       52,308.89                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4628873                              .2500
       62,927.25                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4630467                              .2500
      223,682.78                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4640811                              .2500
      134,689.91                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450
1

      4643890                              .2500
      143,895.78                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4649646                              .2500
      128,917.68                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4662114                              .2500
       87,144.27                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4669617                              .2500
      100,621.07                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4670601                              .2500
       89,254.54                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4672586                              .2500
      188,635.95                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4676831                              .2500
      156,762.65                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4687844                              .2500
       52,938.80                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200
1

      4691731                              .2500
      259,802.16                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4692606                              .2500
       71,052.29                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4700500                              .2500
      103,188.97                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4702972                              .2500
       94,865.47                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4706645                              .2500
       87,290.98                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4709664                              .2500
       79,825.21                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4709908                              .2500
      149,776.66                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4711098                              .2500
       41,975.83                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200
1

      4711603                              .2500
      179,662.01                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4711740                              .2500
      228,853.98                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4716908                              .2500
      229,014.01                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4717011                              .2500
      204,694.77                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4727224                              .2500
       55,966.08                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4731891                              .2500
       61,157.89                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4738687                              .2500
       67,120.35                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4739271                              .2500
      214,754.00                          .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.0000                        1.7950
1

      4740221                              .2500
      106,049.60                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4744833                              .2500
      125,821.57                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4749197                              .2500
       51,965.11                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4750826                              .2500
      171,981.56                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4754236                              .2500
      124,813.88                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4762732                              .2500
      288,750.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4763050                              .2500
       87,170.03                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4765492                              .2500
      120,437.62                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700
1

      4765553                              .2500
       99,355.50                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4766453                              .2500
      112,500.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4772206                              .2500
      115,843.80                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4773502                              .2500
      159,779.06                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4774195                              .2500
       83,362.01                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4774389                              .2500
      164,741.80                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      4777128                              .2500
       80,332.68                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4780106                              .2500
      164,663.13                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200
1

      4782964                              .2500
      122,531.67                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4783745                              .2500
       84,722.74                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      4785968                              .2500
      137,794.52                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4788541                              .2500
       68,320.89                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4790010                              .2500
      202,266.13                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4790015                              .2500
      211,255.75                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4792562                              .2500
       74,949.68                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4793154                              .2500
      195,767.73                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950
1

      4798138                              .2500
       68,951.30                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4798836                              .5000
      146,702.13                          .0800
            8.0000                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4799552                              .5000
      188,387.46                          .0800
            7.6250                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4802709                              .2500
       47,941.63                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4805948                              .2500
       61,492.90                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4807350                              .2500
       99,602.80                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4807366                              .2500
      198,806.42                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4807464                              .2500
      144,827.81                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700
1

      4807483                              .2500
      187,527.66                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4807487                              .2500
      176,428.96                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4807488                              .2500
      124,643.65                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4807491                              .2500
      105,363.42                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4808016                              .2500
       92,597.20                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4808037                              .2500
      191,559.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4813805                              .2500
       96,563.40                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4815454                              .2500
      126,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700
1

      4817293                              .2500
      212,666.67                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      4820243                              .2500
      149,896.77                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4820400                              .2500
      101,585.55                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      4822233                              .2500
      149,771.02                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4823334                              .2500
       97,434.58                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4823643                              .2500
      173,877.19                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4827380                              .2500
      151,815.18                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4832042                              .2500
       80,908.83                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450
1

      4832131                              .2500
       54,870.49                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      4832136                              .2500
       79,777.58                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4832140                              .2500
       89,730.32                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4832701                              .2500
      179,751.43                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4835405                              .2500
       72,896.63                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4835515                              .2500
      166,002.47                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4841244                              .2500
       95,928.75                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4841837                              .2500
      167,768.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450
1

      4844005                              .2500
      168,760.67                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4845317                              .2500
      167,762.09                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4849611                              .2500
      199,400.69                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4849733                              .2500
      204,654.57                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      4851362                              .2500
      178,424.78                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4853256                              .2500
      159,779.06                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4853668                              .2500
      161,808.03                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4854138                              .2500
      103,295.49                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950
1

      4854527                              .2500
       44,942.42                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4856760                              .2500
      274,254.47                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4857273                              .2500
      143,903.38                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

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            7.6700                         .0000
            7.0000                         .6700

      5251345                              .2500
       85,142.83                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5251348                              .2500
       62,055.05                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5260242                              .2500
      103,309.37                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700
1

      5260501                              .2500
      147,810.59                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5265482                              .2500
       80,750.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5265546                              .2500
      158,400.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5265562                              .2500
      139,400.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5265569                              .2500
      147,330.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      5265612                              .2500
      238,500.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      5265949                              .2500
       49,400.00                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      5267460                              .2500
       76,450.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700
1

      5267466                              .2500
      107,000.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5267502                              .2500
      270,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5267521                              .2500
       76,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5267553                              .2500
      225,000.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      5275753                              .2500
      112,700.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5275796                              .2500
       99,000.00                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      5298326                              .2500
       89,485.35                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

  TOTAL NUMBER OF LOANS:      909
  TOTAL BALANCE........:        119,532,417.51

  RUN ON     : 08/24/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.02.32            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS10   C   FIXED SUMMARY REPORT      CUTOFF : 08/01/01
  POOL       : 0004530
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        8.0102            6.8750      9.3750
  RFC NET RATE                          7.7591            6.6250      9.1250
  NET MTG RATE(INVSTR RATE)             7.6819            6.5950      9.0450
  POST STRIP RATE                       6.9939            6.5950      7.0000
  SUB SERV FEE                           .2511             .2500       .5000
  MSTR SERV FEE                          .0772             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .6880             .0000      2.0450

  TOTAL NUMBER OF LOANS:   909
  TOTAL BALANCE........:     119,532,417.51

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 08/24/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.02.32          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS10                                 CUTOFF : 08/01/01
  POOL       : 0004530
             :
             :
  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 #
  ______________________________________________________________________________

    4014698          883/G02             F           62,500.00         ZZ
                                         360         62,363.41          1
                                       7.625            442.38         80
                                       7.375            442.38
    SEBRING          FL   33872          2            04/19/01         00
    0433007754                           05           06/01/01          0
    1                                    O            05/01/31
    0

    4090510          E22/G02             F          120,000.00         ZZ
                                         360        119,466.82          1
                                       8.375            912.09        100
                                       8.125            912.09
    GADSDEN          AL   35901          1            12/12/00         04
    0412276370                           05           02/01/01         35
    0412276370                           O            01/01/31
    0

    4123507          477/G02             F          110,579.00         ZZ
                                         360        110,301.19          1
                                       8.375            840.48        100
                                       8.125            840.48
    SAN BERNARDINO   CA   92407          1            03/06/01         04
    0432712347                           03           05/01/01         35
    0001607                              O            04/01/31
    0

    4132363          447/G02             F          215,900.00         ZZ
                                         360        214,766.13          4
                                       9.125          1,756.64         90
                                       8.875          1,756.64
    CORONA           CA   92879          1            12/28/00         01
    0432912459                           05           02/01/01         25
1

    0021848205                           N            01/01/31
    0

    4215731          168/168             F           57,800.00         ZZ
                                         360         57,611.89          2
                                       9.125            470.28         65
                                       8.875            470.28
    BINGHAMTON       NY   13905          2            01/12/01         00
    0249668017                           05           03/01/01          0
    0249668017                           N            02/01/31
    0

    4230775          664/G02             F          144,000.00         ZZ
                                         360        143,673.48          4
                                       8.875          1,145.73         80
                                       8.625          1,145.73
    RIALTO           CA   92376          1            03/21/01         00
    0432883619                           05           05/01/01          0
    0003762879                           N            04/01/31
    0

    4437689          168/168             F          120,000.00         ZZ
                                         360        119,631.32          2
                                       8.500            922.70         36
                                       8.250            922.70
    HARRISON         NY   10528          1            02/27/01         00
    1873741                              05           04/01/01          0
    1873741                              O            03/01/31
    0

    4443636          742/G02             F           90,000.00         ZZ
                                         360         89,835.27          1
                                       8.500            692.02         68
                                       8.250            692.02
    AMHERST          NY   14226          1            04/18/01         00
    0432900033                           05           06/01/01          0
    6262059                              O            05/01/31
    0

    4464100          742/G02             F           65,900.00         ZZ
                                         360         65,859.04          1
                                       8.375            500.89         80
                                       8.125            500.89
    CHEEKTOWAGA      NY   14225          2            06/14/01         00
    0432912137                           05           08/01/01          0
    6234504                              N            07/01/31
    0

1

    4475620          G52/G02             F          117,000.00         ZZ
                                         360        116,674.75          2
                                       7.875            848.33         90
                                       7.625            848.33
    AUSTIN           TX   78758          1            03/30/01         10
    0432837425                           05           05/01/01         25
    74504365                             N            04/01/31
    0

    4477669          A50/G02             F          165,000.00         ZZ
                                         360        164,529.65          1
                                       7.750          1,182.08         75
                                       7.500          1,182.08
    MARYVILLE        TN   37804          5            03/26/01         00
    0432991685                           05           05/01/01          0
    516103664                            O            04/01/31
    0

    4478041          168/168             F          161,250.00         ZZ
                                         360        160,715.39          1
                                       8.125          1,197.28         75
                                       7.875          1,197.28
    TRENTON          MI   48183          5            03/01/01         00
    0209527510                           05           04/01/01          0
    0209527510                           O            03/01/31
    0

    4525571          F26/G02             F          275,000.00         ZZ
                                         360        274,428.52          3
                                       7.875          1,993.94         88
                                       7.625          1,993.94
    SEATTLE          WA   98133          1            04/09/01         14
    0432986503                           05           06/01/01         25
    7142747004                           N            05/01/31
    0

    4525715          168/168             F           50,000.00         ZZ
                                         360         49,877.54          3
                                       8.500            384.46         38
                                       8.250            384.46
    MIAMI            FL   33142          5            03/07/01         00
    0169648044                           05           05/01/01          0
    0169648044                           O            04/01/31
    0

    4564339          G52/G02             F          187,400.00         ZZ
                                         360        186,137.06          1
                                       7.875          1,358.78         90
                                       7.625          1,358.78
1

    LAS VEGAS        NV   89144          1            03/23/01         10
    0432837359                           03           05/01/01         25
    61000427                             O            04/01/31
    0

    4583906          700/G02             F          199,500.00         ZZ
                                         360        199,095.74          4
                                       8.000          1,463.86         95
                                       7.750          1,463.86
    LAS VEGAS        NV   89103          1            04/12/01         10
    0432864601                           05           06/01/01         35
    00257669                             O            05/01/31
    0

    4594877          737/G02             F           31,500.00         ZZ
                                         360         31,463.63          2
                                       8.750            247.81         90
                                       8.500            247.81
    DETROIT          MI   48224          1            05/18/01         12
    0432925063                           05           07/01/01         25
    2021546                              O            06/01/31
    0

    4610606          Q73/G02             F           97,500.00         ZZ
                                         360         97,365.36          1
                                       7.875            706.94         72
                                       7.625            706.94
    FORT SMITH       AR   72903          5            05/07/01         00
    0432850758                           05           07/01/01          0
    SLAVENS1042319                       O            06/01/31
    0

    4619860          773/G02             F           52,400.00         ZZ
                                         360         52,308.89          1
                                       8.750            412.23         80
                                       8.500            412.23
    DERRY            NH   03038          1            04/02/01         00
    0432723377                           01           06/01/01          0
    6249                                 N            05/01/31
    0

    4628873          E86/G02             F           63,000.00         ZZ
                                         360         62,927.25          3
                                       8.750            495.62         90
                                       8.500            495.62
    WATERBURY        CT   06708          1            05/08/01         04
    0432908457                           05           07/01/01         25
    316691                               N            06/01/31
    0
1

    4630467          253/253             F          224,000.00         ZZ
                                         360        223,682.78          1
                                       7.750          1,604.76         80
                                       7.500          1,604.76
    NUEVO            CA   92567          1            05/16/01         00
    968516                               05           07/01/01          0
    968516                               O            06/01/31
    0

    4640811          664/G02             F          135,000.00         ZZ
                                         360        134,689.91          1
                                       7.375            932.42        100
                                       7.125            932.42
    HILLSIDE         IL   60162          1            04/26/01         10
    0432852101                           05           06/01/01         35
    0008043341                           O            05/01/31
    0

    4643890          E45/G02             F          144,000.00         ZZ
                                         360        143,895.78          1
                                       7.625          1,019.22         80
                                       7.375          1,019.22
    BOGART           GA   30622          2            06/06/01         00
    0432948917                           05           08/01/01          0
    130193                               O            07/01/31
    0

    4649646          U28/G02             F          129,200.00         ZZ
                                         360        128,917.68          1
                                       7.625            914.47         80
                                       7.375            914.47
    RALEIGH          NC   27609          5            04/23/01         00
    0432930907                           05           06/01/01          0
    1                                    O            05/01/31
    0

    4662114          964/G02             F           87,300.00         ZZ
                                         360         87,144.27          3
                                       8.625            679.01         90
                                       8.375            679.01
    DESERT HOT SPRI  CA   92240          1            04/16/01         10
    0432945889                           05           06/01/01         25
    420106594                            N            05/01/31
    0

    4669617          700/G02             F          100,750.00         ZZ
                                         360        100,621.07          2
1

                                       8.250            756.90         65
                                       8.000            756.90
    RIVERSIDE        CA   92503          5            05/07/01         00
    0432991602                           05           07/01/01          0
    00257567                             N            06/01/31
    0

    4670601          F26/G02             F           89,450.00         ZZ
                                         360         89,254.54          1
                                       7.625            633.12        100
                                       7.375            633.12
    TACOMA           WA   98409          1            04/25/01         10
    0432873156                           05           06/01/01         35
    7142749903                           O            05/01/31
    0

    4672586          E86/G02             F          189,000.00         ZZ
                                         360        188,635.95          3
                                       8.250          1,419.89         90
                                       8.000          1,419.89
    STONINGTON       CT   06378          1            04/27/01         14
    0432906766                           05           06/01/01         25
    0000109008                           O            05/01/31
    0

    4676831          700/G02             F          157,000.00         ZZ
                                         360        156,762.65          1
                                       7.625          1,111.24         90
                                       7.375          1,111.24
    LOS ANGELES      CA   91331          2            05/11/01         01
    0432927770                           05           07/01/01         25
    00258546                             O            06/01/31
    0

    4687844          G52/G02             F           53,000.00         ZZ
                                         360         52,938.80          3
                                       8.750            416.95         35
                                       8.500            416.95
    TUCSON           AZ   85705          5            05/03/01         00
    0432891307                           05           07/01/01          0
    9900000323                           N            06/01/31
    0

    4691731          964/G02             F          260,000.00         ZZ
                                         360        259,802.16          1
                                       7.375          1,795.76         80
                                       7.125          1,795.76
    FRESNO           CA   93704          1            06/07/01         00
    0432927754                           05           08/01/01          0
1

    122316                               O            07/01/31
    0

    4692606          562/G02             F           71,100.00         ZZ
                                         360         71,052.29          1
                                       8.000            521.71         90
                                       7.750            521.71
    GREENWOOD LAKE   NY   10925          1            06/29/01         04
    0433038577                           05           08/01/01         25
    297007172                            N            07/01/31
    0

    4700500          E47/G02             F          103,500.00         ZZ
                                         360        103,188.97          4
                                       8.500            795.83         90
                                       8.250            795.83
    HOUSTON          TX   77088          1            05/02/01         11
    0432898591                           03           06/01/01         25
    7323011294                           N            05/01/31
    0

    4702972          E45/G02             F           95,000.00         ZZ
                                         360         94,865.47          1
                                       7.750            680.59         42
                                       7.500            680.59
    CLYDE            NC   28721          5            05/24/01         00
    0432906832                           05           07/01/01          0
    133955                               O            06/01/31
    0

    4706645          700/G02             F           87,400.00         ZZ
                                         360         87,290.98          1
                                       8.375            664.30         94
                                       8.125            664.30
    LOUISVILLE       KY   40299          5            05/09/01         10
    0432895332                           05           07/01/01         30
    00258697                             O            06/01/31
    0

    4709664          J40/G02             F           80,000.00         ZZ
                                         360         79,825.21          1
                                       7.625            566.23         80
                                       7.375            566.23
    LULA             GA   30554          4            05/01/01         00
    0432909729                           05           06/01/01          0
    7706830                              O            05/01/31
    0

1

    4709908          F62/G02             F          150,000.00         ZZ
                                         360        149,776.66          1
                                       7.500          1,048.82         33
                                       7.250          1,048.82
    PARKLAND         FL   33067          5            05/08/01         00
    0432847168                           05           07/01/01          0
    BARYCHKO                             O            06/01/31
    0

    4711098          A33/G02             F           42,000.00         ZZ
                                         360         41,975.83          2
                                       8.750            330.42         70
                                       8.500            330.42
    COLUMBUS         OH   43232          1            06/11/01         00
    0432925014                           05           08/01/01          0
    0819104140                           N            07/01/31
    0

    4711603          G52/G02             F          180,000.00         T
                                         360        179,662.01          1
                                       8.375          1,368.13         80
                                       8.125          1,368.13
    ORANGE           CA   92869          1            04/06/01         00
    0432941110                           01           06/01/01          0
    80501872                             O            05/01/31
    0

    4711740          E86/G02             F          229,000.00         ZZ
                                         360        228,853.98          1
                                       8.250          1,720.40         87
                                       8.000          1,720.40
    WHITE PLAINS     NY   10603          2            06/22/01         11
    0432954808                           05           08/01/01         25
    1                                    O            07/01/31
    0

    4716908          964/G02             F          229,500.00         ZZ
                                         360        229,014.01          1
                                       7.875          1,664.03         90
                                       7.625          1,664.03
    BAKERSFIELD      CA   93313          4            04/06/01         01
    0432976140                           05           06/01/01         25
    117708                               O            05/01/31
    0

    4717011          E47/G02             F          205,000.00         ZZ
                                         360        204,694.77          1
                                       7.500          1,433.39         69
                                       7.250          1,433.39
1

    GEORGETOWN       TX   78628          5            05/07/01         00
    0432971067                           03           07/01/01          0
    7330610062                           O            06/01/31
    0

    4727224          N74/G02             F           56,000.00         ZZ
                                         360         55,966.08          1
                                       8.500            430.59         85
                                       8.250            430.59
    FAYETTEVILLE     AR   72701          5            06/22/01         10
    0432934297                           05           08/01/01         12
    0028991010                           O            07/01/31
    0

    4731891          E45/G02             F           61,200.00         ZZ
                                         360         61,157.89          1
                                       7.875            443.74         90
                                       7.625            443.74
    MADISON          FL   32340          5            06/08/01         11
    0432908705                           05           08/01/01         25
    133792                               O            07/01/31
    0

    4738687          P01/G02             F           67,200.00         ZZ
                                         360         67,120.35          1
                                       8.625            522.68         80
                                       8.375            522.68
    ALLENTOWN        PA   18103          1            05/11/01         00
    0432897684                           05           07/01/01          0
    01001636                             O            06/01/31
    0

    4739271          M18/G02             F          215,100.00         ZZ
                                         360        214,754.00          1
                                       9.125          1,750.12         90
                                       8.875          1,750.12
    SAN BERNARDINO   CA   92404          1            04/13/01         04
    0432924819                           05           06/01/01         30
    980101163                            N            05/01/31
    0

    4740221          E45/G02             F          106,200.00         ZZ
                                         360        106,049.60          1
                                       7.750            760.83         90
                                       7.500            760.83
    WATKINSVILLE     GA   30677          1            05/31/01         11
    0432885713                           05           07/01/01         25
    132591                               O            06/01/31
    0
1

    4744833          N74/G02             F          126,000.00         ZZ
                                         360        125,821.57          1
                                       7.750            902.68         65
                                       7.500            902.68
    CABOT            AR   72023          5            05/08/01         00
    0432910644                           05           07/01/01          0
    0028770010                           O            06/01/31
    0

    4749197          964/G02             F           52,000.00         ZZ
                                         360         51,965.11          1
                                       8.000            381.56         56
                                       7.750            381.56
    EARLIMART        CA   93219          2            06/04/01         00
    0432971273                           05           08/01/01          0
    124137                               N            07/01/31
    0

    4750826          738/G02             F          172,100.00         ZZ
                                         360        171,981.56          1
                                       7.875          1,247.85         78
                                       7.625          1,247.85
    LANDRUM          SC   29356          2            06/08/01         00
    0432966885                           05           08/01/01          0
    5644915                              O            07/01/31
    0

    4754236          144/144             F          125,000.00         ZZ
                                         360        124,813.88          1
                                       7.500            874.02         79
                                       7.250            874.02
    GRAHAMSVILLE     NY   12740          5            05/11/01         00
    160665992                            05           07/01/01          0
    01SIENITSKYA                         O            06/01/31
    0

    4762732          H22/G02             F          288,750.00         ZZ
                                         360        288,750.00          2
                                       7.500          2,018.98         75
                                       7.250          2,018.98
    JACKSON HEIGHTS  NY   11370          5            07/13/01         00
    0433019668                           05           09/01/01          0
    1                                    O            08/01/31
    0

    4763050          F89/G02             F           87,300.00         ZZ
                                         360         87,170.03          1
1

                                       7.500            610.41         90
                                       7.250            610.41
    FRESNO           CA   93722          1            05/21/01         04
    0432854024                           05           07/01/01         25
    4009720                              N            06/01/31
    0

    4765492          E11/G02             F          120,600.00         ZZ
                                         360        120,437.62          1
                                       8.000            884.92         90
                                       7.750            884.92
    SOUTH SAINT PAU  MN   55075          2            05/22/01         12
    0432882934                           05           07/01/01         25
    0014001030781                        O            06/01/31
    0

    4765553          P01/G02             F           99,500.00         ZZ
                                         360         99,355.50          1
                                       7.625            704.26         74
                                       7.375            704.26
    CLIFTON PARK     NY   12065          1            05/11/01         00
    0432847010                           05           07/01/01          0
    636094                               O            06/01/31
    0

    4766453          562/562             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       8.125            835.31         90
                                       7.875            835.31
    MOUNT VERNON     NY   10550          1            07/02/01         04
    297014483                            05           09/01/01         25
    297014483                            O            08/01/31
    0

    4772206          H19/G02             F          116,000.00         ZZ
                                         360        115,843.80          1
                                       8.000            851.17         80
                                       7.750            851.17
    CLINTON TWP.     MI   48036          1            05/18/01         00
    0432877165                           05           07/01/01          0
    0010079804                           O            06/01/31
    0

    4773502          883/G02             F          160,000.00         ZZ
                                         360        159,779.06          1
                                       7.875          1,160.11         80
                                       7.625          1,160.11
    LEWISBURG        PA   17837          5            05/15/01         00
    0432870541                           05           07/01/01          0
1

    05012425                             O            06/01/31
    0

    4774195          R26/G02             F           83,410.00         ZZ
                                         360         83,362.01          1
                                       8.750            656.19         95
                                       8.500            656.19
    DURANGO          CO   81301          1            05/29/01         10
    0432909513                           01           08/01/01         30
    000000286                            O            07/01/31
    0

    4774389          420/G02             F          165,000.00         ZZ
                                         360        164,741.80          1
                                       7.250          1,125.59         32
                                       7.000          1,125.59
    SANTA CRUZ       CA   95060          2            05/22/01         00
    0432857688                           05           07/01/01          0
    51000780                             N            06/01/31
    0

    4777128          H81/G02             F           80,500.00         ZZ
                                         360         80,332.68          1
                                       7.875            583.69         55
                                       7.625            583.69
    WAUKESHA         WI   53186          2            04/10/01         00
    0432830214                           05           06/01/01          0
    WH12218                              O            05/01/31
    0

    4780106          U59/G02             F          165,000.00         ZZ
                                         360        164,663.13          2
                                       8.250          1,239.59         71
                                       8.000          1,239.59
    BROOKLYN         NY   11220          1            06/20/01         00
    0432970820                           05           07/20/01          0
    800821505                            O            06/20/31
    0

    4782964          964/G02             F          122,800.00         ZZ
                                         360        122,531.67          1
                                       7.625            869.17         80
                                       7.375            869.17
    CITRUS HEIGHTS   CA   95610          1            04/12/01         00
    0432845758                           05           06/01/01          0
    119776                               O            05/01/31
    0

1

    4783745          E23/G02             F           85,000.00         ZZ
                                         360         84,722.74          1
                                       7.125            572.66         79
                                       6.875            572.66
    PHOENIX          AZ   85028          1            04/23/01         00
    0432921708                           09           06/01/01          0
    41001449                             O            05/01/31
    0

    4785968          Q01/G02             F          138,000.00         ZZ
                                         360        137,794.52          1
                                       7.500            964.92         69
                                       7.250            964.92
    SALT LAKE CITY   UT   84106          5            05/16/01         00
    0432858033                           05           07/01/01          0
    39274                                O            06/01/31
    0

    4788541          455/G02             F           68,400.00         ZZ
                                         360         68,320.89          1
                                       8.750            538.11         90
                                       8.500            538.11
    CONYERS          GA   30012          1            05/18/01         01
    0432937712                           09           07/01/01         25
    09001300                             N            06/01/31
    0

    4790010          M18/G02             F          202,500.00         ZZ
                                         360        202,266.13          4
                                       8.750          1,593.07         90
                                       8.500          1,593.07
    SAN BERNARDINO   CA   92404          1            05/09/01         04
    0432882637                           05           07/01/01         30
    980101216                            N            06/01/31
    0

    4790015          M18/G02             F          211,500.00         ZZ
                                         360        211,255.75          4
                                       8.750          1,663.87         90
                                       8.500          1,663.87
    SAN BERNARDINO   CA   92404          1            05/09/01         04
    0432883270                           05           07/01/01         30
    980101213                            N            06/01/31
    0

    4792562          G52/G02             F           75,000.00         ZZ
                                         360         74,949.68          1
                                       8.000            550.32         56
                                       7.750            550.32
1

    TUCSON           AZ   85715          5            06/20/01         00
    0432965895                           09           08/01/01          0
    9900000649                           O            07/01/31
    0

    4793154          964/G02             F          196,000.00         ZZ
                                         360        195,767.73          4
                                       8.625          1,524.47         70
                                       8.375          1,524.47
    GERVAIS          OR   97026          5            05/18/01         00
    0432852192                           05           07/01/01          0
    121992                               N            06/01/31
    0

    4798138          P73/G02             F           69,000.00         ZZ
                                         360         68,951.30          3
                                       7.750            494.32         75
                                       7.500            494.32
    WORCESTER        MA   01610          5            06/12/01         00
    0432926087                           05           08/01/01          0
    LAVALLEE                             O            07/01/31
    0

    4798836          E84/G02             F          147,000.00         ZZ
                                         360        146,702.13          2
                                       8.000          1,078.63         75
                                       7.500          1,078.63
    HUBBARD          OR   97032          5            04/17/01         00
    0432813764                           05           06/01/01          0
    60106539                             O            05/01/31
    0

    4799552          E84/G02             F          188,800.00         ZZ
                                         360        188,387.46          1
                                       7.625          1,336.31         80
                                       7.125          1,336.31
    SPRINGFIELD      OR   97478          2            04/13/01         00
    0432814010                           05           06/01/01          0
    60602389                             O            05/01/31
    0

    4802709          642/G02             F           48,000.00         T
                                         360         47,941.63          1
                                       8.500            369.08         80
                                       8.250            369.08
    LAKE HAVASU CIT  AZ   86403          1            05/24/01         00
    0432913804                           05           07/01/01          0
    05062901                             O            06/01/31
    0
1

    4805948          G52/G02             F           61,600.00         ZZ
                                         360         61,492.90          1
                                       8.750            484.61         70
                                       8.500            484.61
    TUCSON           AZ   85706          1            04/16/01         00
    0432887289                           05           06/01/01          0
    70003529                             N            05/01/31
    0

    4807350          286/286             F           99,800.00         ZZ
                                         360         99,602.80          1
                                       8.125            741.02         90
                                       7.875            741.02
    NORCROSS         GA   30092          1            04/19/01         12
    338233                               05           06/01/01         25
    338233                               N            05/01/31
    0

    4807366          286/286             F          199,200.00         ZZ
                                         360        198,806.42          1
                                       8.125          1,479.06         80
                                       7.875          1,479.06
    ESTES PARK       CO   80517          1            04/19/01         00
    281626                               05           06/01/01          0
    281626                               O            05/01/31
    0

    4807464          286/286             F          145,200.00         ZZ
                                         360        144,827.81          1
                                       8.000          1,065.43         80
                                       7.750          1,065.43
    VENETA           OR   97487          2            04/05/01         00
    9823397                              05           06/01/01          0
    9823397                              O            05/01/31
    0

    4807483          286/286             F          188,000.00         ZZ
                                         360        187,527.66          1
                                       8.375          1,428.94         80
                                       8.125          1,428.94
    CHINO            CA   91710          2            03/28/01         00
    9823494                              05           05/01/01          0
    9823494                              O            04/01/31
    0

    4807487          286/286             F          176,800.00         ZZ
                                         360        176,428.96          1
1

                                       7.875          1,281.92         80
                                       7.625          1,281.92
    MARICOPA COUNTY  AZ   85326          1            04/17/01         00
    9837156                              05           06/01/01          0
    9837156                              O            05/01/31
    0

    4807488          286/286             F          125,000.00         ZZ
                                         360        124,643.65          1
                                       7.750            895.52         79
                                       7.500            895.52
    VANCOUVER        WA   98661          5            03/27/01         00
    9811084                              05           05/01/01          0
    9811084                              O            04/01/31
    0

    4807491          286/286             F          105,600.00         ZZ
                                         360        105,363.42          1
                                       7.500            738.37         80
                                       7.250            738.37
    ST. GEORGE       UT   84770          2            04/09/01         00
    9820493                              09           06/01/01          0
    9820493                              O            05/01/31
    0

    4808016          286/286             F           92,800.00         ZZ
                                         360         92,597.20          1
                                       7.625            656.84         80
                                       7.375            656.84
    ST LOUIS         MO   63118          1            04/23/01         00
    388759                               05           06/01/01          0
    388759                               O            05/01/31
    0

    4808037          286/286             F          192,000.00         ZZ
                                         360        191,559.00          1
                                       7.375          1,326.10         70
                                       7.125          1,326.10
    VALLEJO          CA   94589          5            04/14/01         00
    9831405                              05           06/01/01          0
    9831405                              O            05/01/31
    0

    4813805          E45/G02             F           96,750.00         ZZ
                                         360         96,563.40          1
                                       7.500            676.49         90
                                       7.250            676.49
    LAWTON           OK   73505          1            06/01/01         11
    0432895266                           05           07/01/01         25
1

    122696                               O            06/01/31
    0

    4815454          A35/G02             F          126,000.00         ZZ
                                         240        126,000.00          1
                                       8.500          1,093.46         67
                                       8.250          1,093.46
    MEDFORD          NY   11763          5            06/28/01         00
    0432992584                           05           09/01/01          0
    12108                                O            08/01/21
    0

    4817293          F89/G02             F          213,000.00         ZZ
                                         360        212,666.67          1
                                       7.250          1,453.04         80
                                       7.000          1,453.04
    DIAMOND BAR      CA   91765          2            05/07/01         00
    0432869063                           05           07/01/01          0
    1239075                              O            06/01/31
    0

    4820243          W53/G02             F          150,000.00         ZZ
                                         360        149,896.77          1
                                       7.875          1,087.61         57
                                       7.625          1,087.61
    EAST BRUNSWICK   NJ   08816          5            05/29/01         00
    0432920072                           05           08/01/01          0
    5000486200                           O            07/01/31
    0

    4820400          E86/G02             F          101,700.00         ZZ
                                         360        101,585.55          1
                                       8.875            809.17         90
                                       8.625            809.17
    CALUMET CITY     IL   60409          1            06/01/01         04
    0432926392                           05           07/01/01         25
    1                                    N            06/01/31
    0

    4822233          E45/G02             F          150,000.00         ZZ
                                         360        149,771.02          1
                                       7.375          1,036.01         68
                                       7.125          1,036.01
    THOMSON          GA   30824          5            05/25/01         00
    0432870392                           05           07/01/01          0
    112620                               O            06/01/31
    0

1

    4823334          T44/G02             F           97,500.00         ZZ
                                         360         97,434.58          1
                                       8.000            715.42         65
                                       7.750            715.42
    VANCOUVER        WA   98660          5            06/12/01         00
    0432944148                           05           08/01/01          0
    1009540                              O            07/01/31
    0

    4823643          P01/G02             F          174,000.00         ZZ
                                         360        173,877.19          1
                                       7.750          1,246.56         90
                                       7.500          1,246.56
    PRESTON HOLLOW   NY   12469          2            06/22/01         10
    0432992477                           05           08/01/01         25
    01001109                             O            07/01/31
    0

    4827380          A52/G02             F          152,000.00         ZZ
                                         360        151,815.18          1
                                       8.500          1,168.75         80
                                       8.250          1,168.75
    STONE MOUNTAIN   GA   30087          2            06/04/01         00
    0432906378                           05           07/01/01          0
    15191                                O            06/01/31
    0

    4832042          M66/G02             F           81,000.00         ZZ
                                         360         80,908.83          3
                                       8.875            644.48         90
                                       8.625            644.48
    WILDWOOD         NJ   08260          1            05/29/01         11
    0432967198                           05           07/01/01         25
    213901                               N            06/01/31
    0

    4832131          L60/F27             F           55,000.00         ZZ
                                         360         54,870.49          1
                                       7.250            375.20         48
                                       7.000            375.20
    BALTIMORE        MD   21218          1            04/30/01         00
    6920057487                           02           06/01/01          0
    6920057487                           O            05/01/31
    0

    4832136          L60/F27             F           80,000.00         ZZ
                                         360         79,777.58          1
                                       7.875            580.06         46
                                       7.625            580.06
1

    DURHAM           NC   27712          5            03/20/01         00
    6610627658                           05           05/01/01          0
    6610627658                           O            04/01/31
    0

    4832140          L60/F27             F           90,000.00         ZZ
                                         360         89,730.32          1
                                       7.500            629.29         72
                                       7.250            629.29
    SHALLOTTE        NC   28470          5            03/26/01         00
    6610602450                           03           05/01/01          0
    6610602450                           O            04/01/31
    0

    4832701          P34/G02             F          180,000.00         ZZ
                                         360        179,751.43          1
                                       7.875          1,305.13         60
                                       7.625          1,305.13
    SOUTH KINGSTOWN  RI   02879          2            05/25/01         00
    0432876548                           05           07/01/01          0
    61647                                O            06/01/31
    0

    4835405          477/G02             F           73,000.00         ZZ
                                         360         72,896.63          1
                                       7.750            522.98         75
                                       7.500            522.98
    MESA             AZ   85206          1            05/17/01         00
    0432883544                           01           07/01/01          0
    121412                               O            06/01/31
    0

    4835515          U62/G02             F          166,250.00         ZZ
                                         360        166,002.47          1
                                       7.500          1,162.44         95
                                       7.250          1,162.44
    GRANTS PASS      OR   97526          5            05/25/01         04
    0432906949                           05           07/01/01         30
    2001242467                           O            06/01/31
    0

    4841244          883/G02             F           96,000.00         ZZ
                                         360         95,928.75          1
                                       7.500            671.25         80
                                       7.250            671.25
    HENDERSONVILLE   TN   37075          5            06/15/01         00
    0433007663                           05           08/01/01          0
    47000270                             O            07/01/31
    0
1

    4841837          E45/G02             F          168,000.00         ZZ
                                         360        167,768.00          1
                                       7.875          1,218.12         80
                                       7.625          1,218.12
    SANTA FE         NM   87505          1            05/30/01         00
    0432871234                           03           07/01/01          0
    122961                               O            06/01/31
    0

    4844005          P59/G02             F          169,000.00         ZZ
                                         360        168,760.67          1
                                       7.750          1,210.74         79
                                       7.500          1,210.74
    CASTAIC          CA   91384          2            05/24/01         00
    0432985786                           05           07/01/01          0
    LA000623                             O            06/01/31
    0

    4845317          624/G02             F          168,000.00         ZZ
                                         360        167,762.09          1
                                       7.750          1,203.57         80
                                       7.500          1,203.57
    MODESTO          CA   95355          1            05/29/01         00
    0432886620                           05           07/01/01          0
    36800510853F                         O            06/01/31
    0

    4849611          225/G02             F          200,000.00         ZZ
                                         360        199,400.69          1
                                       7.500          1,398.43         69
                                       7.250          1,398.43
    DELAVAN          WI   53115          5            03/22/01         00
    0432837391                           05           05/01/01          0
    724706400                            O            04/01/31
    0

    4849733          742/G02             F          205,000.00         ZZ
                                         360        204,654.57          1
                                       6.875          1,346.70         33
                                       6.625          1,346.70
    SPRINGFIELD      PA   19064          4            05/04/01         00
    0432872109                           03           07/01/01          0
    00072414                             O            06/01/31
    0

    4851362          225/G02             F          179,000.00         ZZ
                                         360        178,424.78          1
1

                                       7.750          1,282.38         75
                                       7.500          1,282.38
    COLUMBUS         NJ   08022          1            03/12/01         00
    0432838472                           03           05/01/01          0
    6516933                              O            04/01/31
    0

    4853256          E45/G02             F          160,000.00         ZZ
                                         360        159,779.06          1
                                       7.875          1,160.11         80
                                       7.625          1,160.11
    OLDSMAR          FL   34677          1            05/30/01         00
    0432861557                           05           07/01/01          0
    136466                               O            06/01/31
    0

    4853668          994/G02             F          162,000.00         ZZ
                                         360        161,808.03          3
                                       8.625          1,260.02         90
                                       8.375          1,260.02
    PLAINFIELD       NJ   07060          1            05/31/01         11
    0432927945                           05           07/01/01         25
    1000213600                           N            06/01/31
    0

    4854138          225/G02             F          103,500.00         ZZ
                                         360        103,295.49          1
                                       8.125            768.49         90
                                       7.875            768.49
    ELKHART          IN   46516          1            04/06/01         10
    0432839363                           05           06/01/01         25
    725466700                            N            05/01/31
    0

    4854527          742/G02             F           45,000.00         ZZ
                                         360         44,942.42          1
                                       8.250            338.07         75
                                       8.000            338.07
    MATTYDALE        NY   13211          5            05/18/01         00
    0432873040                           05           07/01/01          0
    6301485                              N            06/01/31
    0

    4856760          168/168             F          275,000.00         ZZ
                                         360        274,254.47          1
                                       8.000          2,017.86         69
                                       7.750          2,017.86
    CHARLOTTE        NC   28211          5            02/28/01         00
    0869401076                           05           05/01/01          0
1

    0869401076                           O            04/01/31
    0

    4857273          U28/G02             F          144,000.00         ZZ
                                         360        143,903.38          1
                                       8.000          1,056.62         80
                                       7.750          1,056.62
    MARIETTA         GA   30068          5            06/08/01         00
    0432905750                           05           08/01/01          0
    1                                    O            07/01/31
    0

    4858412          E45/G02             F           68,000.00         ZZ
                                         360         67,955.52          1
                                       8.125            504.90         80
                                       7.875            504.90
    MOBILE           AL   36608          5            06/04/01         00
    0432900611                           05           08/01/01          0
    141502                               O            07/01/31
    0

    4859525          G34/G02             F           40,000.00         ZZ
                                         360         39,951.35          1
                                       8.500            307.57         67
                                       8.250            307.57
    FORT WORTH       TX   76109          1            06/01/01         00
    0432921963                           05           07/01/01          0
    850207772                            N            06/01/31
    0

    4859646          E47/G02             F           81,900.00         ZZ
                                         360         81,852.88          4
                                       8.750            644.31         90
                                       8.500            644.31
    OGLESBY          IL   61348          1            06/19/01         11
    0433008349                           05           08/01/01         25
    7360511933                           N            07/01/31
    0

    4859750          E84/G02             F           60,800.00         ZZ
                                         360         60,682.89          1
                                       8.250            456.77         68
                                       7.750            456.77
    WESTLAND         MI   48186          2            04/23/01         00
    0432823144                           05           06/01/01          0
    11802857                             O            05/01/31
    0

1

    4860138          E46/G02             F           85,500.00         ZZ
                                         360         85,372.70          1
                                       7.500            597.83         50
                                       7.250            597.83
    MIAMI            FL   33155          5            06/06/01         00
    0432901536                           05           07/01/01          0
    00502801                             O            06/01/31
    0

    4860523          M66/G02             F          113,400.00         ZZ
                                         360        113,336.42          3
                                       8.875            902.27         90
                                       8.625            902.27
    NEWARK           NJ   07106          1            06/26/01         11
    0433007242                           05           08/01/01         25
    214072                               N            07/01/31
    0

    4860721          964/G02             F           59,500.00         ZZ
                                         360         59,456.93          1
                                       7.625            421.14         85
                                       7.375            421.14
    SPOKANE          WA   99205          5            06/01/01         11
    0432927887                           05           08/01/01         17
    123772                               O            07/01/31
    0

    4862447          961/G02             F          260,800.00         ZZ
                                         360        260,606.45          1
                                       7.500          1,823.55         80
                                       7.250          1,823.55
    SOUTH SAN GABRI  CA   91770          2            06/18/01         00
    0432993186                           05           08/01/01          0
    TOH14245                             O            07/01/31
    0

    4864087          E22/G02             F           77,000.00         ZZ
                                         360         76,913.34          1
                                       8.875            612.65         93
                                       8.625            612.65
    DEPTFORD         NJ   08093          5            05/21/01         04
    0412612442                           05           07/01/01         30
    0412612442                           O            06/01/31
    0

    4864091          E22/G02             F          146,500.00         ZZ
                                         360        146,297.69          1
                                       7.875          1,062.23         63
                                       7.625          1,062.23
1

    BENNETT          CO   80102          5            05/21/01         00
    0412615890                           05           07/01/01          0
    0412615890                           O            06/01/31
    0

    4864115          E22/G02             F          100,700.00         ZZ
                                         360        100,580.67          1
                                       8.625            783.23         95
                                       8.375            783.23
    DAVENPORT        IA   52803          5            05/23/01         04
    0412641722                           05           07/01/01         30
    0412641722                           O            06/01/31
    0

    4864155          E22/G02             F           61,200.00         ZZ
                                         360         61,115.50          1
                                       7.875            443.74         90
                                       7.625            443.74
    ELKHART          IN   46514          1            05/25/01         04
    0412669863                           05           07/01/01         25
    0412669863                           N            06/01/31
    0

    4864159          E22/G02             F           70,400.00         ZZ
                                         360         70,305.21          1
                                       8.000            516.57         80
                                       7.750            516.57
    AMARILLO         TX   79109          5            05/21/01         00
    0412675050                           05           07/01/01          0
    0412675050                           O            06/01/31
    0

    4864460          K31/G02             F          144,000.00         ZZ
                                         360        143,824.90          3
                                       8.500          1,107.24         90
                                       8.250          1,107.24
    ATLANTA          GA   30349          1            06/01/01         10
    0432922680                           05           07/01/01         25
    1                                    N            06/01/31
    0

    4864586          H19/G02             F           46,900.00         ZZ
                                         360         46,847.21          1
                                       8.875            373.16         70
                                       8.625            373.16
    HOFFMAN ESTATES  IL   60194          1            06/01/01         00
    0432955615                           01           07/01/01          0
    0002265130                           N            06/01/31
    0
1

    4866337          994/G02             F          204,000.00         ZZ
                                         360        203,879.56          3
                                       8.625          1,586.69         79
                                       8.375          1,586.69
    SAN PABLO        CA   94806          1            06/08/01         00
    0433016656                           05           08/01/01          0
    718383523                            N            07/01/31
    0

    4867841          E23/G02             F          166,400.00         ZZ
                                         360        166,282.56          1
                                       7.750          1,192.11         80
                                       7.500          1,192.11
    RANCHO SANTA MA  CA   92688          5            06/13/01         00
    0432941490                           01           08/01/01          0
    51004781                             O            07/01/31
    0

    4867889          286/286             F          146,250.00         ZZ
                                         360        145,968.29          1
                                       8.250          1,098.73         75
                                       8.000          1,098.73
    SANTA ANA        CA   92703          2            04/13/01         00
    308379                               05           06/01/01          0
    308379                               O            05/01/31
    0

    4867891          286/286             F           60,000.00         ZZ
                                         360         59,872.13          1
                                       7.750            429.85         38
                                       7.500            429.85
    MIAMI            FL   33175          1            04/23/01         00
    315497                               05           06/01/01          0
    315497                               O            05/01/31
    0

    4867897          286/286             F          204,000.00         ZZ
                                         360        203,626.59          1
                                       8.500          1,568.59         80
                                       8.250          1,568.59
    SANDY            OR   97055          1            04/24/01         00
    267006                               05           06/01/01          0
    267006                               O            05/01/31
    0

    4868487          E86/G02             F          180,000.00         ZZ
                                         360        179,885.22          1
1

                                       8.250          1,352.28         88
                                       8.000          1,352.28
    BROOKLYN         NY   11225          5            06/22/01         04
    0432967537                           07           08/01/01         25
    1                                    O            07/01/31
    0

    4869211          286/286             F          107,900.00         ZZ
                                         360        107,675.77          1
                                       7.875            782.35         80
                                       7.625            782.35
    MIAMI            FL   33178          1            04/30/01         00
    315631                               01           06/01/01          0
    315631                               O            05/01/31
    0

    4869220          286/286             F          152,000.00         ZZ
                                         360        151,710.93          1
                                       8.625          1,182.25         80
                                       8.375          1,182.25
    LIMA             OH   45801          1            04/27/01         00
    269704                               05           06/01/01          0
    269704                               O            05/01/31
    0

    4869230          286/286             F          120,500.00         ZZ
                                         360        120,333.60          1
                                       7.875            873.71         90
                                       7.625            873.71
    GILBERT          AZ   85236          1            05/01/01         12
    312829                               03           07/01/01         25
    312829                               N            06/01/31
    0

    4869247          286/286             F           97,200.00         ZZ
                                         360         96,992.84          1
                                       7.750            696.36         90
                                       7.500            696.36
    NORCROSS         GA   30093          1            04/25/01         12
    337749                               05           06/01/01         25
    337749                               N            05/01/31
    0

    4869266          286/286             F           92,000.00         ZZ
                                         360         91,803.95          1
                                       7.750            659.10         80
                                       7.500            659.10
    EUGENE           OR   97405          1            04/16/01         00
    267079                               05           06/01/01          0
1

    267079                               O            05/01/31
    0

    4869275          286/286             F           59,040.00         ZZ
                                         360         58,937.34          1
                                       8.750            464.47         90
                                       8.500            464.47
    KANSAS CITY      MO   64108          1            05/03/01         11
    318934                               05           06/01/01         25
    318934                               N            05/01/31
    0

    4869280          286/286             F          204,000.00         ZZ
                                         360        203,440.96          1
                                       7.625          1,443.90         80
                                       7.375          1,443.90
    ELMHURST         IL   60126          2            04/25/01         00
    9841919                              05           06/01/01          0
    9841919                              O            05/01/31
    0

    4869317          286/286             F          185,000.00         ZZ
                                         360        184,678.34          1
                                       8.750          1,455.40         79
                                       8.500          1,455.40
    INDIANOLA        WA   98342          2            04/21/01         00
    9951095                              05           06/01/01          0
    9951095                              O            05/01/31
    0

    4869322          286/286             F          152,250.00         ZZ
                                         360        151,941.47          1
                                       8.000          1,117.16         75
                                       7.750          1,117.16
    ROSEMEAD         CA   91770          2            04/13/01         00
    9827542                              05           06/01/01          0
    9827542                              O            05/01/31
    0

    4869632          E84/G02             F          119,200.00         ZZ
                                         360        118,949.40          1
                                       8.250            895.51         80
                                       7.750            895.51
    LIVONIA          MI   48152          1            04/20/01         00
    0432823805                           05           06/01/01          0
    11802889                             O            05/01/31
    0

1

    4870233          168/168             F          128,000.00         ZZ
                                         360        127,844.37          1
                                       8.500            984.21         80
                                       8.250            984.21
    CHICAGO          IL   60640          2            05/10/01         00
    0059343222                           06           07/01/01          0
    0059343222                           O            06/01/31
    0

    4870586          696/G02             F          198,000.00         ZZ
                                         360        197,588.52          1
                                       7.875          1,435.64         80
                                       7.625          1,435.64
    ALEXANDRIA       VA   22306          1            04/27/01         00
    0432843795                           05           06/01/01          0
    25301061                             O            05/01/31
    0

    4870760          P59/G02             F           42,700.00         ZZ
                                         360         42,634.82          4
                                       7.375            294.92         70
                                       7.125            294.92
    BAKERSFIELD      CA   93305          1            05/31/01         00
    0433031531                           05           07/01/01          0
    AT002005                             N            06/01/31
    0

    4872121          E22/G02             F           53,800.00         ZZ
                                         360         53,734.57          1
                                       8.500            413.68         83
                                       8.250            413.68
    AIKEN            SC   29801          2            05/18/01         10
    0412553786                           05           07/01/01         12
    0412553786                           O            06/01/31
    0

    4872212          E22/G02             F           83,000.00         ZZ
                                         360         82,887.95          1
                                       8.750            652.96        100
                                       8.500            652.96
    BERRYVILLE       VA   22611          1            05/29/01         01
    0412687592                           05           07/01/01         35
    0412687592                           O            06/01/31
    0

    4873765          624/G02             F          188,000.00         ZZ
                                         360        187,867.31          1
                                       7.750          1,346.86         80
                                       7.500          1,346.86
1

    GOLETA           CA   93117          1            06/04/01         00
    0432881753                           01           08/01/01          0
    72200210063F                         N            07/01/31
    0

    4874598          A52/G02             F           90,800.00         ZZ
                                         360         90,737.52          1
                                       7.875            658.36         80
                                       7.625            658.36
    MARIETTA         GA   30008          5            06/20/01         00
    0432962215                           05           08/01/01          0
    15102                                O            07/01/31
    0

    4876171          253/253             F           77,000.00         ZZ
                                         360         76,947.00          1
                                       7.875            558.31         70
                                       7.625            558.31
    BOULDER          CO   80304          1            06/05/01         00
    971060                               01           08/01/01          0
    971060                               N            07/01/31
    0

    4878532          742/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       8.500          1,014.97         68
                                       8.250          1,014.97
    EAST AMHERST     NY   14051          2            07/16/01         00
    0433027125                           05           09/01/01          0
    6341085                              O            08/01/31
    0

    4879067          U05/G02             F           35,250.00         ZZ
                                         360         35,203.73          1
                                       8.125            261.73         75
                                       7.875            261.73
    INDIANAPOLIS     IN   46202          1            05/14/01         00
    0432877132                           05           07/01/01          0
    3116693                              O            06/01/31
    0

    4879247          L16/G02             F          146,447.00         ZZ
                                         360        146,282.19          1
                                       8.875          1,165.20         90
                                       8.625          1,165.20
    EAGLE MOUNTAIN   UT   84043          1            06/04/01         04
    0432886091                           05           07/01/01         25
    W0105221                             O            06/01/31
    0
1

    4879437          A52/G02             F           89,600.00         ZZ
                                         360         89,544.31          1
                                       8.375            681.02         80
                                       8.125            681.02
    POWDER SPRINGS   GA   30127          1            06/04/01         00
    0432909950                           05           08/01/01          0
    15243                                O            07/01/31
    0

    4879516          F19/G02             F          296,000.00         ZZ
                                         360        295,591.24          2
                                       7.875          2,146.21         80
                                       7.625          2,146.21
    HOLLISTER        CA   95023          1            05/03/01         00
    0432925337                           05           07/01/01          0
    0459816                              O            06/01/31
    0

    4880674          U62/G02             F          137,000.00         ZZ
                                         360        136,782.87          1
                                       7.250            934.58         92
                                       7.000            934.58
    TACOMA           WA   98446          5            05/23/01         04
    0432883197                           05           07/01/01         30
    2001254114                           O            06/01/31
    0

    4880709          U05/G02             F           99,250.00         ZZ
                                         360         99,094.69          1
                                       7.250            677.06         90
                                       7.000            677.06
    PORT CHARLOTTE   FL   33948          1            05/04/01         01
    0432870632                           03           07/01/01         25
    3125107                              O            06/01/31
    0

    4880716          U05/G02             F          198,000.00         ZZ
                                         360        197,705.20          1
                                       7.500          1,384.44         80
                                       7.250          1,384.44
    MURRIETA         CA   92562          1            05/17/01         00
    0432872380                           05           07/01/01          0
    3132785                              O            06/01/31
    0

    4880790          U05/G02             F          207,000.00         ZZ
                                         360        206,691.80          1
1

                                       7.500          1,447.37         90
                                       7.250          1,447.37
    FT. LAUDERDALE   FL   33304          1            05/18/01         01
    0432871374                           05           07/01/01         12
    3131428                              O            06/01/31
    0

    4881221          E22/G02             F           83,000.00         ZZ
                                         360         82,757.70          1
                                       8.375            630.86         67
                                       8.125            630.86
    DALLAS           TX   75211          5            05/24/01         00
    0412598690                           05           07/01/01          0
    0412598690                           O            06/01/31
    0

    4881222          E22/G02             F          166,950.00         ZZ
                                         360        166,719.47          1
                                       7.875          1,210.50         90
                                       7.625          1,210.50
    PERRIS           CA   92570          5            05/17/01         04
    0412599441                           05           07/01/01         30
    0412599441                           O            06/01/31
    0

    4881224          E22/G02             F          151,000.00         ZZ
                                         360        150,791.50          1
                                       7.875          1,094.85         80
                                       7.625          1,094.85
    WRAY             CO   80758          2            05/24/01         00
    0412607772                           05           07/01/01          0
    0412607772                           O            06/01/31
    0

    4881254          E22/G02             F          192,000.00         ZZ
                                         360        191,741.48          1
                                       8.000          1,408.83         79
                                       7.750          1,408.83
    SARASOTA         FL   34243          1            05/30/01         00
    0412639619                           05           07/01/01          0
    0412639619                           O            06/01/31
    0

    4881258          E22/G02             F          127,600.00         ZZ
                                         360        127,423.80          1
                                       7.875            925.19         80
                                       7.625            925.19
    FAIRVIEW         OR   97024          1            05/24/01         00
    0412650897                           07           07/01/01          0
1

    0412650897                           O            06/01/31
    0

    4881360          U05/G02             F           68,500.00         ZZ
                                         360         68,398.02          1
                                       7.500            478.96         50
                                       7.250            478.96
    MIAMI            FL   33165          1            05/16/01         00
    0432903755                           05           07/01/01          0
    3129880                              O            06/01/31
    0

    4881416          U05/G02             F          109,200.00         ZZ
                                         360        109,037.41          1
                                       7.500            763.54         80
                                       7.250            763.54
    SUNRISE          FL   33323          1            05/15/01         00
    0432869451                           03           07/01/01          0
    3125987                              O            06/01/31
    0

    4881662          168/168             F           62,000.00         ZZ
                                         360         61,913.17          1
                                       7.875            449.54         66
                                       7.625            449.54
    BURLINGTON       NC   27215          1            05/17/01         00
    0059372354                           05           07/01/01          0
    0059372354                           N            06/01/31
    0

    4882411          624/G02             F          170,000.00         ZZ
                                         360        169,907.14          4
                                       9.000          1,367.86         67
                                       8.750          1,367.86
    HOUSTON          TX   77006          5            06/13/01         00
    0432917698                           05           08/01/01          0
    46700110026F                         N            07/01/31
    0

    4883579          575/G02             F          143,000.00         ZZ
                                         360        142,893.87          1
                                       7.500            999.88         76
                                       7.250            999.88
    KENT             OH   44240          5            06/07/01         00
    0432948123                           05           08/01/01          0
    11965324                             O            07/01/31
    0

1

    4884542          964/G02             F          105,000.00         ZZ
                                         360        104,924.01          1
                                       7.625            743.18         45
                                       7.375            743.18
    POLSON           MT   59860          5            06/06/01         00
    0432913820                           05           08/01/01          0
    123388                               O            07/01/31
    0

    4885958          E22/G02             F           67,400.00         ZZ
                                         360         67,306.92          1
                                       7.875            488.70         90
                                       7.625            488.70
    GASTONIA         NC   28052          1            05/30/01         04
    0412639593                           05           07/01/01         25
    0412639593                           N            06/01/31
    0

    4885984          E22/G02             F          166,000.00         ZZ
                                         360        165,792.92          1
                                       8.375          1,261.72         94
                                       8.125          1,261.72
    MARLBOROUGH      CT   06447          5            05/25/01         04
    0412649170                           05           07/01/01         30
    0412649170                           O            06/01/31
    0

    4886060          E22/G02             F          196,000.00         ZZ
                                         360        195,685.98          1
                                       7.750          1,404.17         80
                                       7.500          1,404.17
    MIAMI            FL   33180          1            05/31/01         00
    0412684151                           05           07/01/01          0
    0412684151                           O            06/01/31
    0

    4886074          E22/G02             F           47,100.00         ZZ
                                         360         47,039.72          1
                                       8.250            353.85         80
                                       8.000            353.85
    PORT SAINT LUCI  FL   34983          1            05/31/01         00
    0412696551                           05           07/01/01          0
    0412696551                           O            06/01/31
    0

    4887751          623/623             F          112,800.00         ZZ
                                         360        112,283.11          1
                                       7.875            817.88         80
                                       7.625            817.88
1

    HOMEWOOD         IL   60430          2            03/19/01         00
    5325729                              05           05/01/01          0
    5325729                              O            04/01/31
    0

    4887752          623/623             F          128,000.00         ZZ
                                         360        127,652.99          1
                                       8.000            939.22         74
                                       7.750            939.22
    ALANSON          MI   49706          5            03/22/01         00
    5326200                              05           05/01/01          0
    5326200                              O            04/01/31
    0

    4887788          623/623             F          152,000.00         ZZ
                                         360        151,566.69          1
                                       7.750          1,088.95         68
                                       7.500          1,088.95
    CHICAGO          IL   60625          5            03/28/01         00
    5338875                              05           05/01/01          0
    5338875                              O            04/01/31
    0

    4888169          253/253             F          131,200.00         ZZ
                                         360        131,102.63          1
                                       7.500            917.37         80
                                       7.250            917.37
    MC CALL          ID   83638          1            06/08/01         00
    970961                               05           08/01/01          0
    970961                               O            07/01/31
    0

    4888254          624/G02             F          170,000.00         ZZ
                                         360        169,907.14          4
                                       9.000          1,367.86         67
                                       8.750          1,367.86
    HOUSTON          TX   77006          5            06/13/01         00
    0432927309                           05           08/01/01          0
    46700110116F                         N            07/01/31
    0

    4889240          076/076             F          145,500.00         ZZ
                                         360        145,165.79          1
                                       7.375          1,004.94         64
                                       7.125          1,004.94
    WRIGHTSVILLE     PA   17368          2            04/13/01         00
    4255915                              05           06/01/01          0
    4255915                              O            05/01/31
    0
1

    4889255          076/076             F          180,000.00         ZZ
                                         360        179,606.67          1
                                       7.625          1,274.03         67
                                       7.375          1,274.03
    MIDLOTHIAN       IL   60445          1            04/27/01         00
    4659615                              05           06/01/01          0
    4659615                              O            05/01/31
    0

    4890392          624/G02             F          113,700.00         ZZ
                                         360        113,627.50          4
                                       8.250            854.19         79
                                       8.000            854.19
    AUSTIN           TX   78744          2            06/27/01         00
    0432945442                           05           08/01/01          0
    82200110123F                         N            07/01/31
    0

    4891124          664/G02             F          104,000.00         ZZ
                                         360        103,928.42          1
                                       7.875            754.08         80
                                       7.625            754.08
    LANCASTER        CA   93535          5            06/11/01         00
    0433031283                           05           08/01/01          0
    0008160517                           O            07/01/31
    0

    4891266          700/G02             F          164,700.00         ZZ
                                         360        164,610.04          4
                                       9.000          1,325.21         90
                                       8.750          1,325.21
    LAS VEGAS        NV   89115          1            06/11/01         10
    0432998474                           05           08/01/01         25
    00259325                             N            07/01/31
    0

    4894281          E22/G02             F           94,500.00         ZZ
                                         360         94,372.76          1
                                       8.000            693.41         90
                                       7.750            693.41
    FORT COLLINS     CO   80526          5            05/25/01         04
    0412671836                           09           07/01/01         25
    0412671836                           O            06/01/31
    0

    4894285          E22/G02             F           63,000.00         ZZ
                                         360         62,903.82          1
1

                                       7.375            435.13         70
                                       7.125            435.13
    PAOLI            IN   47454          1            06/01/01         00
    0412681751                           05           07/01/01          0
    0412681751                           O            06/01/31
    0

    4894289          E22/G02             F          128,000.00         ZZ
                                         360        127,814.11          1
                                       7.625            905.98         72
                                       7.375            905.98
    BATON ROUGE      LA   70808          1            06/01/01         00
    0412685406                           05           07/01/01          0
    0412685406                           O            06/01/31
    0

    4894450          E82/G02             F          224,000.00         ZZ
                                         360        223,649.47          1
                                       7.250          1,528.07         80
                                       7.000          1,528.07
    BAKERSFIELD      CA   93311          2            05/18/01         00
    0400403937                           05           07/01/01          0
    1981809                              O            06/01/31
    0

    4894506          U05/G02             F           71,250.00         ZZ
                                         360         71,206.84          1
                                       8.500            547.85         75
                                       8.250            547.85
    DOWNINGTOWN      PA   19380          5            06/15/01         00
    0432906451                           05           08/01/01          0
    3139742                              N            07/01/31
    0

    4895999          E76/G02             F           53,000.00         ZZ
                                         360         52,967.90          2
                                       8.500            407.52         90
                                       8.250            407.52
    BATON ROUGE      LA   70812          1            06/08/01         12
    0432912095                           05           08/01/01         25
    10006336                             N            07/01/31
    0

    4900161          N47/G02             F          185,000.00         ZZ
                                         360        184,869.43          1
                                       7.750          1,325.36         65
                                       7.500          1,325.36
    MONTEREY         CA   93940          1            06/06/01         00
    0432985182                           09           08/01/01          0
1

    20111199                             O            07/01/31
    0

    4901542          U05/G02             F          202,500.00         ZZ
                                         360        202,383.49          3
                                       8.750          1,593.07         90
                                       8.500          1,593.07
    DELRAY BEACH     FL   33483          1            06/13/01         11
    0432907335                           05           08/01/01         25
    3139796                              N            07/01/31
    0

    4902108          E22/G02             F          151,300.00         ZZ
                                         360        151,125.26          1
                                       8.750          1,190.28         85
                                       8.500          1,190.28
    BELLEVILLE       MI   48111          5            05/29/01         04
    0412590879                           05           07/01/01         12
    0412590879                           O            06/01/31
    0

    4902157          E22/G02             F          138,900.00         ZZ
                                         360        138,731.11          1
                                       8.500          1,068.02         95
                                       8.250          1,068.02
    MARENGO          IL   60152          1            06/04/01         01
    0412664872                           05           07/01/01         30
    0412664872                           O            06/01/31
    0

    4905190          964/G02             F          135,000.00         ZZ
                                         360        134,902.29          1
                                       7.625            955.52         40
                                       7.375            955.52
    MORRISON         CO   80465          5            06/08/01         00
    0432925857                           05           08/01/01          0
    127481                               O            07/01/31
    0

    4905480          B57/G02             F          217,600.00         ZZ
                                         360        217,442.51          1
                                       7.625          1,540.16         80
                                       7.375          1,540.16
    LOS ANGELES      CA   91304          1            06/14/01         00
    0433000460                           05           08/01/01          0
    2113248                              O            07/01/31
    0

1

    4908663          E47/G02             F          160,000.00         ZZ
                                         360        159,884.20          1
                                       7.625          1,132.47         75
                                       7.375          1,132.47
    WALLER           TX   77484          5            06/11/01         00
    0433037702                           05           08/01/01          0
    7363011004                           O            07/01/31
    0

    4909474          964/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.500          1,748.04         68
                                       7.250          1,748.04
    TAOS             NM   87571          5            07/05/01         00
    0432999118                           05           09/01/01          0
    128416                               O            08/01/31
    0

    4909810          E22/G02             F          103,500.00         ZZ
                                         360        103,434.00          1
                                       8.250            777.56         90
                                       8.000            777.56
    DEARBORN         MI   48124          1            06/05/01         04
    0412698292                           05           08/01/01         25
    0412698292                           N            07/01/31
    0

    4913555          K30/G02             F           85,000.00         ZZ
                                         360         84,941.50          1
                                       7.875            616.31         60
                                       7.625            616.31
    MABLETON         GA   30126          5            06/11/01         00
    0432911790                           05           08/01/01          0
    0079856                              O            07/01/31
    0

    4914180          F89/G02             F          135,000.00         ZZ
                                         360        134,904.71          1
                                       7.750            967.16         73
                                       7.500            967.16
    CHINO            CA   91710          5            06/13/01         00
    0432908127                           05           08/01/01          0
    11110079                             O            07/01/31
    0

    4915085          E84/G02             F          134,000.00         ZZ
                                         360        133,622.83          1
                                       7.875            971.59         75
                                       7.625            971.59
1

    BOISE            ID   83709          2            05/10/01         00
    0432832640                           05           07/01/01          0
    62300073                             O            06/01/31
    0

    4915223          E84/G02             F          270,850.00         ZZ
                                         360        270,475.98          3
                                       7.875          1,963.85         95
                                       7.625          1,963.85
    BROOKFIELD       IL   60513          1            05/02/01         12
    0432832459                           05           07/01/01         30
    11007275                             O            06/01/31
    0

    4915457          E84/G02             F          144,000.00         ZZ
                                         360        143,785.59          1
                                       7.500          1,006.87         54
                                       7.250          1,006.87
    OREGON CITY      OR   97045          5            05/09/01         00
    0432837094                           05           07/01/01          0
    60303594                             O            06/01/31
    0

    4915591          U05/G02             F           69,750.00         ZZ
                                         360         69,709.87          4
                                       8.750            548.72         75
                                       8.500            548.72
    LUBBOCK          TX   79412          2            06/22/01         00
    0432992162                           05           08/01/01          0
    3141330                              N            07/01/31
    0

    4917426          964/G02             F          140,000.00         ZZ
                                         360        139,796.70          1
                                       7.625            990.91         67
                                       7.375            990.91
    ENGLEWOOD        CO   80110          5            05/24/01         00
    0432856375                           05           07/01/01          0
    125153                               O            06/01/31
    0

    4917432          E84/G02             F           22,950.00         ZZ
                                         360         22,903.49          1
                                       8.000            168.40         90
                                       7.750            168.40
    ROCKFORD         IL   61102          1            04/26/01         10
    0432841765                           05           06/01/01         25
    11503831                             N            05/01/31
    0
1

    4920481          G52/G02             F          200,000.00         ZZ
                                         360        199,458.37          1
                                       7.875          1,450.14         53
                                       7.625          1,450.14
    LIVERMORE        CA   94550          5            05/01/01         00
    0432853406                           05           07/01/01          0
    6205000096                           O            06/01/31
    0

    4921060          462/G02             F          115,350.00         ZZ
                                         360        115,186.63          1
                                       7.750            826.39         80
                                       7.500            826.39
    SURPRISE         AZ   85379          1            05/23/01         00
    0432936847                           03           07/01/01          0
    N06ST05                              O            06/01/31
    0

    4921863          U59/G02             F          116,250.00         ZZ
                                         360        116,104.97          1
                                       8.375            883.59         75
                                       8.125            883.59
    TULARE           CA   93274          5            06/15/01         00
    0432917219                           05           07/20/01          0
    800840112                            O            06/20/31
    0

    4922638          E22/G02             F          166,500.00         ZZ
                                         360        166,235.11          1
                                       7.500          1,164.19         90
                                       7.250          1,164.19
    HENDERSON        NV   89052          5            05/25/01         01
    0412611758                           03           07/01/01         25
    0412611758                           O            06/01/31
    0

    4922640          E22/G02             F          152,100.00         ZZ
                                         360        151,992.65          1
                                       7.750          1,089.66         90
                                       7.500          1,089.66
    CHARLESTON       SC   29412          5            06/01/01         01
    0412613721                           05           08/01/01         25
    0412613721                           O            07/01/31
    0

    4922643          E22/G02             F          230,850.00         ZZ
                                         360        230,596.87          1
1

                                       9.000          1,857.47         95
                                       8.750          1,857.47
    MEMPHIS          TN   38119          5            06/01/01         01
    0412615338                           05           07/01/01         30
    0412615338                           O            06/01/31
    0

    4922655          E22/G02             F          120,400.00         ZZ
                                         360        120,187.56          1
                                       8.000            883.45         90
                                       7.750            883.45
    CORINTH          TX   76210          2            06/01/01         01
    0412653743                           05           07/01/01         30
    0412653743                           O            06/01/31
    0

    4922685          E22/G02             F          152,000.00         ZZ
                                         360        151,797.32          1
                                       8.125          1,128.60         95
                                       7.875          1,128.60
    MAULDIN          SC   29662          2            06/01/01         04
    0412683781                           03           07/01/01         30
    0412683781                           O            06/01/31
    0

    4922688          E22/G02             F          107,000.00         ZZ
                                         360        106,920.59          1
                                       7.500            748.16         70
                                       7.250            748.16
    MIAMI            FL   33135          5            06/01/01         00
    0412687576                           05           08/01/01          0
    0412687576                           O            07/01/31
    0

    4922705          E22/G02             F          123,200.00         ZZ
                                         360        123,121.44          1
                                       8.250            925.56         80
                                       8.000            925.56
    WEST VALLEY CIT  UT   84119          5            06/01/01         00
    0412704892                           05           08/01/01          0
    0412704892                           O            07/01/31
    0

    4924464          964/G02             F           66,500.00         ZZ
                                         360         66,449.40          2
                                       7.375            459.30         58
                                       7.125            459.30
    PRESCOTT VALLEY  AZ   86314          5            06/15/01         00
    0432910370                           05           08/01/01          0
1

    124951                               N            07/01/31
    0

    4925537          U05/G02             F          116,800.00         ZZ
                                         360        116,717.56          1
                                       7.750            836.77         80
                                       7.500            836.77
    HUMBLE           TX   77346          5            06/15/01         00
    0432990786                           03           08/01/01          0
    3139233                              O            07/01/31
    0

    4926057          964/G02             F           69,000.00         ZZ
                                         360         68,947.49          1
                                       7.375            476.57         69
                                       7.125            476.57
    NORTH HOLLYWOOD  CA   91602          1            06/05/01         00
    0432908481                           01           08/01/01          0
    125574                               O            07/01/31
    0

    4926354          964/G02             F          140,000.00         ZZ
                                         360        139,791.55          1
                                       7.500            978.90         69
                                       7.250            978.90
    PORTLAND         OR   97215          5            05/23/01         00
    0432859361                           05           07/01/01          0
    123164                               O            06/01/31
    0

    4927095          K81/G02             F           40,000.00         ZZ
                                         360         39,978.15          1
                                       9.000            321.85         59
                                       8.750            321.85
    HENDERSON        NV   89015          5            06/14/01         00
    0432945624                           09           08/01/01          0
    1001927                              N            07/01/31
    0

    4928139          J95/G02             F          150,000.00         ZZ
                                         360        149,792.88          1
                                       7.875          1,087.60         75
                                       7.625          1,087.60
    MONROE           GA   30656          5            05/24/01         00
    0432863256                           05           07/01/01          0
    0022683270                           O            06/01/31
    0

1

    4928153          J95/G02             F          180,000.00         ZZ
                                         360        179,769.65          1
                                       8.250          1,352.28         90
                                       8.000          1,352.28
    CLARKSTON        GA   30021          1            05/10/01         01
    0432867836                           05           07/01/01         25
    0023392996                           N            06/01/31
    0

    4928182          J95/G02             F           21,975.00         T
                                         360         21,797.85          1
                                       8.500            168.97         75
                                       8.250            168.97
    GALVESTON        TX   77551          1            04/27/01         00
    0432864841                           20           06/01/01          0
    0020174272                           O            05/01/31
    0

    4928185          J95/G02             F          110,000.00         ZZ
                                         360        109,823.55          2
                                       7.125            741.09         41
                                       6.875            741.09
    HYDE PARK        MA   02136          5            05/18/01         00
    0432863033                           05           07/01/01          0
    0020180949                           O            06/01/31
    0

    4930589          E84/G02             F          120,000.00         ZZ
                                         360        119,654.94          1
                                       8.000            880.52         78
                                       7.750            880.52
    PORTLAND         OR   97230          5            04/25/01         00
    0432841872                           05           06/01/01          0
    61301762                             O            05/01/31
    0

    4932112          E22/G02             F          195,200.00         ZZ
                                         360        195,081.75          1
                                       8.500          1,500.92         80
                                       8.250          1,500.92
    CINCINNATI       OH   45244          1            06/08/01         00
    0412592834                           05           08/01/01          0
    0412592834                           O            07/01/31
    0

    4932245          E82/G02             F          137,600.00         ZZ
                                         360        137,502.89          1
                                       7.750            985.78         80
                                       7.500            985.78
1

    RICHFIELD        MN   55423          5            06/05/01         00
    0400430716                           05           08/01/01          0
    0400430716                           O            07/01/31
    0

    4932880          H19/G02             F          105,300.00         ZZ
                                         360        105,240.96          4
                                       8.875            837.82         90
                                       8.625            837.82
    NEWARK           OH   43055          1            06/18/01         10
    0432972552                           05           08/01/01         25
    0002247492                           N            07/01/31
    0

    4934780          286/286             F           63,000.00         ZZ
                                         360         62,927.23          2
                                       8.750            495.63         90
                                       8.500            495.63
    SPRINGFIELD      MA   01108          1            05/11/01         11
    368742                               05           07/01/01         25
    368742                               N            06/01/31
    0

    4934791          286/286             F          131,000.00         ZZ
                                         360        130,828.02          1
                                       8.125            972.68         63
                                       7.875            972.68
    CHICAGO          IL   60610          1            05/07/01         00
    260444                               06           07/01/01          0
    260444                               N            06/01/31
    0

    4934795          286/286             F          132,000.00         ZZ
                                         360        131,805.96          4
                                       8.250            991.68         80
                                       8.000            991.68
    PRESCOTT         AZ   86301          1            05/29/01         00
    313309                               05           07/01/01          0
    313309                               N            06/01/31
    0

    4934797          286/286             F           45,000.00         ZZ
                                         360         44,942.13          1
                                       8.250            338.08         90
                                       8.000            338.08
    NEWARK           NJ   07105          1            05/15/01         21
    384025                               01           07/01/01         25
    384025                               O            06/01/31
    0
1

    4934798          286/286             F          116,384.00         ZZ
                                         360        116,249.58          3
                                       8.750            915.60         90
                                       8.500            915.60
    BRIDGEPORT       CT   06606          1            05/09/01         11
    299911                               05           07/01/01         25
    299911                               N            06/01/31
    0

    4934800          286/286             F          127,500.00         ZZ
                                         360        127,310.16          2
                                       7.500            891.50         73
                                       7.250            891.50
    AMHERST          MA   01002          5            05/16/01         00
    214186                               05           07/01/01          0
    214186                               N            06/01/31
    0

    4934801          286/286             F           91,100.00         ZZ
                                         360         90,964.35          1
                                       7.500            636.99         75
                                       7.250            636.99
    AMHERST          MA   01002          5            05/16/01         00
    214187                               05           07/01/01          0
    214187                               N            06/01/31
    0

    4934802          286/286             F          100,000.00         ZZ
                                         360         99,851.10          1
                                       7.500            699.22         77
                                       7.250            699.22
    AMHERST          MA   01002          2            05/16/01         00
    272560                               05           07/01/01          0
    272560                               N            06/01/31
    0

    4934804          286/286             F           74,800.00         ZZ
                                         360         74,706.68          1
                                       8.375            568.54         80
                                       8.125            568.54
    BEND             OR   97701          1            05/08/01         00
    267598                               05           07/01/01          0
    267598                               N            06/01/31
    0

    4934805          286/286             F           65,000.00         ZZ
                                         360         64,920.77          1
1

                                       8.500            499.79         73
                                       8.250            499.79
    APOPKA           FL   32703          5            05/09/01         00
    366277                               05           07/01/01          0
    366277                               O            06/01/31
    0

    4934806          286/286             F           66,400.00         ZZ
                                         360         66,315.01          1
                                       8.250            498.85         80
                                       8.000            498.85
    PHOENIX          AZ   85016          1            05/07/01         00
    312847                               05           07/01/01          0
    312847                               N            06/01/31
    0

    4934807          286/286             F          110,000.00         ZZ
                                         360        109,859.22          3
                                       8.250            826.40         90
                                       8.000            826.40
    CINCINNATI       OH   45219          1            05/04/01         12
    286984                               05           07/01/01         25
    286984                               O            06/01/31
    0

    4934809          286/286             F          162,120.00         ZZ
                                         360        161,912.52          1
                                       8.250          1,217.96         80
                                       8.000          1,217.96
    LONGMONT         CO   80504          1            05/23/01         00
    321933                               03           07/01/01          0
    321933                               N            06/01/31
    0

    4934810          286/286             F          114,400.00         ZZ
                                         360        114,225.35          1
                                       7.375            790.14         80
                                       7.125            790.14
    HOUSTON          TX   77077          1            05/15/01         00
    339776                               03           07/01/01          0
    339776                               O            06/01/31
    0

    4934814          286/286             F          100,000.00         ZZ
                                         360         99,854.78          1
                                       7.625            707.80         40
                                       7.375            707.80
    WASHINGTON       DC   20009          5            05/07/01         00
    363574                               01           07/01/01          0
1

    363574                               N            06/01/31
    0

    4934815          286/286             F           51,000.00         ZZ
                                         360         50,936.38          1
                                       8.375            387.64         73
                                       8.125            387.64
    CLEVELAND        OH   44102          5            05/16/01         00
    396809                               05           07/01/01          0
    396809                               N            06/01/31
    0

    4934816          286/286             F          133,200.00         ZZ
                                         360        132,993.39          1
                                       8.750          1,047.89         90
                                       8.500          1,047.89
    GILBERT          AZ   85233          1            05/07/01         12
    312681                               03           07/01/01         25
    312681                               N            06/01/31
    0

    4934817          286/286             F          112,800.00         ZZ
                                         360        112,636.18          1
                                       7.625            798.40         80
                                       7.375            798.40
    BILLINGS         MT   59105          5            05/11/01         00
    318772                               05           07/01/01          0
    318772                               O            06/01/31
    0

    4934821          286/286             F          274,500.00         ZZ
                                         360        274,120.94          1
                                       7.875          1,990.32         90
                                       7.625          1,990.32
    PLATTSBURG       MO   64477          1            05/11/01         11
    389863                               05           07/01/01         25
    389863                               O            06/01/31
    0

    4934823          286/286             F          134,600.00         ZZ
                                         360        133,839.38          1
                                       9.000          1,083.03         90
                                       8.750          1,083.03
    WEST WILDWOOD    NJ   08260          1            09/28/00         12
    149221                               01           11/01/00         25
    149221                               O            10/01/30
    0

1

    4934825          286/286             F          224,000.00         ZZ
                                         360        223,698.38          1
                                       8.000          1,643.64         80
                                       7.750          1,643.64
    SAN DIEGO        CA   92115          1            05/18/01         00
    341713                               05           07/01/01          0
    341713                               O            06/01/31
    0

    4934826          286/286             F          223,000.00         ZZ
                                         360        222,651.01          1
                                       7.250          1,521.26         71
                                       7.000          1,521.26
    NORTH ROYALTON   OH   44133          2            05/10/01         00
    360020                               05           07/01/01          0
    360020                               O            06/01/31
    0

    4934828          286/286             F           36,000.00         ZZ
                                         360         35,958.41          4
                                       8.750            283.22         90
                                       8.500            283.22
    WEST WARWICK     RI   02893          1            05/15/01         11
    9360455                              05           07/01/01         25
    9360455                              N            06/01/31
    0

    4934829          286/286             F          100,000.00         ZZ
                                         360         99,872.02          1
                                       8.250            751.27         80
                                       8.000            751.27
    TEMPE            AZ   85283          5            05/07/01         00
    312791                               05           07/01/01          0
    312791                               N            06/01/31
    0

    4934830          286/286             F          110,400.00         ZZ
                                         360        110,243.66          1
                                       7.750            790.92         80
                                       7.500            790.92
    OWENSBORO        KY   42301          1            05/07/01         00
    392306                               05           07/01/01          0
    392306                               O            06/01/31
    0

    4934831          286/286             F           96,300.00         ZZ
                                         360         96,185.89          3
                                       8.625            749.01         90
                                       8.375            749.01
1

    NOBLESVILLE      IN   46060          1            05/10/01         26
    270310                               05           07/01/01         25
    270310                               N            06/01/31
    0

    4934832          286/286             F           84,700.00         ZZ
                                         360         84,599.62          4
                                       8.625            658.79         70
                                       8.375            658.79
    INDIANAPOLIS     IN   46219          5            05/10/01         00
    270311                               05           07/01/01          0
    270311                               N            06/01/31
    0

    4934833          286/286             F          230,700.00         ZZ
                                         360        230,404.75          1
                                       8.250          1,733.18         90
                                       8.000          1,733.18
    SCOTTSDALE       AZ   85262          1            05/15/01         12
    312582                               05           07/01/01         25
    312582                               N            06/01/31
    0

    4934834          286/286             F          230,900.00         ZZ
                                         360        230,604.51          1
                                       8.250          1,734.68         90
                                       8.000          1,734.68
    SCOTTSDALE       AZ   85262          1            05/15/01         12
    312583                               03           07/01/01         25
    312583                               N            06/01/31
    0

    4934835          286/286             F          160,000.00         ZZ
                                         360        159,810.38          1
                                       8.625          1,244.47         80
                                       8.375          1,244.47
    PHOENIX          AZ   85003          5            05/09/01         00
    312688                               05           07/01/01          0
    312688                               N            06/01/31
    0

    4934836          286/286             F          200,000.00         ZZ
                                         360        199,702.21          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    PLEASANT HILL    OR   97455          1            05/08/01         00
    267156                               05           07/01/01          0
    267156                               O            06/01/31
    0
1

    4934837          286/286             F          200,000.00         ZZ
                                         360        198,720.54          1
                                       7.875          1,450.14         80
                                       7.625          1,450.14
    NOVI             MI   48377          1            05/09/01         00
    362045                               01           07/01/01          0
    362045                               O            06/01/31
    0

    4934839          286/286             F          103,200.00         ZZ
                                         360        103,064.52          1
                                       8.125            766.26         80
                                       7.875            766.26
    CINCINNATI       OH   45243          1            05/16/01         00
    398675                               05           07/01/01          0
    398675                               N            06/01/31
    0

    4934842          286/286             F          112,500.00         ZZ
                                         360        112,363.20          4
                                       8.500            865.03         90
                                       8.250            865.03
    PHOENIX          AZ   85008          1            05/16/01         12
    312863                               05           07/01/01         25
    312863                               N            06/01/31
    0

    4934843          286/286             F          112,500.00         ZZ
                                         360        112,363.20          4
                                       8.500            865.03         90
                                       8.250            865.03
    PHOENIX          AZ   85008          1            05/16/01         12
    313153                               05           07/01/01         25
    313153                               N            06/01/31
    0

    4934844          286/286             F          112,500.00         ZZ
                                         360        112,363.20          4
                                       8.500            865.03         90
                                       8.250            865.03
    PHOENIX          AZ   85008          1            05/16/01         12
    313154                               05           07/01/01         25
    313154                               N            06/01/31
    0

    4934847          286/286             F           87,500.00         ZZ
                                         360         87,398.93          2
1

                                       8.750            688.37         85
                                       8.500            688.37
    PHOENIX          AZ   85017          2            05/16/01         12
    312592                               05           07/01/01         25
    312592                               N            06/01/31
    0

    4934848          286/286             F           87,500.00         ZZ
                                         360         87,398.93          2
                                       8.750            688.37         85
                                       8.500            688.37
    PHOENIX          AZ   85017          2            05/16/01         12
    312593                               05           07/01/01         25
    312593                               N            06/01/31
    0

    4934849          286/286             F          154,800.00         ZZ
                                         360        154,520.08          1
                                       7.625          1,095.67         90
                                       7.375          1,095.67
    PEORIA           AZ   85382          1            05/15/01         12
    313040                               03           07/01/01         25
    313040                               N            06/01/31
    0

    4934850          286/286             F           35,950.00         ZZ
                                         360         35,896.47          1
                                       7.500            251.37         75
                                       7.250            251.37
    SMITHVILLE       NJ   08201          1            05/14/01         00
    375514                               01           07/01/01          0
    375514                               N            06/01/31
    0

    4934851          286/286             F          120,510.00         ZZ
                                         360        120,370.81          3
                                       8.750            948.06         90
                                       8.500            948.06
    PAWTUCKET        RI   02861          1            05/17/01         11
    207749                               05           07/01/01         25
    207749                               N            06/01/31
    0

    4934852          286/286             F          109,600.00         ZZ
                                         360        109,448.64          1
                                       7.875            794.68         80
                                       7.625            794.68
    MEDFORD          OR   97501          5            05/17/01         00
    267839                               05           07/01/01          0
1

    267839                               O            06/01/31
    0

    4934853          286/286             F           84,600.00         ZZ
                                         360         84,486.08          3
                                       8.000            620.77         90
                                       7.750            620.77
    PENNSAUKEN       NJ   08110          1            05/11/01         12
    289384                               05           07/01/01         25
    289384                               N            06/01/31
    0

    4934855          286/286             F          123,300.00         ZZ
                                         360        123,127.27          4
                                       8.750            970.01         90
                                       8.500            970.01
    WASHINGTON       DC   20002          1            05/08/01         12
    391909                               05           07/01/01         25
    391909                               N            06/01/31
    0

    4934856          286/286             F          123,300.00         ZZ
                                         360        123,123.66          4
                                       8.750            970.01         90
                                       8.500            970.01
    WASHINGTON       DC   20002          1            05/08/01         12
    391914                               05           07/01/01         25
    391914                               N            06/01/31
    0

    4934857          286/286             F          105,900.00         ZZ
                                         360        105,774.51          2
                                       8.625            823.68         90
                                       8.375            823.68
    GULF BREEZE      FL   32561          1            05/24/01         21
    366514                               05           07/01/01         25
    366514                               N            06/01/31
    0

    4934862          286/286             F          138,000.00         ZZ
                                         360        137,809.43          1
                                       7.875          1,000.60         58
                                       7.625          1,000.60
    CHERRY GROVE     SC   29582          1            05/17/01         00
    9487435                              05           07/01/01          0
    9487435                              N            06/01/31
    0

1

    4934867          286/286             F           96,750.00         ZZ
                                         360         96,630.96          4
                                       8.875            769.79         90
                                       8.625            769.79
    NEWARK           NJ   07112          1            05/16/01         11
    204590                               05           07/01/01         25
    204590                               N            06/01/31
    0

    4934868          286/286             F          256,215.00         ZZ
                                         360        255,852.15          1
                                       7.750          1,835.56         90
                                       7.500          1,835.56
    EL CAJON         CA   92019          1            05/08/01         01
    9949156                              05           07/01/01         25
    9949156                              O            06/01/31
    0

    4934870          286/286             F           45,000.00         ZZ
                                         360         44,909.70          3
                                       8.875            358.04         90
                                       8.625            358.04
    PROVIDENCE       RI   02909          1            05/07/01         12
    9839796                              05           07/01/01         25
    9839796                              N            06/01/31
    0

    4934871          286/286             F          179,920.00         ZZ
                                         360        160,160.30          1
                                       7.750          1,288.97         80
                                       7.500          1,288.97
    CASA GRANDE      AZ   85222          1            03/27/01         00
    9955901                              05           05/01/01          0
    9955901                              O            04/01/31
    0

    4934875          286/286             F           37,750.00         ZZ
                                         360         37,706.40          1
                                       8.750            296.98         80
                                       8.500            296.98
    CASA GRANDE      AZ   85222          1            05/03/01         00
    9949241                              05           07/01/01          0
    9949241                              N            06/01/31
    0

    4934881          286/286             F           28,800.00         ZZ
                                         360         28,768.42          1
                                       9.000            231.73         80
                                       8.750            231.73
1

    ALLENTOWN        PA   18102          1            05/09/01         00
    9841056                              05           07/01/01          0
    9841056                              N            06/01/31
    0

    4934882          286/286             F          119,900.00         ZZ
                                         360        119,614.58          1
                                       7.500            838.36         80
                                       7.250            838.36
    MURRAY           UT   84107          1            05/08/01         00
    9843833                              05           07/01/01          0
    9843833                              O            06/01/31
    0

    4934885          286/286             F          160,100.00         ZZ
                                         360        159,915.10          3
                                       8.750          1,259.51         90
                                       8.500          1,259.51
    BROCKTON         MA   02302          1            05/09/01         14
    9824090                              05           07/01/01         25
    9824090                              N            06/01/31
    0

    4934889          286/286             F          138,500.00         ZZ
                                         360        138,322.77          1
                                       8.250          1,040.50         90
                                       8.000          1,040.50
    LANSING          IL   60438          1            05/14/01         11
    9846732                              03           07/01/01         25
    9846732                              O            06/01/31
    0

    4934890          286/286             F          185,500.00         ZZ
                                         360        185,280.17          1
                                       8.625          1,442.80         47
                                       8.375          1,442.80
    SAN DIEGO        CA   92116          5            05/03/01         00
    9828343                              05           07/01/01          0
    9828343                              N            06/01/31
    0

    4934891          286/286             F          161,000.00         ZZ
                                         360        160,804.25          1
                                       8.500          1,237.95         75
                                       8.250          1,237.95
    SCOTTSDALE       AZ   85259          1            05/10/01         00
    9848780                              01           07/01/01          0
    9848780                              N            06/01/31
    0
1

    4934896          286/286             F          110,700.00         ZZ
                                         360        110,572.15          4
                                       8.750            870.88         90
                                       8.500            870.88
    FRESNO           CA   93702          1            05/03/01         14
    9839813                              05           07/01/01         25
    9839813                              N            06/01/31
    0

    4934898          286/286             F          152,000.00         ZZ
                                         360        151,790.09          1
                                       7.875          1,102.11         80
                                       7.625          1,102.11
    ROHNERT PARK     CA   94928          1            05/02/01         00
    9831006                              03           07/01/01          0
    9831006                              N            06/01/31
    0

    4934899          286/286             F          256,500.00         ZZ
                                         360        256,136.75          1
                                       7.750          1,837.60         90
                                       7.500          1,837.60
    SAN DIEGO        CA   92120          1            05/09/01         01
    9949355                              05           07/01/01         25
    9949355                              O            06/01/31
    0

    4934900          286/286             F           85,000.00         ZZ
                                         360         84,901.83          2
                                       8.750            668.70         70
                                       8.500            668.70
    ST. CROIX FALLS  WI   54024          1            05/08/01         00
    9825425                              05           07/01/01          0
    9825425                              N            06/01/31
    0

    4934904          286/286             F          260,000.00         ZZ
                                         360        258,050.24          1
                                       8.125          1,930.49         83
                                       7.875          1,930.49
    CRESWELL         OR   97426          2            04/26/01         12
    9803367                              05           07/01/01         12
    9803367                              O            06/01/31
    0

    4935269          U05/G02             F          139,500.00         ZZ
                                         360        139,415.49          4
1

                                       8.500          1,072.63         90
                                       8.250          1,072.63
    FT LAUDERDALE    FL   33311          1            06/21/01         11
    0432992329                           05           08/01/01         25
    3130184                              N            07/01/31
    0

    4935687          U62/G02             F          220,500.00         ZZ
                                         360        219,981.17          1
                                       7.250          1,504.20         90
                                       7.000          1,504.20
    JACKSONVILLE     FL   32223          2            05/31/01         04
    0432911188                           05           07/01/01         25
    2001252874                           O            06/01/31
    0

    4936152          A52/G02             F          107,350.00         ZZ
                                         360        107,281.55          1
                                       8.250            806.48         95
                                       8.000            806.48
    NORCROSS         GA   30071          1            06/15/01         11
    0432910024                           05           08/01/01         30
    15414                                O            07/01/31
    0

    4938641          624/G02             F           88,000.00         ZZ
                                         360         87,936.31          1
                                       7.625            622.86         80
                                       7.375            622.86
    HIGHLAND         CA   92410          2            06/14/01         00
    0432932960                           05           08/01/01          0
    34073210723F                         O            07/01/31
    0

    4939120          U05/G02             F          161,500.00         ZZ
                                         360        161,402.16          4
                                       8.500          1,241.80         95
                                       8.250          1,241.80
    MIAMI            FL   33138          1            06/15/01         01
    0432919116                           05           08/01/01         30
    3133937                              O            07/01/31
    0

    4941077          E22/G02             F          188,810.00         ZZ
                                         360        188,676.74          1
                                       7.750          1,352.66         87
                                       7.500          1,352.66
    IRVING           TX   75061          2            06/05/01         04
    0412621500                           05           08/01/01         25
1

    0412621500                           O            07/01/31
    0

    4941095          E22/G02             F          116,100.00         ZZ
                                         360        116,004.83          1
                                       7.000            772.42         90
                                       6.750            772.42
    FORKLAND         AL   36740          5            06/06/01         04
    0412661811                           05           08/01/01         25
    0412661811                           O            07/01/31
    0

    4941115          E22/G02             F          122,400.00         ZZ
                                         360        122,315.77          1
                                       7.875            887.48         80
                                       7.625            887.48
    SALT LAKE CITY   UT   84109          5            06/05/01         00
    0412680555                           05           08/01/01          0
    0412680555                           O            07/01/31
    0

    4941151          E22/G02             F           74,100.00         ZZ
                                         360         74,055.11          1
                                       8.500            569.76         95
                                       8.250            569.76
    NEW MARKET       TN   37820          5            06/06/01         04
    0412705758                           05           08/01/01         30
    0412705758                           O            07/01/31
    0

    4941154          E22/G02             F           99,500.00         ZZ
                                         360         99,433.23          1
                                       8.000            730.10         67
                                       7.750            730.10
    GRAND VIEW       ID   83624          5            06/04/01         00
    0412708828                           05           08/01/01          0
    0412708828                           O            07/01/31
    0

    4941157          E22/G02             F          129,600.00         ZZ
                                         360        129,508.53          1
                                       7.750            928.47         80
                                       7.500            928.47
    GRAND JUNCTION   CO   81506          5            06/05/01         00
    0412712010                           05           08/01/01          0
    0412712010                           O            07/01/31
    0

1

    4941841          B57/G02             F          185,250.00         ZZ
                                         360        185,134.86          4
                                       8.375          1,408.03         95
                                       8.125          1,408.03
    POMONA           CA   91766          1            06/28/01         10
    0433019676                           05           08/01/01         30
    2114577                              O            07/01/31
    0

    4942387          E82/G02             F          114,300.00         ZZ
                                         360        114,221.34          1
                                       7.875            828.75         90
                                       7.625            828.75
    BILLINGS         MT   59102          5            06/08/01         04
    0400439824                           05           08/01/01         25
    0400439824                           O            07/01/31
    0

    4943138          E47/G02             F           48,000.00         ZZ
                                         360         47,965.26          1
                                       7.625            339.74         80
                                       7.375            339.74
    SPRING HILL      FL   34606          5            06/22/01         00
    0433019072                           05           08/01/01          0
    7361011110                           O            07/01/31
    0

    4944913          253/253             F          176,000.00         ZZ
                                         360        175,763.02          1
                                       8.000          1,291.43         90
                                       7.750          1,291.43
    DENVER           CO   80223          2            05/25/01         14
    970141                               05           07/01/01         25
    970141                               O            06/01/31
    0

    4948115          664/G02             F          175,500.00         ZZ
                                         360        175,292.01          1
                                       8.625          1,365.03         90
                                       8.375          1,365.03
    SUMMIT           IL   60501          1            05/16/01         10
    0432949071                           05           07/01/01         25
    0008104945                           N            06/01/31
    0

    4948226          286/286             F           59,326.00         ZZ
                                         360         59,237.66          1
                                       7.500            414.82         70
                                       7.250            414.82
1

    WAYNE            NJ   07470          1            05/18/01         00
    58437                                01           07/01/01          0
    58437                                O            06/01/31
    0

    4948229          286/286             F          258,000.00         T
                                         360        257,615.84          1
                                       7.500          1,803.98         63
                                       7.250          1,803.98
    AUSTIN           TX   78732          5            05/22/01         00
    402654                               03           07/01/01          0
    402654                               O            06/01/31
    0

    4948231          286/286             F          275,000.00         ZZ
                                         360        274,569.64          1
                                       7.250          1,875.99         72
                                       7.000          1,875.99
    LAKEWOOD         CO   80215          2            05/24/01         00
    321866                               05           07/01/01          0
    321866                               O            06/01/31
    0

    4948232          286/286             F          165,000.00         ZZ
                                         360        164,760.40          1
                                       7.625          1,167.86         74
                                       7.375          1,167.86
    TUCSON           AZ   85749          2            05/16/01         00
    379660                               05           07/01/01          0
    379660                               O            06/01/31
    0

    4948242          286/286             F          221,100.00         ZZ
                                         360        220,794.68          1
                                       7.875          1,603.13         66
                                       7.625          1,603.13
    HAYWARD          CA   94541          5            05/14/01         00
    9826867                              05           07/01/01          0
    9826867                              O            06/01/31
    0

    4948266          286/286             F           50,000.00         ZZ
                                         360         49,932.68          1
                                       8.000            366.88         33
                                       7.750            366.88
    LIBERTYVILLE     IL   60048          1            05/16/01         00
    9849324                              01           07/01/01          0
    9849324                              O            06/01/31
    0
1

    4950036          964/G02             F           57,975.00         ZZ
                                         360         57,931.97          1
                                       7.500            405.37         75
                                       7.250            405.37
    ALBUQUERQUE      NM   87114          1            06/26/01         00
    0432989986                           01           08/01/01          0
    128347                               N            07/01/31
    0

    4950251          E22/G02             F           89,750.00         ZZ
                                         360         89,685.05          1
                                       7.625            635.24         95
                                       7.375            635.24
    RICHMOND         ME   04357          5            06/07/01         04
    0412436396                           05           08/01/01         30
    0412436396                           O            07/01/31
    0

    4950287          E22/G02             F           37,500.00         ZZ
                                         360         37,477.28          1
                                       8.500            288.34         75
                                       8.250            288.34
    DETROIT          MI   48213          5            06/12/01         00
    0412693525                           05           08/01/01          0
    0412693525                           N            07/01/31
    0

    4951723          Q01/G02             F           93,000.00         ZZ
                                         360         92,937.60          4
                                       8.000            682.40         53
                                       7.750            682.40
    NORTHWOOD        NH   03261          5            06/18/01         00
    0432945251                           05           08/01/01          0
    38409                                O            07/01/31
    0

    4951800          G13/G02             F           88,000.00         ZZ
                                         360         87,768.97          1
                                       7.500            615.31         80
                                       7.250            615.31
    KATY             TX   77493          5            05/25/01         00
    0432913473                           03           07/01/01          0
    0078966                              O            06/01/31
    0

    4953042          H58/G02             F           50,000.00         ZZ
                                         360         49,967.29          1
1

                                       8.125            371.25         25
                                       7.875            371.25
    VACAVILLE        CA   95687          1            06/20/01         00
    0432963825                           05           08/01/01          0
    0000070042                           N            07/01/31
    0

    4954095          Q14/G02             F           53,000.00         ZZ
                                         360         52,964.43          1
                                       8.000            388.90         64
                                       7.750            388.90
    MARION           IA   52302          5            06/20/01         00
    0432953859                           05           08/01/01          0
    0104434                              O            07/01/31
    0

    4956103          P01/G02             F           57,937.00         ZZ
                                         360         57,904.51          4
                                       8.875            460.98         90
                                       8.625            460.98
    ALBANY           NY   12202          1            07/09/01         10
    0433010634                           05           08/09/01         25
    01001177                             N            07/09/31
    0

    4956902          L16/G02             F          161,600.00         ZZ
                                         360        161,491.35          2
                                       7.990          1,184.64         80
                                       7.740          1,184.64
    OREM             UT   84057          1            06/18/01         00
    0432949162                           05           08/01/01          0
    W0106059                             O            07/01/31
    0

    4957054          624/G02             F          159,000.00         ZZ
                                         360        158,893.31          1
                                       8.000          1,166.69         74
                                       7.750          1,166.69
    EL CAJON         CA   92019          5            06/15/01         00
    0433019197                           27           08/01/01          0
    39012610246                          O            07/01/31
    0

    4958792          E22/G02             F           76,000.00         ZZ
                                         360         75,951.54          1
                                       8.250            570.96         95
                                       8.000            570.96
    TAMARAC          FL   33321          5            06/08/01         04
    0412689507                           01           08/01/01         30
1

    0412689507                           O            07/01/31
    0

    4958824          E22/G02             F           71,600.00         ZZ
                                         360         71,560.89          1
                                       9.000            576.11         80
                                       8.750            576.11
    MONTGOMERY       AL   36105          1            06/12/01         00
    0412719155                           05           08/01/01          0
    0412719155                           N            07/01/31
    0

    4958826          E22/G02             F           81,000.00         ZZ
                                         360         80,949.65          1
                                       8.375            615.66         54
                                       8.125            615.66
    STERLING HEIGHT  MI   48314          1            06/13/01         00
    0412719759                           01           08/01/01          0
    0412719759                           O            07/01/31
    0

    4959002          B28/G02             F          120,250.00         ZZ
                                         360        120,096.11          1
                                       8.250            903.40         65
                                       8.000            903.40
    CHICAGO          IL   60611          1            05/29/01         00
    0432923712                           06           07/01/01          0
    0105020010                           O            06/01/31
    0

    4959361          737/G02             F          275,000.00         ZZ
                                         360        274,805.91          1
                                       7.750          1,970.13         76
                                       7.500          1,970.13
    STRASBURG        CO   80136          1            06/18/01         00
    0432969764                           05           08/01/01          0
    2028556                              O            07/01/31
    0

    4961732          T44/G02             F          246,400.00         ZZ
                                         360        246,217.14          1
                                       7.500          1,722.86         80
                                       7.250          1,722.86
    EL CERRITO       CA   94530          1            06/19/01         00
    0432968469                           05           08/01/01          0
    1014424                              O            07/01/31
    0

1

    4962444          U62/G02             F          122,500.00         ZZ
                                         360        122,312.99          2
                                       7.375            846.08         70
                                       7.125            846.08
    STOCKTON         CA   95207          5            05/24/01         00
    0432909448                           05           07/01/01          0
    2001248755                           N            06/01/31
    0

    4965848          624/G02             F          161,600.00         ZZ
                                         360        161,491.57          1
                                       8.000          1,185.76         80
                                       7.750          1,185.76
    ESCONDIDO        CA   92026          1            06/19/01         00
    0432934784                           03           08/01/01          0
    37065110233                          O            07/01/31
    0

    4966417          E82/G02             F          123,000.00         ZZ
                                         360        122,908.72          1
                                       7.500            860.03         77
                                       7.250            860.03
    AURORA           CO   80012          2            06/11/01         00
    0400443263                           05           08/01/01          0
    0400443263                           O            07/01/31
    0

    4967122          J40/G02             F          150,000.00         ZZ
                                         360        149,891.44          1
                                       7.625          1,061.69         77
                                       7.375          1,061.69
    TOPTON           NC   28781          5            06/22/01         00
    0433008059                           05           08/01/01          0
    7713205                              O            07/01/31
    0

    4967983          964/G02             F          119,850.00         T
                                         360        119,771.60          1
                                       8.125            889.88         85
                                       7.875            889.88
    FORT COLLINS     CO   80525          1            06/21/01         01
    0432919884                           01           08/01/01         12
    128658                               O            07/01/31
    0

    4974726          964/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       8.250          1,803.04         80
                                       8.000          1,803.04
1

    CLOVIS           CA   93611          5            07/11/01         00
    0432999217                           05           09/01/01          0
    131332                               O            08/01/31
    0

    4974916          G52/G02             F           56,400.00         ZZ
                                         360         56,291.37          4
                                       8.250            423.71         90
                                       8.000            423.71
    MISSION          TX   78572          1            04/20/01         10
    0432959088                           05           06/01/01         25
    7405000093                           O            05/01/31
    0

    4975418          E22/G02             F           65,000.00         ZZ
                                         360         64,958.56          1
                                       8.250            488.32         44
                                       8.000            488.32
    PINE MOUNTAIN C  CA   93222          1            06/12/01         00
    0412630956                           03           08/01/01          0
    0412630956                           N            07/01/31
    0

    4975439          E22/G02             F           75,000.00         ZZ
                                         360         74,948.39          1
                                       7.875            543.80         75
                                       7.625            543.80
    FRANKLIN         NC   28734          1            06/15/01         00
    0412681702                           09           08/01/01          0
    0412681702                           O            07/01/31
    0

    4975494          E22/G02             F          131,000.00         ZZ
                                         360        130,902.78          2
                                       7.500            915.97         63
                                       7.250            915.97
    DENVER           CO   80212          5            06/11/01         00
    0412732240                           05           08/01/01          0
    0412732240                           O            07/01/31
    0

    4975495          E22/G02             F          100,000.00         ZZ
                                         360         99,937.85          1
                                       8.375            760.07         80
                                       8.125            760.07
    KANSAS CITY      MO   64133          1            06/15/01         00
    0412732323                           05           08/01/01          0
    0412732323                           O            07/01/31
    0
1

    4975951          A06/G02             F          240,000.00         ZZ
                                         360        239,642.65          1
                                       7.500          1,678.12         80
                                       7.250          1,678.12
    SHELBY TWP       MI   48315          2            05/23/01         00
    0432986081                           05           07/01/01          0
    001000010012424                      O            06/01/31
    0

    4976174          P29/G02             F           54,000.00         ZZ
                                         360         53,968.93          1
                                       8.750            424.82         84
                                       8.500            424.82
    WATERLOO         IA   50701          5            06/22/01         10
    0432949154                           05           08/01/01         12
    4976174                              O            07/01/31
    0

    4977463          P77/G02             F          172,250.00         ZZ
                                         360        171,864.08          1
                                       7.500          1,204.40         61
                                       7.250          1,204.40
    NAPA             CA   94559          5            04/03/01         00
    0432938173                           05           06/01/01          0
    10752                                N            05/01/31
    0

    4977787          U62/G02             F           90,000.00         ZZ
                                         360         89,931.51          1
                                       7.375            621.61         58
                                       7.125            621.61
    CITRUS HEIGHTS   CA   95610          5            06/22/01         00
    0432993376                           05           08/01/01          0
    2001252383                           N            07/01/31
    0

    4979210          T44/G02             F           74,900.00         T
                                         360         74,900.00          1
                                       8.500            575.92         70
                                       8.250            575.92
    HENDERSON        NV   89074          1            07/11/01         00
    0433015260                           01           09/01/01          0
    1016047                              O            08/01/31
    0

    4980789          964/G02             F          211,500.00         ZZ
                                         360        211,500.00          1
1

                                       7.625          1,496.98         75
                                       7.375          1,496.98
    ANGEL FIRE       NM   87710          5            07/12/01         00
    0433011061                           05           09/01/01          0
    130403                               O            08/01/31
    0

    4980870          K81/G02             F          146,064.00         ZZ
                                         360        145,979.96          2
                                       8.750          1,149.09         80
                                       8.500          1,149.09
    ST. AUGUSTINE    FL   32080          1            06/27/01         00
    0433002698                           05           08/01/01          0
    2005342                              N            07/01/31
    0

    4981558          A33/G02             F           90,250.00         ZZ
                                         360         90,200.71          1
                                       9.000            726.17         74
                                       8.750            726.17
    WHITELAND        IN   46184          2            06/28/01         00
    0433002870                           05           08/01/01          0
    026096121                            N            07/01/31
    0

    4981966          R77/G02             F           48,800.00         ZZ
                                         360         48,766.42          1
                                       7.875            353.83         80
                                       7.625            353.83
    MONROE           NY   10950          1            06/29/01         00
    0432992725                           01           08/01/01          0
    YMR10011                             N            07/01/31
    0

    4982013          E84/G02             F          157,200.00         ZZ
                                         360        156,971.73          1
                                       7.625          1,112.65         63
                                       7.375          1,112.65
    FORT COLINS      CO   80526          1            05/11/01         00
    0432876001                           05           07/01/01          0
    81070443                             O            06/01/31
    0

    4982046          964/G02             F          212,000.00         ZZ
                                         360        211,846.56          1
                                       7.625          1,500.52         80
                                       7.375          1,500.52
    WHEAT RIDGE      CO   80212          5            06/25/01         00
    0432943884                           05           08/01/01          0
1

    129072                               O            07/01/31
    0

    4982399          E84/G02             F           61,900.00         ZZ
                                         360         61,816.66          1
                                       8.000            454.20         51
                                       7.750            454.20
    PHOENIX          AZ   85027          1            05/10/01         00
    0432872307                           05           07/01/01          0
    13402487                             O            06/01/31
    0

    4983226          623/G02             F          188,000.00         ZZ
                                         360        187,717.64          1
                                       7.500          1,314.53         80
                                       7.250          1,314.53
    CHULA VISTA      CA   91910          5            05/18/01         00
    0432904209                           05           07/01/01          0
    1959578                              O            06/01/31
    0

    4983230          623/G02             F           95,000.00         ZZ
                                         360         94,698.71          1
                                       7.250            648.07         74
                                       7.000            648.07
    HEALDSBURG       CA   95448          5            03/11/01         00
    0432905040                           01           05/01/01          0
    1962342                              O            04/01/31
    0

    4983235          623/G02             F          296,000.00         ZZ
                                         360        295,249.69          4
                                       6.875          1,944.51         75
                                       6.625          1,944.51
    SAN DIEGO        CA   92102          5            04/17/01         00
    0432905255                           05           06/01/01          0
    1967051                              O            05/01/31
    0

    4983247          623/G02             F          224,000.00         ZZ
                                         360        223,682.78          1
                                       7.750          1,604.77         79
                                       7.500          1,604.77
    SCOTTSDALE       AZ   85250          2            05/17/01         00
    0432904233                           03           07/01/01          0
    1972315                              O            06/01/31
    0

1

    4983250          623/G02             F          150,000.00         ZZ
                                         360        149,775.04          1
                                       7.500          1,048.83         67
                                       7.250          1,048.83
    ARROYO           CA   93420          5            05/15/01         00
    0432905438                           05           07/01/01          0
    1974199                              O            06/01/31
    0

    4983257          623/G02             F          136,800.00         ZZ
                                         360        136,615.81          1
                                       8.000          1,003.79         80
                                       7.750          1,003.79
    PORTLAND         OR   97203          1            05/09/01         00
    0432905511                           05           07/01/01          0
    1975327                              O            06/01/31
    0

    4983285          623/G02             F           60,750.00         ZZ
                                         360         60,610.46          1
                                       7.375            419.59         90
                                       7.125            419.59
    STATESBORO       GA   30458          1            04/30/01         10
    0432903979                           05           06/01/01         25
    5351382                              N            05/01/31
    0

    4983296          623/G02             F          123,300.00         ZZ
                                         360        123,142.22          3
                                       8.250            926.31         90
                                       8.000            926.31
    PROVIDENCE       RI   02909          1            05/30/01         04
    0432904613                           05           07/01/01         25
    5354739                              N            06/01/31
    0

    4983842          624/G02             F          146,000.00         ZZ
                                         360        145,902.03          3
                                       8.000          1,071.30         88
                                       7.750          1,071.30
    PORTERVILLE      CA   93257          1            06/21/01         01
    0433014412                           05           08/01/01         25
    36500313123F                         N            07/01/31
    0

    4984127          E22/G02             F          136,800.00         ZZ
                                         360        136,705.86          1
                                       7.875            991.89         90
                                       7.625            991.89
1

    ST. JOSEPH       MO   64506          5            06/12/01         01
    0412487985                           03           08/01/01         12
    0412487985                           O            07/01/31
    0

    4984141          E22/G02             F          118,750.00         ZZ
                                         360        118,683.43          1
                                       8.875            944.83         95
                                       8.625            944.83
    GRAND ISLE       VT   05458          5            06/13/01         04
    0412650582                           05           08/01/01         30
    0412650582                           O            07/01/31
    0

    4984146          E22/G02             F           37,500.00         ZZ
                                         360         37,384.54          1
                                       8.375            285.03        100
                                       8.125            285.03
    SUMMERTOWN       TN   38483          1            05/31/01         04
    0412659542                           05           07/01/01         35
    0412659542                           O            06/01/31
    0

    4984152          E22/G02             F          132,300.00         ZZ
                                         360        132,215.63          1
                                       8.250            993.93         90
                                       8.000            993.93
    TOMS RIVER       NJ   08753          1            06/18/01         04
    0412671026                           05           08/01/01         25
    0412671026                           N            07/01/31
    0

    4984156          E22/G02             F          107,450.00         ZZ
                                         360        107,395.74          4
                                       9.375            893.71         43
                                       9.125            893.71
    OTISVILLE        MI   48463          5            06/08/01         00
    0412677965                           05           08/01/01          0
    0412677965                           N            07/01/31
    0

    4984157          E22/G02             F          149,925.00         ZZ
                                         360        149,838.74          4
                                       8.750          1,179.46         75
                                       8.500          1,179.46
    COLORADO SPRING  CO   80910          1            06/15/01         00
    0412678070                           05           08/01/01          0
    0412678070                           N            07/01/31
    0
1

    4984200          E22/G02             F          127,680.00         ZZ
                                         360        127,582.85          1
                                       7.375            881.85         80
                                       7.125            881.85
    ROWLETT          TX   75089          1            06/12/01         00
    0412717878                           05           08/01/01          0
    0412717878                           O            07/01/31
    0

    4984221          E22/G02             F           81,750.00         ZZ
                                         360         81,693.74          1
                                       7.875            592.74         75
                                       7.625            592.74
    SWANNANOA        NC   28778          5            06/12/01         00
    0412731598                           05           08/01/01          0
    0412731598                           O            07/01/31
    0

    4986234          E82/G02             F          199,950.00         ZZ
                                         360        199,815.84          1
                                       8.000          1,467.16         90
                                       7.750          1,467.16
    N CHARLESTON     SC   29420          2            06/18/01         04
    0400434585                           05           08/01/01         25
    0400434585                           N            07/01/31
    0

    4987208          676/G02             F           65,450.00         T
                                         360         65,310.50          1
                                       7.750            468.90         65
                                       7.500            468.90
    KIHEI            HI   96753          1            04/13/01         00
    0433009842                           01           06/01/01          0
    6000883340                           O            05/01/31
    0

    4988845          K89/G02             F          142,000.00         ZZ
                                         360        141,909.45          1
                                       8.250          1,066.80         77
                                       8.000          1,066.80
    MIAMI            FL   33184          1            06/27/01         00
    0432957348                           05           08/01/01          0
    200106097                            O            07/01/31
    0

    4990811          B60/G02             F          275,000.00         ZZ
                                         360        274,795.91          1
1

                                       7.500          1,922.84         75
                                       7.250          1,922.84
    HOLLISTER        CA   95023          5            06/21/01         00
    0432993517                           05           08/01/01          0
    334046                               O            07/01/31
    0

    4992049          624/G02             F          118,400.00         ZZ
                                         360        118,331.88          4
                                       8.750            931.45         90
                                       8.500            931.45
    LEMOORE          CA   93245          1            06/25/01         01
    0432995082                           05           08/01/01         25
    36500313133F                         N            07/01/31
    0

    4992269          E22/G02             F          247,000.00         ZZ
                                         360        246,846.47          1
                                       8.375          1,877.38         95
                                       8.125          1,877.38
    GLENDALE         CA   91206          5            06/06/01         04
    0412648412                           01           08/01/01         30
    0412648412                           O            07/01/31
    0

    4992279          E22/G02             F          135,680.00         ZZ
                                         360        135,595.66          1
                                       8.375          1,031.27         80
                                       8.125          1,031.27
    ELSA             TX   78543          5            06/13/01         00
    0412674566                           05           08/01/01          0
    0412674566                           O            07/01/31
    0

    4992314          E22/G02             F           54,000.00         ZZ
                                         360         53,970.50          1
                                       9.000            434.50         95
                                       8.750            434.50
    PRATTVILLE       AL   36067          5            06/14/01         04
    0412714651                           05           08/01/01         30
    0412714651                           O            07/01/31
    0

    4992316          E22/G02             F           72,000.00         ZZ
                                         360         71,955.25          1
                                       8.375            547.25         63
                                       8.125            547.25
    MIAMI            FL   33177          5            06/14/01         00
    0412715088                           05           08/01/01          0
1

    0412715088                           O            07/01/31
    0

    4992328          E22/G02             F          201,780.00         ZZ
                                         360        201,633.95          1
                                       7.625          1,428.19         80
                                       7.375          1,428.19
    GLENDALE         CA   91202          1            06/13/01         00
    0412731101                           05           08/01/01          0
    0412731101                           O            07/01/31
    0

    4993041          U05/G02             F          112,000.00         ZZ
                                         360        111,916.88          1
                                       7.500            783.12         80
                                       7.250            783.12
    AUSTIN           TX   78748          5            06/25/01         00
    0433020203                           05           08/01/01          0
    3139111                              O            07/01/31
    0

    4993542          P01/G02             F          176,000.00         ZZ
                                         360        175,881.90          1
                                       8.000          1,291.43         80
                                       7.750          1,291.43
    SARATOGA SPRING  NY   12866          5            06/27/01         00
    0432976363                           09           08/01/01          0
    01000712                             O            07/01/31
    0

    4998633          G52/G02             F           98,700.00         ZZ
                                         360         98,632.08          1
                                       7.875            715.64         79
                                       7.625            715.64
    RIVERSIDE        CA   92504          5            06/23/01         00
    0433015856                           05           08/01/01          0
    8905000704                           O            07/01/31
    0

    5000067          E82/G02             F          196,300.00         ZZ
                                         360        196,161.45          1
                                       7.750          1,406.32         79
                                       7.500          1,406.32
    WALDWICK         NJ   07463          2            06/18/01         00
    0400442224                           05           08/01/01          0
    0400442224                           O            07/01/31
    0

1

    5001224          E22/G02             F          109,000.00         ZZ
                                         360        108,919.11          1
                                       7.500            762.14         69
                                       7.250            762.14
    NEVADA CITY      CA   95959          5            05/31/01         00
    0412623928                           05           08/01/01          0
    0412623928                           O            07/01/31
    0

    5001251          E22/G02             F          231,040.00         ZZ
                                         360        230,900.03          4
                                       8.500          1,776.50         80
                                       8.250          1,776.50
    DOWNEY           CA   90242          1            06/05/01         00
    0412670739                           05           08/01/01          0
    0412670739                           O            07/01/31
    0

    5001261          E22/G02             F           70,000.00         ZZ
                                         240         69,888.35          1
                                       8.500            607.48         49
                                       8.250            607.48
    ARNOLD           MO   63010          5            06/15/01         00
    0412678534                           05           08/01/01          0
    0412678534                           O            07/01/21
    0

    5001267          E22/G02             F           72,000.00         ZZ
                                         360         71,942.07          1
                                       7.750            515.82         80
                                       7.500            515.82
    GRAND JUNCTION   CO   81504          5            06/18/01         00
    0412685067                           05           08/01/01          0
    0412685067                           O            07/01/31
    0

    5001276          E22/G02             F          192,000.00         ZZ
                                         360        191,867.87          1
                                       7.875          1,392.13         80
                                       7.625          1,392.13
    EVANSVILLE       MN   56326          5            06/18/01         00
    0412691693                           05           08/01/01          0
    0412691693                           O            07/01/31
    0

    5001284          E22/G02             F          212,500.00         ZZ
                                         360        212,353.76          1
                                       7.875          1,540.77         85
                                       7.625          1,540.77
1

    SUMMERVILLE      SC   29483          5            06/18/01         01
    0412696197                           05           08/01/01         12
    0412696197                           O            07/01/31
    0

    5001295          E22/G02             F           99,750.00         ZZ
                                         360         99,674.10          2
                                       7.375            688.95         75
                                       7.125            688.95
    NEW ORLEANS      LA   70130          5            06/18/01         00
    0412701633                           05           08/01/01          0
    0412701633                           O            07/01/31
    0

    5001372          E22/G02             F          166,500.00         ZZ
                                         360        166,396.51          1
                                       8.375          1,265.52         90
                                       8.125          1,265.52
    CHELSEA          MI   48118          5            06/15/01         04
    0412733438                           05           08/01/01         25
    0412733438                           O            07/01/31
    0

    5001413          E22/G02             F          120,000.00         ZZ
                                         360        119,923.48          1
                                       8.250            901.52         90
                                       8.000            901.52
    REDFORD          MI   48239          1            06/21/01         01
    0412751398                           05           08/01/01         30
    0412751398                           O            07/01/31
    0

    5002023          R84/G02             F          143,696.00         ZZ
                                         360        143,589.36          1
                                       7.500          1,004.74         80
                                       7.250          1,004.74
    LAS VEGAS        NV   89130          1            06/25/01         00
    0432966539                           03           08/01/01          0
    2524                                 O            07/01/31
    0

    5004779          G52/G02             F          137,600.00         ZZ
                                         360        137,414.73          1
                                       8.000          1,009.66         80
                                       7.750          1,009.66
    SALT LAKE CITY   UT   84106          5            06/04/01         00
    0433004553                           05           07/01/01          0
    7705000131                           O            06/01/31
    0
1

    5005346          A50/G02             F           80,000.00         ZZ
                                         240         79,872.41          1
                                       8.500            694.26         69
                                       8.250            694.26
    ROOPVILLE        GA   30170          5            06/27/01         00
    0433001229                           05           08/01/01          0
    453805                               O            07/01/21
    0

    5005981          P59/G02             F           80,000.00         ZZ
                                         360         79,951.53          1
                                       8.500            615.14         60
                                       8.250            615.14
    QUARTZ HILL ARE  CA   93536          5            06/19/01         00
    0433023488                           05           08/01/01          0
    LA000682                             N            07/01/31
    0

    5006016          975/G02             F          262,500.00         ZZ
                                         360        262,300.26          1
                                       7.375          1,813.02         70
                                       7.125          1,813.02
    HUNTINGTON BEAC  CA   92646          1            06/19/01         00
    0432972149                           05           08/01/01          0
    2011817                              N            07/01/31
    0

    5006926          F89/G02             F          121,115.00         ZZ
                                         360        121,041.63          1
                                       8.500            931.27         90
                                       8.250            931.27
    LANCASTER        CA   93534          5            06/25/01         11
    0432966687                           05           08/01/01         25
    10611122                             O            07/01/31
    0

    5007663          E22/G02             F          150,000.00         ZZ
                                         360        149,891.44          2
                                       7.625          1,061.69         58
                                       7.375          1,061.69
    CHICAGO          IL   60625          5            06/20/01         00
    0412682171                           05           08/01/01          0
    0412682171                           O            07/01/31
    0

    5007748          E22/G02             F          144,000.00         ZZ
                                         360        143,893.13          2
1

                                       7.500          1,006.87         90
                                       7.250          1,006.87
    MESQUITE         TX   75149          1            06/25/01         04
    0412763278                           05           08/01/01         25
    0412763278                           N            07/01/31
    0

    5007833          E82/G02             F          155,000.00         ZZ
                                         360        154,906.10          1
                                       8.500          1,191.82         71
                                       8.250          1,191.82
    SPRINGDALE       PA   15144          5            06/19/01         00
    0400428850                           05           08/01/01          0
    0400428850                           O            07/01/31
    0

    5007838          E82/G02             F          240,000.00         ZZ
                                         360        239,817.38          1
                                       7.375          1,657.62         74
                                       7.125          1,657.62
    SEATTLE          WA   98103          5            06/20/01         00
    0400432522                           05           08/01/01          0
    0400432522                           O            07/01/31
    0

    5008056          144/144             F          250,000.00         ZZ
                                         360        249,819.06          1
                                       7.625          1,769.48         79
                                       7.375          1,769.48
    ACCORD           NY   12404          5            06/28/01         00
    01GREENEG                            05           08/01/01          0
    01GREENEG                            O            07/01/31
    0

    5008083          T44/G02             F           81,750.00         ZZ
                                         360         81,690.83          1
                                       7.625            578.62         75
                                       7.375            578.62
    NEWPORT          RI   02840          1            06/29/01         00
    0433004181                           01           08/01/01          0
    1014848                              O            07/01/31
    0

    5011817          N74/G02             F           96,000.00         ZZ
                                         240         96,000.00          1
                                       8.250            817.98         80
                                       8.000            817.98
    PAIGE            TX   78659          5            06/27/01         00
    0432991503                           05           09/01/01          0
1

    0029060010                           O            08/01/21
    0

    5012862          738/G02             F           73,350.00         ZZ
                                         360         73,305.56          1
                                       8.500            564.00         90
                                       8.250            564.00
    MIAMI            FL   33173          1            06/05/01         10
    0432962785                           01           08/01/01         25
    5624304                              N            07/01/31
    0

    5013258          168/168             F          120,000.00         ZZ
                                         360        119,923.48          1
                                       8.250            901.52         72
                                       8.000            901.52
    MACOMB           MI   48044          5            06/04/01         00
    04014545                             01           08/01/01          0
    04014545                             O            07/01/31
    0

    5013644          286/286             F          176,000.00         ZZ
                                         360        175,731.33          1
                                       7.375          1,215.59         73
                                       7.125          1,215.59
    CARMEL           IN   46033          2            05/25/01         00
    269920                               05           07/01/01          0
    269920                               O            06/01/31
    0

    5013646          286/286             F           34,499.00         ZZ
                                         360         34,457.05          1
                                       8.500            265.27         50
                                       8.250            265.27
    ST LOUIS         MO   63133          5            05/25/01         00
    389276                               05           07/01/01          0
    389276                               O            06/01/31
    0

    5013655          286/286             F          200,000.00         ZZ
                                         360        199,723.82          1
                                       7.875          1,450.14         80
                                       7.625          1,450.14
    HONOLULU         HI   96817          1            05/16/01         00
    267823                               06           07/01/01          0
    267823                               O            06/01/31
    0

1

    5013659          286/286             F          105,200.00         ZZ
                                         360        105,054.74          1
                                       7.875            762.77         80
                                       7.625            762.77
    NORTH BEACH      MD   20714          2            05/31/01         00
    9828016                              03           07/01/01          0
    9828016                              O            06/01/31
    0

    5013661          286/286             F          121,500.00         ZZ
                                         360        121,314.53          1
                                       7.375            839.17         75
                                       7.125            839.17
    REDDING          CA   96002          2            05/10/01         00
    9838613                              05           07/01/01          0
    9838613                              O            06/01/31
    0

    5013665          286/286             F          204,400.00         ZZ
                                         360        204,110.53          1
                                       7.750          1,464.35         70
                                       7.500          1,464.35
    VISTA            CA   92083          2            05/31/01         00
    9852493                              03           07/01/01          0
    9852493                              O            06/01/31
    0

    5013671          286/286             F           80,000.00         ZZ
                                         360         79,894.98          1
                                       8.125            594.00         46
                                       7.875            594.00
    FLORENCE         OR   97439          2            05/22/01         00
    9852863                              05           07/01/01          0
    9852863                              O            06/01/31
    0

    5016087          E22/G02             F          120,000.00         ZZ
                                         360        119,917.42          1
                                       7.875            870.08         80
                                       7.625            870.08
    AMARILLO         TX   79118          5            06/21/01         00
    0412718296                           05           08/01/01          0
    0412718926                           O            07/01/31
    0

    5016099          E22/G02             F          187,150.00         ZZ
                                         360        187,021.20          1
                                       7.875          1,356.97         95
                                       7.625          1,356.97
1

    LITTLETON        CO   80123          5            06/21/01         04
    0412733834                           05           08/01/01         30
    0412733834                           O            07/01/31
    0

    5019044          940/G02             F          201,600.00         ZZ
                                         360        201,489.88          1
                                       9.000          1,622.12         80
                                       8.750          1,622.12
    HUNTINGTON BEAC  CA   92648          1            06/22/01         00
    0432964070                           01           08/01/01          0
    20010120                             N            07/01/31
    0

    5021577          624/G02             F          257,800.00         ZZ
                                         360        257,800.00          1
                                       7.500          1,802.58         54
                                       7.250          1,802.58
    AUBURN           CA   95602          1            06/29/01         00
    0432983567                           05           09/01/01          0
    38800611543F                         O            08/01/31
    0

    5022362          964/G02             F          260,000.00         ZZ
                                         360        259,811.82          1
                                       7.625          1,840.26         80
                                       7.375          1,840.26
    MESA             AZ   85206          2            06/28/01         00
    0432978609                           03           08/01/01          0
    130527                               O            07/01/31
    0

    5023972          E22/G02             F          200,000.00         ZZ
                                         360        199,351.57          1
                                       7.500          1,398.43         77
                                       7.250          1,398.43
    SOUTH PASADENA   CA   91030          5            06/18/01         00
    0412687113                           05           08/01/01          0
    0412687113                           O            07/01/31
    0

    5023992          E22/G02             F           53,700.00         ZZ
                                         360         53,657.05          1
                                       7.125            361.79         90
                                       6.875            361.79
    EDMOND           OK   73034          5            06/22/01         01
    0412710212                           05           08/01/01         25
    0412710212                           O            07/01/31
    0
1

    5024024          E22/G02             F          154,350.00         ZZ
                                         360        154,241.06          1
                                       7.750          1,105.78         95
                                       7.500          1,105.78
    CRYSTAL LAKE     IL   60014          5            06/22/01         04
    0412748881                           05           08/01/01         30
    0412748881                           O            07/01/31
    0

    5028035          975/G02             F          144,000.00         ZZ
                                         360        144,000.00          3
                                       7.250            982.33         61
                                       7.000            982.33
    LOS ANGELES      CA   90029          5            07/02/01         00
    0433034063                           05           09/01/01          0
    2010023                              N            08/01/31
    0

    5028151          G52/G02             F          200,700.00         ZZ
                                         360        200,468.22          4
                                       8.750          1,578.91         90
                                       8.500          1,578.91
    LAS VEGAS        NV   89103          1            05/03/01         10
    0433012135                           05           07/01/01         25
    6100000034                           N            06/01/31
    0

    5028641          F60/G02             F           44,100.00         ZZ
                                         360         44,075.91          2
                                       9.000            354.84         90
                                       8.750            354.84
    NEW ORLEANS      LA   70119          1            06/29/01         10
    0433003951                           05           08/01/01         25
    446285                               N            07/01/31
    0

    5029221          G75/G75             F          152,000.00         ZZ
                                         360        151,815.18          1
                                       8.500          1,168.75         80
                                       8.250          1,168.75
    SPOTSYLVANIA     VA   22553          1            05/10/01         00
    04309818                             03           07/01/01          0
    04309818                             O            06/01/31
    0

    5029233          G75/G75             F          215,350.00         ZZ
                                         360        215,212.67          1
1

                                       8.250          1,617.86         88
                                       8.000          1,617.86
    ELKRIDGE         MD   21227          5            06/01/01         14
    04352314                             05           08/01/01         25
    04352314                             O            07/01/31
    0

    5029729          950/G02             F          187,600.00         ZZ
                                         360        187,474.13          4
                                       8.000          1,376.54         90
                                       7.750          1,376.54
    SUMNER           WA   98390          1            07/02/01         04
    0433030129                           05           08/01/01         25
    E2105488                             N            07/01/31
    0

    5032887          940/G02             F          205,700.00         ZZ
                                         360        205,558.44          1
                                       7.875          1,491.47         85
                                       7.625          1,491.47
    RIVERSIDE        CA   92506          1            06/19/01         10
    0432921419                           05           08/01/01         12
    40010549                             O            07/01/31
    0

    5033567          E82/G02             F          151,300.00         ZZ
                                         360        151,184.87          1
                                       7.375          1,044.99         80
                                       7.125          1,044.99
    CHATSWORTH       GA   30705          5            06/23/01         00
    0400434809                           05           08/01/01          0
    0400434809                           O            07/01/31
    0

    5033831          E22/G02             F          175,500.00         ZZ
                                         360        175,390.91          1
                                       8.375          1,333.93         90
                                       8.125          1,333.93
    ROLLING MEADOWS  IL   60008          1            06/28/01         01
    0412686420                           05           08/01/01         25
    0412686420                           O            07/01/31
    0

    5033845          E22/G02             F          109,000.00         ZZ
                                         360        108,923.07          1
                                       7.750            780.89         69
                                       7.500            780.89
    MODESTO          CA   95357          5            06/07/01         00
    0412714198                           05           08/01/01          0
1

    0412714198                           O            07/01/31
    0

    5033853          E22/G02             F          112,000.00         ZZ
                                         360        111,928.58          1
                                       8.250            841.42         80
                                       8.000            841.42
    RIO LINDA        CA   95673          5            06/22/01         00
    0412720310                           05           08/01/01          0
    0412720310                           O            07/01/31
    0

    5033854          E22/G02             F           51,000.00         ZZ
                                         360         50,965.78          1
                                       8.000            374.22         85
                                       7.750            374.22
    CONCORD          NC   28025          2            06/25/01         01
    0412720609                           05           08/01/01         20
    0412720609                           N            07/01/31
    0

    5033880          E22/G02             F          132,000.00         ZZ
                                         360        131,902.04          1
                                       7.500            922.96         80
                                       7.250            922.96
    LOS ANGELES      CA   90019          1            06/21/01         00
    0412752479                           05           08/01/01          0
    0412752479                           O            07/01/31
    0

    5033882          E22/G02             F          112,000.00         ZZ
                                         360        111,935.57          1
                                       8.750            881.10         80
                                       8.500            881.10
    MODESTO          CA   95358          1            06/21/01         00
    0412754285                           05           08/01/01          0
    0412754285                           O            07/01/31
    0

    5033889          E22/G02             F           48,000.00         ZZ
                                         360         47,974.46          1
                                       9.125            390.54         80
                                       8.875            390.54
    PONTIAC          MI   48340          1            06/28/01         00
    0412761439                           05           08/01/01          0
    0412761439                           N            07/01/31
    0

1

    5033899          E22/G02             F          138,400.00         ZZ
                                         360        138,299.83          1
                                       7.625            979.59         90
                                       7.375            979.59
    PROVO            UT   84601          1            06/27/01         04
    0412769184                           05           08/01/01         25
    0412769184                           O            07/01/31
    0

    5033903          E22/G02             F          139,500.00         ZZ
                                         360        139,421.80          4
                                       8.875          1,109.92         90
                                       8.625          1,109.92
    HOUSTON          TX   77477          1            06/27/01         04
    0412773087                           05           08/01/01         25
    0412773087                           N            07/01/31
    0

    5033904          E22/G02             F          139,500.00         ZZ
                                         360        139,421.80          4
                                       8.875          1,109.92         90
                                       8.625          1,109.92
    HOUSTON          TX   77477          1            06/27/01         04
    0412773210                           05           08/01/01         25
    0412773210                           N            07/01/31
    0

    5033906          E22/G02             F           93,575.00         ZZ
                                         360         93,507.27          1
                                       7.625            662.32         95
                                       7.375            662.32
    CLOVIS           CA   93612          1            06/22/01         01
    0412776619                           05           08/01/01         30
    0412776619                           O            07/01/31
    0

    5033908          E22/G02             F           30,800.00         ZZ
                                         360         30,783.61          2
                                       9.125            250.60         80
                                       8.875            250.60
    INDIANAPOLIS     IN   46203          1            06/28/01         00
    0412777823                           05           08/01/01          0
    0412777823                           N            07/01/31
    0

    5033910          E22/G02             F          215,550.00         ZZ
                                         360        215,425.99          1
                                       8.750          1,695.73         90
                                       8.500          1,695.73
1

    GROSSE POINTE F  MI   48236          1            06/28/01         04
    0412779191                           05           08/01/01         25
    0412779191                           O            07/01/31
    0

    5035373          E11/G02             F          233,600.00         ZZ
                                         360        233,600.00          1
                                       8.375          1,775.53         95
                                       8.125          1,775.53
    MINNEAPOLIS      MN   55413          1            07/02/01         12
    0433008497                           05           09/01/01         30
    00000                                O            08/01/31
    0

    5036290          964/G02             F          216,500.00         ZZ
                                         360        216,331.11          1
                                       7.250          1,476.91         78
                                       7.000          1,476.91
    AUBURN           CA   95603          5            06/29/01         00
    0432989655                           05           08/01/01          0
    129405                               O            07/01/31
    0

    5039352          E82/G02             F          124,450.00         ZZ
                                         360        124,364.35          1
                                       7.875            902.35         95
                                       7.625            902.35
    PHOENIXVILLE     PA   19460          1            06/29/01         04
    0400440624                           05           08/01/01         30
    0400440624                           O            07/01/31
    0

    5039358          E82/G02             F           77,600.00         ZZ
                                         360         77,546.60          1
                                       7.875            562.65         82
                                       7.625            562.65
    PHOENIX          AZ   85037          2            06/25/01         04
    0400448452                           05           08/01/01         12
    0400448452                           O            07/01/31
    0

    5039359          E82/G02             F          150,000.00         ZZ
                                         360        149,882.99          1
                                       7.250          1,023.26         43
                                       7.000          1,023.26
    ROSEVILLE        CA   95747          1            06/27/01         00
    0400435475                           05           08/01/01          0
    0400435475                           O            07/01/31
    0
1

    5039361          E82/G02             F          229,000.00         T
                                         360        228,842.40          1
                                       7.875          1,660.41         55
                                       7.625          1,660.41
    LOUDON           TN   37774          1            06/28/01         00
    0400425153                           03           08/01/01          0
    0400425153                           O            07/01/31
    0

    5041001          696/G02             F          107,600.00         ZZ
                                         360        107,529.61          1
                                       8.125            798.93         80
                                       7.875            798.93
    BELTSVILLE       MD   20705          1            06/27/01         00
    0432921682                           09           08/01/01          0
    32201141                             O            07/01/31
    0

    5041904          G52/G02             F          116,000.00         ZZ
                                         360        115,924.12          1
                                       8.125            861.30         80
                                       7.875            861.30
    FARMINGTON       NM   87401          1            06/08/01         00
    0432957231                           03           08/01/01          0
    560500374                            O            07/01/31
    0

    5042228          168/168             F          134,000.00         ZZ
                                         360        133,910.09          1
                                       8.000            983.24         78
                                       7.750            983.24
    MONROE           WA   98272          5            06/06/01         00
    0059391286                           03           08/01/01          0
    0059391286                           O            07/01/31
    0

    5043364          A06/G02             F          223,600.00         ZZ
                                         360        223,442.18          1
                                       7.750          1,601.90         80
                                       7.500          1,601.90
    BIRMINGHAM       MI   48009          1            06/20/01         00
    0432947745                           05           08/01/01          0
    0389810                              O            07/01/31
    0

    5046710          F36/G02             F          192,000.00         ZZ
                                         360        191,874.40          1
1

                                       8.125          1,425.60         80
                                       7.875          1,425.60
    TACOMA           WA   98405          2            06/12/01         00
    0432960425                           05           08/01/01          0
    06402405                             N            07/01/31
    0

    5046760          E86/G02             F           92,600.00         ZZ
                                         360         92,543.91          1
                                       8.500            712.01         90
                                       8.250            712.01
    WALDORF          MD   20603          1            06/15/01         14
    0433019783                           09           08/01/01         25
    0000123266                           N            07/01/31
    0

    5050379          742/G02             F           53,975.00         ZZ
                                         360         53,942.30          1
                                       8.500            415.02         85
                                       8.250            415.02
    TROY             NY   12180          5            06/15/01         04
    0432963841                           05           08/01/01         12
    10008                                O            07/01/31
    0

    5050781          P29/G02             F           52,000.00         ZZ
                                         360         52,000.00          2
                                       8.875            413.74         80
                                       8.625            413.74
    WATERLOO         IA   50702          5            07/11/01         00
    0432996239                           05           09/01/01          0
    5050781                              O            08/01/31
    0

    5050930          N47/G02             F          259,200.00         ZZ
                                         360        259,021.62          1
                                       7.875          1,879.38         80
                                       7.625          1,879.38
    MARINA           CA   93933          5            06/13/01         00
    0432952547                           05           08/01/01          0
    20111158                             O            07/01/31
    0

    5053770          E22/G02             F          200,000.00         T
                                         360        199,855.24          1
                                       7.625          1,415.59         67
                                       7.375          1,415.59
    MIAMI            FL   33165          1            06/29/01         00
    0412624447                           05           08/01/01          0
1

    0412624447                           O            07/01/31
    0

    5053772          E22/G02             F           87,000.00         ZZ
                                         360         86,940.13          1
                                       7.875            630.81         69
                                       7.625            630.81
    CHEYENNE         WY   82009          2            06/07/01         00
    0412644619                           05           08/01/01          0
    0412644619                           O            07/01/31
    0

    5053784          E22/G02             F          132,000.00         ZZ
                                         360        131,929.75          1
                                       9.125          1,074.00         95
                                       8.875          1,074.00
    FARMINGTON       NM   87401          5            06/25/01         04
    0412667628                           05           08/01/01         30
    0412667628                           O            07/01/31
    0

    5053801          E22/G02             F          275,000.00         ZZ
                                         360        274,790.74          1
                                       7.375          1,899.36         69
                                       7.125          1,899.36
    SOUTH LAKE TAHO  CA   96150          5            06/15/01         00
    0412690042                           05           08/01/01          0
    0412690042                           O            07/01/31
    0

    5053813          E22/G02             F          248,500.00         ZZ
                                         360        248,320.14          1
                                       7.625          1,758.87         70
                                       7.375          1,758.87
    SOUTH LAKE TAHO  CA   96150          5            06/25/01         00
    0412701450                           03           08/01/01          0
    0412701450                           O            07/01/31
    0

    5053828          E22/G02             F          118,900.00         ZZ
                                         360        118,816.09          2
                                       7.750            851.81         71
                                       7.500            851.81
    PATERSON         NJ   07522          5            06/25/01         00
    0412710527                           05           08/01/01          0
    0412710527                           O            07/01/31
    0

1

    5053850          E22/G02             F          275,000.00         ZZ
                                         360        274,833.41          1
                                       8.500          2,114.51         78
                                       8.250          2,114.51
    SALISBURY        CT   06039          5            06/25/01         00
    0412723009                           05           08/01/01          0
    0412723009                           O            07/01/31
    0

    5053851          E22/G02             F           76,500.00         ZZ
                                         360         76,446.00          1
                                       7.750            548.06         67
                                       7.500            548.06
    NEVADA           TX   75173          5            06/22/01         00
    0412723629                           05           08/01/01          0
    0412723629                           O            07/01/31
    0

    5053854          E22/G02             F          100,800.00         ZZ
                                         240        100,651.46          4
                                       9.125            915.04         90
                                       8.875            915.04
    ERIE             PA   16502          1            06/29/01         04
    0412725657                           05           08/01/01         12
    0412725657                           N            07/01/21
    0

    5053855          E22/G02             F          114,000.00         ZZ
                                         360        113,921.55          1
                                       7.875            826.58         80
                                       7.625            826.58
    MISSOURI CITY    TX   77459          1            06/29/01         00
    0412727992                           03           08/01/01          0
    0412727992                           O            07/01/31
    0

    5053858          E22/G02             F          164,750.00         ZZ
                                         360        164,662.33          1
                                       9.125          1,340.46         90
                                       8.875          1,340.46
    BOSTON-ALLSTON   MA   02134          1            06/29/01         04
    0412728941                           08           08/01/01         25
    0412728941                           N            07/01/31
    0

    5053878          E22/G02             F           60,000.00         ZZ
                                         360         59,953.19          1
                                       7.250            409.31         80
                                       7.000            409.31
1

    NORTH MIAMI BEA  FL   33160          1            06/28/01         00
    0412745234                           05           08/01/01          0
    0412745234                           N            07/01/31
    0

    5053880          E22/G02             F           58,500.00         ZZ
                                         360         58,464.56          1
                                       8.500            449.81         90
                                       8.250            449.81
    GREENFIELD       IL   62044          5            06/25/01         11
    0412745994                           05           08/01/01         25
    0412745994                           O            07/01/31
    0

    5053886          E22/G02             F           72,000.00         ZZ
                                         360         71,911.71          1
                                       7.750            515.82         80
                                       7.500            515.82
    KALAMAZOO        MI   49007          1            06/29/01         00
    0412747354                           05           08/01/01          0
    0412747354                           N            07/01/31
    0

    5053897          E22/G02             F          260,000.00         ZZ
                                         360        259,825.54          1
                                       8.000          1,907.79         80
                                       7.750          1,907.79
    DALLAS           TX   75208          5            06/25/01         00
    0412749962                           05           08/01/01          0
    0412749962                           O            07/01/31
    0

    5053899          E22/G02             F          160,000.00         ZZ
                                         360        159,892.65          1
                                       8.000          1,174.02         80
                                       7.750          1,174.02
    CONROE           TX   77302          5            06/25/01         00
    0412750150                           03           08/01/01          0
    0412750150                           O            07/01/31
    0

    5053918          E22/G02             F          125,400.00         ZZ
                                         360        125,329.70          4
                                       8.875            997.74         95
                                       8.625            997.74
    THIBODAUX        LA   70301          1            06/29/01         04
    0412756660                           05           08/01/01         30
    0412756660                           O            07/01/31
    0
1

    5053928          E22/G02             F          110,400.00         ZZ
                                         360        110,327.78          1
                                       8.125            819.72         80
                                       7.875            819.72
    HAYDEN           CO   81639          1            06/29/01         00
    0412760019                           05           08/01/01          0
    0412760019                           O            07/01/31
    0

    5053929          E22/G02             F           44,100.00         ZZ
                                         360         44,075.28          1
                                       8.875            350.88         90
                                       8.625            350.88
    LAUDERHILL       FL   33319          1            06/28/01         04
    0412760795                           08           08/01/01         25
    0412760795                           O            07/01/31
    0

    5053944          E22/G02             F          201,600.00         ZZ
                                         360        201,450.38          1
                                       7.500          1,409.62         80
                                       7.250          1,409.62
    DALLAS           TX   75230          5            06/25/01         00
    0412766438                           03           08/01/01          0
    0412766438                           O            07/01/31
    0

    5053952          E22/G02             F          201,000.00         ZZ
                                         360        200,850.83          1
                                       7.500          1,405.42         70
                                       7.250          1,405.42
    DENVER           CO   80222          5            06/25/01         00
    0412771800                           05           08/01/01          0
    0412771800                           O            07/01/31
    0

    5053957          E22/G02             F           92,000.00         ZZ
                                         360         91,944.27          1
                                       8.500            707.40         80
                                       8.250            707.40
    DELRAY BEACH     FL   33483          1            06/29/01         00
    0412773723                           01           08/01/01          0
    0412773723                           N            07/01/31
    0

    5053973          E22/G02             F          200,000.00         ZZ
                                         360        199,858.85          1
1

                                       7.750          1,432.82         65
                                       7.500          1,432.82
    BOCA RATON       FL   33486          1            06/28/01         00
    0412778870                           05           08/01/01          0
    0412778870                           O            07/01/31
    0

    5053978          E22/G02             F          292,000.00         ZZ
                                         360        291,808.99          4
                                       8.125          2,168.09         80
                                       7.875          2,168.09
    NORTH BEND       WA   98045          1            06/25/01         00
    0412781585                           05           08/01/01          0
    0412781585                           N            07/01/31
    0

    5053980          E22/G02             F           45,600.00         ZZ
                                         360         45,575.73          1
                                       9.125            371.02         80
                                       8.875            371.02
    KALAMAZOO        MI   49001          5            06/29/01         00
    0412782567                           05           08/01/01          0
    0412782567                           N            07/01/31
    0

    5053999          E22/G02             F          128,500.00         ZZ
                                         360        128,409.31          1
                                       7.750            920.59         72
                                       7.500            920.59
    NUTLEY           NJ   07110          1            06/29/01         00
    0412793283                           05           08/01/01          0
    0412793283                           O            07/01/31
    0

    5054564          E82/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.625            566.23         73
                                       7.375            566.23
    DAPHNE           AL   36526          5            07/02/01         00
    0400406112                           03           09/01/01          0
    0400406112                           N            08/01/31
    0

    5054570          E82/G02             F           74,000.00         ZZ
                                         360         73,957.42          2
                                       8.750            582.16         66
                                       8.500            582.16
    WASHINGTON       DC   20011          5            06/26/01         00
    0400390795                           07           08/01/01          0
1

    0400390795                           N            07/01/31
    0

    5059384          R43/G02             F          119,000.00         ZZ
                                         240        119,000.00          2
                                       7.625            967.77         85
                                       7.375            967.77
    KENT             OH   44240          2            07/12/01         04
    0433019148                           05           09/01/01         12
    000006054                            N            08/01/21
    0

    5059867          624/G02             F          194,000.00         ZZ
                                         360        194,000.00          1
                                       7.750          1,389.84         78
                                       7.500          1,389.84
    MANTECA          CA   95337          5            07/11/01         00
    0433037967                           05           09/01/01          0
    31300110926F                         O            08/01/31
    0

    5061837          E22/G02             F          113,550.00         ZZ
                                         360        113,479.67          4
                                       8.750            893.30         90
                                       8.500            893.30
    CHAMPAIGN        IL   61821          1            07/02/01         04
    0412564528                           05           08/01/01         25
    0412564528                           N            07/01/31
    0

    5061851          E22/G02             F          170,850.00         ZZ
                                         360        170,732.42          1
                                       7.875          1,238.78         85
                                       7.625          1,238.78
    BEVERLY          MA   01915          5            06/27/01         04
    0412691784                           01           08/01/01         12
    0412691784                           O            07/01/31
    0

    5061857          E22/G02             F          124,355.00         ZZ
                                         360        124,287.07          1
                                       9.000          1,000.59         95
                                       8.750          1,000.59
    MIAMI            FL   33032          1            07/02/01         01
    0412704298                           03           08/01/01         30
    0412704298                           O            07/01/31
    0

1

    5061860          E22/G02             F          131,200.00         ZZ
                                         360        131,118.46          1
                                       8.375            997.21         80
                                       8.125            997.21
    MARS HILL        NC   28754          2            06/27/01         00
    0412710295                           05           08/01/01          0
    0412710295                           O            07/01/31
    0

    5061861          E22/G02             F          244,800.00         ZZ
                                         360        244,800.00          1
                                       7.375          1,690.77         80
                                       7.125          1,690.77
    GREAT FALLS      MT   59404          5            06/26/01         00
    0412714271                           05           09/01/01          0
    0412714271                           O            08/01/31
    0

    5061870          E22/G02             F          139,900.00         ZZ
                                         360        139,793.55          1
                                       7.375            966.25         80
                                       7.125            966.25
    MECHANICSVILLE   VA   23116          5            06/26/01         00
    0412731937                           05           08/01/01          0
    0412731937                           O            07/01/31
    0

    5061877          E22/G02             F          240,000.00         ZZ
                                         360        239,834.83          1
                                       7.875          1,740.17         85
                                       7.625          1,740.17
    SAN PABLO        CA   94806          5            06/14/01         01
    0412740912                           07           08/01/01         12
    0412740912                           O            07/01/31
    0

    5061893          E22/G02             F           85,000.00         ZZ
                                         360         84,935.33          1
                                       7.375            587.07         39
                                       7.125            587.07
    SPICEWOOD        TX   78669          5            06/21/01         00
    0412754954                           03           08/01/01          0
    0412754954                           O            07/01/31
    0

    5061901          E22/G02             F           46,875.00         ZZ
                                         360         46,843.55          1
                                       8.000            343.95         74
                                       7.750            343.95
1

    DELRAY BEACH     FL   33484          5            06/26/01         00
    0412757270                           01           08/01/01          0
    0412757270                           O            07/01/31
    0

    5061923          E22/G02             F          292,000.00         ZZ
                                         360        291,836.30          2
                                       8.875          2,323.28         90
                                       8.625          2,323.28
    MALDEN           MA   02148          5            06/27/01         04
    0412776353                           05           08/01/01         25
    0412776353                           O            07/01/31
    0

    5061929          E22/G02             F          138,320.00         ZZ
                                         360        138,227.19          1
                                       8.000          1,014.94         80
                                       7.750          1,014.94
    FRISCO           TX   75035          1            06/29/01         00
    0412780835                           03           08/01/01          0
    0412780835                           O            07/01/31
    0

    5061937          E22/G02             F           60,750.00         ZZ
                                         360         60,717.67          1
                                       9.125            494.28         75
                                       8.875            494.28
    CHICAGO          IL   60660          1            07/02/01         00
    0412794521                           01           08/01/01          0
    0412794521                           N            07/01/31
    0

    5061972          E82/G02             F          165,500.00         ZZ
                                         360        165,500.00          1
                                       7.625          1,171.40         95
                                       7.375          1,171.40
    ONTARIO          CA   91761          2            06/29/01         04
    0400428397                           05           09/01/01         30
    0400428397                           O            08/01/31
    0

    5061974          E82/G02             F          132,300.00         T
                                         360        132,204.25          1
                                       7.625            936.41         90
                                       7.375            936.41
    DANVILLE         KY   40422          1            07/03/01         04
    0400454856                           05           08/01/01         25
    0400454856                           O            07/01/31
    0
1

    5068819          E22/G02             F          132,000.00         ZZ
                                         360        131,904.46          1
                                       7.625            934.29         68
                                       7.375            934.29
    SUGAR LAND       TX   77479          5            06/28/01         00
    0412662173                           03           08/01/01          0
    0412662173                           O            07/01/31
    0

    5068824          E22/G02             F          260,600.00         ZZ
                                         360        260,396.71          1
                                       7.250          1,777.75         88
                                       7.000          1,777.75
    DALLAS           TX   75248          2            06/28/01         01
    0412683948                           05           08/01/01         25
    0412683948                           O            07/01/31
    0

    5068838          E22/G02             F          178,500.00         ZZ
                                         360        178,383.23          1
                                       8.125          1,325.36         85
                                       7.875          1,325.36
    LIVONIA          MI   48154          5            06/28/01         04
    0412732117                           05           08/01/01         12
    0412732117                           O            07/01/31
    0

    5068861          E22/G02             F          152,100.00         ZZ
                                         360        151,989.92          1
                                       7.625          1,076.55         90
                                       7.375          1,076.55
    SPRINGFIELD TWP  PA   19064          1            07/03/01         04
    0412759888                           05           08/01/01         25
    0412759888                           O            07/01/31
    0

    5068867          E22/G02             F           99,000.00         ZZ
                                         360         98,941.55          1
                                       8.625            770.01         90
                                       8.375            770.01
    KINGHTSTOWN      IN   46148          2            06/28/01         04
    0412765844                           05           08/01/01         30
    0412765844                           O            07/01/31
    0

    5068879          E22/G02             F           56,525.00         ZZ
                                         360         56,463.26          1
1

                                       9.000            454.81         95
                                       8.750            454.81
    CEDARHILL        MO   63016          1            07/03/01         04
    0412776734                           05           08/01/01         30
    0412776734                           O            07/01/31
    0

    5068883          E22/G02             F          160,000.00         ZZ
                                         360        159,903.07          1
                                       8.500          1,230.26         80
                                       8.250          1,230.26
    BIRMINGHAM       MI   48009          5            06/29/01         00
    0412778631                           05           08/01/01          0
    0412778631                           O            07/01/31
    0

    5070184          Q99/G02             F          105,500.00         ZZ
                                         360        105,500.00          1
                                       7.250            719.70         92
                                       7.000            719.70
    DAVENPORT        IA   52804          5            07/10/01         14
    0432975951                           05           09/01/01         30
    1                                    O            08/01/31
    0

    5071684          A06/G02             F           49,500.00         ZZ
                                         360         49,500.00          2
                                       8.500            380.61         90
                                       8.250            380.61
    DETROIT          MI   48204          1            07/18/01         12
    0433008588                           05           09/01/01         25
    1                                    N            08/01/31
    0

    5071690          076/076             F          120,000.00         ZZ
                                         360        119,666.37          1
                                       7.875            870.09         80
                                       7.625            870.09
    HOLTSVILLE       NY   11742          1            04/04/01         00
    3812123                              05           06/01/01          0
    3812123                              O            05/01/31
    0

    5071692          076/076             F          186,000.00         ZZ
                                         360        185,767.99          4
                                       8.375          1,413.73         90
                                       8.125          1,413.73
    MORRIS           IL   60450          2            05/03/01         10
    4462054                              05           07/01/01         25
1

    4462054                              O            06/01/31
    0

    5071693          076/076             F          249,000.00         ZZ
                                         360        248,541.67          1
                                       7.500          1,741.04         80
                                       7.250          1,741.04
    SAINT LOUIS      MO   63127          2            05/29/01         00
    4485673                              05           07/01/01          0
    4485673                              O            06/01/31
    0

    5071694          076/076             F          147,200.00         ZZ
                                         360        146,986.25          3
                                       7.625          1,041.87         80
                                       7.375          1,041.87
    LAWRENCE         MA   01841          5            05/16/01         00
    4489503                              05           07/01/01          0
    4489503                              O            06/01/31
    0

    5071696          076/076             F           57,500.00         ZZ
                                         360         57,383.47          1
                                       8.000            421.92         33
                                       7.750            421.92
    NARBERTH         PA   19072          1            04/13/01         00
    4509635                              01           06/01/01          0
    4509635                              N            05/01/31
    0

    5071700          076/076             F          172,500.00         ZZ
                                         360        172,243.15          1
                                       7.500          1,206.15         75
                                       7.250          1,206.15
    OMAHA            NE   68116          5            05/10/01         00
    4717773                              05           07/01/01          0
    4717773                              O            06/01/31
    0

    5071702          076/076             F           89,300.00         ZZ
                                         360         89,188.61          3
                                       8.375            678.74         95
                                       8.125            678.74
    BRIDGEPORT       CT   06608          1            05/22/01         12
    4823075                              05           07/01/01         30
    4823075                              O            06/01/31
    0

1

    5071704          076/076             F           82,000.00         ZZ
                                         360         81,892.36          1
                                       8.125            608.85         74
                                       7.875            608.85
    OLATHE           KS   66061          5            05/14/01         00
    4849795                              05           07/01/01          0
    4849795                              O            06/01/31
    0

    5071705          076/076             F          275,000.00         ZZ
                                         360        274,478.83          1
                                       8.500          2,114.51         34
                                       8.250          2,114.51
    LAKE FOREST      IL   60045          2            05/29/01         00
    4972054                              05           07/01/01          0
    4972054                              O            06/01/31
    0

    5071708          076/076             F          171,200.00         ZZ
                                         360        170,890.42          1
                                       7.625          1,211.74         80
                                       7.375          1,211.74
    NAPLES           FL   34102          1            05/15/01         00
    5008643                              01           07/01/01          0
    5008643                              O            06/01/31
    0

    5071709          076/076             F          114,750.00         ZZ
                                         360        114,534.54          4
                                       8.375            872.18         90
                                       8.125            872.18
    WHITE SETTLEMEN  TX   76108          1            04/30/01         10
    5012584                              05           06/01/01         25
    5012584                              N            05/01/31
    0

    5071710          076/076             F          114,750.00         ZZ
                                         360        114,534.54          4
                                       8.375            872.18         90
                                       8.125            872.18
    WHITE SETTLEMEN  TX   76108          1            04/30/01         10
    5012595                              05           06/01/01         25
    5012595                              N            05/01/31
    0

    5071714          076/076             F          212,400.00         ZZ
                                         360        212,059.29          1
                                       7.125          1,430.98         90
                                       6.875          1,430.98
1

    BURNS            WY   82053          2            05/17/01         21
    5145975                              05           07/01/01         25
    5145975                              O            06/01/31
    0

    5071715          076/076             F          138,700.00         T
                                         360        137,967.92          1
                                       7.750            993.67         75
                                       7.500            993.67
    PANAMA CITY BEA  FL   32408          1            12/29/00         00
    5172034                              03           02/01/01          0
    5172034                              O            01/01/31
    0

    5071717          076/076             F          126,000.00         ZZ
                                         360        125,826.01          1
                                       7.875            913.59         70
                                       7.625            913.59
    NAPLES           FL   34112          1            05/29/01         00
    5186395                              05           07/01/01          0
    5186395                              O            06/01/31
    0

    5071718          076/076             F          147,000.00         ZZ
                                         360        146,769.96          1
                                       7.250          1,002.80         70
                                       7.000          1,002.80
    JAMAICA          NY   11429          5            05/25/01         00
    5190424                              05           07/01/01          0
    5190424                              O            06/01/31
    0

    5071719          076/076             F          171,000.00         ZZ
                                         360        170,792.09          1
                                       8.500          1,314.84         80
                                       8.250          1,314.84
    GLENWOOD CITY    WI   54013          1            05/30/01         00
    5193283                              05           07/01/01          0
    5193283                              O            06/01/31
    0

    5073855          A52/G02             F          126,000.00         ZZ
                                         240        126,000.00          1
                                       7.875          1,044.13         79
                                       7.625          1,044.13
    KENNESAW         GA   30144          2            07/09/01         00
    0433038312                           05           09/01/01          0
    15160                                O            08/01/21
    0
1

    5077365          E22/G02             F          180,000.00         ZZ
                                         360        179,885.22          1
                                       8.250          1,352.28         72
                                       8.000          1,352.28
    HUDSON           NH   03051          2            06/29/01         00
    0412660193                           05           08/01/01          0
    0412660193                           O            07/01/31
    0

    5077380          E22/G02             F           63,650.00         ZZ
                                         360         63,558.36          1
                                       8.125            472.60         95
                                       7.875            472.60
    BELEN            NM   87002          5            06/27/01         04
    0412710055                           05           08/01/01         30
    0412710055                           O            07/01/31
    0

    5077382          E22/G02             F           63,200.00         ZZ
                                         360         63,153.10          1
                                       7.500            441.90         80
                                       7.250            441.90
    HIALEAH          FL   33012          2            07/05/01         00
    0412714776                           06           08/01/01          0
    0412714776                           N            07/01/31
    0

    5077419          E22/G02             F           56,800.00         ZZ
                                         360         56,757.85          1
                                       7.500            397.15         80
                                       7.250            397.15
    HIALEAH          FL   33012          2            07/05/01         00
    0412767691                           06           08/01/01          0
    0412767691                           N            07/01/31
    0

    5077423          E22/G02             F           81,000.00         ZZ
                                         360         80,944.25          1
                                       7.875            587.31         75
                                       7.625            587.31
    MONROE TOWNSHIP  NJ   08094          5            06/29/01         00
    0412772139                           05           08/01/01          0
    0412772139                           O            07/01/31
    0

    5077424          E22/G02             F          171,000.00         ZZ
                                         360        170,906.60          1
1

                                       9.000          1,375.90         89
                                       8.750          1,375.90
    AURORA           IL   60504          5            06/29/01         01
    0412772626                           05           08/01/01         25
    0412772626                           O            07/01/31
    0

    5077432          E22/G02             F          112,200.00         ZZ
                                         360        112,132.03          1
                                       8.500            862.72         85
                                       8.250            862.72
    COLORADO SPRING  CO   80911          5            06/29/01         04
    0412778979                           05           08/01/01         12
    0412778979                           O            07/01/31
    0

    5077435          E22/G02             F           91,920.00         ZZ
                                         360         91,856.75          1
                                       7.875            666.48         80
                                       7.625            666.48
    GREENACRES       FL   33467          1            07/05/01         00
    0412779324                           01           08/01/01          0
    0412779324                           O            07/01/31
    0

    5077449          E22/G02             F           70,000.00         ZZ
                                         360         69,459.73          1
                                       8.750            550.69         62
                                       8.500            550.69
    WEATHERFORD      TX   76088          5            06/28/01         00
    0412788200                           05           08/01/01          0
    0412788200                           O            07/01/31
    0

    5077458          E22/G02             F          103,000.00         ZZ
                                         360        102,946.60          2
                                       9.250            847.36         67
                                       9.000            847.36
    COMMERCE CITY    CO   80022          5            07/05/01         00
    0412798563                           05           08/01/01          0
    0412798563                           N            07/01/31
    0

    5077528          E82/G02             F          121,000.00         ZZ
                                         360        120,914.60          1
                                       7.750            866.86         90
                                       7.500            866.86
    PALMER           AK   99645          1            07/06/01         04
    0400367835                           05           08/01/01         25
1

    0400367835                           N            07/01/31
    0

    5080358          Q59/G02             F          274,950.00         ZZ
                                         360        274,791.81          4
                                       8.750          2,163.03         90
                                       8.500          2,163.03
    LOS ANGELES      CA   90016          1            06/20/01         11
    0432986800                           05           08/01/01         25
    303590                               O            07/01/31
    0

    5080407          168/168             F           63,000.00         ZZ
                                         360         62,911.83          1
                                       8.500            484.42         68
                                       8.250            484.42
    GREECE           NY   14626          5            06/11/01         00
    0059439459                           05           08/01/01          0
    0059439459                           O            07/01/31
    0

    5080570          168/168             F           36,000.00         ZZ
                                         360         35,976.45          1
                                       8.125            267.30         90
                                       7.875            267.30
    MIAMI            FL   33179          1            06/19/01         04
    0059444355                           01           08/01/01         25
    0059444355                           O            07/01/31
    0

    5085295          074/G02             F           84,800.00         ZZ
                                         360         84,670.56          1
                                       7.375            585.69         80
                                       7.125            585.69
    SEABROOK         NH   03874          1            05/31/01         00
    0432928158                           05           07/01/01          0
    1816040170                           O            06/01/31
    0

    5085299          074/G02             F           50,000.00         ZZ
                                         360         49,967.29          1
                                       8.125            371.25         25
                                       7.875            371.25
    CRANSTON         RI   02920          5            06/20/01         00
    0432927952                           05           08/01/01          0
    1814108942                           O            07/01/31
    0

1

    5085301          074/G02             F           78,000.00         ZZ
                                         360         77,900.18          1
                                       8.250            585.99         67
                                       8.000            585.99
    EAST PROVIDENCE  RI   02915          5            05/31/01         00
    0432937332                           01           07/01/01          0
    1814107983                           O            06/01/31
    0

    5085303          074/G02             F           60,750.00         ZZ
                                         360         60,679.84          2
                                       8.750            477.92         90
                                       8.500            477.92
    SPRINGFIELD      MA   01101          1            05/31/01         04
    0432930949                           05           07/01/01         25
    1813151108                           N            06/01/31
    0

    5085304          074/G02             F          100,000.00         ZZ
                                         360         99,854.80          1
                                       7.625            707.79         28
                                       7.375            707.79
    STILL RIVER      MA   01451          1            05/31/01         00
    0432928034                           05           07/01/01          0
    1813150604                           O            06/01/31
    0

    5085305          074/G02             F           75,600.00         ZZ
                                         360         75,549.27          1
                                       8.000            554.73         80
                                       7.750            554.73
    BLACKSBURG       VA   24060          1            06/22/01         00
    0432927929                           09           08/01/01          0
    1785038903                           O            07/01/31
    0

    5085310          074/G02             F           49,500.00         ZZ
                                         360         49,470.01          2
                                       8.500            380.61         90
                                       8.250            380.61
    OKLAHOMA CITY    OK   73107          1            06/28/01         10
    0432960136                           03           08/01/01         25
    1674002980                           N            07/01/31
    0

    5085311          074/G02             F           62,500.00         ZZ
                                         360         62,404.59          1
                                       7.375            431.67         47
                                       7.125            431.67
1

    INDIANAPOLIS     IN   46256          1            06/04/01         00
    0432941946                           03           07/01/01          0
    1641016231                           O            06/01/31
    0

    5085317          074/G02             F          178,000.00         ZZ
                                         360        177,877.51          1
                                       7.875          1,290.62         80
                                       7.625          1,290.62
    HIGHLAND         IL   62249          1            06/28/01         00
    0432960060                           05           08/01/01          0
    1629022585                           O            07/01/31
    0

    5085319          074/G02             F           56,700.00         ZZ
                                         360         56,662.91          1
                                       8.125            421.00         70
                                       7.875            421.00
    ST LOUIS         MO   63116          5            06/08/01         00
    0432936821                           05           08/01/01          0
    1629021968                           N            07/01/31
    0

    5085321          074/G02             F           78,000.00         ZZ
                                         360         77,955.12          2
                                       8.750            613.63         60
                                       8.500            613.63
    HAZEL CREST      IL   60429          1            06/27/01         00
    0432935112                           05           08/01/01          0
    1625036475                           N            07/01/31
    0

    5085322          074/G02             F           62,500.00         ZZ
                                         360         62,429.66          3
                                       8.875            497.28         55
                                       8.625            497.28
    MONEE            IL   60449          5            05/31/01         00
    0432935328                           05           07/01/01          0
    1621274154                           N            06/01/31
    0

    5085324          074/G02             F          138,000.00         T
                                         360        137,794.52          1
                                       7.500            964.92         66
                                       7.250            964.92
    UNION            MI   49130          5            05/31/01         00
    0432931863                           05           07/01/01          0
    1617052421                           O            06/01/31
    0
1

    5085329          074/G02             F          231,600.00         ZZ
                                         360        231,436.54          1
                                       7.750          1,659.21         80
                                       7.500          1,659.21
    WESTERN SPRINGS  IL   60558          1            06/14/01         00
    0432959047                           05           08/01/01          0
    1600069656                           O            07/01/31
    0

    5085330          074/G02             F          180,300.00         T
                                         360        180,091.76          1
                                       8.750          1,418.43         80
                                       8.500          1,418.43
    SCOTTSDALE       AZ   85258          1            05/31/01         00
    0432931418                           01           07/01/01          0
    1595306528                           O            06/01/31
    0

    5085338          074/G02             F           70,400.00         T
                                         360         70,355.10          1
                                       8.250            528.90         80
                                       8.000            528.90
    PLANTATION       FL   33322          1            06/13/01         00
    0432946879                           01           08/01/01          0
    1589628166                           O            07/01/31
    0

    5085347          074/G02             F           68,600.00         T
                                         360         68,556.26          1
                                       8.250            515.37         70
                                       8.000            515.37
    MIAMI            FL   33186          1            06/07/01         00
    0432937969                           09           08/01/01          0
    1589611414                           O            07/01/31
    0

    5085350          074/G02             F          116,000.00         T
                                         360        115,926.03          1
                                       8.250            871.47         80
                                       8.000            871.47
    ORLANDO          FL   32824          1            06/04/01         00
    0432927614                           03           08/01/01          0
    1589603358                           O            07/01/31
    0

    5085353          074/G02             F          147,000.00         T
                                         360        146,811.87          1
1

                                       8.250          1,104.37         80
                                       8.000          1,104.37
    ORLANDO          FL   32824          1            05/31/01         00
    0432927960                           03           07/01/01          0
    1589582713                           O            06/01/31
    0

    5085354          074/G02             F          120,350.00         ZZ
                                         360        120,207.38          1
                                       8.625            936.07         75
                                       8.375            936.07
    MIRAMAR          FL   33027          1            05/29/01         00
    0432938868                           03           07/01/01          0
    1589580401                           O            06/01/31
    0

    5085361          074/G02             F           49,500.00         ZZ
                                         360         49,439.79          1
                                       8.500            380.62         90
                                       8.250            380.62
    ALLENTOWN        PA   18102          1            06/01/01         04
    0432928620                           07           07/01/01         25
    1587462539                           N            06/01/31
    0

    5085364          074/G02             F          113,000.00         ZZ
                                         360        112,843.95          1
                                       7.875            819.33         76
                                       7.625            819.33
    ELKTON           MD   21921          2            05/24/01         00
    0432928786                           03           07/01/01          0
    1587406243                           O            06/01/31
    0

    5085370          074/G02             F          103,000.00         ZZ
                                         360        102,857.75          1
                                       7.875            746.83         74
                                       7.625            746.83
    CLEVELAND        OH   44120          5            05/03/01         00
    0432932739                           08           07/01/01          0
    1581553290                           O            06/01/31
    0

    5085371          074/G02             F          103,500.00         ZZ
                                         360        103,443.46          3
                                       9.000            832.79         90
                                       8.750            832.79
    MECHANICSBURG    PA   17055          2            06/20/01         01
    0432960177                           05           08/01/01         25
1

    1581552956                           O            07/01/31
    0

    5085373          074/G02             F          152,100.00         ZZ
                                         360        152,012.48          4
                                       8.750          1,196.58         90
                                       8.500          1,196.58
    TOLEDO           OH   43612          1            06/21/01         11
    0432958312                           05           08/01/01         25
    1581545462                           N            07/01/31
    0

    5085378          074/G02             F          177,500.00         ZZ
                                         360        177,371.52          1
                                       7.625          1,256.34         80
                                       7.375          1,256.34
    ARLINGTON        TX   76001          1            06/22/01         00
    0432958502                           03           08/01/01          0
    1563466976                           O            07/01/31
    0

    5085380          074/G02             F          160,000.00         ZZ
                                         360        159,887.07          1
                                       7.750          1,146.26         80
                                       7.500          1,146.26
    PFLUGERVILLE     TX   78660          1            06/28/01         00
    0432960052                           05           08/01/01          0
    1563462931                           O            07/01/31
    0

    5085381          074/G02             F           84,000.00         ZZ
                                         360         83,943.63          1
                                       8.000            616.37         70
                                       7.750            616.37
    AUSTIN           TX   78723          1            06/19/01         00
    0432958270                           05           08/01/01          0
    1563456065                           N            07/01/31
    0

    5085387          074/G02             F          140,000.00         ZZ
                                         360        139,801.74          1
                                       7.750          1,002.98         80
                                       7.500          1,002.98
    HIGHLAND PARK    TX   75219          1            05/18/01         00
    0432933018                           06           07/01/01          0
    1563441862                           O            06/01/31
    0

1

    5085390          074/G02             F          137,900.00         ZZ
                                         360        137,684.19          1
                                       7.250            940.73         70
                                       7.000            940.73
    BRIGHTON         CO   80601          1            06/06/01         00
    0432958239                           05           07/01/01          0
    1561554096                           N            06/01/31
    0

    5085391          074/G02             F           29,600.00         T
                                         360         29,564.91          1
                                       8.625            230.23         80
                                       8.375            230.23
    POINT ROBERTS    WA   98281          1            06/04/01         00
    0432953875                           05           07/01/01          0
    1561552920                           O            06/01/31
    0

    5085392          074/G02             F          152,000.00         ZZ
                                         360        151,810.38          4
                                       8.375          1,155.31         51
                                       8.125          1,155.31
    BRIGHTON         CO   80601          2            06/04/01         00
    0432931749                           05           07/01/01          0
    1561551983                           N            06/01/31
    0

    5085397          074/G02             F           79,200.00         ZZ
                                         360         79,152.02          3
                                       8.500            608.98         90
                                       8.250            608.98
    BRADENTON        FL   34205          1            06/05/01         14
    0432953701                           05           08/01/01         25
    1533196249                           N            07/01/31
    0

    5085401          074/G02             F          159,900.00         T
                                         360        159,705.57          1
                                       8.500          1,229.50         80
                                       8.250          1,229.50
    DAVENPORT        FL   33837          1            05/24/01         00
    0432954634                           03           07/01/01          0
    1533163330                           O            06/01/31
    0

    5085403          074/G02             F           44,250.00         ZZ
                                         360         44,187.32          1
                                       7.750            317.02         75
                                       7.500            317.02
1

    WARRIOR          AL   35180          5            06/01/01         00
    0432956688                           05           07/01/01          0
    1533151240                           O            06/01/31
    0

    5085408          074/G02             F           48,000.00         ZZ
                                         360         47,964.38          3
                                       7.500            335.62         80
                                       7.250            335.62
    SAN ANTONIO      TX   78201          1            06/05/01         00
    0432932499                           05           08/01/01          0
    1526073103                           N            07/01/31
    0

    5085409          074/G02             F           83,475.00         ZZ
                                         360         83,423.12          4
                                       8.375            634.47         90
                                       8.125            634.47
    SAN ANTONIO      TX   78213          1            06/15/01         04
    0432956985                           05           08/01/01         25
    1526072155                           N            07/01/31
    0

    5085411          074/G02             F          258,930.00         ZZ
                                         360        258,742.59          1
                                       7.625          1,832.69         70
                                       7.375          1,832.69
    HOUSTON          TX   77005          1            06/25/01         00
    0432928000                           05           08/01/01          0
    1521087745                           O            07/01/31
    0

    5085414          074/G02             F          165,430.00         ZZ
                                         360        165,324.51          1
                                       8.250          1,242.82         90
                                       8.000          1,242.82
    CORAL GABLES     FL   33145          1            06/15/01         10
    0432947653                           06           08/01/01         25
    1516069857                           O            07/01/31
    0

    5085416          074/G02             F          134,800.00         ZZ
                                         360        134,385.92          1
                                       7.375            931.03         80
                                       7.125            931.03
    OCOEE            FL   34761          1            03/29/01         00
    0432960847                           03           05/01/01          0
    1516003735                           O            04/01/31
    0
1

    5085419          074/G02             F          275,000.00         ZZ
                                         360        274,272.79          1
                                       8.125          2,041.87         32
                                       7.875          2,041.87
    MIAMI            FL   33176          1            03/13/01         00
    0432930402                           05           05/01/01          0
    1502863509                           O            04/01/31
    0

    5085420          074/G02             F          150,000.00         ZZ
                                         360        149,776.66          1
                                       7.500          1,048.82         75
                                       7.250          1,048.82
    KENT             WA   98032          5            05/29/01         00
    0432928976                           05           07/01/01          0
    1472048818                           O            06/01/31
    0

    5085424          074/G02             F           72,000.00         ZZ
                                         360         71,892.81          1
                                       7.500            503.43         53
                                       7.250            503.43
    FOREST GROVE     OR   97116          1            05/18/01         00
    0432937977                           05           07/01/01          0
    1395016182                           O            06/01/31
    0

    5085425          074/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         79
                                       7.250          1,398.43
    INDIALANTIC      FL   32903          1            06/11/01         00
    0432937241                           05           08/01/01          0
    1391104175                           O            07/01/31
    0

    5085426          074/G02             F          178,750.00         ZZ
                                         360        178,499.20          1
                                       7.875          1,296.06         65
                                       7.625          1,296.06
    FORT MYERS       FL   33919          2            05/25/01         00
    0432960771                           05           07/01/01          0
    1381236034                           O            06/01/31
    0

    5085428          074/G02             F          100,970.00         ZZ
                                         360        100,898.74          1
1

                                       7.750            723.36         41
                                       7.500            723.36
    COVINGTON        GA   30014          5            06/11/01         00
    0432927424                           05           08/01/01          0
    1337038858                           O            07/01/31
    0

    5085431          074/G02             F           59,400.00         ZZ
                                         360         59,361.15          1
                                       8.125            441.04         90
                                       7.875            441.04
    OCALA            FL   34472          1            06/05/01         04
    0432932671                           05           08/01/01         25
    1322061415                           N            07/01/31
    0

    5085433          074/G02             F          172,000.00         ZZ
                                         360        171,890.32          1
                                       8.250          1,292.18         80
                                       8.000          1,292.18
    BRADENTON        FL   34210          1            06/08/01         00
    0432956415                           03           08/01/01          0
    1319029403                           O            07/01/31
    0

    5085441          074/G02             F           45,920.00         ZZ
                                         360         45,856.59          1
                                       7.875            332.95         58
                                       7.625            332.95
    WEST PALM BEACH  FL   33407          2            05/31/01         00
    0432960797                           07           07/01/01          0
    1303054387                           N            06/01/31
    0

    5085447          074/G02             F          154,800.00         ZZ
                                         360        154,611.78          4
                                       8.500          1,190.28         90
                                       8.250          1,190.28
    FT LAUDERDALE    FL   33312          1            05/31/01         11
    0432948446                           05           07/01/01         25
    1302076668                           N            06/01/31
    0

    5085449          074/G02             F           75,600.00         ZZ
                                         360         75,503.25          2
                                       8.250            567.96         90
                                       8.000            567.96
    LAUDERHILL       FL   33313          1            06/08/01         01
    0432927200                           05           07/01/01         25
1

    1302075723                           N            06/01/31
    0

    5085455          074/G02             F           83,500.00         ZZ
                                         360         83,384.70          1
                                       7.875            605.43         74
                                       7.625            605.43
    DEERFIELD BEACH  FL   33064          1            05/31/01         00
    0432927978                           09           07/01/01          0
    1302074287                           O            06/01/31
    0

    5085456          074/G02             F           55,100.00         ZZ
                                         360         55,061.11          1
                                       7.750            394.74         95
                                       7.500            394.74
    FT LAUDERDALE    FL   33311          1            06/08/01         10
    0432934172                           05           08/01/01         30
    1302074254                           O            07/01/31
    0

    5085459          074/G02             F          107,500.00         T
                                         360        107,434.88          1
                                       8.500            826.58         65
                                       8.250            826.58
    MIAMI            FL   33178          1            06/05/01         00
    0432928190                           09           08/01/01          0
    1302062970                           O            07/01/31
    0

    5085460          074/G02             F           29,750.00         ZZ
                                         360         29,731.03          1
                                       8.250            223.50         70
                                       8.000            223.50
    SUNRISE          FL   33322          1            06/15/01         00
    0432933380                           01           08/01/01          0
    1301218960                           O            07/01/31
    0

    5085462          074/G02             F          224,000.00         ZZ
                                         360        223,690.67          1
                                       7.875          1,624.16         80
                                       7.625          1,624.16
    POMPANO BEACH    FL   33060          1            06/01/01         00
    0432940898                           05           07/01/01          0
    1301217254                           O            06/01/31
    0

1

    5085471          074/G02             F          128,092.00         ZZ
                                         360        128,012.39          1
                                       8.375            973.59         90
                                       8.125            973.59
    LAS VEGAS        NV   89129          1            06/18/01         10
    0432960789                           05           08/01/01         25
    1251253790                           N            07/01/31
    0

    5085472          074/G02             F           69,900.00         ZZ
                                         360         69,795.93          1
                                       7.500            488.75         47
                                       7.250            488.75
    LAS VEGAS        NV   89156          1            05/29/01         00
    0432930006                           03           07/01/01          0
    1251251300                           N            06/01/31
    0

    5085477          074/G02             F          123,300.00         ZZ
                                         360        123,227.21          4
                                       8.625            959.01         90
                                       8.375            959.01
    TUCSON           AZ   85711          1            06/21/01         04
    0432955060                           05           08/01/01         25
    1221212273                           N            07/01/31
    0

    5085478          074/G02             F          157,000.00         ZZ
                                         360        156,883.48          1
                                       7.500          1,097.77         40
                                       7.250          1,097.77
    TUCSON           AZ   85730          5            06/04/01         00
    0432944999                           05           08/01/01          0
    1221202145                           O            07/01/31
    0

    5085481          074/G02             F          133,200.00         ZZ
                                         360        133,029.54          1
                                       8.250          1,000.69         90
                                       8.000          1,000.69
    TINICUM          PA   18950          1            05/30/01         01
    0432936623                           07           07/01/01         25
    1175115938                           N            06/01/31
    0

    5085482          074/G02             F          159,920.00         T
                                         360        159,815.39          1
                                       8.125          1,187.40         80
                                       7.875          1,187.40
1

    MEDIA            PA   19063          1            06/15/01         00
    0432960094                           05           08/01/01          0
    1171222131                           O            07/01/31
    0

    5086737          964/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       7.875          1,479.14         80
                                       7.625          1,479.14
    FOUNTAIN HILLS   AZ   85268          5            07/11/01         00
    0432999225                           05           09/01/01          0
    129848                               O            08/01/31
    0

    5087424          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.875          1,392.13         80
                                       7.625          1,392.13
    STOCKTON         CA   95206          5            06/27/01         00
    0412718801                           05           09/01/01          0
    0412718801                           O            08/01/31
    0

    5087428          E22/G02             F          102,000.00         ZZ
                                         360        101,924.30          1
                                       7.500            713.20         71
                                       7.250            713.20
    RALEIGH          NC   27609          5            06/27/01         00
    0412736076                           05           08/01/01          0
    0412736076                           O            07/01/31
    0

    5087437          E22/G02             F          144,000.00         ZZ
                                         360        143,895.78          1
                                       7.625          1,019.22         80
                                       7.375          1,019.22
    SAN DIEGO        CA   92105          1            06/28/01         00
    0412746844                           05           08/01/01          0
    0412746844                           O            07/01/31
    0

    5087473          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          3
                                       8.750            778.83         90
                                       8.500            778.83
    MANCHESTER       NH   03102          1            07/06/01         01
    0412794463                           05           09/01/01         25
    0412794463                           N            08/01/31
    0
1

    5088197          944/G02             F          119,700.00         ZZ
                                         360        119,700.00          3
                                       8.750            941.69         90
                                       8.500            941.69
    BRANDON          FL   33511          1            07/17/01         01
    0433033982                           05           09/01/01         30
    W88015455                            N            08/01/31
    0

    5089524          562/G02             F          247,500.00         ZZ
                                         360        247,500.00          3
                                       8.500          1,903.07         90
                                       8.250          1,903.07
    BRONX            NY   10466          1            07/13/01         04
    0433012093                           05           09/01/01         25
    297019920                            N            08/01/31
    0

    5090872          773/G02             F          117,000.00         ZZ
                                         360        117,000.00          4
                                       8.875            930.91         90
                                       8.625            930.91
    BRADFORD         NH   03221          1            07/03/01         12
    0433006871                           05           09/01/01         25
    6528                                 O            08/01/31
    0

    5091187          U62/G02             F           99,000.00         ZZ
                                         360         98,924.67          1
                                       7.375            683.77         95
                                       7.125            683.77
    PALMDALE         CA   93550          5            06/25/01         04
    0432991289                           05           08/01/01         30
    2001260048                           O            07/01/31
    0

    5092838          U62/G02             F           65,100.00         ZZ
                                         360         65,050.46          2
                                       7.375            449.63         70
                                       7.125            449.63
    AUSTIN           TX   78702          5            06/27/01         00
    0433016359                           05           08/01/01          0
    2001258848                           N            07/01/31
    0

    5095781          U62/G02             F          110,200.00         ZZ
                                         360        110,200.00          1
1

                                       7.125            742.44         95
                                       6.875            742.44
    ROCHESTER        MN   55901          5            07/16/01         04
    0433020104                           05           09/01/01         30
    2001269302                           O            08/01/31
    0

    5097222          E22/G02             F           84,000.00         ZZ
                                         360         83,947.79          1
                                       8.375            638.46         89
                                       8.125            638.46
    MARTINEZ         GA   30907          2            06/26/01         04
    0412681686                           05           08/01/01         25
    0412681686                           O            07/01/31
    0

    5097223          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       8.875            429.65         90
                                       8.625            429.65
    DETROIT          MI   48221          5            07/02/01         04
    0412686438                           05           09/01/01         25
    0412686438                           O            08/01/31
    0

    5097225          E22/G02             F          249,050.00         ZZ
                                         360        248,869.75          1
                                       7.625          1,762.76         85
                                       7.375          1,762.76
    BURBANK          CA   91505          5            06/22/01         04
    0412687014                           05           08/01/01         12
    0412687014                           O            07/01/31
    0

    5097233          E22/G02             F          246,000.00         ZZ
                                         360        246,000.00          1
                                       7.875          1,783.67         60
                                       7.625          1,783.67
    BERNARDSVILLE    NJ   07924          1            07/09/01         00
    0412709438                           05           09/01/01          0
    0412709438                           O            08/01/31
    0

    5097261          E22/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
                                       7.500            384.57         64
                                       7.250            384.57
    HOLLYWOOD        FL   33023          5            07/03/01         00
    0412754160                           05           09/01/01          0
1

    0412754160                           O            08/01/31
    0

    5097268          E22/G02             F          119,000.00         ZZ
                                         360        118,936.68          1
                                       9.125            968.22         85
                                       8.875            968.22
    SEMINOLE         AL   36574          5            07/03/01         04
    0412757999                           05           08/01/01         12
    0412757999                           O            07/01/31
    0

    5097276          E22/G02             F          108,800.00         ZZ
                                         360        108,734.09          4
                                       8.500            836.58         80
                                       8.250            836.58
    NORTH LAS VEGAS  NV   89115          1            06/27/01         00
    0412764664                           05           08/01/01          0
    0412764664                           N            07/01/31
    0

    5097277          E22/G02             F          205,000.00         ZZ
                                         360        205,000.00          1
                                       8.500          1,576.27         46
                                       8.250          1,576.27
    NEW BALTIMORE    MI   48047          5            07/03/01         00
    0412765257                           05           09/01/01          0
    0412765257                           N            08/01/31
    0

    5097285          E22/G02             F          123,200.00         E
                                         360        123,200.00          1
                                       7.375            850.91         80
                                       7.125            850.91
    DALLAS           TX   75218          1            07/09/01         00
    0412770646                           05           09/01/01          0
    0412770646                           O            08/01/31
    0

    5097308          E22/G02             F           83,100.00         ZZ
                                         360         83,100.00          1
                                       8.250            624.30         75
                                       8.000            624.30
    FARMINGVILLE     NY   11738          5            07/09/01         00
    0412790248                           05           09/01/01          0
    0412790248                           N            08/01/31
    0

1

    5097312          E22/G02             F          123,500.00         ZZ
                                         360        123,500.00          1
                                       8.625            960.57         95
                                       8.375            960.57
    HOUSTON          TX   77014          1            07/09/01         04
    0412795957                           03           09/01/01         30
    0412795957                           O            08/01/31
    0

    5097315          E22/G02             F          107,340.00         T
                                         360        107,266.13          1
                                       7.875            778.29         95
                                       7.625            778.29
    MIAMI            FL   33178          1            07/05/01         04
    0412797839                           01           08/01/01         30
    0412797839                           O            07/01/31
    0

    5097876          940/G02             F           61,500.00         ZZ
                                         360         61,500.00          1
                                       8.375            467.44         62
                                       8.125            467.44
    SAN BERNARDINO   CA   92405          2            07/13/01         00
    0433010592                           05           09/01/01          0
    40010684                             N            08/01/31
    0

    5098550          Q99/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       7.875          1,370.38         76
                                       7.625          1,370.38
    NORTH ANDOVER    MA   01845          2            07/10/01         00
    0433000734                           05           09/01/01          0
    013440293                            O            08/01/31
    0

    5098919          964/G02             F           54,400.00         ZZ
                                         360         54,400.00          1
                                       8.000            399.17         80
                                       7.750            399.17
    PHOENIX          AZ   85029          1            07/12/01         00
    0433000452                           01           09/01/01          0
    134155                               O            08/01/31
    0

    5099163          950/G02             F           96,000.00         ZZ
                                         360         95,941.84          1
                                       8.500            738.16         80
                                       8.250            738.16
1

    RICHLAND         WA   99352          1            06/08/01         00
    0432991784                           05           08/01/01          0
    E2105456                             O            07/01/31
    0

    5101331          U62/G02             F           69,000.00         ZZ
                                         360         68,946.18          1
                                       7.250            470.70         90
                                       7.000            470.70
    INDEPENDENCE     MO   64056          5            06/25/01         04
    0432992097                           05           08/01/01         25
    2001251736                           O            07/01/31
    0

    5103547          624/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.750          1,074.62        100
                                       7.500          1,074.62
    SANTA MARIA      CA   93454          1            07/12/01         01
    0433014222                           01           09/01/01         35
    72005010013F                         O            08/01/31
    0

    5105121          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.625          1,698.70         80
                                       7.375          1,698.70
    GRANITE SHOALS   TX   78654          5            07/02/01         00
    0412668568                           05           09/01/01          0
    0412668568                           O            08/01/31
    0

    5105153          E22/G02             F          257,450.00         ZZ
                                         360        257,450.00          1
                                       8.250          1,934.14         95
                                       8.000          1,934.14
    LEVITTOWN        NY   11756          5            07/05/01         04
    0412763591                           05           09/01/01         30
    0412763591                           O            08/01/31
    0

    5105154          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
                                       7.000          1,024.57         72
                                       6.750          1,024.57
    FAIRVIEW         NC   28730          5            07/05/01         00
    0412766487                           05           09/01/01          0
    0412766487                           O            08/01/31
    0
1

    5105155          E22/G02             F           58,850.00         ZZ
                                         360         58,850.00          1
                                       7.875            426.70         95
                                       7.625            426.70
    DINUBA           CA   93618          1            07/01/01         01
    0412766776                           05           09/01/01         30
    0412766776                           O            08/01/31
    0

    5105166          E22/G02             F           25,000.00         ZZ
                                         360         25,000.00          1
                                       8.500            192.23         17
                                       8.250            192.23
    PEMBROKE PINES   FL   33028          1            07/10/01         00
    0412778854                           03           09/01/01          0
    0412778854                           O            08/01/31
    0

    5105172          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          4
                                       8.500            738.16         80
                                       8.250            738.16
    YUBA CITY        CA   95991          1            07/03/01         00
    0412783193                           05           09/01/01          0
    0412783193                           N            08/01/31
    0

    5105189          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.125            594.00         62
                                       7.875            594.00
    FRIENDSWOOD      TX   77546          5            07/05/01         00
    0412801094                           03           09/01/01          0
    0412801094                           O            08/01/31
    0

    5105193          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       7.500          1,873.89         80
                                       7.250          1,873.89
    MONROVIA         CA   91016          1            07/05/01         00
    0412810087                           05           09/01/01          0
    0412810087                           O            08/01/31
    0

    5105286          E82/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
1

                                       8.125          1,061.77         78
                                       7.875          1,061.77
    EAGLE RIVER      AK   99577          5            07/05/01         00
    0400445130                           05           09/01/01          0
    0400445730                           O            08/01/31
    0

    5105296          E82/G02             F          250,000.00         T
                                         360        250,000.00          1
                                       8.500          1,922.28         53
                                       8.250          1,922.28
    NEWPORT          RI   02840          5            07/10/01         00
    0400453247                           01           09/01/01          0
    0400453247                           O            08/01/31
    0

    5106924          A50/G02             F          235,000.00         ZZ
                                         360        234,667.21          1
                                       7.750          1,683.57         79
                                       7.500          1,683.57
    BROWNSBORO       AL   35741          2            05/29/01         00
    0432990968                           05           07/01/01          0
    443425                               O            06/01/31
    0

    5107209          W56/M32             F          228,800.00         ZZ
                                         360        228,617.03          1
                                       7.125          1,541.47         80
                                       6.875          1,541.47
    WILLIAMSBURG     VA   23185          1            06/20/01         00
    0400435632                           05           08/01/01          0
    0400435632                           O            07/01/31
    0

    5109903          P29/G02             F          261,000.00         ZZ
                                         360        261,000.00          4
                                       9.000          2,100.07         90
                                       8.750          2,100.07
    MINNEAPOLIS      MN   55404          1            07/19/01         14
    0433016441                           05           09/01/01         25
    5109903                              N            08/01/31
    0

    5110664          U59/G02             F          121,000.00         ZZ
                                         360        120,920.84          1
                                       8.125            898.43         77
                                       7.875            898.43
    BERWYN           IL   60402          5            07/16/01         00
    0433016920                           05           08/20/01          0
1

    800867492                            O            07/20/31
    0

    5113363          E22/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
                                       7.875            685.19         90
                                       7.625            685.19
    MIRAMAR          FL   33023          1            07/11/01         01
    0412716748                           05           09/01/01         25
    0412716748                           N            08/01/31
    0

    5113403          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.000            733.76         69
                                       7.750            733.76
    LAUDERHILL       FL   33351          5            07/06/01         00
    0412776148                           05           09/01/01          0
    0412776148                           O            08/01/31
    0

    5113414          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.250          1,875.98         80
                                       7.000          1,875.98
    TRACY            CA   95376          5            07/05/01         00
    0412786840                           05           09/01/01          0
    0412786840                           O            08/01/31
    0

    5113416          E22/G02             F          138,700.00         ZZ
                                         360        138,700.00          1
                                       7.750            993.66         95
                                       7.500            993.66
    MIAMI            FL   33193          2            07/06/01         01
    0412787673                           03           09/01/01         30
    0412787673                           O            08/01/31
    0

    5113426          E22/G02             F          212,800.00         ZZ
                                         360        212,800.00          1
                                       9.000          1,712.24         95
                                       8.750          1,712.24
    MIAMI BEACH      FL   33140          1            07/11/01         04
    0412808644                           06           09/01/01         30
    0412808644                           O            08/01/31
    0

1

    5114520          737/G02             F          262,400.00         ZZ
                                         360        262,400.00          3
                                       8.125          1,948.32         80
                                       7.875          1,948.32
    DALLAS           TX   75219          1            07/17/01         00
    0433017100                           05           09/01/01          0
    2030331                              O            08/01/31
    0

    5119506          K88/G02             F          211,500.00         ZZ
                                         360        211,500.00          1
                                       8.500          1,626.26         80
                                       8.250          1,626.26
    ROCKAWAY         NJ   07866          1            07/03/01         00
    0433033933                           01           09/01/01          0
    27677                                O            08/01/31
    0

    5122087          E22/G02             F          143,950.00         ZZ
                                         240        143,690.04          1
                                       7.500          1,159.65         90
                                       7.250          1,159.65
    LONG BEACH       CA   90805          2            06/25/01         04
    0412638322                           05           08/01/01         12
    0412638322                           O            07/01/21
    0

    5122091          E22/G02             F          154,400.00         ZZ
                                         360        154,400.00          1
                                       7.625          1,092.83         80
                                       7.375          1,092.83
    SACRAMENTO       CA   95831          1            07/06/01         00
    0412735508                           05           09/01/01          0
    0412735508                           O            08/01/31
    0

    5122122          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       8.750            668.70         55
                                       8.500            668.70
    BAYTOWN          TX   77521          2            07/12/01         00
    0412807711                           05           09/01/01          0
    0412807711                           N            08/01/31
    0

    5122124          E22/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
                                       8.750            346.15         53
                                       8.500            346.15
1

    DICKINSON        TX   77539          2            07/12/01         00
    0412809170                           05           09/01/01          0
    0412809170                           N            08/01/31
    0

    5122617          742/G02             F          105,200.00         ZZ
                                         360        105,127.60          1
                                       7.875            762.78         80
                                       7.625            762.78
    BLAKESLEE        PA   18610          1            06/29/01         00
    0433004264                           03           08/01/01          0
    6396568                              O            07/01/31
    0

    5126174          168/168             F           90,000.00         ZZ
                                         360         89,933.21          2
                                       7.500            629.29         79
                                       7.250            629.29
    BUFFALO          NY   14214          1            06/26/01         00
    0059415541                           05           08/01/01          0
    0059415541                           O            07/01/31
    0

    5126583          623/623             F          221,400.00         ZZ
                                         360        221,053.01          1
                                       9.250          1,821.40         90
                                       9.000          1,821.40
    GRANT TOWNSHIP   MI   48032          1            09/28/00         10
    5272841                              05           06/01/01         25
    5272841                              O            05/01/31
    0

    5126584          623/623             F          180,000.00         ZZ
                                         360        179,717.51          1
                                       9.250          1,480.82         72
                                       9.000          1,480.82
    ST CLAIR         MI   48079          2            09/27/00         00
    5281306                              05           06/01/01          0
    5281306                              O            05/01/31
    0

    5126585          623/623             F          182,000.00         ZZ
                                         360        181,658.26          1
                                       8.375          1,383.33         72
                                       8.125          1,383.33
    WHITE LAKE       MI   48383          2            04/20/01         00
    5330102                              05           06/01/01          0
    5330102                              O            05/01/31
    0
1

    5126588          623/623             F          140,950.00         ZZ
                                         360        140,866.79          1
                                       8.625          1,096.29         75
                                       8.375          1,096.29
    LIVONIA          MI   48157          2            06/13/01         00
    5337181                              05           08/01/01          0
    5337181                              N            07/01/31
    0

    5126591          623/623             F           42,650.00         ZZ
                                         360         42,571.94          1
                                       8.500            327.94         95
                                       8.250            327.94
    MERRIONETTE PAR  IL   60803          1            04/30/01         10
    5343109                              01           06/01/01         30
    5343109                              O            05/01/31
    0

    5126592          623/623             F           93,750.00         ZZ
                                         360         93,649.84          1
                                       9.125            762.78         75
                                       8.875            762.78
    GRAND RAPIDS     MI   49507          1            05/14/01         00
    5343597                              05           07/01/01          0
    5343597                              O            06/01/31
    0

    5126596          623/623             F          245,250.00         ZZ
                                         360        244,959.36          1
                                       8.625          1,907.53         75
                                       8.375          1,907.53
    OKEMOS           MI   48864          1            05/30/01         00
    5344839                              05           07/01/01          0
    5344839                              O            06/01/31
    0

    5126597          623/623             F          130,000.00         ZZ
                                         360        129,849.87          1
                                       8.750          1,022.71         35
                                       8.500          1,022.71
    GAYLORD          MI   49735          2            05/14/01         00
    5345788                              05           07/01/01          0
    5345788                              O            06/01/31
    0

    5126601          623/623             F          142,400.00         ZZ
                                         360        142,239.75          1
1

                                       8.875          1,133.00         75
                                       8.625          1,133.00
    GRAND RAPIDS     MI   46546          1            05/31/01         00
    5350239                              05           07/01/01          0
    5350239                              O            06/01/31
    0

    5126605          623/623             F           81,250.00         ZZ
                                         360         81,146.03          3
                                       8.250            610.40         65
                                       8.000            610.40
    MARINE CITY      MI   48039          2            05/14/01         00
    5356376                              05           07/01/01          0
    5356376                              N            06/01/31
    0

    5126618          623/G02             F           70,000.00         ZZ
                                         360         69,957.59          1
                                       8.500            538.24         43
                                       8.250            538.24
    SAN DIEGO        CA   92105          5            06/09/01         00
    0432976397                           05           08/01/01          0
    1976150                              O            07/01/31
    0

    5126621          623/G02             F          161,200.00         ZZ
                                         360        161,091.84          1
                                       8.000          1,182.83         65
                                       7.750          1,182.83
    SAN DIEGO        CA   92129          5            06/13/01         00
    0432977593                           05           08/01/01          0
    1976970                              N            07/01/31
    0

    5126626          623/G02             F           81,100.00         ZZ
                                         360         81,050.87          1
                                       8.500            623.59         55
                                       8.250            623.59
    FRESNO           CA   93711          1            06/06/01         00
    0432976496                           03           08/01/01          0
    1980042                              O            07/01/31
    0

    5126627          623/G02             F          138,600.00         ZZ
                                         360        138,526.24          2
                                       9.125          1,127.70         90
                                       8.875          1,127.70
    STOCKTON         CA   95209          1            06/11/01         10
    0432977817                           05           08/01/01         25
1

    1980218                              N            07/01/31
    0

    5126632          623/G02             F          279,650.00         ZZ
                                         360        279,480.58          4
                                       8.500          2,150.27         85
                                       8.250          2,150.27
    LONGMONT         CO   80501          1            06/15/01         04
    0432976355                           05           08/01/01         12
    1980820                              O            07/01/31
    0

    5126633          623/G02             F          260,900.00         ZZ
                                         360        260,741.94          1
                                       8.500          2,006.10         90
                                       8.250          2,006.10
    PHOENIX          AZ   85018          1            06/12/01         10
    0432976348                           05           08/01/01         25
    1980930                              O            07/01/31
    0

    5126638          623/G02             F          119,920.00         ZZ
                                         360        119,847.34          1
                                       8.500            922.09         80
                                       8.250            922.09
    GRAND JUNCTION   CO   81501          1            06/20/01         00
    0432977924                           05           08/01/01          0
    1982137                              O            07/01/31
    0

    5126641          623/G02             F          269,000.00         ZZ
                                         360        268,805.30          1
                                       7.625          1,903.97         80
                                       7.375          1,903.97
    CEDAR HILLS      UT   84062          2            06/18/01         00
    0432976686                           05           08/01/01          0
    2787644                              O            07/01/31
    0

    5126642          623/G02             F          268,000.00         ZZ
                                         360        267,829.11          1
                                       8.250          2,013.39         80
                                       8.000          2,013.39
    DRIPPING SPRING  TX   78620          1            06/08/01         00
    0432978419                           03           08/01/01          0
    5274164                              O            07/01/31
    0

1

    5126645          623/G02             F           90,500.00         ZZ
                                         360         90,248.41          1
                                       7.875            656.19         73
                                       7.625            656.19
    COLUMBUS         OH   43235          2            03/20/01         00
    0432978096                           05           05/01/01          0
    5333996                              O            04/01/31
    0

    5126650          623/G02             F          128,000.00         ZZ
                                         360        127,911.91          2
                                       7.875            928.09         79
                                       7.625            928.09
    SOMERVILLE       NJ   08876          2            06/18/01         00
    0432981744                           05           08/01/01          0
    5350727                              O            07/01/31
    0

    5126652          623/G02             F          190,400.00         ZZ
                                         360        190,014.16          4
                                       8.000          1,397.09         80
                                       7.750          1,397.09
    MUSKEGON         MI   49441          5            05/02/01         00
    0432976611                           05           06/01/01          0
    5352173                              N            05/01/31
    0

    5126653          623/G02             F          176,200.00         ZZ
                                         360        176,065.93          1
                                       7.375          1,216.97         89
                                       7.125          1,216.97
    MARIETTA         GA   30066          2            06/07/01         10
    0432981355                           05           08/01/01         25
    5354057                              O            07/01/31
    0

    5126661          623/G02             F           68,850.00         ZZ
                                         360         68,771.11          3
                                       8.875            547.80         90
                                       8.625            547.80
    NEW BEDFORD      MA   02740          1            05/31/01         04
    0432976199                           05           07/01/01         25
    5357417                              N            06/01/31
    0

    5126667          623/G02             F          158,250.00         ZZ
                                         360        158,031.48          3
                                       7.875          1,147.42         89
                                       7.625          1,147.42
1

    WINDSOR          CT   06095          2            06/01/01         10
    0432980548                           05           07/01/01         25
    5358948                              O            06/01/31
    0

    5126671          623/G02             F          148,500.00         ZZ
                                         360        148,389.80          1
                                       7.500          1,038.33         75
                                       7.250          1,038.33
    GLENCOE          AL   35905          5            06/08/01         00
    0432976520                           05           08/01/01          0
    5360848                              O            07/01/31
    0

    5126673          623/G02             F          124,000.00         ZZ
                                         360        123,920.93          3
                                       8.250            931.57         80
                                       8.000            931.57
    PAWTUCKET        RI   02861          5            06/11/01         00
    0432978039                           05           08/01/01          0
    5362109                              N            07/01/31
    0

    5132751          E22/G02             F          220,500.00         ZZ
                                         360        220,500.00          1
                                       8.125          1,637.21         90
                                       7.875          1,637.21
    FOLSOM           CA   95630          2            07/06/01         01
    0412641680                           05           09/01/01         25
    0412641680                           N            08/01/31
    0

    5132790          E22/G02             F          143,500.00         ZZ
                                         360        143,500.00          1
                                       9.000          1,154.63         70
                                       8.750          1,154.63
    VEGA             TX   79092          5            07/09/01         00
    0412777385                           05           09/01/01          0
    0412777385                           O            08/01/31
    0

    5132832          E22/G02             F          175,750.00         ZZ
                                         360        175,750.00          1
                                       7.500          1,228.87         95
                                       7.250          1,228.87
    ALBUQUERQUE      NM   87109          1            07/13/01         04
    0412810905                           05           09/01/01         30
    0412810905                           O            08/01/31
    0
1

    5132833          E22/G02             F           39,900.00         ZZ
                                         360         39,900.00          2
                                       8.875            317.46         70
                                       8.625            317.46
    GRAND RAPIDS     MI   49504          5            07/13/01         00
    0412811564                           05           09/01/01          0
    0412811564                           N            08/01/31
    0

    5132836          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.250            873.19         80
                                       7.000            873.19
    BONNER SPRINGS   KS   66012          5            07/09/01         00
    0412815060                           05           09/01/01          0
    0412815060                           O            08/01/31
    0

    5133712          U05/G02             F           78,275.00         ZZ
                                         360         78,275.00          1
                                       8.875            622.79         95
                                       8.625            622.79
    BRYN MAWR        PA   19010          1            07/20/01         11
    0433020278                           06           09/01/01         30
    3138267                              O            08/01/31
    0

    5141515          E22/G02             F          109,800.00         ZZ
                                         360        109,800.00          1
                                       7.875            796.13         90
                                       7.625            796.13
    TOWNSHIP OF EWI  NJ   08638          2            07/10/01         04
    0412739955                           05           09/01/01         25
    0412739955                           O            08/01/31
    0

    5141525          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.250            873.19         80
                                       7.000            873.19
    ANTELOPE         CA   95843          5            06/29/01         00
    0412751042                           05           09/01/01          0
    0412751042                           O            08/01/31
    0

    5141528          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
1

                                       7.625            353.90         20
                                       7.375            353.90
    SANTA FE         NM   87505          5            07/10/01         00
    0412753865                           05           09/01/01          0
    0412753865                           O            08/01/31
    0

    5141541          E22/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
                                       7.250          1,031.45         80
                                       7.000          1,031.45
    GAINESVILLE      VA   20155          5            07/11/01         00
    0412764656                           09           09/01/01          0
    0412764656                           O            08/01/31
    0

    5141544          E22/G02             F          118,400.00         ZZ
                                         360        118,400.00          1
                                       7.250            807.70         78
                                       7.000            807.70
    CARROLLTON       TX   75006          5            07/11/01         00
    0412766024                           05           09/01/01          0
    0412766024                           O            08/01/31
    0

    5141551          E22/G02             F          201,600.00         ZZ
                                         360        201,600.00          1
                                       7.625          1,426.91         80
                                       7.375          1,426.91
    GARDEN RIDGE     TX   78266          5            07/09/01         00
    0412770547                           05           09/01/01          0
    0412770547                           O            08/01/31
    0

    5141561          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          2
                                       8.250          2,065.98         79
                                       8.000          2,065.98
    YONKERS          NY   10703          5            07/10/01         00
    0412781247                           05           09/01/01          0
    0412781247                           O            08/01/31
    0

    5141562          E22/G02             F          211,000.00         ZZ
                                         360        211,000.00          1
                                       7.875          1,529.90         90
                                       7.625          1,529.90
    ROCKLIN          CA   95765          5            07/06/01         01
    0412782930                           05           09/01/01         25
1

    0412782930                           O            08/01/31
    0

    5141566          E22/G02             F           59,680.00         ZZ
                                         360         59,680.00          1
                                       8.500            458.89         80
                                       8.250            458.89
    BONITA SPRINGS   FL   34135          1            07/16/01         00
    0412785222                           27           09/01/01          0
    0412785222                           O            08/01/31
    0

    5141580          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       7.625            700.72         90
                                       7.375            700.72
    NORWALK          CT   06850          1            07/16/01         04
    0412795668                           01           09/01/01         25
    0412795668                           N            08/01/31
    0

    5141664          E82/G02             F          109,000.00         ZZ
                                         360        109,000.00          1
                                       7.875            790.33         77
                                       7.625            790.33
    BEDMINSTER       NJ   07921          2            07/16/01         00
    0400448700                           01           09/01/01          0
    1967492                              N            08/01/31
    0

    5141672          E82/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       7.875            775.82         70
                                       7.625            775.82
    INDIAN RIVER     MI   49749          2            07/13/01         00
    0400453163                           05           09/01/01          0
    1979385                              O            08/01/31
    0

    5141674          E82/G02             F          102,400.00         ZZ
                                         360        102,400.00          1
                                       7.375            707.25         80
                                       7.125            707.25
    DES PLAINES      IL   60016          2            07/13/01         00
    0400436556                           01           09/01/01          0
    0400436556                           O            08/01/31
    0

1

    5141679          E82/G02             F          191,200.00         T
                                         360        191,200.00          1
                                       7.750          1,369.78         80
                                       7.500          1,369.78
    SEATTLE          WA   98178          2            07/06/01         00
    0400452793                           05           09/01/01          0
    0400452793                           O            08/01/31
    0

    5148629          696/G02             F          109,600.00         ZZ
                                         360        109,526.46          1
                                       8.000            804.21         80
                                       7.750            804.21
    ALEXANDRIA       VA   22304          1            07/03/01         00
    0433006061                           08           08/01/01          0
    25701066                             O            07/01/31
    0

    5149936          E22/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       7.750            494.32         94
                                       7.500            494.32
    NORTH CHARLESTO  SC   29420          2            07/12/01         01
    0412716250                           05           09/01/01         30
    0412716250                           O            08/01/31
    0

    5149947          E22/G02             F          234,800.00         ZZ
                                         360        234,800.00          1
                                       8.000          1,722.88         80
                                       7.750          1,722.88
    BOULDER          CO   80305          1            07/17/01         00
    0412740227                           05           09/01/01          0
    0412740227                           N            08/01/31
    0

    5149955          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       8.375          2,006.59         80
                                       8.125          2,006.59
    AUSTIN           TX   78703          5            07/12/01         00
    0412758203                           05           09/01/01          0
    0412758203                           O            08/01/31
    0

    5149962          E22/G02             F          161,200.00         ZZ
                                         360        161,200.00          4
                                       7.875          1,168.81         80
                                       7.625          1,168.81
1

    METAIRIE         LA   70001          2            07/10/01         00
    0412765422                           05           09/01/01          0
    0412765422                           O            08/01/31
    0

    5149967          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       7.250            368.38         75
                                       7.000            368.38
    EL PASO          TX   79936          5            07/12/01         00
    0412770455                           05           09/01/01          0
    0412770455                           N            08/01/31
    0

    5149969          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          2
                                       7.500            534.90         90
                                       7.250            534.90
    NICOLAUS         CA   95659          5            07/11/01         01
    0412773954                           05           09/01/01         25
    0412773954                           O            08/01/31
    0

    5149974          E22/G02             F          184,000.00         T
                                         360        184,000.00          1
                                       7.875          1,334.13         80
                                       7.625          1,334.13
    KEYWEST          FL   33040          1            07/17/01         00
    0412779332                           05           09/01/01          0
    0412779332                           O            08/01/31
    0

    5149990          E22/G02             F          175,680.00         ZZ
                                         360        175,680.00          2
                                       8.000          1,289.08         80
                                       7.750          1,289.08
    AUSTIN           TX   78745          1            07/11/01         00
    0412793887                           05           09/01/01          0
    0412793887                           N            08/01/31
    0

    5149999          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       8.750            409.08         80
                                       8.500            409.08
    MEMPHIS          TN   38122          5            07/12/01         00
    0412800518                           05           09/01/01          0
    0412800518                           O            08/01/31
    0
1

    5150259          M66/G02             F           89,250.00         ZZ
                                         360         89,250.00          1
                                       8.750            702.14         85
                                       8.500            702.14
    VINELAND         NJ   08360          1            07/20/01         11
    0433017092                           05           09/01/01         12
    214465                               O            08/01/31
    0

    5150681          076/076             F           85,000.00         ZZ
                                         360         84,893.97          1
                                       8.375            646.06         77
                                       8.125            646.06
    O BRIEN          FL   32071          2            11/08/00         00
    4847814                              05           07/01/01          0
    4847814                              O            06/01/31
    0

    5150683          076/076             F           94,500.00         ZZ
                                         360         94,433.30          1
                                       7.750            677.01         75
                                       7.500            677.01
    SAINT PETERS     MO   63376          5            06/07/01         00
    5147593                              05           08/01/01          0
    5147593                              O            07/01/31
    0

    5150685          076/076             F          270,000.00         ZZ
                                         360        267,920.59          1
                                       7.875          1,957.69         74
                                       7.625          1,957.69
    MANSFIELD        MA   02048          5            05/22/01         00
    5258784                              05           07/01/01          0
    5258784                              O            06/01/31
    0

    5151469          168/168             F          141,000.00         ZZ
                                         360        140,918.88          4
                                       8.750          1,109.25         89
                                       8.500          1,109.25
    TIVOLI           NY   12583          2            06/26/01         10
    0059321199                           05           08/01/01         25
    0059321199                           N            07/01/31
    0

    5151651          286/286             F           84,000.00         ZZ
                                         360         83,947.78          2
1

                                       8.375            638.47         70
                                       8.125            638.47
    BURLINGTON       VT   05401          5            06/05/01         00
    0000101648                           05           08/01/01          0
    0000101648                           N            07/01/31
    0

    5154422          U62/G02             F          143,000.00         ZZ
                                         360        142,901.59          1
                                       7.875          1,036.85         80
                                       7.625          1,036.85
    CANTON           MI   48188          5            06/12/01         00
    0433006020                           05           08/01/01          0
    2001247573                           O            07/01/31
    0

    5158448          E44/G02             F          181,200.00         ZZ
                                         360        181,084.45          1
                                       8.250          1,361.30         80
                                       8.000          1,361.30
    FARR WEST        UT   84404          2            06/26/01         00
    0433013950                           05           08/01/01          0
    1                                    N            07/01/31
    0

    5158856          E82/G02             F          108,750.00         ZZ
                                         360        108,750.00          2
                                       8.500            836.19         75
                                       8.250            836.19
    CHICAGO          IL   60644          5            07/18/01         00
    0400446894                           05           09/01/01          0
    400446894                            N            08/01/31
    0

    5158859          E82/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       7.750            881.19         41
                                       7.500            881.19
    HOWELL           NJ   07731          5            07/16/01         00
    0400446704                           05           09/01/01          0
    400446704                            O            08/01/31
    0

    5159633          K81/G02             F          145,000.00         ZZ
                                         360        144,920.80          1
                                       9.000          1,166.70         74
                                       8.750          1,166.70
    KANSAS CITY      MO   64155          2            06/29/01         00
    0433015583                           05           08/05/01          0
1

    6060008                              O            07/05/31
    0

    5164841          286/286             F          210,000.00         ZZ
                                         360        209,832.07          1
                                       7.125          1,414.81         79
                                       6.875          1,414.81
    MOSCOW           PA   18444          2            06/07/01         00
    26607                                05           08/01/01          0
    26607                                O            07/01/31
    0

    5166267          E22/G02             F          172,500.00         ZZ
                                         360        172,500.00          2
                                       7.750          1,235.81         75
                                       7.500          1,235.81
    COCONUT GROVE    FL   33133          5            07/13/01         00
    0412687436                           05           09/01/01          0
    0412687436                           O            08/01/31
    0

    5166271          E22/G02             F          110,500.00         ZZ
                                         360        110,500.00          1
                                       8.000            810.81         84
                                       7.750            810.81
    CHARLOTTE        NC   28227          2            07/13/01         04
    0412710741                           05           09/01/01         12
    0412710741                           O            08/01/31
    0

    5166284          E22/G02             F          157,000.00         ZZ
                                         360        157,000.00          1
                                       8.750          1,235.12         85
                                       8.500          1,235.12
    DERRY            NH   03038          5            07/13/01         04
    0412745713                           05           09/01/01         12
    0412745713                           O            08/01/31
    0

    5166295          E22/G02             F           38,025.00         ZZ
                                         360         38,025.00          1
                                       9.125            309.38         90
                                       8.875            309.38
    BARDWELL         TX   75101          1            07/13/01         01
    0412770109                           05           09/01/01         25
    0412770109                           N            08/01/31
    0

1

    5166324          E22/G02             F           32,550.00         ZZ
                                         360         32,550.00          3
                                       9.250            267.78         70
                                       9.000            267.78
    NEWPORT          ME   04953          1            07/18/01         00
    0412792939                           05           09/01/01          0
    0412792939                           N            08/01/31
    0

    5166336          E22/G02             F           68,500.00         ZZ
                                         360         68,500.00          1
                                       7.500            478.96         80
                                       7.250            478.96
    N. CHARLESTON    SC   29406          5            07/13/01         00
    0412802761                           05           09/01/01          0
    0412802761                           O            08/01/31
    0

    5166352          E22/G02             F          107,700.00         ZZ
                                         360        107,700.00          1
                                       7.375            743.86         94
                                       7.125            743.86
    LOUISVILLE       KY   40291          2            07/13/01         01
    0412814527                           05           09/01/01         30
    0412814527                           O            08/01/31
    0

    5166357          E22/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       7.875          1,036.85         90
                                       7.625          1,036.85
    HAMILTON         OH   45013          5            07/13/01         04
    0412818015                           05           09/01/01         25
    0412818015                           O            08/01/31
    0

    5166475          E22/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
                                       8.750            283.21         90
                                       8.500            283.21
    HARPER WOODS     MI   48225          1            07/19/01         04
    0412674012                           05           09/01/01         25
    0412674012                           N            08/01/31
    0

    5166503          E22/G02             F          121,000.00         ZZ
                                         360        121,000.00          3
                                       7.875            877.33         87
                                       7.625            877.33
1

    PROVIDENCE       RI   02904          2            07/19/01         04
    0412788127                           05           09/01/01         25
    0412788127                           N            08/01/31
    0

    5166510          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.500            615.13         62
                                       8.250            615.13
    LAKE ORION       MI   48362          5            07/19/01         00
    0412799355                           05           09/01/01          0
    0412799355                           N            08/01/31
    0

    5166603          E82/G02             F           90,600.00         ZZ
                                         360         90,600.00          1
                                       7.625            641.26         79
                                       7.375            641.26
    ROCHESTER        MN   55901          2            07/16/01         00
    0400451225                           05           09/01/01          0
    0400451225                           O            08/01/31
    0

    5166607          E82/G02             F          111,050.00         ZZ
                                         360        111,050.00          1
                                       8.000            814.85         87
                                       7.750            814.85
    MATTHEWS         NC   28105          2            07/16/01         04
    0400452041                           05           09/01/01         25
    0400452041                           O            08/01/31
    0

    5166608          E82/G02             F          193,800.00         ZZ
                                         360        193,800.00          1
                                       8.250          1,455.95         95
                                       8.000          1,455.95
    LEXINGTON        KY   40513          5            07/13/01         04
    0400447017                           05           09/01/01         30
    0400447017                           O            08/01/31
    0

    5173435          Q44/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       7.375          1,229.41         80
                                       7.125          1,229.41
    WEST BLOOMFIELD  MI   48322          1            06/16/01         00
    0433009966                           01           09/01/01          0
    12154                                O            08/01/31
    0
1

    5176168          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          4
                                       8.375          1,162.91         90
                                       8.125          1,162.91
    HYDE PARK        VT   05655          1            07/20/01         04
    0412673295                           05           09/01/01         25
    0412673295                           N            08/01/31
    0

    5176174          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       8.250            931.57         80
                                       8.000            931.57
    KALAMAZOO        MI   49006          2            07/16/01         00
    0412724494                           05           09/01/01          0
    0412724494                           O            08/01/31
    0

    5176187          E22/G02             F           86,450.00         ZZ
                                         360         86,450.00          1
                                       8.875            687.84         65
                                       8.625            687.84
    WOLCOTTVILLE     IN   46795          5            07/16/01         00
    0412759912                           05           09/01/01          0
    0412759912                           O            08/01/31
    0

    5176190          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       8.625          1,050.02         79
                                       8.375          1,050.02
    DALLAS           TX   75253          5            07/13/01         00
    0412761587                           05           09/01/01          0
    0412761587                           O            08/01/31
    0

    5176213          E22/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
                                       8.000            322.86         80
                                       7.750            322.86
    DAYTON           OH   45403          5            07/20/01         00
    0412790255                           05           09/01/01          0
    0412790255                           N            08/01/31
    0

    5176216          E22/G02             F          139,050.00         ZZ
                                         360        139,050.00          3
1

                                       8.500          1,069.17         90
                                       8.250          1,069.17
    DERRY            NH   03038          1            07/20/01         04
    0412791683                           05           09/01/01         25
    0412791683                           N            08/01/31
    0

    5176258          E22/G02             F          107,350.00         ZZ
                                         360        107,350.00          1
                                       7.875            778.36         95
                                       7.625            778.36
    AIKEN            SC   29801          1            07/13/01         01
    0412824344                           05           09/01/01         30
    0412824344                           O            08/01/31
    0

    5176263          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       8.125            861.30         80
                                       7.875            861.30
    SALT LAKE CITY   UT   84106          5            07/13/01         00
    0412828758                           05           09/01/01          0
    0412828758                           O            08/01/31
    0

    5176277          E22/G02             F           73,800.00         ZZ
                                         360         73,800.00          1
                                       8.625            574.01         90
                                       8.375            574.01
    DAVIE            FL   33314          1            07/20/01         04
    0412845497                           01           09/01/01         25
    0412845497                           O            08/01/31
    0

    5176305          E82/G02             F          112,700.00         ZZ
                                         360        112,700.00          1
                                       7.375            778.39         80
                                       7.125            778.39
    HENDERSONVILLE   NC   28726          5            07/18/01         00
    0400447744                           05           09/01/01          0
    0400447744                           O            08/01/31
    0

    5179799          623/G02             F          221,000.00         ZZ
                                         360        220,517.09          1
                                       7.625          1,564.22         90
                                       7.375          1,564.22
    OREM             UT   84097          1            05/01/01         10
    0433004868                           05           06/01/01         25
1

    1914280                              O            05/01/31
    0

    5179803          623/G02             F          168,000.00         ZZ
                                         360        167,892.87          3
                                       8.250          1,262.13         77
                                       8.000          1,262.13
    SAN DIEGO        CA   92105          5            06/21/01         00
    0433003399                           05           08/01/01          0
    1973764                              N            07/01/31
    0

    5179805          623/G02             F          161,900.00         ZZ
                                         360        161,809.24          4
                                       8.875          1,288.15         90
                                       8.625          1,288.15
    RIALTO           CA   92376          1            06/11/01         04
    0433004835                           05           08/01/01         25
    1977721                              N            07/01/31
    0

    5179818          623/G02             F          126,400.00         ZZ
                                         360        126,321.44          1
                                       8.375            960.73         80
                                       8.125            960.73
    SANDY            UT   84094          5            06/18/01         00
    0433005394                           05           08/01/01          0
    2785993                              O            07/01/31
    0

    5179821          623/G02             F           54,450.00         ZZ
                                         360         54,352.86          4
                                       8.625            423.51         90
                                       8.375            423.51
    ST LOUIS         MO   63118          1            04/18/01         10
    0433003340                           05           06/01/01         25
    5336868                              N            05/01/31
    0

    5179828          623/G02             F          149,500.00         ZZ
                                         360        149,407.08          1
                                       8.375          1,136.31         65
                                       8.125          1,136.31
    ATLANTA          GA   30319          5            06/19/01         00
    0433006384                           05           08/01/01          0
    5357808                              N            07/01/31
    0

1

    5179832          623/G02             F          133,200.00         ZZ
                                         360        133,119.31          1
                                       8.500          1,024.19         90
                                       8.250          1,024.19
    SPRING GROVE     IL   60081          1            06/27/01         10
    0433005808                           05           08/01/01         25
    5360188                              O            07/01/31
    0

    5181803          N47/G02             F          150,000.00         T
                                         360        149,896.78          1
                                       7.875          1,087.60         75
                                       7.625          1,087.60
    CULLOWHEE        NC   28723          5            06/25/01         00
    0433012168                           05           08/01/01          0
    40110962                             O            07/01/31
    0

    5184969          E22/G02             F           58,900.00         ZZ
                                         360         58,900.00          1
                                       8.250            442.50         91
                                       8.000            442.50
    NEWBERRY         SC   29108          5            07/17/01         01
    0412551483                           05           09/01/01         30
    0412551483                           O            08/01/31
    0

    5184976          E22/G02             F          107,100.00         ZZ
                                         360        107,100.00          3
                                       8.500            823.51         90
                                       8.250            823.51
    NEPTUNE          NJ   07753          1            07/23/01         01
    0412702425                           05           09/01/01         25
    0412702425                           N            08/01/31
    0

    5184981          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       8.500            899.63         90
                                       8.250            899.63
    LAKEWOOD         WA   98498          5            07/12/01         04
    0412723199                           05           09/01/01         25
    0412723199                           O            08/01/31
    0

    5184992          E22/G02             F           76,100.00         ZZ
                                         360         76,100.00          1
                                       8.000            558.39         63
                                       7.750            558.39
1

    HULL             TX   77564          2            07/18/01         00
    0412756843                           05           09/01/01          0
    0412756843                           O            08/01/31
    0

    5185029          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.750          1,970.13         73
                                       7.500          1,970.13
    KINGSLAND        TX   78639          5            07/18/01         00
    0412798886                           05           09/01/01          0
    0412798886                           O            08/01/31
    0

    5185033          E22/G02             F           72,720.00         ZZ
                                         360         72,720.00          1
                                       8.500            559.15         90
                                       8.250            559.15
    BROKEN ARROW     OK   74012          1            07/23/01         01
    0412803124                           05           09/01/01         30
    0412803124                           O            08/01/31
    0

    5185085          E22/G02             F           26,000.00         ZZ
                                         360         26,000.00          1
                                       8.500            199.92         80
                                       8.250            199.92
    DALLAS           TX   75206          1            07/20/01         00
    0412832073                           01           09/01/01          0
    0412832073                           N            08/01/31
    0

    5185090          E22/G02             F          139,860.00         ZZ
                                         360        139,860.00          1
                                       9.000          1,125.35         90
                                       8.750          1,125.35
    PEMBROKE PINES   FL   33029          1            07/20/01         04
    0412848798                           03           09/01/01         25
    0412848798                           O            08/01/31
    0

    5185124          E82/G02             F          104,500.00         ZZ
                                         360        104,500.00          1
                                       7.625            739.64         80
                                       7.375            739.64
    LAS VEGAS        NV   89123          2            07/11/01         00
    0400449658                           03           09/01/01          0
    0400449658                           N            08/01/31
    0
1

    5185133          E82/G02             F           70,400.00         ZZ
                                         360         70,400.00          1
                                       7.875            510.45         80
                                       7.625            510.45
    RIDGELAND        MS   39157          2            07/18/01         00
    0400451271                           05           09/01/01          0
    2993972                              O            08/01/31
    0

    5185146          E82/G02             F          136,300.00         ZZ
                                         360        136,300.00          1
                                       7.625            964.72         77
                                       7.375            964.72
    ANNISTON         AL   36201          2            07/20/01         00
    0400455655                           05           09/01/01          0
    0400455655                           O            08/01/31
    0

    5185150          E82/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       7.750          1,217.90         75
                                       7.500          1,217.90
    GLEN MILLS       PA   19078          2            07/20/01         00
    0400454294                           05           09/01/01          0
    2000225                              O            08/01/31
    0

    5185151          E82/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
                                       7.750            991.51         80
                                       7.500            991.51
    HAMPTON          NH   03842          2            07/20/01         00
    0400454229                           01           09/01/01          0
    3374049                              O            08/01/31
    0

    5186130          U59/G02             F           44,000.00         T
                                         360         43,970.47          1
                                       8.000            322.86         80
                                       7.750            322.86
    WAPPINGERS FALL  NY   12590          1            07/16/01         00
    0433001294                           07           08/16/01          0
    800870165                            O            07/16/31
    0

    5187643          964/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
1

                                       8.000          1,819.74         80
                                       7.750          1,819.74
    DENVER           CO   80237          1            07/13/01         00
    0433000924                           05           09/01/01          0
    129769                               O            08/01/31
    0

    5188659          A52/G02             F          111,200.00         ZZ
                                         360        111,200.00          1
                                       8.500            855.03         80
                                       8.250            855.03
    DECATUR          GA   30032          1            07/17/01         00
    0433009800                           05           09/01/01          0
    15631                                N            08/01/31
    0

    5194284          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       8.250            833.91         80
                                       8.000            833.91
    RICHLAND         WA   99352          5            07/13/01         00
    0412775538                           09           09/01/01          0
    0412775538                           O            08/01/31
    0

    5194298          E22/G02             F           41,850.00         ZZ
                                         360         41,850.00          1
                                       8.375            318.09         90
                                       8.125            318.09
    HOCKLEY          TX   77447          1            07/17/01         04
    0412794752                           03           09/01/01         25
    0412794752                           N            08/01/31
    0

    5194334          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          2
                                       7.625            743.18         75
                                       7.375            743.18
    AUSTIN           TX   78723          5            07/23/01         00
    0412829616                           05           09/01/01          0
    0412829616                           N            08/01/31
    0

    5194335          E22/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
                                       7.750          1,482.97         90
                                       7.500          1,482.97
    GARLAND          TX   75043          1            07/24/01         01
    0412829947                           05           09/01/01         25
1

    0412829947                           O            08/01/31
    0

    5194342          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       7.500            692.22         87
                                       7.250            692.22
    NEW ORLEANS      LA   70128          5            07/19/01         04
    0412836371                           05           09/01/01         25
    0412836371                           O            08/01/31
    0

    5194928          E82/G02             F           87,400.00         ZZ
                                         360         87,400.00          1
                                       7.875            633.71         80
                                       7.625            633.71
    PHOENIX          AZ   85029          2            07/23/01         00
    0400450482                           05           09/01/01          0
    3920898                              N            08/01/31
    0

    5198604          K88/G02             F           59,200.00         ZZ
                                         360         59,164.13          1
                                       8.500            455.20         80
                                       8.250            455.20
    NORTH PLAINFIEL  NJ   07063          1            06/29/01         00
    0433018736                           01           08/01/01          0
    16045                                N            07/01/31
    0

    5198686          964/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       8.125            902.13         75
                                       7.875            902.13
    MT CRESTED BUTT  CO   81225          5            07/17/01         00
    0433000916                           01           09/01/01          0
    130544                               N            08/01/31
    0

    5202443          E22/G02             F          181,450.00         ZZ
                                         360        181,450.00          2
                                       7.125          1,222.46         89
                                       6.875          1,222.46
    CUDAHY           CA   90201          2            07/17/01         04
    0412685943                           05           09/01/01         25
    0412685943                           O            08/01/31
    0

1

    5202444          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       7.750          1,096.11         90
                                       7.500          1,096.11
    KEY BISCAYNE     FL   33149          1            07/25/01         04
    0412690208                           01           09/01/01         25
    0412690208                           N            08/01/31
    0

    5202450          E22/G02             F          149,450.00         ZZ
                                         360        149,450.00          1
                                       7.750          1,070.68         80
                                       7.500          1,070.68
    FORT DAVIS       TX   79734          5            07/20/01         00
    0412736340                           05           09/01/01          0
    0412736340                           O            08/01/31
    0

    5202464          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       7.875            667.06         89
                                       7.625            667.06
    CHICOPEE         MA   01020          5            07/20/01         01
    0412786386                           05           09/01/01         25
    0412786386                           O            08/01/31
    0

    5202477          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.875            812.08         80
                                       7.625            812.08
    MCKINNEY         TX   75070          5            07/18/01         00
    0412805509                           05           09/01/01          0
    0412805509                           O            08/01/31
    0

    5202489          E22/G02             F           87,000.00         ZZ
                                         360         87,000.00          1
                                       7.625            615.78         80
                                       7.375            615.78
    FRESNO           CA   93705          2            07/19/01         00
    0412816944                           05           09/01/01          0
    0412816944                           O            08/01/31
    0

    5202490          E22/G02             F          236,800.00         ZZ
                                         360        236,800.00          1
                                       7.875          1,716.96         80
                                       7.625          1,716.96
1

    ANTIOCH          CA   94509          5            07/19/01         00
    0412817074                           05           09/01/01          0
    0412817074                           O            08/01/31
    0

    5202503          E22/G02             F           79,800.00         ZZ
                                         360         79,800.00          1
                                       8.125            592.51         70
                                       7.875            592.51
    ATLANTA          GA   30331          2            07/20/01         00
    0412826752                           05           09/01/01          0
    0412826752                           O            08/01/31
    0

    5202590          E82/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.500            950.93         79
                                       7.250            950.93
    EVERETT          WA   98025          2            07/23/01         00
    0400452678                           03           09/01/01          0
    1589760                              O            08/01/31
    0

    5208917          286/286             F          200,000.00         ZZ
                                         360        199,836.06          2
                                       7.000          1,330.61         80
                                       6.750          1,330.61
    GROSSE ILE       MI   48138          1            06/21/01         00
    398472                               05           08/01/01          0
    398472                               N            07/01/31
    0

    5208918          286/286             F          161,100.00         ZZ
                                         360        160,980.44          2
                                       7.500          1,126.44         90
                                       7.250          1,126.44
    HYANNIS          MA   02601          1            06/26/01         11
    416810                               05           08/01/01         25
    416810                               N            07/01/31
    0

    5208925          286/286             F           67,000.00         ZZ
                                         360         66,950.27          2
                                       7.500            468.48         47
                                       7.250            468.48
    AUSTIN           TX   78758          2            06/25/01         00
    382585                               05           08/01/01          0
    382585                               N            07/01/31
    0
1

    5208928          286/286             F           72,150.00         ZZ
                                         360         72,092.30          4
                                       7.125            486.09         50
                                       6.875            486.09
    TUCSON           AZ   85716          2            06/18/01         00
    392869                               05           08/01/01          0
    392869                               N            07/01/31
    0

    5208930          286/286             F           92,610.00         ZZ
                                         360         92,541.26          2
                                       7.500            647.55         90
                                       7.250            647.55
    WILLIAMSTON      SC   29697          1            06/21/01         12
    432169                               05           08/01/01         25
    432169                               N            07/01/31
    0

    5208932          286/286             F          150,000.00         ZZ
                                         360        149,888.67          2
                                       7.500          1,048.83         78
                                       7.250          1,048.83
    SALEM            OR   97303          2            06/18/01         00
    268121                               05           08/01/01          0
    268121                               N            07/01/31
    0

    5208933          286/286             F          140,250.00         ZZ
                                         360        140,145.91          2
                                       7.500            980.65         73
                                       7.250            980.65
    SALEM            OR   97303          5            06/18/01         00
    268122                               05           08/01/01          0
    268122                               N            07/01/31
    0

    5208936          286/286             F           71,200.00         ZZ
                                         360         71,155.75          2
                                       8.375            541.17         80
                                       8.125            541.17
    NORFOLK          VA   23509          5            06/19/01         00
    9857373                              05           08/01/01          0
    9857373                              N            07/01/31
    0

    5208938          286/286             F          181,500.00         ZZ
                                         360        181,365.31          2
1

                                       7.500          1,269.07         66
                                       7.250          1,269.07
    SANTA ROSA       CA   95403          5            06/12/01         00
    9832527                              05           08/01/01          0
    9832527                              N            07/01/31
    0

    5208939          286/286             F          165,000.00         ZZ
                                         360        164,766.33          2
                                       7.750          1,182.08         75
                                       7.500          1,182.08
    OAKLAND          CA   94603          2            05/31/01         00
    9854412                              05           07/01/01          0
    9854412                              N            06/01/31
    0

    5208941          286/286             F           66,150.00         ZZ
                                         360         66,108.88          1
                                       8.375            502.79         90
                                       8.125            502.79
    POMPANO BEACH    FL   33069          1            06/25/01         12
    9867247                              08           08/01/01         30
    9867247                              N            07/01/31
    0

    5208942          286/286             F          147,800.00         ZZ
                                         360        147,690.31          4
                                       7.500          1,033.44         49
                                       7.250          1,033.44
    ESCONDIDO        CA   92025          5            06/13/01         00
    9847068                              05           08/01/01          0
    9847068                              N            07/01/31
    0

    5208945          286/286             F          131,750.00         ZZ
                                         360        131,654.64          2
                                       7.625            932.52         85
                                       7.375            932.52
    CHICAGO          IL   60649          2            06/27/01         21
    9863394                              05           08/01/01         25
    9863394                              N            07/01/31
    0

    5208946          286/286             F           70,400.00         ZZ
                                         360         70,356.24          1
                                       8.375            535.09         80
                                       8.125            535.09
    DETROIT          MI   48234          1            07/02/01         00
    9867787                              05           08/01/01          0
1

    9867787                              N            07/01/31
    0

    5208949          286/286             F           59,200.00         ZZ
                                         360         59,161.27          2
                                       8.125            439.56         80
                                       7.875            439.56
    NORFOLK          VA   23513          1            06/22/01         00
    9847531                              05           08/01/01          0
    9847531                              N            07/01/31
    0

    5208950          286/286             F          152,000.00         ZZ
                                         360        151,887.19          2
                                       7.500          1,062.81         80
                                       7.250          1,062.81
    LOS ANGELES      CA   90042          5            06/12/01         00
    9835468                              05           08/01/01          0
    9835468                              N            07/01/31
    0

    5211236          E22/G02             F          109,600.00         ZZ
                                         360        109,600.00          1
                                       7.500            766.34         80
                                       7.250            766.34
    PROVO            UT   84604          1            07/17/01         00
    0412702417                           01           09/01/01          0
    0412702417                           N            08/01/31
    0

    5211248          E22/G02             F          115,000.00         ZZ
                                         360        115,000.00          3
                                       8.500            884.25         68
                                       8.250            884.25
    LOS ANGELES      CA   90039          2            07/11/01         00
    0412757288                           05           09/01/01          0
    0412757288                           N            08/01/31
    0

    5211255          E22/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
                                       8.125            700.92         80
                                       7.875            700.92
    SANFORD          ME   04073          1            07/26/01         00
    0412776163                           05           09/01/01          0
    0412776163                           N            08/01/31
    0

1

    5211260          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       8.375          1,900.18         62
                                       8.125          1,900.18
    DALLAS           TX   75206          5            07/20/01         00
    0412793440                           05           09/01/01          0
    0412793440                           O            08/01/31
    0

    5211297          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          3
                                       8.000          2,017.85         69
                                       7.750          2,017.85
    TRUCKEE          CA   96161          5            07/19/01         00
    0412842866                           05           09/01/01          0
    0412842866                           N            08/01/31
    0

    5212041          E82/G02             F          180,800.00         ZZ
                                         360        180,800.00          2
                                       7.750          1,295.27         80
                                       7.500          1,295.27
    BURBANK          CA   91506          2            07/23/01         00
    0400452520                           05           09/01/01          0
    3232063                              N            08/01/31
    0

    5219849          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       8.125            386.10         80
                                       7.875            386.10
    BROWNING         MT   59417          5            07/27/01         00
    0412579781                           05           09/01/01          0
    0412579781                           N            08/01/31
    0

    5219850          E22/G02             F           33,600.00         ZZ
                                         360         33,600.00          1
                                       8.125            249.48         80
                                       7.875            249.48
    BROWNING         MT   59417          5            07/27/01         00
    0412579864                           05           09/01/01          0
    0412579864                           N            08/01/31
    0

    5219851          E22/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       7.375            794.28         84
                                       7.125            794.28
1

    MIAMI            FL   33162          5            07/23/01         01
    0412702847                           05           09/01/01         12
    0412702847                           O            08/01/31
    0

    5219883          E22/G02             F           52,800.00         ZZ
                                         360         52,800.00          1
                                       8.875            420.10         80
                                       8.625            420.10
    CONROE           TX   77385          5            07/27/01         00
    0412796955                           03           09/01/01          0
    0412796955                           N            08/01/31
    0

    5219899          E22/G02             F           45,300.00         ZZ
                                         360         45,300.00          1
                                       9.250            372.67         70
                                       9.000            372.67
    BESSEMER         AL   35020          2            07/23/01         00
    0412807562                           05           09/01/01          0
    0412807562                           O            08/01/31
    0

    5219905          E22/G02             F           93,500.00         ZZ
                                         360         93,500.00          1
                                       8.250            702.43         95
                                       8.000            702.43
    LOUISVILLE       KY   40229          5            07/23/01         01
    0412817868                           05           09/01/01         30
    0412817868                           O            08/01/31
    0

    5219907          E22/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       7.750            766.56         80
                                       7.500            766.56
    CANNON CITY      CO   81212          5            07/23/01         00
    0412819302                           05           09/01/01          0
    0412819302                           O            08/01/31
    0

    5219912          E22/G02             F           57,200.00         ZZ
                                         360         57,200.00          1
                                       7.750            409.79         80
                                       7.500            409.79
    ESSEXVILLE       MI   48732          5            07/23/01         00
    0412824096                           05           09/01/01          0
    0412824096                           O            08/01/31
    0
1

    5219945          E22/G02             F          194,400.00         ZZ
                                         360        194,400.00          3
                                       7.750          1,392.71         90
                                       7.500          1,392.71
    BRONX            NY   10472          1            07/27/01         04
    0412849010                           05           09/01/01         25
    0412849010                           N            08/01/31
    0

    5219953          E22/G02             F          126,400.00         ZZ
                                         360        126,400.00          1
                                       7.750            905.55         80
                                       7.500            905.55
    KENNER           LA   70065          5            07/23/01         00
    0412854960                           05           09/01/01          0
    0412854960                           O            08/01/31
    0

    5219962          E22/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
                                       8.000            633.97         80
                                       7.750            633.97
    ALBUQUERQUE      NM   87120          2            07/27/01         00
    0412860033                           07           09/01/01          0
    0412860033                           N            08/01/31
    0

    5222478          225/G02             F           46,350.00         ZZ
                                         360         46,323.33          1
                                       8.750            364.64         90
                                       8.500            364.64
    ST JOHNSBURY     VT   05819          1            06/05/01         14
    0433000528                           05           08/01/01         25
    7263534                              N            07/01/31
    0

    5224233          225/G02             F          112,000.00         ZZ
                                         360        111,856.67          2
                                       8.250            841.42         80
                                       8.000            841.42
    CORNWALL         NY   12518          2            05/29/01         00
    0433031457                           05           07/01/01          0
    7265360                              N            06/01/31
    0

    5224733          225/G02             F          140,400.00         ZZ
                                         360        140,237.85          3
1

                                       8.750          1,104.53         90
                                       8.500          1,104.53
    PROVIDENCE       RI   02908          1            06/04/01         14
    0433005113                           05           07/01/01         30
    7262315                              O            06/01/31
    0

    5224980          225/G02             F           76,950.00         ZZ
                                         360         76,903.38          4
                                       8.500            591.68         90
                                       8.250            591.68
    TOLEDO           OH   43612          1            06/08/01         11
    0433003555                           05           08/01/01         25
    7267417                              N            07/01/31
    0

    5225447          225/G02             F          238,000.00         ZZ
                                         360        237,424.78          2
                                       7.125          1,603.45         84
                                       6.875          1,603.45
    CHICAGO          IL   60641          5            04/27/01         14
    0433031432                           05           06/01/01         25
    097264598                            O            05/01/31
    0

    5228774          E22/G02             F          131,400.00         ZZ
                                         360        131,400.00          1
                                       7.875            952.74         90
                                       7.625            952.74
    CITRUS HEIGHTS   CA   95621          5            07/23/01         01
    0412765224                           05           09/01/01         25
    0412765224                           O            08/01/31
    0

    5228779          E22/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
                                       7.500            637.68         80
                                       7.250            637.68
    MESA             CO   81643          1            07/27/01         00
    0412774465                           05           09/01/01          0
    0412774465                           O            08/01/31
    0

    5228783          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       7.750          1,128.35         90
                                       7.500          1,128.35
    MIDDLETOWN       CA   95461          2            07/19/01         01
    0412780363                           03           09/01/01         25
1

    0412780363                           O            08/01/31
    0

    5228795          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       7.875          1,232.62         80
                                       7.625          1,232.62
    SAGINAW          TX   76179          5            07/24/01         00
    0412798076                           05           09/01/01          0
    0412798076                           O            08/01/31
    0

    5228821          E22/G02             F           65,000.00         ZZ
                                         360         65,000.00          1
                                       7.875            471.30         77
                                       7.625            471.30
    PRESCOTT         MI   48756          5            07/25/01         00
    0412818916                           05           09/01/01          0
    0412818916                           O            08/01/31
    0

    5228841          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.750          1,834.02         80
                                       7.500          1,834.02
    FRESNO           CA   93720          1            07/23/01         00
    0412828923                           03           09/01/01          0
    0412828923                           O            08/01/31
    0

    5228868          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       7.875          1,595.15         80
                                       7.625          1,595.15
    PALESTINE        TX   75801          5            07/25/01         00
    0412843658                           05           09/01/01          0
    0412843658                           O            08/01/31
    0

    5228887          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.375            966.95         80
                                       7.125            966.95
    MISSOURI CITY    TX   77459          5            07/24/01         00
    0412851289                           03           09/01/01          0
    0412851289                           O            08/01/31
    0

1

    5228890          E22/G02             F          128,800.00         ZZ
                                         360        128,800.00          1
                                       7.375            889.59         80
                                       7.125            889.59
    GREAT FALLS      MT   59404          5            07/24/01         00
    0412853731                           05           09/01/01          0
    0412853731                           O            08/01/31
    0

    5228899          E22/G02             F          263,500.00         ZZ
                                         360        263,500.00          1
                                       8.000          1,933.47         80
                                       7.750          1,933.47
    AUSTIN           TX   78730          5            07/25/01         00
    0412857781                           03           09/01/01          0
    0412857781                           O            08/01/31
    0

    5228902          E22/G02             F          176,800.00         ZZ
                                         360        176,800.00          1
                                       7.375          1,221.11         85
                                       7.125          1,221.11
    BOULDER          WY   82923          1            07/30/01         01
    0412861965                           05           09/01/01         12
    0412861965                           O            08/01/31
    0

    5228905          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       7.500            769.14         79
                                       7.250            769.14
    ST AUGUSTINE     FL   32080          5            07/25/01         00
    0412866402                           05           09/01/01          0
    0412866402                           O            08/01/31
    0

    5228906          E22/G02             F           33,856.00         ZZ
                                         360         33,856.00          1
                                       8.500            260.32         95
                                       8.250            260.32
    TAMPA            FL   33614          1            07/30/01         01
    0412868820                           01           09/01/01         30
    0412868820                           O            08/01/31
    0

    5228907          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          2
                                       8.750            424.82         90
                                       8.500            424.82
1

    COPPERAS COVE    TX   76522          1            07/30/01         04
    0412876617                           05           09/01/01         30
    0412876617                           N            08/01/31
    0

    5237829          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          4
                                       8.000          1,254.74         54
                                       7.750          1,254.74
    CHULA VISTA      CA   91910          2            07/24/01         00
    0412692915                           05           09/01/01          0
    0412692915                           N            08/01/31
    0

    5237868          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       8.500            807.36         38
                                       8.250            807.36
    LYME             CT   06371          5            07/26/01         00
    0412800567                           05           09/01/01          0
    0412800567                           O            08/01/31
    0

    5237872          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       7.625            651.17         80
                                       7.375            651.17
    DALLAS           TX   75235          5            07/26/01         00
    0412803942                           05           09/01/01          0
    0412803942                           O            08/01/31
    0

    5237909          E22/G02             F           99,750.00         ZZ
                                         360         99,750.00          1
                                       8.375            758.17         75
                                       8.125            758.17
    MEDFORD          OR   97504          5            07/24/01         00
    0412828618                           05           09/01/01          0
    0412828618                           N            08/01/31
    0

    5237924          E22/G02             F          209,600.00         ZZ
                                         360        209,600.00          1
                                       7.750          1,501.60         80
                                       7.500          1,501.60
    SPRING VALLEY    CA   91977          1            07/24/01         00
    0412835670                           05           09/01/01          0
    0412835670                           O            08/01/31
    0
1

    5237929          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          3
                                       8.500          1,107.24         90
                                       8.250          1,107.24
    WORCESTER        MA   01606          1            07/31/01         04
    0412836413                           05           09/01/01         25
    0412836413                           N            08/01/31
    0

    5237971          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       8.250            721.22         80
                                       8.000            721.22
    VAN ALSTYNE      TX   75495          5            07/26/01         00
    0412849762                           05           09/01/01          0
    0412849762                           O            08/01/31
    0

    5237977          E22/G02             F          148,200.00         ZZ
                                         360        148,200.00          1
                                       7.500          1,036.24         95
                                       7.250          1,036.24
    BOYNTON BEACH    FL   33437          1            07/31/01         04
    0412851834                           03           09/01/01         30
    0412851834                           O            08/01/31
    0

    5237995          E22/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       7.625          1,875.65         80
                                       7.375          1,875.65
    GEORGETOWN       TX   78628          5            07/26/01         00
    0412860363                           03           09/01/01          0
    0412860363                           O            08/01/31
    0

    5238014          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       7.625            764.42         80
                                       7.375            764.42
    SPRING           TX   77386          5            07/26/01         00
    0412865784                           03           09/01/01          0
    0412865784                           O            08/01/31
    0

    5238019          E22/G02             F           98,200.00         ZZ
                                         360         98,200.00          1
1

                                       7.375            678.24         95
                                       7.125            678.24
    MEMPHIS          TN   38133          1            07/31/01         01
    0412866642                           05           09/01/01         30
    0412866642                           O            08/01/31
    0

    5238035          E22/G02             F           25,650.00         ZZ
                                         360         25,650.00          1
                                       8.125            190.45         90
                                       7.875            190.45
    BIRMINGHAM       AL   35205          1            07/31/01         10
    0412874034                           01           09/01/01         25
    0412874034                           N            08/01/31
    0

    5238058          225/G02             F          169,650.00         ZZ
                                         360        169,549.83          4
                                       8.625          1,319.53         90
                                       8.375          1,319.53
    WEST VALLEY CIT  UT   84120          1            06/12/01         11
    0433031291                           05           08/01/01         30
    7272301                              N            07/01/31
    0

    5238093          225/G02             F          168,750.00         ZZ
                                         360        168,642.39          3
                                       8.250          1,267.77         90
                                       8.000          1,267.77
    DANBURY          CT   06810          1            06/08/01         27
    0433031861                           05           08/01/01         25
    7272310                              N            07/01/31
    0

    5238941          E82/G02             F           90,850.00         ZZ
                                         360         90,850.00          1
                                       7.750            650.86         90
                                       7.500            650.86
    THOMASVILLE      GA   31792          2            07/26/01         04
    0400452090                           05           09/01/01         25
    1996601                              O            08/01/31
    0

    5238967          E82/G02             F          163,200.00         ZZ
                                         360        163,200.00          1
                                       8.000          1,197.50         80
                                       7.750          1,197.50
    ENGLEWOOD        CO   80110          2            07/25/01         00
    0400464137                           05           09/01/01          0
1

    0400464137                           N            08/01/31
    0

    5240812          225/G02             F           62,000.00         T
                                         360         61,964.33          1
                                       8.750            487.75         52
                                       8.500            487.75
    FORT LAUDERDALE  FL   33308          1            06/12/01         00
    0433031416                           06           08/01/01          0
    6538687                              O            07/01/31
    0

    5246374          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.750            917.01         80
                                       7.500            917.01
    CONDON           MT   59826          1            08/01/01         00
    0412786444                           05           09/01/01          0
    0412786444                           O            08/01/31
    0

    5246382          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       8.375          1,444.14         64
                                       8.125          1,444.14
    SHELBY TOWNSHIP  MI   48315          2            07/27/01         00
    0412795726                           05           09/01/01          0
    0412795726                           O            08/01/31
    0

    5246403          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       8.625          1,166.68         70
                                       8.375          1,166.68
    RICHMOND         CA   94802          5            07/24/01         00
    0412828501                           05           09/01/01          0
    0412828501                           N            08/01/31
    0

    5246414          E22/G02             F          133,500.00         ZZ
                                         360        133,500.00          1
                                       8.375          1,014.70         94
                                       8.125          1,014.70
    WELLINGTON       FL   33414          2            07/27/01         04
    0412838567                           03           09/01/01         30
    0412838567                           O            08/01/31
    0

1

    5246472          E22/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
                                       8.250            338.07         90
                                       8.000            338.07
    LEWISTOWN        IL   61542          1            08/01/01         04
    0412885022                           05           09/01/01         25
    0412885022                           N            08/01/31
    0

    5246477          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       7.500            860.03         95
                                       7.250            860.03
    CHARLOTTE        NC   28217          1            07/31/01         10
    0412898439                           01           09/01/01         30
    0412898439                           O            08/01/31
    0

    5248730          E22/G02             F           60,800.00         ZZ
                                         360         60,800.00          1
                                       8.000            446.13         80
                                       7.750            446.13
    PUEBLO           CO   81003          2            08/02/01         00
    0412766289                           05           09/01/01          0
    0412766289                           N            08/01/31
    0

    5248737          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.125          1,347.44         80
                                       6.875          1,347.44
    ELK GROVE        CA   95758          5            07/24/01         00
    0412788598                           05           09/01/01          0
    0412788598                           O            08/01/31
    0

    5248752          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       8.000          1,408.83         70
                                       7.750          1,408.83
    OAKLAND          CA   94601          5            07/26/01         00
    0412828725                           05           09/01/01          0
    0412828725                           N            08/01/31
    0

    5248782          E22/G02             F          123,250.00         ZZ
                                         360        123,250.00          3
                                       8.125            915.13         85
                                       7.875            915.13
1

    NEW HAVEN        CT   06519          1            08/02/01         01
    0412869802                           05           09/01/01         20
    0412869802                           N            08/01/31
    0

    5251297          623/G02             F          208,800.00         ZZ
                                         360        208,661.14          1
                                       8.125          1,550.33         75
                                       7.875          1,550.33
    RIVERTON         UT   84065          2            06/27/01         10
    0433024593                           05           08/01/01         25
    1914242                              O            07/01/31
    0

    5251299          623/G02             F          201,600.00         ZZ
                                         360        199,625.12          1
                                       7.875          1,461.74         80
                                       7.625          1,461.74
    CERILLOS         NM   87010          5            04/16/01         00
    0433024601                           05           06/01/01          0
    1970625                              O            05/01/31
    0

    5251305          623/G02             F           85,600.00         ZZ
                                         360         85,534.86          1
                                       7.375            591.22         80
                                       7.125            591.22
    LOS ANGELES      CA   90042          1            06/15/01         00
    0433025525                           01           08/01/01          0
    1979349                              O            07/01/31
    0

    5251316          623/G02             F           35,750.00         ZZ
                                         360         35,728.34          1
                                       8.500            274.89         80
                                       8.250            274.89
    FRESNO           CA   93727          1            06/28/01         00
    0433025053                           05           08/01/01          0
    1983699                              N            07/01/31
    0

    5251323          623/G02             F          269,000.00         ZZ
                                         360        268,795.31          1
                                       7.375          1,857.92         60
                                       7.125          1,857.92
    RODANTHE         NC   27968          5            06/18/01         00
    0433025467                           05           08/01/01          0
    5300491                              O            07/01/31
    0
1

    5251325          623/G02             F           55,000.00         ZZ
                                         360         54,863.43          1
                                       8.625            427.78         58
                                       8.375            427.78
    OKLAHOMA CITY    OK   73114          2            03/09/01         00
    0433024858                           05           05/01/01          0
    5330521                              O            04/01/31
    0

    5251326          623/G02             F           42,300.00         ZZ
                                         360         42,165.62          2
                                       8.625            329.01         90
                                       8.375            329.01
    LIMA             OH   45801          1            03/30/01         04
    0433023330                           05           05/01/01         25
    5337228                              N            04/01/31
    0

    5251327          623/G02             F          156,000.00         ZZ
                                         360        155,903.04          1
                                       8.375          1,185.71         80
                                       8.125          1,185.71
    HASLET           TX   76052          2            06/25/01         00
    0433024874                           03           08/01/01          0
    5338017                              O            07/01/31
    0

    5251330          623/G02             F           51,200.00         ZZ
                                         360         51,101.38          1
                                       8.250            384.65         80
                                       8.000            384.65
    SAVANNAH         GA   31404          2            04/30/01         00
    0433024833                           05           06/01/01          0
    5347759                              N            05/01/31
    0

    5251333          623/G02             F          125,900.00         ZZ
                                         360        125,815.52          4
                                       8.000            923.81         90
                                       7.750            923.81
    HARTFORD         CT   06106          1            06/28/01         04
    0433023728                           05           08/01/01         25
    5355063                              N            07/01/31
    0

    5251335          623/G02             F          117,600.00         ZZ
                                         240        117,397.23          1
1

                                       7.875            974.52         80
                                       7.625            974.52
    HAMBDEN TOWNSHI  OH   44024          2            06/25/01         00
    0433023751                           05           08/01/01          0
    5357275                              O            07/01/21
    0

    5251343          623/G02             F           93,750.00         ZZ
                                         360         93,686.25          1
                                       8.000            687.90         75
                                       7.750            687.90
    AURORA           IL   60505          5            06/25/01         00
    0433024684                           05           08/01/01          0
    5362176                              O            07/01/31
    0

    5251345          623/G02             F           85,200.00         ZZ
                                         360         85,142.83          1
                                       8.000            625.17         80
                                       7.750            625.17
    BUFORD           GA   30518          1            06/29/01         00
    0433024544                           05           08/01/01          0
    5364604                              O            07/01/31
    0

    5251348          623/G02             F           62,100.00         ZZ
                                         360         62,055.05          1
                                       7.625            439.54         90
                                       7.375            439.54
    RINCON           GA   31326          1            06/28/01         14
    0433024650                           05           08/01/01         25
    5365443                              N            07/01/31
    0

    5260242          225/G02             F          103,500.00         T
                                         360        103,309.37          3
                                       8.500            795.83         90
                                       8.250            795.83
     CENTRAL FALLS   RI   02863          1            05/31/01         26
    0433031754                           05           07/01/01         25
    7260573                              O            06/01/31
    0

    5260501          225/G02             F          148,000.00         ZZ
                                         360        147,810.59          1
                                       8.250          1,111.88         90
                                       8.000          1,111.88
    MERCED           CA   95340          1            05/03/01         26
    0433031689                           05           07/01/01         25
1

    7263040                              N            06/01/31
    0

    5265482          E22/G02             F           80,750.00         ZZ
                                         360         80,750.00          1
                                       7.500            564.62         95
                                       7.250            564.62
    SALE CREEK       TN   37363          2            08/01/01         10
    0412572505                           05           09/01/01         30
    0412572505                           O            08/01/31
    0

    5265546          E22/G02             F          158,400.00         ZZ
                                         360        158,400.00          1
                                       7.875          1,148.51         90
                                       7.625          1,148.51
    EL CAJON         CA   92019          1            08/01/01         04
    0412842353                           01           09/01/01         25
    0412842353                           O            08/01/31
    0

    5265562          E22/G02             F          139,400.00         ZZ
                                         360        139,400.00          1
                                       7.875          1,010.75         85
                                       7.625          1,010.75
    METAIRIE         LA   70001          5            07/31/01         04
    0412853889                           05           09/01/01         12
    0412853889                           O            08/01/31
    0

    5265569          E22/G02             F          147,330.00         ZZ
                                         360        147,330.00          2
                                       8.750          1,159.05         90
                                       8.500          1,159.05
    MANCHESTER       NH   03104          1            08/06/01         01
    0412858516                           05           09/01/01         25
    0412858516                           N            08/01/31
    0

    5265612          E22/G02             F          238,500.00         ZZ
                                         360        238,500.00          1
                                       8.750          1,876.28         90
                                       8.500          1,876.28
    QUINCY           MA   02169          1            08/03/01         04
    0412883415                           01           09/01/01         25
    0412883415                           O            08/01/31
    0

1

    5265949          562/G02             F           49,400.00         ZZ
                                         360         49,400.00          1
                                       8.875            393.05         90
                                       8.625            393.05
    ROCHESTER        NY   14621          1            07/27/01         04
    0433029832                           05           09/01/01         30
    297012099                            N            08/01/31
    0

    5267460          E22/G02             F           76,450.00         ZZ
                                         360         76,450.00          1
                                       8.000            560.96         90
                                       7.750            560.96
    KNOXVILLE        IA   50138          5            07/30/01         04
    0412738213                           05           09/01/01         25
    0412738213                           O            08/01/31
    0

    5267466          E22/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       7.125            720.88         94
                                       6.875            720.88
    CRESTWOOD        KY   40014          2            07/30/01         01
    0412773988                           05           09/01/01         30
    0412773988                           O            08/01/31
    0

    5267502          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       8.500          2,076.07         90
                                       8.250          2,076.07
    LAKE WALES       FL   33853          1            08/03/01         04
    0412851115                           05           09/01/01         25
    0412851115                           O            08/01/31
    0

    5267521          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       8.500            584.37         80
                                       8.250            584.37
    SPRING           TX   77379          5            07/30/01         00
    0412866881                           05           09/01/01          0
    0412866881                           O            08/01/31
    0

    5267553          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          3
                                       8.750          1,770.08         90
                                       8.500          1,770.08
1

    BRONX            NY   10452          1            08/03/01         04
    0412901878                           05           09/01/01         25
    0412901878                           N            08/01/31
    0

    5275753          E22/G02             F          112,700.00         ZZ
                                         360        112,700.00          1
                                       8.250            846.68         80
                                       8.000            846.68
    FLUSHING         MI   48433          1            08/07/01         00
    0412837973                           05           09/01/01          0
    0412837973                           O            08/01/31
    0

    5275796          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       8.875            787.69         80
                                       8.625            787.69
    DAYTON           OH   45458          1            08/07/01         00
    0412872822                           05           09/01/01          0
    0412872822                           N            08/01/31
    0

    5298326          E22/G02             F           89,542.87         ZZ
                                         360         89,485.35          1
                                       8.250            673.13         80
                                       8.000            673.13
    DETROIT          MI   48226          5            06/25/01         00
    0412679615                           05           08/01/01          0
    0412679615                           O            07/01/31
    0

   TOTAL NUMBER OF LOANS   :        909

   TOTAL ORIGINAL BALANCE  :   119,668,397.87

   TOTAL PRINCIPAL BALANCE :   119,532,417.51

   TOTAL ORIGINAL P+I      :       880,278.59

   TOTAL CURRENT P+I       :       880,278.59

                             ***************************
                             *      END OF REPORT      *
                             ***************************

  RUN ON     : 08/24/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 08.57.12           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS10  NON-CONFORMING                 CUTOFF : 08/01/01
  POOL       : 0004531
             :
             :
  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
  ----------------------------------------------------------------------

      4077542                              .2500
      313,314.91                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4266163                              .2500
      391,444.87                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4391574                              .2500
      295,384.85                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4503473                              .2500
      279,139.76                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4535322                              .2500
      403,117.20                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4543265                              .2500
      398,990.43                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950
1

      4607206                              .2500
      444,669.74                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4627448                              .2500
      399,322.26                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      4649939                              .2500
      418,832.40                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4656253                              .2500
      447,045.27                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4657817                              .2500
      460,983.55                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      4661179                              .2500
      389,404.66                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4661799                              .2500
      349,197.77                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4666008                              .2500
      295,801.17                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700
1

      4678005                              .2500
      338,758.15                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4693761                              .2500
      326,738.50                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      4698290                              .2500
      327,449.38                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4701888                              .2500
      278,374.93                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4748701                              .2500
      498,932.77                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4775056                              .2500
      342,763.95                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4783697                              .2500
      313,235.16                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4793601                              .2500
      375,426.18                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      4803375                              .2500
      458,586.93                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4805291                              .2500
      303,569.50                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4811731                              .2500
      539,195.98                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4814354                              .2500
      561,142.11                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4815932                              .2500
      445,823.69                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4820486                              .2500
      379,448.18                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4822077                              .2500
      402,393.58                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4822646                              .2500
      777,720.22                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950
1

      4825866                              .2500
      370,297.62                          .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.0000                        1.6700

      4826719                              .2500
      318,263.41                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4826727                              .2500
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            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5206205                              .2500
      499,619.54                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450
1

      5206206                              .2500
      381,216.87                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5206207                              .2500
      453,413.25                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5206208                              .2500
      373,312.61                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5206209                              .2500
      374,692.61                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5206210                              .2500
      434,669.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5206211                              .2500
      397,205.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5206216                              .2500
      478,969.55                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5206217                              .2500
      449,666.03                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      5206218                              .2500
      399,717.68                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5206219                              .2500
      439,681.54                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5206220                              .2500
      499,638.11                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5206221                              .2500
      442,179.73                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5206222                              .2500
      474,292.76                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5206224                              .2500
      455,661.58                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5208952                              .2500
      379,731.80                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5209322                              .5000
      479,146.38                          .0800
            7.6250                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450
1

      5209345                              .5000
      327,744.13                          .0300
            7.2500                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5209382                              .5000
      650,000.00                          .0300
            7.3750                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5209389                              .5000
      400,000.00                          .0800
            8.3750                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      5211233                              .2500
      336,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5214599                              .2500
      379,731.80                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5215700                              .2500
      299,625.76                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      5217472                              .2500
      499,084.84                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5219869                              .2500
      460,000.00                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000
1

      5219887                              .2500
      318,750.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5219904                              .2500
      296,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5219942                              .2500
      280,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5220459                              .2500
      369,792.57                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      5220750                              .2500
      350,456.68                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5221012                              .2500
      339,771.87                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5222410                              .2500
      365,427.23                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      5222681                              .2500
      291,586.49                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200
1

      5227667                              .2500
      323,759.54                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5228765                              .2500
      650,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5228839                              .2500
      367,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5237830                              .2500
      581,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5237913                              .2500
      555,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5237935                              .2500
      280,250.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5237943                              .2500
      497,250.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      5238031                              .2500
      396,000.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950
1

      5238122                              .2500
      459,348.57                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5238139                              .2500
      339,760.03                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5238159                              .2500
      324,808.12                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      5238213                              .2500
      562,132.04                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      5238353                              .2500
      311,785.28                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5238360                              .2500
      499,392.05                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5238429                              .2500
      339,480.97                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5238559                              .2500
      427,205.79                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450
1

      5241732                              .2500
      379,419.92                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5246400                              .2500
      372,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5246416                              .2500
      327,850.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5247056                              .2500
      364,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5248790                              .2500
      290,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5250857                              .2500
      289,805.41                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5251303                              .2500
      299,564.36                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5251308                              .2500
      452,672.13                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950
1

      5251312                              .2500
      384,707.05                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5251314                              .2500
      419,738.95                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      5251317                              .2500
      285,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5251334                              .2500
      399,660.53                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5251350                              .2500
      516,030.80                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5260336                              .2500
      325,949.27                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5261054                              .2500
      499,236.74                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5265571                              .2500
      340,000.00                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000
1

      5267456                              .2500
      380,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5267549                              .2500
      500,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5276297                              .2500
      329,755.09                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

  TOTAL NUMBER OF LOANS:      361
  TOTAL BALANCE........:        147,153,327.77

  RUN ON     : 08/24/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 08.57.12            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS10 NON   FIXED SUMMARY REPORT      CUTOFF : 08/01/01
  POOL       : 0004531
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        7.7350            6.3750      9.0000
  RFC NET RATE                          7.4732            6.1250      8.7500
  NET MTG RATE(INVSTR RATE)             7.3992            6.0950      8.6700
  POST STRIP RATE                       6.9827            6.0950      7.0000
  SUB SERV FEE                           .2618             .2500       .5000
  MSTR SERV FEE                          .0740             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .4165             .0000      1.6700

  TOTAL NUMBER OF LOANS:   361
  TOTAL BALANCE........:     147,153,327.77

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 08/24/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 08.57.12          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS10 NON-CONFORMING                  CUTOFF : 08/01/01
  POOL       : 0004531
             :
             :
  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 #
  ______________________________________________________________________________

    4077542          A33/G02             F          313,500.00         ZZ
                                         360        313,314.91          1
                                       8.625          2,438.37         49
                                       8.375          2,438.37
    FENTON           MI   48430          5            06/29/01         00
    0432996726                           05           08/01/01          0
    003095133                            O            07/01/31
    0

    4266163          E84/G02             F          392,000.00         ZZ
                                         360        391,444.87          1
                                       7.750          2,808.34         80
                                       7.500          2,808.34
    WASHINGTON       DC   20007          1            05/01/01         00
    0432859312                           05           07/01/01          0
    65110443                             O            06/01/31
    0

    4391574          994/994             F          296,000.00         ZZ
                                         360        295,384.85          1
                                       7.875          2,146.21         80
                                       7.625          2,146.21
    NESCONSET        NY   11767          5            03/28/01         00
    0373658365                           05           06/01/01          0
    0373658365                           O            05/01/31
    0

    4503473          168/168             F          280,000.00         ZZ
                                         360        279,139.76          1
                                       8.500          2,152.96         70
                                       8.250          2,152.96
    STATEN ISLAND    NY   10307          1            02/27/01         00
    0249548771                           05           04/01/01          0
1

    0249548771                           N            03/01/31
    0

    4535322          944/G02             F          404,000.00         ZZ
                                         360        403,117.20          1
                                       7.625          2,859.49         90
                                       7.375          2,859.49
    SAN JOSE         CA   95122          1            04/03/01         01
    0432910800                           05           06/01/01         25
    W01021332                            O            05/01/31
    0

    4543265          994/G02             F          400,000.00         ZZ
                                         360        398,990.43          1
                                       7.625          2,831.18         70
                                       7.375          2,831.18
    NEW CANAAN       CT   06840          5            04/27/01         00
    0432944379                           05           07/01/01          0
    001999991509                         O            06/01/31
    0

    4607206          147/G02             F          445,000.00         ZZ
                                         360        444,669.74          1
                                       7.500          3,111.51         75
                                       7.250          3,111.51
    DENVER           CO   80123          2            06/22/01         00
    0433011491                           03           08/01/01          0
    10419364                             O            07/01/31
    0

    4627448          994/G02             F          400,000.00         ZZ
                                         360        399,322.26          1
                                       8.875          3,182.58         67
                                       8.625          3,182.58
    PORTLAND         OR   97229          1            04/18/01         00
    0432944080                           05           06/01/01          0
    218231557                            O            05/01/31
    0

    4649939          E23/G02             F          420,000.00         ZZ
                                         360        418,832.40          1
                                       7.875          3,045.29         80
                                       7.625          3,045.29
    SAN FRANSISCO    CA   94112          5            04/20/01         00
    0432911287                           05           06/01/01          0
    51004121                             O            05/01/31
    0

1

    4656253          T68/G02             F          448,000.00         ZZ
                                         360        447,045.27          1
                                       7.750          3,209.53         80
                                       7.500          3,209.53
    SAN ANTONIO      TX   78258          2            04/23/01         00
    0432900223                           03           06/01/01          0
    61683658                             O            05/01/31
    0

    4657817          E84/G02             F          462,550.00         ZZ
                                         360        460,983.55          1
                                       7.250          3,155.54         75
                                       7.000          3,155.54
    LAKE OSWEGO      OR   97035          2            04/24/01         00
    0432824530                           03           06/01/01          0
    60402603                             O            05/01/31
    0

    4661179          588/G02             F          390,000.00         ZZ
                                         360        389,404.66          1
                                       7.375          2,693.63         74
                                       7.125          2,693.63
    VILLAGE OF RIDG  NJ   07450          2            05/22/01         00
    0432989739                           05           07/01/01          0
    1039606                              O            06/01/31
    0

    4661799          E76/G02             F          350,000.00         ZZ
                                         360        349,197.77          1
                                       7.375          2,417.36         74
                                       7.125          2,417.36
    DALLAS           TX   75219          1            04/04/01         12
    0432939007                           06           06/01/01         12
    10003254                             O            05/01/31
    0

    4666008          994/G02             F          296,200.00         ZZ
                                         360        295,801.17          1
                                       8.000          2,173.42         84
                                       7.750          2,173.42
    BORDENTOWN       NJ   08505          2            05/01/01         11
    0432992121                           05           07/01/01         25
    1000293799                           O            06/01/31
    0

    4678005          994/G02             F          339,500.00         ZZ
                                         360        338,758.15          1
                                       7.625          2,402.96         54
                                       7.375          2,402.96
1

    SAN JOSE         CA   95132          5            04/02/01         00
    0432897031                           05           06/01/01          0
    718118481                            O            05/01/31
    0

    4693761          964/G02             F          327,000.00         ZZ
                                         360        326,738.50          1
                                       7.125          2,203.06         78
                                       6.875          2,203.06
    IRVINE           CA   92620          2            06/15/01         00
    0433004611                           05           08/01/01          0
    122206                               O            07/01/31
    0

    4698290          944/G02             F          327,950.00         ZZ
                                         360        327,449.38          1
                                       7.375          2,265.07         80
                                       7.125          2,265.07
    ANAHEIM          CA   92808          2            05/08/01         00
    0432881209                           03           07/01/01          0
    W88019040                            O            06/01/31
    0

    4701888          E22/G02             F          279,000.00         ZZ
                                         360        278,374.93          1
                                       7.500          1,950.81         90
                                       7.250          1,950.81
    ELK GROVE        CA   95758          5            04/10/01         04
    0412538951                           03           06/01/01         25
    0412538951                           O            05/01/31
    0

    4748701          E46/G02             F          500,000.00         ZZ
                                         360        498,932.77          1
                                       8.000          3,668.82         69
                                       7.750          3,668.82
    NEW HOPE         PA   18938          5            05/15/01         00
    0432914042                           05           07/01/01          0
    00502176                             O            06/01/31
    0

    4775056          477/G02             F          343,000.00         ZZ
                                         360        342,763.95          1
                                       7.875          2,486.99         73
                                       7.625          2,486.99
    FOOTHILL RANCH   CA   92610          5            06/05/01         00
    0432963908                           03           08/01/01          0
    109704                               O            07/01/31
    0
1

    4783697          E86/G02             F          315,000.00         ZZ
                                         360        313,235.16          1
                                       8.375          2,394.23         90
                                       8.125          2,394.23
    BRONX            NY   10465          5            10/31/00         14
    0432868842                           05           01/01/01         25
    0000082375                           O            12/01/30
    0

    4793601          U05/G02             F          376,000.00         ZZ
                                         360        375,426.18          1
                                       7.500          2,629.05         80
                                       7.250          2,629.05
    LAKEWOOD         CA   90712          1            05/24/01         00
    0432902997                           05           07/01/01          0
    3122138                              O            06/01/31
    0

    4803375          E84/G02             F          460,000.00         ZZ
                                         360        458,586.93          1
                                       7.375          3,177.11         63
                                       7.125          3,177.11
    AURORA           CO   80015          1            04/06/01         00
    0432823649                           03           06/01/01          0
    32800002                             O            05/01/31
    0

    4805291          J40/G02             F          304,000.00         ZZ
                                         360        303,569.50          1
                                       7.750          2,177.89         80
                                       7.500          2,177.89
    CANTON           GA   30115          2            05/18/01         00
    0432924488                           03           07/01/01          0
    7710729                              O            06/01/31
    0

    4811731          U05/G02             F          540,000.00         ZZ
                                         360        539,195.98          1
                                       7.500          3,775.76         80
                                       7.250          3,775.76
    YORBA LINDA      CA   92886          2            05/22/01         00
    0432917961                           05           07/01/01          0
    3126872                              O            06/01/31
    0

    4814354          U42/G02             F          562,000.00         ZZ
                                         360        561,142.11          1
1

                                       7.375          3,881.59         73
                                       7.125          3,881.59
    ALEDO            TX   76008          5            05/22/01         00
    0432924405                           05           07/01/01          0
    12101158                             O            06/01/31
    0

    4815932          E84/G02             F          446,800.00         ZZ
                                         360        445,823.69          1
                                       7.625          3,162.42         80
                                       7.375          3,162.42
    KIRKLAND         WA   98033          1            04/10/01         00
    0432812162                           05           06/01/01          0
    61203527                             O            05/01/31
    0

    4820486          A48/G02             F          380,000.00         ZZ
                                         360        379,448.18          1
                                       7.625          2,689.62         60
                                       7.375          2,689.62
    BRIARCLIFF MANO  NY   10510          5            06/01/01         00
    0432947422                           05           07/01/01          0
    2500499211                           O            06/01/31
    0

    4822077          253/253             F          402,700.00         ZZ
                                         360        402,393.58          1
                                       7.375          2,781.35         78
                                       7.125          2,781.35
    DALLAS           TX   75209          2            06/29/01         00
    970571                               05           08/01/01          0
    970571                               O            07/01/31
    0

    4822646          168/168             F          780,000.00         ZZ
                                         360        777,720.22          2
                                       7.625          5,520.79         63
                                       7.375          5,520.79
    BROOKLYN         NY   11215          5            03/02/01         00
    0189711841                           07           05/01/01          0
    0189711841                           O            04/01/31
    0

    4825866          U05/G02             F          370,500.00         ZZ
                                         360        370,297.62          1
                                       9.000          2,981.13         95
                                       8.750          2,981.13
    GLENDALE         CA   91202          1            06/08/01         11
    0433000270                           05           08/01/01         30
1

    3137283                              O            07/01/31
    0

    4826719          420/G02             F          318,750.00         ZZ
                                         360        318,263.41          1
                                       7.375          2,201.53         75
                                       7.125          2,201.53
    SAN RAFAEL       CA   94903          5            05/25/01         00
    0432866457                           09           07/01/01          0
    51000995                             O            06/01/31
    0

    4826727          069/G02             F          493,500.00         ZZ
                                         360        492,801.14          1
                                       7.750          3,535.49         70
                                       7.500          3,535.49
    TIBURON          CA   94920          5            05/24/01         00
    0433004728                           05           07/01/01          0
    3518860080                           O            06/01/31
    0

    4831323          A35/G02             F          279,000.00         ZZ
                                         360        278,826.59          1
                                       8.375          2,120.60         90
                                       8.125          2,120.60
    LINDENHURST      NY   11757          1            06/25/01         01
    0432967669                           05           08/01/01         25
    11896                                O            07/01/31
    0

    4831731          737/G02             F          600,000.00         ZZ
                                         360        597,726.34          1
                                       7.750          4,298.47         80
                                       7.500          4,298.47
    PHOENIX          AZ   85310          5            05/16/01         00
    0432969178                           03           07/01/01          0
    2024835                              O            06/01/31
    0

    4833078          E47/G02             F          328,000.00         ZZ
                                         360        327,511.64          1
                                       7.500          2,293.42         80
                                       7.250          2,293.42
    GEORGETOWN       TX   78628          1            05/29/01         00
    0432911196                           05           07/01/01          0
    7330010000                           O            06/01/31
    0

1

    4838182          R65/G02             F          344,000.00         ZZ
                                         360        343,738.25          1
                                       7.375          2,375.92         80
                                       7.125          2,375.92
    BEL AIR          MD   21015          2            06/08/01         00
    0432935211                           05           08/01/01          0
    20013032                             O            07/01/31
    0

    4849285          369/G02             F          292,000.00         ZZ
                                         360        291,565.23          1
                                       7.500          2,041.71         80
                                       7.250          2,041.71
    FRISCO           TX   75034          1            05/30/01         00
    0432914497                           05           07/01/01          0
    0073110967                           O            06/01/31
    0

    4859903          E45/G02             F          312,000.00         ZZ
                                         360        311,795.91          1
                                       8.125          2,316.59         80
                                       7.875          2,316.59
    CHICAGO          IL   60660          5            06/06/01         00
    0432918050                           05           08/01/01          0
    139871                               O            07/01/31
    0

    4860881          F61/G02             F          316,000.00         ZZ
                                         360        315,529.49          1
                                       7.500          2,209.52         80
                                       7.250          2,209.52
    DUVALL           WA   98019          1            05/29/01         00
    0432910917                           03           07/01/01          0
    010241B                              O            06/01/31
    0

    4862964          964/G02             F          323,000.00         ZZ
                                         360        322,772.03          1
                                       7.750          2,314.01         90
                                       7.500          2,314.01
    BAKERSFIELD      CA   93312          2            06/15/01         01
    0432991537                           05           08/01/01         25
    127737                               O            07/01/31
    0

    4871843          480/G02             F          349,300.00         T
                                         360        348,517.42          1
                                       7.500          2,442.36         70
                                       7.250          2,442.36
1

    HOLMES BEACH     FL   34217          1            04/10/01         00
    0432890531                           05           06/01/01          0
    3648695                              O            05/01/31
    0

    4883690          F19/G02             F          420,000.00         ZZ
                                         360        419,405.23          1
                                       7.750          3,008.93         66
                                       7.500          3,008.93
    SANTA CRUZ       CA   95062          1            05/18/01         00
    0432912319                           05           07/01/01          0
    652741                               N            06/01/31
    0

    4887197          253/253             F          370,000.00         ZZ
                                         360        369,745.37          1
                                       7.875          2,682.76         74
                                       7.625          2,682.76
    ALBUQUERQUE      NM   87123          2            06/08/01         00
    970981                               05           08/01/01          0
    970981                               O            07/01/31
    0

    4903908          K68/G02             F          500,000.00         ZZ
                                         360        499,638.11          1
                                       7.625          3,538.97         42
                                       7.375          3,538.97
    RIDGELAND        MS   39157          4            06/20/01         00
    0432964047                           03           08/01/01          0
    1168970                              O            07/01/31
    0

    4905023          940/G02             F          410,000.00         ZZ
                                         360        409,710.63          1
                                       7.750          2,937.29         80
                                       7.500          2,937.29
    LAGUNA NIGUEL    CA   92677          5            06/12/01         00
    0432942894                           05           08/01/01          0
    CP5467                               O            07/01/31
    0

    4907967          356/G02             F          415,000.00         ZZ
                                         360        412,885.32          1
                                       8.375          3,154.30         70
                                       8.125          3,154.30
    CAMPBELL         CA   95008          5            11/14/00         00
    0432909703                           05           01/01/01          0
    2839629                              O            12/01/30
    0
1

    4910203          U62/G02             F          411,000.00         ZZ
                                         360        410,372.62          1
                                       7.375          2,838.67         69
                                       7.125          2,838.67
    MORGIN HILL      CA   95037          5            05/23/01         00
    0432911899                           05           07/01/01          0
    2001251015                           O            06/01/31
    0

    4914542          E84/G02             F          560,000.00         ZZ
                                         360        558,713.79          1
                                       7.375          3,867.78         80
                                       7.125          3,867.78
    SCOTTSDALE       AZ   85255          5            04/23/01         00
    0432846871                           03           06/01/01          0
    11006866                             O            05/01/31
    0

    4917433          E84/G02             F          330,000.00         ZZ
                                         360        329,496.24          1
                                       7.375          2,279.23         38
                                       7.125          2,279.23
    ALAMO            CA   94507          5            05/10/01         00
    0432846640                           02           07/01/01          0
    73010272                             O            06/01/31
    0

    4917636          P34/G02             F          287,000.00         ZZ
                                         360        286,816.99          1
                                       8.250          2,156.14         79
                                       8.000          2,156.14
    MARSHFIELD       MA   02050          5            06/21/01         00
    0433007986                           05           08/01/01          0
    414475                               O            07/01/31
    0

    4919276          E84/G02             F          512,000.00         ZZ
                                         360        510,824.02          1
                                       7.375          3,536.26         66
                                       7.125          3,536.26
    SAN RAMON        CA   94583          5            04/24/01         00
    0432840221                           05           06/01/01          0
    73011014                             O            05/01/31
    0

    4919566          975/G02             F          315,000.00         ZZ
                                         360        314,772.01          1
1

                                       7.625          2,229.55         70
                                       7.375          2,229.55
    BUENA PARK       CA   90621          5            06/13/01         00
    0432925790                           03           08/01/01          0
    2012898                              O            07/01/31
    0

    4919872          E84/G02             F          384,000.00         ZZ
                                         360        383,428.26          1
                                       7.500          2,684.98         70
                                       7.250          2,684.98
    PORTLAND         OR   97221          1            05/09/01         00
    0432844843                           05           07/01/01          0
    60106352                             O            06/01/31
    0

    4919935          E23/G02             F          326,400.00         ZZ
                                         360        326,157.76          1
                                       7.500          2,282.24         80
                                       7.250          2,282.24
    SAN DIEGO        CA   92128          1            06/13/01         00
    0432960367                           03           08/01/01          0
    11004485                             O            07/01/31
    0

    4919973          975/G02             F          332,000.00         ZZ
                                         360        331,765.68          1
                                       7.750          2,378.49         79
                                       7.500          2,378.49
    SANTA CLARITA    CA   91350          2            06/01/01         00
    0432906840                           05           08/01/01          0
    2012587                              O            07/01/31
    0

    4920129          E84/G02             F          304,000.00         ZZ
                                         360        302,440.49          1
                                       7.500          2,125.61         80
                                       7.250          2,125.61
    PORTLAND         OR   97210          1            05/08/01         00
    0432840775                           05           07/01/01          0
    60106476                             O            06/01/31
    0

    4920613          E84/G02             F          615,000.00         ZZ
                                         360        613,656.14          1
                                       7.625          4,352.93         64
                                       7.375          4,352.93
    DANVILLE         CA   94526          2            04/24/01         00
    0432850915                           03           06/01/01          0
1

    73010553                             O            05/01/31
    0

    4923051          477/G02             F          302,000.00         ZZ
                                         360        301,792.17          1
                                       7.875          2,189.71         63
                                       7.625          2,189.71
    FOOTHILL RANCH   CA   92610          5            06/12/01         00
    0432969525                           05           08/01/01          0
    109782                               O            07/01/31
    0

    4923338          A48/G02             F          278,000.00         ZZ
                                         360        277,803.79          1
                                       7.750          1,991.63         78
                                       7.500          1,991.63
    CASTRO VALLEY    CA   94546          5            06/11/01         00
    0432993459                           05           08/01/01          0
    8511015100                           O            07/01/31
    0

    4923848          964/G02             F          456,600.00         ZZ
                                         360        456,261.14          1
                                       7.500          3,192.61         68
                                       7.250          3,192.61
    SEATTLE          WA   98115          5            06/12/01         00
    0432992642                           05           08/01/01          0
    118357                               O            07/01/31
    0

    4923905          U62/G02             F          363,000.00         ZZ
                                         360        362,716.83          1
                                       7.250          2,476.30         67
                                       7.000          2,476.30
    VIENNA           VA   22180          5            06/22/01         00
    0432985216                           03           08/01/01          0
    2001254651                           O            07/01/31
    0

    4927462          975/G02             F          436,000.00         ZZ
                                         360        435,668.24          1
                                       7.375          3,011.34         80
                                       7.125          3,011.34
    HUNTINGTON BEAC  CA   92649          1            06/12/01         00
    0432929826                           05           08/01/01          0
    2012684                              O            07/01/31
    0

1

    4928850          369/G02             F          454,750.00         ZZ
                                         360        454,501.60          1
                                       9.000          3,659.03         85
                                       8.750          3,659.03
    HEATH            TX   75032          1            06/13/01         14
    0432965473                           05           08/01/01         25
    007154601                            O            07/01/31
    0

    4928927          737/G02             F          294,450.00         ZZ
                                         360        294,284.92          1
                                       8.875          2,342.78         65
                                       8.625          2,342.78
    ATLANTA          GA   30313          2            06/19/01         00
    0432948388                           01           08/01/01          0
    2025782                              N            07/01/31
    0

    4934779          286/286             F          317,700.00         ZZ
                                         360        317,303.68          1
                                       8.375          2,414.75         90
                                       8.125          2,414.75
    BEND             OR   97702          5            05/11/01         14
    267086                               03           07/01/01         25
    267086                               O            06/01/31
    0

    4934788          286/286             F          302,400.00         ZZ
                                         360        302,050.75          1
                                       8.750          2,378.99         80
                                       8.500          2,378.99
    ATLANTA          GA   30324          2            05/08/01         00
    344417                               01           07/01/01          0
    344417                               N            06/01/31
    0

    4934789          286/286             F          300,500.00         ZZ
                                         360        300,152.96          1
                                       8.750          2,364.04         80
                                       8.500          2,364.04
    ATLANTA          GA   30319          2            05/08/01         00
    344418                               01           07/01/01          0
    344418                               N            06/01/31
    0

    4934811          286/286             F          400,000.00         ZZ
                                         360        399,072.20          1
                                       8.125          2,969.99         65
                                       7.875          2,969.99
1

    WEST BLOOMFIELD  MI   48322          1            05/11/01         00
    392540                               05           07/01/01          0
    392540                               O            06/01/31
    0

    4934819          286/286             F          625,000.00         ZZ
                                         360        623,741.75          1
                                       8.000          4,586.03         73
                                       7.750          4,586.03
    KEY WEST         FL   33040          2            05/04/01         00
    366313                               05           07/01/01          0
    366313                               O            06/01/31
    0

    4934827          286/286             F          413,000.00         ZZ
                                         360        412,457.83          1
                                       8.125          3,066.52         88
                                       7.875          3,066.52
    CAVE CREEK       AZ   85331          5            05/24/01         12
    312652                               05           07/01/01         25
    312652                               O            06/01/31
    0

    4934854          286/286             F          500,000.00         ZZ
                                         360        499,217.53          1
                                       7.250          3,410.89         77
                                       7.000          3,410.89
    PALM BEACH       FL   33480          5            05/17/01         00
    315561                               05           07/01/01          0
    315561                               O            06/01/31
    0

    4934872          286/286             F          305,000.00         ZZ
                                         360        304,345.09          1
                                       8.375          2,318.22         88
                                       8.125          2,318.22
    BUENA PARK       CA   90620          5            05/04/01         01
    9827543                              05           07/01/01         25
    9827543                              O            06/01/31
    0

    4934873          286/286             F          448,000.00         ZZ
                                         360        447,068.99          4
                                       7.875          3,248.31         80
                                       7.625          3,248.31
    DALY CITY        CA   94014          5            04/27/01         00
    9830749                              05           06/01/01          0
    9830749                              N            05/01/31
    0
1

    4934884          286/286             F          560,000.00         ZZ
                                         360        559,206.96          2
                                       7.750          4,011.91         48
                                       7.500          4,011.91
    REDWOOD CITY     CA   94061          1            05/03/01         00
    9837814                              05           07/01/01          0
    9837814                              N            06/01/31
    0

    4934905          286/286             F          297,500.00         ZZ
                                         360        296,904.17          1
                                       8.250          2,235.02         70
                                       8.000          2,235.02
    EMERYVILLE       CA   94608          1            05/01/01         00
    9837381                              01           07/01/01          0
    9837381                              N            06/01/31
    0

    4935877          U05/G02             F          343,100.00         ZZ
                                         360        342,863.88          1
                                       7.875          2,487.71         78
                                       7.625          2,487.71
    SAN DIEGO        CA   92103          5            06/14/01         00
    0432973642                           05           08/01/01          0
    3135987                              O            07/01/31
    0

    4940220          964/G02             F          369,000.00         ZZ
                                         360        368,719.22          2
                                       7.375          2,548.59         74
                                       7.125          2,548.59
    FREMONT          CA   94536          5            06/18/01         00
    0432979136                           05           08/01/01          0
    400127554                            O            07/01/31
    0

    4940337          830/G02             F          360,000.00         ZZ
                                         360        359,745.92          1
                                       7.750          2,579.08         80
                                       7.500          2,579.08
    MARION           OH   43302          5            06/18/01         00
    0432948412                           05           08/01/01          0
    DREHER545458                         O            07/01/31
    0

    4940918          P44/G02             F          296,000.00         ZZ
                                         360        296,000.00          3
1

                                       8.125          2,197.79         80
                                       7.875          2,197.79
    JAMAICA PLAIN    MA   02130          1            07/23/01         00
    0433006749                           05           09/01/01          0
    1                                    O            08/01/31
    0

    4944515          964/G02             F          395,000.00         ZZ
                                         360        394,721.21          1
                                       7.750          2,829.83         69
                                       7.500          2,829.83
    CHANDLER         AZ   85225          5            06/29/01         00
    0432915965                           05           08/01/01          0
    125629                               O            07/01/31
    0

    4946169          369/G02             F          441,700.00         ZZ
                                         360        441,388.26          1
                                       7.750          3,164.39         73
                                       7.500          3,164.39
    MONTGOMERY       AL   36106          2            06/27/01         00
    0433032422                           05           08/01/01          0
    16484964                             O            07/01/31
    0

    4948220          286/286             F          450,000.00         ZZ
                                         360        449,346.53          1
                                       7.625          3,185.08         75
                                       7.375          3,185.08
    BIG BAY          MI   49808          5            05/24/01         00
    9651024                              05           07/01/01          0
    9651024                              O            06/01/31
    0

    4948225          286/286             F          392,000.00         ZZ
                                         360        391,485.42          1
                                       8.125          2,910.59         80
                                       7.875          2,910.59
    PHOENIX          AZ   85016          1            05/17/01         00
    312575                               03           07/01/01          0
    312575                               O            06/01/31
    0

    4948227          286/286             F          340,000.00         ZZ
                                         360        339,467.93          1
                                       7.250          2,319.40         78
                                       7.000          2,319.40
    RIVER FOREST     IL   60305          5            05/24/01         00
    285083                               05           07/01/01          0
1

    285083                               O            06/01/31
    0

    4948243          286/286             F          356,000.00         ZZ
                                         360        355,495.85          1
                                       7.750          2,550.43         80
                                       7.500          2,550.43
    WINDSOR          CA   95492          5            05/09/01         00
    9838153                              05           07/01/01          0
    9838153                              O            06/01/31
    0

    4948256          286/286             F          349,900.00         ZZ
                                         360        349,379.03          1
                                       7.500          2,446.55         70
                                       7.250          2,446.55
    LIVERMORE        CA   94550          5            05/15/01         00
    9838911                              05           07/01/01          0
    9838911                              O            06/01/31
    0

    4948257          286/286             F          496,000.00         ZZ
                                         360        495,297.60          1
                                       7.750          3,553.40         80
                                       7.500          3,553.40
    SOUTH PASADENA   CA   91030          1            05/16/01         00
    9844241                              05           07/01/01          0
    9844241                              O            06/01/31
    0

    4948258          286/286             F          412,000.00         T
                                         360        411,431.06          1
                                       7.875          2,987.29         80
                                       7.625          2,987.29
    OSTERVILLE       MA   02655          1            05/18/01         00
    9841162                              05           07/01/01          0
    9841162                              O            06/01/31
    0

    4948259          286/286             F          320,000.00         ZZ
                                         360        319,523.54          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    PLACENTIA        CA   92870          2            05/10/01         00
    9839291                              05           07/01/01          0
    9839291                              O            06/01/31
    0

1

    4949946          975/G02             F          290,000.00         ZZ
                                         360        289,800.43          1
                                       7.875          2,102.70         54
                                       7.625          2,102.70
    HACIENDA HEIGHT  CA   91745          1            06/22/01         00
    0432997203                           05           08/01/01          0
    2013055                              N            07/01/31
    0

    4950087          964/G02             F          376,000.00         ZZ
                                         360        375,720.95          1
                                       7.500          2,629.05         80
                                       7.250          2,629.05
    FAIR OAKS        CA   95628          5            06/19/01         00
    0432945921                           03           08/01/01          0
    126763                               O            07/01/31
    0

    4950255          E22/G02             F          302,000.00         ZZ
                                         360        301,775.87          1
                                       7.500          2,111.63         74
                                       7.250          2,111.63
    DIX HILLS        NY   11746          2            06/07/01         00
    0412623589                           05           08/01/01          0
    0412623589                           O            07/01/31
    0

    4951511          J95/J95             F          490,000.00         ZZ
                                         360        489,732.34          1
                                       9.000          3,942.66         70
                                       8.750          3,942.66
    NAGS HEAD        NC   27959          2            07/05/01         00
    18282848                             03           08/01/01          0
    18282848                             N            07/01/31
    0

    4951946          N47/G02             F          456,500.00         ZZ
                                         360        455,885.34          1
                                       8.000          3,349.64         69
                                       7.750          3,349.64
    SCOTTS VALLEY    CA   95066          5            05/11/01         00
    0432910651                           05           07/01/01          0
    20110506                             O            06/01/31
    0

    4953797          B98/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.625          2,123.38         58
                                       7.375          2,123.38
1

    SAN JOSE         CA   95131          5            07/12/01         00
    0433016888                           01           09/01/01          0
    1                                    O            08/01/31
    0

    4953861          B60/G02             F          380,000.00         ZZ
                                         360        379,717.98          1
                                       7.500          2,657.02         80
                                       7.250          2,657.02
    LOS ANGELES      CA   90066          5            06/19/01         00
    0432993368                           05           08/01/01          0
    333394                               O            07/01/31
    0

    4955108          964/G02             F          532,500.00         ZZ
                                         360        532,124.16          1
                                       7.750          3,814.90         75
                                       7.500          3,814.90
    SAN FRANCISCO    CA   94121          5            06/26/01         00
    0432989705                           05           08/01/01          0
    400129944                            O            07/01/31
    0

    4958488          S48/S48             F          340,000.00         ZZ
                                         360        339,480.97          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    SAN FRANCISCO    CA   94134          1            04/26/01         00
    6333364583                           05           07/01/01          0
    6333364583                           O            06/01/31
    0

    4958493          S48/S48             F          312,000.00         ZZ
                                         360        311,535.45          1
                                       7.500          2,181.55         67
                                       7.250          2,181.55
    L.A. (VENIC      CA   90291          2            05/17/01         00
    6569997346                           05           07/01/01          0
    6569997346                           O            06/01/31
    0

    4958510          S48/S48             F          383,600.00         ZZ
                                         360        382,696.83          1
                                       7.250          2,616.83         80
                                       7.000          2,616.83
    SALINAS          CA   93906          1            04/26/01         00
    6122256156                           05           06/01/01          0
    6122256156                           O            05/01/31
    0
1

    4958516          S48/S48             F          414,000.00         ZZ
                                         360        413,368.01          1
                                       7.375          2,859.40         58
                                       7.125          2,859.40
    SAN JOSE         CA   95124          2            05/08/01         00
    6223890564                           05           07/01/01          0
    6223890564                           O            06/01/31
    0

    4958522          S48/S48             F          326,825.00         ZZ
                                         360        326,092.78          1
                                       7.500          2,285.21         70
                                       7.250          2,285.21
    SAN DIEGO        CA   92120          2            04/23/01         00
    6552925841                           03           06/01/01          0
    6552925841                           O            05/01/31
    0

    4958524          S48/S48             F          351,475.00         ZZ
                                         360        348,767.41          1
                                       7.625          2,487.72         47
                                       7.375          2,487.72
    RESCUE           CA   95672          2            05/09/01         00
    6564321179                           05           07/01/01          0
    6564321179                           O            06/01/31
    0

    4958529          S48/S48             F          384,000.00         ZZ
                                         360        383,318.14          1
                                       7.250          2,619.56         80
                                       7.000          2,619.56
    PALM SPRINGS     CA   92262          1            05/09/01         00
    6811503488                           05           07/01/01          0
    6811503488                           O            06/01/31
    0

    4958533          S48/S48             F          405,150.00         ZZ
                                         360        404,219.41          1
                                       7.375          2,798.28         75
                                       7.125          2,798.28
    TUJUNGA          CA   91042          1            04/26/01         00
    6949175811                           03           06/01/01          0
    6949175811                           O            05/01/31
    0

    4958535          S48/S48             F          337,500.00         ZZ
                                         360        336,984.80          1
1

                                       7.375          2,331.03         75
                                       7.125          2,331.03
    CONYERS          GA   30094          2            05/01/01         00
    6957764944                           05           07/01/01          0
    6957764944                           O            06/01/31
    0

    4969561          U62/G02             F          342,650.00         ZZ
                                         360        342,382.70          1
                                       7.250          2,337.48         64
                                       7.000          2,337.48
    AGOURA HILLS     CA   91301          5            06/20/01         00
    0432992774                           05           08/01/01          0
    2001252359                           O            07/01/31
    0

    4973318          M29/G02             F          380,000.00         ZZ
                                         360        379,775.65          1
                                       8.625          2,955.60         80
                                       8.375          2,955.60
    GOLDEN           CO   80403          5            06/25/01         00
    0432984524                           05           08/01/01          0
    0105125PM                            O            07/01/31
    0

    4974119          D03/D03             F          442,500.00         ZZ
                                         360        442,203.09          1
                                       8.000          3,246.91         75
                                       7.750          3,246.91
    PALO ALTO        CA   94303          5            06/20/01         00
    1102081                              05           08/01/01          0
    1102081                              O            07/01/31
    0

    4982779          405/405             F          416,000.00         ZZ
                                         360        415,364.97          1
                                       7.375          2,873.21         80
                                       6.875          2,873.21
    LOMITA           CA   90717          1            05/17/01         00
    0017374810                           05           07/01/01          0
    0017374810                           O            06/01/31
    0

    4982801          405/405             F          350,000.00         ZZ
                                         360        349,491.75          1
                                       7.625          2,477.28         90
                                       7.125          2,477.28
    LOS ANGELES      CA   91403          1            05/30/01         14
    0017508540                           05           07/01/01         12
1

    0017508540                           O            06/01/31
    0

    4982823          405/405             F          348,750.00         ZZ
                                         360        348,204.24          1
                                       7.250          2,379.09         75
                                       6.750          2,379.09
    CONCORD          CA   94518          5            05/18/01         00
    0017427527                           05           07/01/01          0
    0017427527                           O            06/01/31
    0

    4982914          405/405             F          292,500.00         ZZ
                                         360        292,282.92          1
                                       7.500          2,045.21         90
                                       7.000          2,045.21
    CHESTERFIELD     MO   63017          1            06/08/01         14
    0017493479                           03           08/01/01         25
    0017493479                           O            07/01/31
    0

    4983244          623/G02             F          400,000.00         ZZ
                                         360        399,381.90          1
                                       7.375          2,762.70         75
                                       7.125          2,762.70
    GILROY           CA   95020          1            05/01/01         00
    0432904951                           05           07/01/01          0
    1971500                              O            06/01/31
    0

    4984259          E84/G02             F          331,600.00         ZZ
                                         360        331,054.80          1
                                       7.000          2,206.14         80
                                       6.750          2,206.14
    LAKE STEVENS     WA   98258          1            05/09/01         00
    0432872901                           05           07/01/01          0
    61102493                             O            06/01/31
    0

    4987911          964/G02             F          387,000.00         ZZ
                                         360        386,698.11          1
                                       7.250          2,640.02         80
                                       7.000          2,640.02
    NOVATO           CA   94949          5            06/26/01         00
    0432990315                           05           08/01/01          0
    131271                               O            07/01/31
    0

1

    4989558          E85/G02             F          310,700.00         ZZ
                                         360        310,491.52          1
                                       8.000          2,279.81         95
                                       7.750          2,279.81
    SANTA ROSA       CA   95407          1            06/21/01         10
    0433001484                           03           08/01/01         30
    2000642                              O            07/01/31
    0

    4991087          N47/G02             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       8.125          2,145.82         85
                                       7.875          2,145.82
    GOLD BEACH       OR   97444          1            07/03/01         10
    0433009396                           05           09/01/01         12
    20111233                             O            08/01/31
    0

    4992275          E22/G02             F          365,000.00         T
                                         360        364,729.12          1
                                       7.500          2,552.13         46
                                       7.250          2,552.13
    MARCO ISLAND     FL   34145          5            06/19/01         00
    0412669574                           06           08/01/01          0
    0412669574                           O            07/01/31
    0

    4992563          B28/G02             F          550,000.00         ZZ
                                         360        549,611.81          1
                                       7.750          3,940.27         72
                                       7.500          3,940.27
    BRIGHTON         CO   80601          1            06/22/01         00
    0432970770                           03           08/01/01          0
    0104270054                           O            07/01/31
    0

    4995477          964/G02             F          544,800.00         ZZ
                                         360        544,425.07          2
                                       7.875          3,950.18         80
                                       7.625          3,950.18
    BERKELEY         CA   94705          1            06/25/01         00
    0432960342                           05           08/01/01          0
    128029                               O            07/01/31
    0

    4996384          964/G02             F          349,500.00         ZZ
                                         360        349,500.00          1
                                       7.375          2,413.91         80
                                       7.125          2,413.91
1

    YORBA LINDA      CA   92887          1            06/29/01         00
    0432978989                           05           09/01/01          0
    130392                               O            08/01/31
    0

    5005055          964/G02             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       8.000          2,120.58         80
                                       7.750          2,120.58
    SAN PEDRO        CA   90731          5            07/03/01         00
    0432991339                           05           09/01/01          0
    129746                               O            08/01/31
    0

    5005634          168/168             F          300,000.00         ZZ
                                         360        299,376.55          1
                                       7.875          2,175.21         80
                                       7.625          2,175.21
    BROOKLYN         NY   11225          1            04/06/01         00
    0189711230                           07           06/01/01          0
    0189711230                           O            05/01/31
    0

    5006866          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.625          2,123.38         47
                                       7.375          2,123.38
    GALT             CA   95632          2            06/29/01         00
    0432993087                           05           09/01/01          0
    126094                               O            08/01/31
    0

    5007421          E87/G02             F          316,000.00         ZZ
                                         360        315,759.55          1
                                       7.375          2,182.53         80
                                       7.125          2,182.53
    SANTA YNEZ       CA   93460          5            06/21/01         00
    0432927663                           05           08/01/01          0
    70003572                             O            07/01/31
    0

    5007651          E22/G02             F          292,000.00         ZZ
                                         360        291,683.29          1
                                       7.500          2,041.71         80
                                       7.250          2,041.71
    LOS ANGELES      CA   90068          2            06/13/01         00
    0412666018                           05           08/01/01          0
    0412666018                           O            07/01/31
    0
1

    5008073          A06/G02             F          356,000.00         ZZ
                                         360        355,729.11          1
                                       7.375          2,458.81         80
                                       7.125          2,458.81
    DENVER           CO   80220          1            06/28/01         00
    0432991768                           05           08/01/01          0
    001000010012708                      O            07/01/31
    0

    5009676          A06/G02             F          412,000.00         T
                                         360        412,000.00          1
                                       7.625          2,916.11         80
                                       7.375          2,916.11
    HIGHLAND BEACH   FL   33487          1            07/10/01         00
    0433014305                           01           09/01/01          0
    021000020117296                      O            08/01/31
    0

    5013629          286/286             F          402,700.00         ZZ
                                         360        402,100.41          1
                                       7.500          2,815.74         79
                                       7.250          2,815.74
    VIENNA           VA   22181          2            05/24/01         00
    360478                               05           07/01/01          0
    360478                               O            06/01/31
    0

    5013630          286/286             F          548,000.00         ZZ
                                         360        546,608.53          1
                                       7.250          3,738.33         76
                                       7.000          3,738.33
    GROSSE POINTE P  MI   48230          5            04/06/01         00
    301152                               05           06/01/01          0
    301152                               O            05/01/31
    0

    5013632          286/286             F          330,000.00         ZZ
                                         360        329,748.89          1
                                       7.375          2,279.23         75
                                       7.125          2,279.23
    LITTLETON        CO   80124          5            06/07/01         00
    321961                               03           08/01/01          0
    321961                               O            07/01/31
    0

    5013635          286/286             F          347,700.00         ZZ
                                         360        347,441.96          1
1

                                       7.500          2,431.17         80
                                       7.250          2,431.17
    HERNDON          VA   20171          2            06/06/01         00
    360340                               03           08/01/01          0
    360340                               O            07/01/31
    0

    5013642          286/286             F          471,200.00         T
                                         360        470,480.69          1
                                       7.375          3,254.47         80
                                       7.125          3,254.47
    WASHINGTON       DC   20007          1            05/11/01         00
    369665                               05           07/01/01          0
    369665                               O            06/01/31
    0

    5013643          286/286             F          607,500.00         ZZ
                                         360        606,761.31          1
                                       8.500          4,671.15         75
                                       8.250          4,671.15
    NEWPORT BEACH    CA   92660          2            05/29/01         00
    342169                               05           07/01/01          0
    342169                               O            06/01/31
    0

    5013648          286/286             F          495,000.00         ZZ
                                         360        494,641.73          1
                                       7.625          3,503.58         75
                                       7.375          3,503.58
    LA JOLLA         CA   92037          5            06/06/01         00
    342143                               05           08/01/01          0
    342143                               O            07/01/31
    0

    5013649          286/286             F          458,300.00         ZZ
                                         360        457,951.27          1
                                       7.375          3,165.37         80
                                       7.125          3,165.37
    SAN BRUNO        CA   94066          2            06/07/01         00
    415537                               05           08/01/01          0
    415537                               O            07/01/31
    0

    5013656          286/286             F          625,000.00         ZZ
                                         360        624,200.18          1
                                       8.250          4,695.42         70
                                       8.000          4,695.42
    FREMONT          CA   94539          2            05/30/01         00
    9850483                              03           07/01/01          0
1

    9850483                              O            06/01/31
    0

    5013662          286/286             F          429,000.00         ZZ
                                         360        428,689.51          1
                                       7.625          3,036.44         78
                                       7.375          3,036.44
    GAINESVILLE      GA   30501          2            06/07/01         00
    9858733                              05           08/01/01          0
    9858733                              O            07/01/31
    0

    5013664          286/286             F          448,000.00         ZZ
                                         360        447,667.52          1
                                       7.500          3,132.48         80
                                       7.250          3,132.48
    SAN RAFAEL       CA   94903          2            06/01/01         00
    9853939                              05           08/01/01          0
    9853939                              O            07/01/31
    0

    5013666          286/286             F          296,000.00         ZZ
                                         360        295,601.46          1
                                       8.000          2,171.94         75
                                       7.750          2,171.94
    SAN JOSE         CA   95126          2            05/30/01         00
    9851803                              05           07/01/01          0
    9851803                              O            06/01/31
    0

    5013668          286/286             F          500,000.00         ZZ
                                         360        499,217.55          1
                                       7.250          3,410.88         79
                                       7.000          3,410.88
    NORTHRIDGE AREA  CA   91325          1            05/25/01         00
    9838407                              05           07/01/01          0
    9838407                              O            06/01/31
    0

    5025415          Q73/G02             F          392,000.00         ZZ
                                         360        391,736.97          1
                                       8.000          2,876.36         80
                                       7.750          2,876.36
    JACKSON          MS   39216          2            07/03/01         00
    0432996783                           05           08/01/01          0
    2804822                              O            07/01/31
    0

1

    5026346          A52/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.875          3,625.35         77
                                       7.625          3,625.35
    ATLANTA          GA   30329          1            07/03/01         00
    0433031879                           05           09/01/01          0
    15585                                O            08/01/31
    0

    5027844          225/G02             F          487,000.00         ZZ
                                         360        485,852.67          1
                                       7.250          3,322.20         72
                                       7.000          3,322.20
    SAN JOSE         CA   95125          5            04/18/01         00
    0432914299                           05           06/01/01          0
    7260931                              O            05/01/31
    0

    5028114          B60/G02             F          556,500.00         ZZ
                                         360        555,585.02          1
                                       7.000          3,702.41         70
                                       6.750          3,702.41
    WESTON           MA   02493          5            05/17/01         00
    0432937035                           05           07/01/01          0
    327588                               O            06/01/31
    0

    5028459          964/G02             F          379,200.00         ZZ
                                         360        379,200.00          1
                                       7.625          2,683.96         79
                                       7.375          2,683.96
    PISMO BEACH      CA   93449          5            07/16/01         00
    0433008638                           05           09/01/01          0
    132604                               O            08/01/31
    0

    5029886          225/G02             F          432,000.00         ZZ
                                         360        430,982.88          1
                                       7.250          2,947.00         90
                                       7.000          2,947.00
    BRANFORD         CT   06405          1            05/01/01         27
    0432914133                           01           06/01/01         25
    6537171                              O            05/01/31
    0

    5030021          225/G02             F          414,950.00         ZZ
                                         360        413,923.65          1
                                       7.000          2,760.67         73
                                       6.750          2,760.67
1

    RALEIGH          NC   27615          2            04/20/01         00
    0432914307                           05           06/01/01          0
    6532809                              O            05/01/31
    0

    5030859          253/253             F          338,400.00         ZZ
                                         360        338,161.16          1
                                       7.750          2,424.34         80
                                       7.500          2,424.34
    BENNETT          CO   80102          1            06/29/01         00
    969301                               05           08/01/01          0
    969301                               O            07/01/31
    0

    5032201          F61/G02             F          389,600.00         ZZ
                                         360        389,351.57          1
                                       8.250          2,926.93         80
                                       8.000          2,926.93
    NEW CASTLE       WA   98006          1            06/18/01         00
    0432923829                           05           08/01/01          0
    010450B                              O            07/01/31
    0

    5033366          624/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.875          2,697.26         80
                                       7.625          2,697.26
    MARTINEZ         CA   94553          5            06/29/01         00
    0432998102                           05           09/01/01          0
    31300110916F                         O            08/01/31
    0

    5033874          E22/G02             F          328,500.00         ZZ
                                         360        328,290.53          1
                                       8.250          2,467.91         90
                                       8.000          2,467.91
    KENSINGTON       CA   94708          1            06/20/01         01
    0412744419                           05           08/01/01         25
    0412744419                           O            07/01/31
    0

    5036961          994/994             F          550,000.00         ZZ
                                         360        548,705.05          1
                                       7.250          3,751.97         74
                                       7.000          3,751.97
    WASHINGTON       DC   20007          5            04/26/01         00
    0218161994                           05           06/01/01          0
    0218161994                           O            05/01/31
    0
1

    5038389          975/G02             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       7.500          2,566.12         80
                                       7.250          2,566.12
    LA CRESCENTA AR  CA   91214          1            07/02/01         00
    0433034055                           05           09/01/01          0
    2012779                              O            08/01/31
    0

    5041515          700/G02             F          311,000.00         ZZ
                                         360        311,000.00          3
                                       7.750          2,228.04         90
                                       7.500          2,228.04
    LOS ANGELES      CA   90019          5            07/05/01         10
    0433018173                           05           09/01/01         25
    00260178                             O            08/01/31
    0

    5045150          K81/G02             F          448,900.00         ZZ
                                         360        448,900.00          1
                                       8.750          3,531.50         71
                                       8.500          3,531.50
    AURORA           CO   80016          5            07/10/01         00
    0433002243                           05           09/01/01          0
    7003783                              O            08/01/31
    0

    5047992          642/G02             F          330,000.00         ZZ
                                         360        329,755.09          1
                                       7.500          2,307.41         78
                                       7.250          2,307.41
    FRANKTOWN        CO   80116          5            06/13/01         00
    0432931988                           05           08/01/01          0
    05095701                             O            07/01/31
    0

    5052612          967/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       8.000          2,935.06         79
                                       7.750          2,935.06
    MERCER ISLAND    WA   98040          1            07/06/01         00
    0433003993                           05           09/01/01          0
    6416002                              O            08/01/31
    0

    5053569          E23/G02             F          355,500.00         ZZ
                                         360        355,500.00          1
1

                                       8.000          2,608.53         90
                                       7.750          2,608.53
    CENTENNIAL       CO   80016          1            07/10/01         04
    0432981017                           05           09/01/01         25
    41001954                             O            08/01/31
    0

    5053836          E22/G02             F          310,000.00         ZZ
                                         360        309,769.94          1
                                       7.500          2,167.56         62
                                       7.250          2,167.56
    DALY CITY        CA   94014          2            06/22/01         00
    0412715922                           05           08/01/01          0
    0412714156                           O            07/01/31
    0

    5053860          E22/G02             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         72
                                       7.250          2,237.49
    BOCA RATON       FL   33428          1            06/29/01         00
    0412730137                           03           08/01/01          0
    0412730137                           O            07/01/31
    0

    5053870          E22/G02             F          380,000.00         ZZ
                                         360        379,724.96          1
                                       7.625          2,689.62         80
                                       7.375          2,689.62
    WINDSOR          CO   80550          5            06/25/01         00
    0412738759                           03           08/01/01          0
    0412738759                           O            07/01/31
    0

    5053885          E22/G02             F          304,000.00         ZZ
                                         360        303,815.83          1
                                       8.500          2,337.50         80
                                       8.250          2,337.50
    GEORGETOWN       TX   78628          5            06/21/01         00
    0412747321                           05           08/01/01          0
    0412747321                           O            07/01/31
    0

    5053916          E22/G02             F          450,000.00         ZZ
                                         360        449,690.32          1
                                       7.875          3,262.81         75
                                       7.625          3,262.81
    POMPANO BEACH    FL   33062          5            06/25/01         00
    0412756173                           05           08/01/01          0
1

    0412756173                           O            07/01/31
    0

    5053956          E22/G02             F          299,250.00         ZZ
                                         360        299,068.72          1
                                       8.500          2,300.97         95
                                       8.250          2,300.97
    COLORADO SPRING  CO   80920          1            06/29/01         04
    0412773699                           05           08/01/01         30
    0412773699                           O            07/01/31
    0

    5055493          F97/F97             F          487,000.00         ZZ
                                         360        486,095.48          1
                                       6.375          3,038.25         75
                                       6.125          3,038.25
    CHICAGO          IL   60640          5            05/22/01         00
    8000079283                           05           07/01/01          0
    8000079283                           O            06/01/31
    0

    5064738          Q51/G02             F          640,000.00         ZZ
                                         360        639,548.29          1
                                       7.750          4,585.04         70
                                       7.500          4,585.04
    SAN DIEGO        CA   92131          5            06/21/01         00
    0432993251                           03           08/01/01          0
    0471981R105310                       O            07/01/31
    0

    5067158          N47/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.375          4,489.39         73
                                       7.125          4,489.39
    SAN JOSE         CA   95124          1            07/12/01         00
    0433011129                           05           09/01/01          0
    20310916                             O            08/01/31
    0

    5071695          076/076             F          893,750.00         ZZ
                                         360        892,744.19          1
                                       8.875          7,111.08         57
                                       8.625          7,111.08
    CHICAGO          IL   60614          2            05/14/01         00
    4509314                              05           07/01/01          0
    4509314                              O            06/01/31
    0

1

    5071698          076/076             F          450,000.00         ZZ
                                         360        449,016.69          1
                                       7.625          3,185.07         49
                                       7.375          3,185.07
    SOUTHLAKE        TX   76092          1            04/16/01         00
    4527063                              05           06/01/01          0
    4527063                              O            05/01/31
    0

    5071712          076/076             F          312,000.00         ZZ
                                         360        310,774.77          1
                                       8.750          2,454.51         80
                                       8.500          2,454.51
    ORLAND PARK      IL   60462          1            05/29/01         00
    5017883                              05           07/01/01          0
    5017883                              O            06/01/31
    0

    5075654          405/405             F          380,000.00         ZZ
                                         360        379,731.80          1
                                       7.750          2,722.37         80
                                       7.250          2,722.37
    SANTA MONICA     CA   90405          5            06/18/01         00
    0017470584                           01           08/01/01          0
    0017470584                           O            07/01/31
    0

    5075666          405/405             F          344,000.00         ZZ
                                         360        343,738.20          1
                                       7.375          2,375.93         80
                                       6.875          2,375.93
    UPLAND           CA   91784          5            06/14/01         00
    0017520453                           05           08/01/01          0
    0017520453                           O            07/01/31
    0

    5075905          405/405             F          444,500.00         ZZ
                                         360        444,161.77          1
                                       7.375          3,070.05         76
                                       6.875          3,070.05
    SAN FRANCISCO    CA   94133          2            06/01/01         00
    0017426651                           01           08/01/01          0
    0017426651                           O            07/01/31
    0

    5075967          405/405             F          350,000.00         ZZ
                                         360        349,771.05          1
                                       8.125          2,598.74         67
                                       7.625          2,598.74
1

    SAN FRANCISCO    CA   94132          2            05/29/01         00
    0019841857                           05           08/01/01          0
    0019841857                           N            07/01/31
    0

    5076945          M18/G02             F          400,000.00         ZZ
                                         360        398,961.00          1
                                       6.750          2,594.39         80
                                       6.500          2,594.39
    SANTA ANA        CA   92705          5            03/29/01         00
    0432995611                           05           06/01/01          0
    98010                                O            05/01/31
    0

    5077031          B98/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    SAN JOSE         CA   95132          5            07/17/01         00
    0433036548                           05           09/01/01          0
    274029340                            O            08/01/31
    0

    5077362          E22/G02             F          360,000.00         ZZ
                                         360        359,745.92          3
                                       7.750          2,579.08         79
                                       7.500          2,579.08
    CHICAGO          IL   60622          5            06/29/01         00
    0412626582                           05           08/01/01          0
    0412626582                           O            07/01/31
    0

    5080213          721/G02             F          277,300.00         ZZ
                                         360        277,094.20          1
                                       7.500          1,938.93         67
                                       7.250          1,938.93
    DILLON           CO   80435          2            05/30/01         00
    0432969822                           05           08/01/01          0
    7884096504                           O            07/01/31
    0

    5080534          477/G02             F          543,750.00         ZZ
                                         360        543,750.00          1
                                       7.750          3,895.49         75
                                       7.500          3,895.49
    SAN FRANCISCO    CA   94131          1            07/10/01         00
    0433014495                           05           09/01/01          0
    109950                               O            08/01/31
    0
1

    5081395          U05/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.500          2,796.86         53
                                       7.250          2,796.86
    LOS ANGELES      CA   90064          5            07/13/01         00
    0433021607                           05           09/01/01          0
    3136199                              O            08/01/31
    0

    5081669          E40/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       8.375          2,584.25         80
                                       8.125          2,584.25
    HOLLISTON        MA   01746          1            07/02/01         00
    0432973949                           05           09/01/01          0
    545000148                            O            08/01/31
    0

    5082744          624/G02             F          394,250.00         ZZ
                                         360        394,250.00          1
                                       7.875          2,858.59         95
                                       7.625          2,858.59
    IRVINE           CA   92614          1            07/13/01         01
    0433008133                           03           09/01/01         30
    35001810803F                         O            08/01/31
    0

    5086678          830/G02             F          409,600.00         ZZ
                                         360        409,600.00          1
                                       8.000          3,005.50         80
                                       7.750          3,005.50
    PARK CITY        UT   84098          5            07/12/01         00
    0433015658                           05           09/01/01          0
    545798                               O            08/01/31
    0

    5086944          964/G02             F          510,000.00         ZZ
                                         360        510,000.00          1
                                       7.375          3,522.44         75
                                       7.125          3,522.44
    MORRO BAY        CA   93442          5            07/17/01         00
    0433009099                           05           09/01/01          0
    129972                               O            08/01/31
    0

    5087464          E22/G02             F          342,100.00         ZZ
                                         360        342,100.00          1
1

                                       8.250          2,570.08         85
                                       8.000          2,570.08
    SAN JOSE         CA   95111          1            07/02/01         01
    0412784787                           03           09/01/01         12
    0412784787                           O            08/01/31
    0

    5091900          J95/J95             F          602,000.00         ZZ
                                         360        601,596.06          1
                                       8.000          4,417.27         70
                                       7.750          4,417.27
    NAGS HEAD        NC   27959          1            06/28/01         00
    18637686                             05           08/01/01          0
    18637686                             N            07/01/31
    0

    5093540          U62/G02             F          329,600.00         ZZ
                                         360        329,336.42          1
                                       7.125          2,220.58         80
                                       6.875          2,220.58
    NORTHVILLE       MI   48167          5            06/22/01         00
    0433013422                           05           08/01/01          0
    2001246862                           O            07/01/31
    0

    5096667          964/G02             F          550,000.00         ZZ
                                         360        549,591.82          1
                                       7.500          3,845.68         65
                                       7.250          3,845.68
    SANTA BARBARA    CA   93111          5            06/22/01         00
    0432972859                           05           08/01/01          0
    120597                               O            07/01/31
    0

    5097069          L81/G02             F          321,000.00         ZZ
                                         360        320,767.67          1
                                       7.625          2,272.02         78
                                       7.375          2,272.02
    JAMESTOWN        CA   95327          5            06/22/01         00
    0432994721                           05           08/01/01          0
    012931                               O            07/01/31
    0

    5097255          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.750          3,582.06         75
                                       7.500          3,582.06
    PLEASANTON       CA   94566          5            06/29/01         00
    0412745804                           05           09/01/01          0
1

    0412745804                           O            08/01/31
    0

    5097275          E22/G02             F          625,000.00         ZZ
                                         360        625,000.00          1
                                       7.875          4,531.68         74
                                       7.625          4,531.68
    SANTA YNEZ       CA   93460          5            07/02/01         00
    0412764615                           05           09/01/01          0
    0412764615                           O            08/01/31
    0

    5097509          575/G02             F          463,900.00         ZZ
                                         360        463,900.00          1
                                       7.875          3,363.60         80
                                       7.625          3,363.60
    ROCKVILLE        MD   20854          1            07/18/01         00
    0433028339                           05           09/01/01          0
    12003455                             O            08/01/31
    0

    5099948          J95/G02             F          300,400.00         ZZ
                                         360        300,400.00          1
                                       8.375          2,283.26         80
                                       8.125          2,283.26
    VIENNA           VA   22181          1            07/13/01         00
    0433016136                           07           09/01/01          0
    18668301                             O            08/01/31
    0

    5105127          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.500          2,377.33         71
                                       7.250          2,377.33
    SOUTH LAKE TAHO  CA   96150          1            06/28/01         00
    0412712614                           05           09/01/01          0
    0412712614                           N            08/01/31
    0

    5105141          E22/G02             F          620,000.00         ZZ
                                         360        620,000.00          4
                                       7.375          4,282.19         80
                                       7.125          4,282.19
    SAN FRANCISCO    CA   94117          1            07/04/01         00
    0412750333                           05           09/01/01          0
    0412750333                           O            08/01/31
    0

1

    5106170          964/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.750          3,008.93         80
                                       7.500          3,008.93
    DENVER           CO   80210          5            07/25/01         00
    0433037496                           05           09/01/01          0
    129076                               O            08/01/31
    0

    5106277          624/G02             F          447,500.00         ZZ
                                         360        447,500.00          1
                                       7.625          3,167.38         80
                                       7.375          3,167.38
    SAN DIEGO        CA   92109          5            07/13/01         00
    0433016896                           05           09/01/01          0
    39013510483F                         O            08/01/31
    0

    5108258          830/G02             F          825,000.00         ZZ
                                         360        825,000.00          1
                                       8.625          6,416.77         75
                                       8.375          6,416.77
    CORONADO         CA   92118          1            07/20/01         00
    0433033107                           05           09/01/01          0
    1930775                              O            08/01/31
    0

    5113346          E22/G02             F          347,800.00         ZZ
                                         360        347,541.88          1
                                       7.500          2,431.87         70
                                       7.250          2,431.87
    LOS ANGELES      CA   90066          5            06/27/01         00
    0412672248                           05           08/01/01          0
    0412672248                           O            07/01/31
    0

    5113384          E22/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       8.125          3,898.11         70
                                       7.875          3,898.11
    DALLAS           TX   75248          5            07/05/01         00
    0412760316                           05           09/01/01          0
    0412760316                           O            08/01/31
    0

    5113393          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.625          2,831.17         80
                                       7.375          2,831.17
1

    DALLAS           TX   75204          5            07/06/01         00
    0412770687                           05           09/01/01          0
    0412770687                           O            08/01/31
    0

    5113409          E22/G02             F          414,400.00         ZZ
                                         360        414,400.00          1
                                       7.625          2,933.10         80
                                       7.375          2,933.10
    SAN JOSE         CA   95133          5            07/04/01         00
    0412782443                           05           09/01/01          0
    0412782443                           O            08/01/31
    0

    5114360          964/G02             F          348,000.00         ZZ
                                         360        347,741.73          1
                                       7.500          2,433.27         80
                                       7.250          2,433.27
    SAN JOSE         CA   95130          1            06/26/01         00
    0432961571                           05           08/01/01          0
    126977                               O            07/01/31
    0

    5117019          E23/G02             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       8.125          3,237.29         80
                                       7.875          3,237.29
    ALPINE           CA   91901          1            07/10/01         00
    0433007036                           05           09/01/01          0
    11005208                             O            08/01/31
    0

    5122099          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         80
                                       7.125          2,486.43
    LIVERMORE        CA   94550          5            07/05/01         00
    0412767295                           05           09/01/01          0
    0412767295                           O            08/01/31
    0

    5122116          E22/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       8.250          2,283.85         95
                                       8.000          2,283.85
    BONITA           CA   91902          1            07/06/01         04
    0412798829                           05           09/01/01         30
    0412798829                           O            08/01/31
    0
1

    5125666          975/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.875          2,465.24         80
                                       7.625          2,465.24
    TORRANCE         CA   90505          5            07/02/01         00
    0433013703                           01           09/01/01          0
    2012523                              O            08/01/31
    0

    5126607          623/G02             F          480,000.00         ZZ
                                         360        479,652.59          1
                                       7.625          3,397.41         80
                                       7.375          3,397.41
    NORTH SALT LAKE  UT   84054          2            06/18/01         00
    0432976116                           05           08/01/01          0
    1554226                              O            07/01/31
    0

    5126608          623/G02             F          399,000.00         ZZ
                                         360        398,718.39          1
                                       7.750          2,858.48         77
                                       7.500          2,858.48
    ASHLAND          OR   97520          1            06/01/01         00
    0432978468                           05           08/01/01          0
    1942613                              O            07/01/31
    0

    5126630          623/G02             F          371,890.00         ZZ
                                         360        371,652.85          1
                                       8.250          2,793.89         75
                                       8.000          2,793.89
    AURORA           CO   80016          1            06/15/01         00
    0432977791                           03           08/01/01          0
    1980484                              O            07/01/31
    0

    5126634          623/G02             F          500,000.00         ZZ
                                         360        499,619.55          1
                                       7.375          3,453.37         35
                                       7.125          3,453.37
    CRESTED BUTTE    CO   81224          2            06/13/01         00
    0432977692                           05           08/01/01          0
    1981023                              N            07/01/31
    0

    5126636          623/G02             F          364,000.00         ZZ
                                         360        363,729.86          1
1

                                       7.500          2,545.14         80
                                       7.250          2,545.14
    HUNTINGTON BEAC  CA   92646          1            06/18/01         00
    0432981843                           05           08/01/01          0
    1981486                              O            07/01/31
    0

    5126657          623/G02             F          555,000.00         ZZ
                                         360        554,588.11          1
                                       7.500          3,880.64         75
                                       7.250          3,880.64
    LOOKOUT MOUNTAI  TN   37350          1            06/20/01         00
    0432980480                           05           08/01/01          0
    5356045                              O            07/01/31
    0

    5126662          623/G02             F          381,600.00         ZZ
                                         360        381,362.81          1
                                       8.375          2,900.44         80
                                       8.125          2,900.44
    PARK RIDGE       IL   60068          1            06/14/01         00
    0432981637                           05           08/01/01          0
    5357481                              O            07/01/31
    0

    5126668          623/G02             F          400,000.00         ZZ
                                         360        399,751.38          1
                                       8.375          3,040.29         80
                                       8.125          3,040.29
    NAPERVILLE       IL   60564          5            06/15/01         00
    0432980316                           05           08/01/01          0
    5359475                              O            07/01/31
    0

    5126670          623/G02             F          472,000.00         ZZ
                                         360        471,649.71          1
                                       7.500          3,300.29         63
                                       7.250          3,300.29
    CLAREDON HILLS   IL   60514          2            06/06/01         00
    0432981447                           05           08/01/01          0
    5360785                              O            07/01/31
    0

    5126742          623/G02             F          425,000.00         ZZ
                                         360        424,310.04          1
                                       7.750          3,044.75         90
                                       7.500          3,044.75
    SANDY            UT   84092          1            06/20/01         04
    0432980373                           05           08/01/01         25
1

    2785940                              O            07/01/31
    0

    5127057          964/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         86
                                       7.000          2,387.62
    RANCHO SANTA MA  CA   92688          2            07/20/01         04
    0433019817                           03           09/01/01         25
    134620                               O            08/01/31
    0

    5129701          R88/G02             F          384,000.00         ZZ
                                         360        383,707.80          1
                                       7.375          2,652.20         80
                                       7.125          2,652.20
    IRVINE           CA   92620          5            06/20/01         00
    0432969350                           05           08/01/01          0
    1137965                              O            07/01/31
    0

    5130524          R88/G02             F          445,000.00         ZZ
                                         360        444,677.91          1
                                       7.625          3,149.69         75
                                       7.375          3,149.69
    SALT LAKE CITY   UT   84121          5            06/19/01         00
    0432962736                           05           08/01/01          0
    1104658                              O            07/01/31
    0

    5130782          964/G02             F          323,200.00         ZZ
                                         360        323,200.00          1
                                       6.875          2,123.20         80
                                       6.625          2,123.20
    CARMICHAEL       CA   95608          1            07/18/01         00
    0433008836                           05           09/01/01          0
    132804                               O            08/01/31
    0

    5132761          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.750          3,582.06         80
                                       7.500          3,582.06
    WALNUT CREEK     CA   94598          2            07/03/01         00
    0412733057                           05           09/01/01          0
    0412733057                           O            08/01/31
    0

1

    5132806          E22/G02             F          508,000.00         ZZ
                                         360        507,650.40          1
                                       7.875          3,683.35         79
                                       7.625          3,683.35
    FORNEY           TX   75126          2            06/29/01         00
    0412787590                           05           08/01/01          0
    0412787590                           O            07/01/31
    0

    5132981          964/G02             F          472,000.00         ZZ
                                         360        471,714.06          1
                                       8.500          3,629.27         80
                                       8.250          3,629.27
    PORTLAND         OR   97219          5            06/19/01         00
    0432990026                           05           08/01/01          0
    125933                               O            07/01/31
    0

    5133172          R88/G02             F          630,000.00         ZZ
                                         360        629,508.54          1
                                       7.250          4,297.71         70
                                       7.000          4,297.71
    INVERNESS        CA   94937          5            06/11/01         00
    0432962793                           05           08/01/01          0
    1111912                              O            07/01/31
    0

    5133302          R88/G02             F          593,600.00         ZZ
                                         360        593,181.05          1
                                       7.750          4,252.62         73
                                       7.500          4,252.62
    HOLLISTER        CA   95023          1            06/11/01         00
    0432969996                           05           08/01/01          0
    1110252                              O            07/01/31
    0

    5139086          R88/G02             F          391,500.00         ZZ
                                         360        391,256.65          2
                                       8.375          2,975.69         90
                                       8.125          2,975.69
    LOS ANGELES      CA   90035          1            06/08/01         11
    0432962710                           05           08/01/01         25
    1105291                              O            07/01/31
    0

    5139158          975/G02             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       7.625          3,001.05         80
                                       7.375          3,001.05
1

    FOUNTAIN VALLEY  CA   92708          1            07/23/01         00
    0433030160                           05           09/01/01          0
    2013424                              O            08/01/31
    0

    5141498          E22/G02             F          513,500.00         ZZ
                                         360        513,500.00          1
                                       7.875          3,723.23         79
                                       7.625          3,723.23
    ANGWIN           CA   94508          5            07/06/01         00
    0412653917                           05           09/01/01          0
    0412653917                           O            08/01/31
    0

    5141499          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.625          2,123.38         80
                                       7.375          2,123.38
    FLINT HILL       VA   22627          5            07/11/01         00
    0412666968                           05           09/01/01          0
    0412666968                           O            08/01/31
    0

    5141501          E22/G02             F          371,200.00         ZZ
                                         360        371,200.00          1
                                       7.875          2,691.46         80
                                       7.625          2,691.46
    MONTCLAIR        NJ   07043          5            07/11/01         00
    0412678930                           05           09/01/01          0
    0412678930                           O            08/01/31
    0

    5141505          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       8.000          3,228.56         75
                                       7.750          3,228.56
    SOUTH LAKE TAHO  CA   96150          1            07/06/01         00
    0412692196                           03           09/01/01          0
    0412692196                           N            08/01/31
    0

    5141518          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.750          2,005.95         72
                                       7.500          2,005.95
    NEWARK           CA   94560          5            07/02/01         00
    0412745762                           05           09/01/01          0
    0412745762                           O            08/01/31
    0
1

    5141845          076/076             F          368,000.00         ZZ
                                         360        367,585.87          1
                                       8.875          2,927.97         54
                                       8.625          2,927.97
    LAKE BLUFF       IL   60044          2            05/14/01         00
    4853063                              05           07/01/01          0
    4853063                              O            06/01/31
    0

    5141846          076/076             F          387,200.00         ZZ
                                         360        386,764.25          1
                                       8.875          3,080.74         80
                                       8.625          3,080.74
    PROVIDENCE       RI   02906          1            05/30/01         00
    4991575                              05           07/01/01          0
    4991575                              O            06/01/31
    0

    5141847          076/076             F          735,000.00         ZZ
                                         360        734,129.00          1
                                       8.625          5,716.75         70
                                       8.375          5,716.75
    ROCHESTER        MI   48306          5            05/22/01         00
    5133713                              05           07/01/01          0
    5133713                              O            06/01/31
    0

    5141848          076/076             F          425,750.00         ZZ
                                         360        425,232.33          1
                                       8.500          3,273.65         65
                                       8.250          3,273.65
    BLOOMFIELD TWP   MI   48302          5            05/17/01         00
    5150915                              05           07/01/01          0
    5150915                              O            06/01/31
    0

    5147410          624/G02             F          262,400.00         ZZ
                                         360        262,400.00          1
                                       7.625          1,857.25         80
                                       7.375          1,857.25
    PASO ROBLES      CA   93446          1            07/10/01         00
    0433010758                           05           09/01/01          0
    72016710133F                         O            08/01/31
    0

    5149928          E22/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
1

                                       8.250          2,434.10         90
                                       8.000          2,434.10
    SIMI VALLEY      CA   93063          1            07/09/01         04
    0412685901                           05           09/01/01         30
    0412685901                           O            08/01/31
    0

    5149984          E22/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.500          2,461.24         80
                                       7.250          2,461.24
    THOUSAND OAKS    CA   91320          5            07/10/01         00
    0412786113                           05           09/01/01          0
    0412786113                           O            08/01/31
    0

    5149987          E22/G02             F          562,500.00         ZZ
                                         360        562,500.00          1
                                       7.875          4,078.52         75
                                       7.625          4,078.52
    DALLAS           TX   75214          5            07/09/01         00
    0412788325                           05           09/01/01          0
    0412788325                           O            08/01/31
    0

    5149992          E22/G02             F          349,500.00         ZZ
                                         360        349,500.00          1
                                       7.250          2,384.21         79
                                       7.000          2,384.21
    FRANKLIN TWP     NJ   08873          5            07/12/01         00
    0412795429                           05           09/01/01          0
    0412795429                           O            08/01/31
    0

    5150036          E22/G02             F          386,250.00         ZZ
                                         360        386,250.00          1
                                       7.500          2,700.72         75
                                       7.250          2,700.72
    SCOTTSDALE       AZ   85260          1            07/17/01         00
    0412833915                           05           09/01/01          0
    0412833915                           O            08/01/31
    0

    5150038          E22/G02             F          423,200.00         ZZ
                                         360        423,200.00          1
                                       7.750          3,031.86         80
                                       7.500          3,031.86
    FARMINGTON HILL  MI   48334          1            07/17/01         00
    0412835472                           29           09/01/01          0
1

    0412835472                           O            08/01/31
    0

    5155096          696/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.750          2,579.08         80
                                       7.500          2,579.08
    BETHESDA         MD   20816          5            07/12/01         00
    0432976538                           05           09/01/01          0
    32701159                             O            08/01/31
    0

    5158861          E82/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.875          2,204.21         80
                                       7.625          2,204.21
    SNOHOMISH        WA   98290          2            07/16/01         00
    0400450342                           05           09/01/01          0
    3774738                              O            08/01/31
    0

    5162701          664/G02             F          356,000.00         ZZ
                                         360        355,097.59          1
                                       6.875          2,338.67         80
                                       6.625          2,338.67
    CHARLOTTE        NC   28203          1            05/03/01         00
    0432968105                           05           06/01/01          0
    0008062523                           O            05/01/31
    0

    5166311          E22/G02             F          317,600.00         ZZ
                                         360        317,600.00          1
                                       7.875          2,302.82         80
                                       7.625          2,302.82
    FRISCO           TX   75034          5            07/13/01         00
    0412781908                           03           09/01/01          0
    0412781908                           O            08/01/31
    0

    5166345          E22/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.500          2,433.27         80
                                       7.250          2,433.27
    NAPA             CA   94559          1            07/13/01         00
    0412809741                           05           09/01/01          0
    0412809741                           O            08/01/31
    0

1

    5166367          E22/G02             F          279,200.00         ZZ
                                         360        279,200.00          1
                                       8.625          2,171.59         80
                                       8.375          2,171.59
    HIGHLAND VILLAG  TX   75077          1            07/18/01         00
    0412839417                           03           09/01/01          0
    0412839417                           O            08/01/31
    0

    5166529          E22/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       8.250          3,455.83         80
                                       8.000          3,455.83
    NEWPORT BEACH    CA   92625          1            07/18/01         00
    0412825127                           09           09/01/01          0
    0412825127                           O            08/01/31
    0

    5171229          964/G02             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.375          3,280.71         48
                                       7.125          3,280.71
    FULLERTON        CA   92835          5            07/24/01         00
    0433034436                           05           09/01/01          0
    124390                               O            08/01/31
    0

    5173647          405/405             F          473,600.00         ZZ
                                         360        473,257.21          1
                                       7.625          3,352.12         80
                                       7.125          3,352.12
    EVERGREEN        CO   80439          5            06/08/01         00
    0012241154                           05           08/01/01          0
    0012241154                           O            07/01/31
    0

    5173697          405/405             F          525,000.00         ZZ
                                         360        524,610.37          1
                                       7.500          3,670.88         75
                                       7.000          3,670.88
    ALAMEDA          CA   94501          5            06/21/01         00
    0017543554                           05           08/01/01          0
    0017543554                           O            07/01/31
    0

    5173708          405/405             F          319,200.00         ZZ
                                         360        318,974.71          1
                                       7.750          2,286.79         80
                                       7.250          2,286.79
1

    OAKLAND          CA   94618          1            06/20/01         00
    0017556192                           01           08/01/01          0
    0017556192                           O            07/01/31
    0

    5173711          405/405             F          459,750.00         ZZ
                                         360        459,400.17          1
                                       7.375          3,175.38         75
                                       6.875          3,175.38
    PORTLAND         OR   97202          5            06/18/01         00
    0017560046                           05           08/01/01          0
    0017560046                           O            07/01/31
    0

    5173723          405/405             F          377,000.00         ZZ
                                         360        376,720.21          1
                                       7.500          2,636.04         40
                                       7.000          2,636.04
    LOS ALTOS        CA   94024          1            06/27/01         00
    0017575952                           05           08/01/01          0
    0017575952                           N            07/01/31
    0

    5173887          964/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         74
                                       7.250          2,517.17
    LAGUNA NIGUEL    CA   92677          2            07/24/01         00
    0433023413                           03           09/01/01          0
    133889                               O            08/01/31
    0

    5176226          E22/G02             F          342,000.00         ZZ
                                         360        342,000.00          1
                                       7.500          2,391.31         80
                                       7.250          2,391.31
    HAYWARD          CA   94544          2            07/10/01         00
    0412800237                           05           09/01/01          0
    0412800237                           O            08/01/31
    0

    5176227          E22/G02             F          318,750.00         ZZ
                                         360        318,750.00          1
                                       7.500          2,228.75         75
                                       7.250          2,228.75
    HOLLISTER        CA   95023          5            07/12/01         00
    0412801300                           05           09/01/01          0
    0412801300                           O            08/01/31
    0
1

    5176246          E22/G02             F          492,000.00         ZZ
                                         360        492,000.00          1
                                       7.750          3,524.75         80
                                       7.500          3,524.75
    MORGAN HILL      CA   95037          5            07/13/01         00
    0412817165                           05           09/01/01          0
    0412817165                           O            08/01/31
    0

    5176257          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       8.125          2,227.49         85
                                       7.875          2,227.49
    ARDMORE          OK   73401          2            07/16/01         04
    0412822751                           05           09/01/01         12
    0412822751                           O            08/01/31
    0

    5176260          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       8.250          4,883.23         77
                                       8.000          4,883.23
    PLANO            TX   75093          5            07/16/01         00
    0412825671                           03           09/01/01          0
    0412825671                           O            08/01/31
    0

    5176272          E22/G02             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       7.500          3,579.98         80
                                       7.250          3,579.98
    ANACORTES        WA   98221          5            07/13/01         00
    0412838773                           05           09/01/01          0
    0412838773                           O            08/01/31
    0

    5176279          E22/G02             F          311,000.00         ZZ
                                         360        311,000.00          1
                                       7.375          2,148.00         80
                                       7.125          2,148.00
    CYPRESS          TX   77433          1            07/20/01         00
    0412848152                           03           09/01/01          0
    0412848152                           O            08/01/31
    0

    5177936          624/G02             F          418,000.00         ZZ
                                         360        418,000.00          1
1

                                       7.250          2,851.50         69
                                       7.000          2,851.50
    GLENDALE         CA   90202          5            07/13/01         00
    0433014453                           05           09/01/01          0
    46900110716F                         O            08/01/31
    0

    5179804          623/G02             F          425,000.00         ZZ
                                         360        424,684.59          1
                                       7.500          2,971.66         69
                                       7.250          2,971.66
    SAN JOSE         CA   95135          5            06/15/01         00
    0433004777                           05           08/01/01          0
    1974828                              O            07/01/31
    0

    5179808          623/G02             F          368,000.00         ZZ
                                         360        367,726.89          1
                                       7.500          2,573.11         80
                                       7.250          2,573.11
    GILROY           CA   95020          5            06/21/01         00
    0433004991                           05           08/01/01          0
    1978039                              O            07/01/31
    0

    5179811          623/G02             F          457,500.00         ZZ
                                         360        457,115.64          1
                                       6.875          3,005.45         77
                                       6.625          3,005.45
    SAN JOSE         CA   95132          2            06/18/01         00
    0433004983                           05           08/01/01          0
    1980489                              O            07/01/31
    0

    5179816          623/G02             F          609,500.00         ZZ
                                         360        609,069.82          1
                                       7.750          4,366.53         72
                                       7.500          4,366.53
    BEND             OR   97701          5            06/19/01         00
    0433004819                           05           08/01/01          0
    1982155                              O            07/01/31
    0

    5179830          623/G02             F          330,000.00         ZZ
                                         360        329,461.16          1
                                       7.625          2,335.72         75
                                       7.375          2,335.72
    MT PROSPECT      IL   60056          1            06/21/01         00
    0433005782                           05           08/01/01          0
1

    5359353                              O            07/01/31
    0

    5179882          623/G02             F          500,000.00         ZZ
                                         360        499,638.11          1
                                       7.625          3,538.97         71
                                       7.375          3,538.97
    WEST PALM BEACH  FL   33412          5            06/25/01         00
    0433006293                           03           08/01/01          0
    5364673                              O            07/01/31
    0

    5184994          E22/G02             F          610,000.00         ZZ
                                         360        610,000.00          1
                                       8.375          4,636.44         68
                                       8.125          4,636.44
    BOSTON           MA   02118          5            07/17/01         00
    0412766545                           08           09/01/01          0
    0412766545                           O            08/01/31
    0

    5185008          E22/G02             F          313,000.00         ZZ
                                         360        313,000.00          1
                                       7.875          2,269.47         80
                                       7.625          2,269.47
    CHARLOTTE        NC   28262          2            07/18/01         00
    0412785396                           03           09/01/01          0
    0412785396                           O            08/01/31
    0

    5185031          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    SIMI VALLEY      CA   93065          5            07/15/01         00
    0412800864                           03           09/01/01          0
    0412800864                           O            08/01/31
    0

    5185080          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    SAN JOSE         CA   95124          5            07/17/01         00
    0412828709                           05           09/01/01          0
    0412828709                           O            08/01/31
    0

1

    5194308          E22/G02             F          438,000.00         ZZ
                                         360        438,000.00          1
                                       7.375          3,025.16         37
                                       7.125          3,025.16
    HALF MOON BAY    CA   94019          2            07/12/01         00
    0412801201                           05           09/01/01          0
    0412801201                           O            08/01/31
    0

    5194317          E22/G02             F          479,700.00         ZZ
                                         360        479,700.00          1
                                       7.750          3,436.63         78
                                       7.500          3,436.63
    SMITHTOWN        NY   11787          2            07/19/01         00
    0412811382                           05           09/01/01          0
    0412811382                           O            08/01/31
    0

    5200910          964/G02             F          436,600.00         ZZ
                                         360        436,600.00          1
                                       7.375          3,015.49         71
                                       7.125          3,015.49
    TUCSON           AZ   85711          5            07/12/01         00
    0432999134                           05           09/01/01          0
    131310                               O            08/01/31
    0

    5202494          E22/G02             F          360,050.00         ZZ
                                         360        360,050.00          1
                                       8.000          2,641.92         95
                                       7.750          2,641.92
    SOUTHLAKE        TX   76092          1            07/25/01         01
    0412818635                           03           09/01/01         30
    0412818635                           O            08/01/31
    0

    5203109          225/G02             F          650,000.00         ZZ
                                         360        649,056.11          1
                                       7.625          4,600.66         63
                                       7.375          4,600.66
    EAST HAMPTON     NY   11937          1            06/01/01         00
    0433031523                           05           07/01/01          0
    6539861                              O            06/01/31
    0

    5203192          225/G02             F          460,000.00         ZZ
                                         360        459,364.78          1
                                       7.875          3,335.32         52
                                       7.625          3,335.32
1

    MARIETTA         GA   30068          1            06/01/01         00
    0433028487                           03           07/01/01          0
    6537440                              O            06/01/31
    0

    5205281          225/G02             F          353,600.00         ZZ
                                         360        353,099.26          1
                                       7.750          2,533.23         80
                                       7.500          2,533.23
    ANAHEIM          CA   92808          2            05/04/01         00
    0433031580                           03           07/01/01          0
    7246075                              O            06/01/31
    0

    5205406          225/G02             F          353,600.00         ZZ
                                         360        353,337.57          1
                                       7.500          2,472.43         80
                                       7.250          2,472.43
    CARLSBAD         CA   92008          1            06/15/01         00
    0433031564                           03           08/01/01          0
    727320400                            O            07/01/31
    0

    5205781          225/G02             F          595,000.00         ZZ
                                         360        594,114.08          1
                                       7.500          4,160.33         73
                                       7.250          4,160.33
    MORRISTOWN       NJ   07960          2            05/24/01         00
    0433018165                           05           07/01/01          0
    6536481                              O            06/01/31
    0

    5206196          286/286             F          410,000.00         ZZ
                                         360        409,695.72          1
                                       7.500          2,866.78         79
                                       7.250          2,866.78
    ATLANTA          GA   30327          1            06/08/01         00
    382395                               05           08/01/01          0
    382395                               O            07/01/31
    0

    5206199          286/286             F          583,500.00         ZZ
                                         360        581,984.39          1
                                       7.250          3,980.50         87
                                       7.000          3,980.50
    HOBOKEN          NJ   07030          2            06/08/01         12
    400521                               08           08/01/01         25
    400521                               O            07/01/31
    0
1

    5206201          286/286             F          494,000.00         ZZ
                                         360        493,651.34          1
                                       7.750          3,539.08         80
                                       7.500          3,539.08
    SCOTTSDALE       AZ   85259          1            06/11/01         00
    313569                               05           08/01/01          0
    313569                               O            07/01/31
    0

    5206202          286/286             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         79
                                       7.250          2,796.86
    CLINTON          NJ   08833          1            06/14/01         00
    360569                               05           08/01/01          0
    360569                               O            07/01/31
    0

    5206204          286/286             F          388,000.00         ZZ
                                         360        387,712.04          1
                                       7.500          2,712.96         80
                                       7.250          2,712.96
    CHINO HILLS      CA   91709          5            06/04/01         00
    342189                               05           08/01/01          0
    342189                               O            07/01/31
    0

    5206205          286/286             F          500,000.00         ZZ
                                         360        499,619.54          1
                                       7.375          3,453.38         75
                                       7.125          3,453.38
    HOUSTON          TX   77030          2            06/12/01         00
    339961                               03           08/01/01          0
    339961                               O            07/01/31
    0

    5206206          286/286             F          381,500.00         ZZ
                                         360        381,216.87          1
                                       7.500          2,667.51         70
                                       7.250          2,667.51
    LIVERMORE        CA   94550          5            06/04/01         00
    429953                               05           08/01/01          0
    429953                               O            07/01/31
    0

    5206207          286/286             F          453,750.00         ZZ
                                         360        453,413.25          1
1

                                       7.500          3,172.69         75
                                       7.250          3,172.69
    DULUTH           GA   30097          1            06/11/01         00
    344479                               05           08/01/01          0
    344479                               O            07/01/31
    0

    5206208          286/286             F          373,600.00         ZZ
                                         348        373,312.61          1
                                       7.750          2,700.22         82
                                       7.500          2,700.22
    SCOTTSDALE       AZ   85250          2            06/12/01         10
    309754                               05           08/01/01         12
    309754                               O            07/01/30
    0

    5206209          286/286             F          375,000.00         ZZ
                                         360        374,692.61          1
                                       7.000          2,494.89         80
                                       6.750          2,494.89
    NAPERVILLE       IL   60563          5            06/08/01         00
    404160                               05           08/01/01          0
    404160                               O            07/01/31
    0

    5206210          286/286             F          435,000.00         T
                                         360        434,669.00          1
                                       7.375          3,004.44         75
                                       7.125          3,004.44
    DOWNEY           CA   90241          1            06/05/01         00
    447168                               05           08/01/01          0
    447168                               O            07/01/31
    0

    5206211          286/286             F          397,500.00         ZZ
                                         360        397,205.00          1
                                       7.500          2,779.38         80
                                       7.250          2,779.38
    NORTH HALEDON    NJ   07508          1            06/12/01         00
    253685                               05           08/01/01          0
    253685                               O            07/01/31
    0

    5206216          286/286             F          479,500.00         ZZ
                                         360        478,969.55          1
                                       7.375          3,311.79         69
                                       7.125          3,311.79
    SOUTH SAN FRANC  CA   94080          5            06/01/01         00
    9840681                              05           08/01/01          0
1

    9840681                              O            07/01/31
    0

    5206217          286/286             F          450,000.00         ZZ
                                         360        449,666.03          1
                                       7.500          3,146.47         63
                                       7.250          3,146.47
    SANTA CRUZ       CA   95062          5            06/04/01         00
    9855670                              05           08/01/01          0
    9855670                              O            07/01/31
    0

    5206218          286/286             F          400,000.00         ZZ
                                         360        399,717.68          1
                                       7.750          2,865.65         80
                                       7.500          2,865.65
    HALF MOON BAY    CA   94019          1            06/07/01         00
    9857869                              05           08/01/01          0
    9857869                              O            07/01/31
    0

    5206219          286/286             F          440,000.00         ZZ
                                         360        439,681.54          1
                                       7.625          3,114.29         66
                                       7.375          3,114.29
    ORINDA           CA   94563          5            06/05/01         00
    9856206                              05           08/01/01          0
    9856206                              O            07/01/31
    0

    5206220          286/286             F          500,000.00         ZZ
                                         360        499,638.11          1
                                       7.625          3,538.97         79
                                       7.375          3,538.97
    RANCHO PALOS VE  CA   90275          1            06/07/01         00
    9857909                              05           08/01/01          0
    9857909                              O            07/01/31
    0

    5206221          286/286             F          442,500.00         ZZ
                                         360        442,179.73          1
                                       7.625          3,131.99         75
                                       7.375          3,131.99
    ORANGEVALE       CA   95662          5            06/05/01         00
    9859580                              03           08/01/01          0
    9859580                              O            07/01/31
    0

1

    5206222          286/286             F          475,000.00         ZZ
                                         360        474,292.76          1
                                       7.500          3,321.27         75
                                       7.250          3,321.27
    NOVATO           CA   94949          5            05/29/01         00
    9832740                              05           07/01/01          0
    9832740                              O            06/01/31
    0

    5206224          286/286             F          456,000.00         T
                                         360        455,661.58          1
                                       7.500          3,188.42         80
                                       7.250          3,188.42
    PALM SPRINGS     CA   92262          1            06/01/01         00
    9854382                              05           08/01/01          0
    9854382                              O            07/01/31
    0

    5208952          286/286             F          380,000.00         ZZ
                                         360        379,731.80          4
                                       7.750          2,722.37         51
                                       7.500          2,722.37
    CAMPBELL         CA   95008          5            06/05/01         00
    9850282                              05           08/01/01          0
    9850282                              N            07/01/31
    0

    5209322          405/405             F          480,000.00         ZZ
                                         240        479,146.38          1
                                       7.625          3,903.62         80
                                       7.125          3,903.62
    DENVER           CO   80220          5            06/08/01         00
    0012257838                           05           08/01/01          0
    0012257838                           O            07/01/21
    0

    5209345          405/405             F          328,000.00         ZZ
                                         360        327,744.13          1
                                       7.250          2,237.54         80
                                       6.750          2,237.54
    LAYTONSVILLE     MD   20882          5            07/03/01         00
    0017490525                           05           08/01/01          0
    0017490525                           O            07/01/31
    0

    5209382          405/405             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.375          4,489.39         73
                                       6.875          4,489.39
1

    LOS ANGELES      CA   90069          1            07/05/01         00
    0017588179                           05           09/01/01          0
    0017588179                           O            08/01/31
    0

    5209389          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       8.375          3,040.29         80
                                       7.875          3,040.29
    SAN RAMON        CA   94583          5            07/02/01         00
    0017600115                           05           09/01/01          0
    0017600115                           O            08/01/31
    0

    5211233          E22/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.750          2,407.15         80
                                       7.500          2,407.15
    ROHNERT PARK     CA   94928          5            07/16/01         00
    0412666455                           03           09/01/01          0
    0412666455                           O            08/01/31
    0

    5214599          994/G02             F          380,000.00         ZZ
                                         360        379,731.80          1
                                       7.750          2,722.37         80
                                       7.500          2,722.37
    CLOVERDALE       CA   95425          2            06/20/01         00
    0433032562                           05           08/01/01          0
    1818453375                           O            07/01/31
    0

    5215700          225/G02             F          300,000.00         ZZ
                                         360        299,625.76          1
                                       8.375          2,280.22         71
                                       8.125          2,280.22
    PORTSMOUTH       NH   03801          1            05/22/01         00
    0433029014                           05           07/01/01          0
    7272836                              O            06/01/31
    0

    5217472          225/G02             F          500,000.00         ZZ
                                         360        499,084.84          1
                                       8.500          3,844.57         77
                                       8.250          3,844.57
    FENTON           MI   48430          2            04/30/01         00
    0433031804                           05           06/01/01          0
    7271875                              O            05/01/31
    0
1

    5219869          E22/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       7.250          3,138.01         80
                                       7.000          3,138.01
    BENICIA          CA   94510          5            07/20/01         00
    0412777229                           05           09/01/01          0
    0412777229                           O            08/01/31
    0

    5219887          E22/G02             F          318,750.00         ZZ
                                         360        318,750.00          2
                                       8.000          2,338.87         75
                                       7.750          2,338.87
    OAKLAND          CA   94609          1            07/11/01         00
    0412798837                           05           09/01/01          0
    0412798837                           O            08/01/31
    0

    5219904          E22/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       8.000          2,171.94         80
                                       7.750          2,171.94
    BERMUDA DUNES    CA   92201          5            07/17/01         00
    0412817041                           03           09/01/01          0
    0412817041                           O            08/01/31
    0

    5219942          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.750          2,005.95         80
                                       7.500          2,005.95
    LAKE WORTH       FL   33467          2            07/23/01         00
    0412848822                           03           09/01/01          0
    0412848822                           O            08/01/31
    0

    5220459          225/G02             F          370,000.00         ZZ
                                         360        369,792.57          1
                                       8.875          2,943.89         68
                                       8.625          2,943.89
    ELMHURST         IL   60126          2            06/08/01         00
    0433000767                           05           08/01/01          0
    727589700                            O            07/01/31
    0

    5220750          225/G02             F          351,000.00         ZZ
                                         360        350,456.68          1
1

                                       8.000          2,575.52         90
                                       7.750          2,575.52
    SHELBY TOWNSHIP  MI   48315          5            05/23/01         11
    0433000486                           05           07/01/01         25
    727089000                            O            06/01/31
    0

    5221012          225/G02             F          340,000.00         ZZ
                                         360        339,771.87          1
                                       8.000          2,494.80         80
                                       7.750          2,494.80
    ATLANTA          GA   30309          5            06/06/01         00
    0433000494                           05           08/01/01          0
    6540469                              O            07/01/31
    0

    5222410          225/G02             F          366,000.00         ZZ
                                         360        365,427.23          1
                                       7.250          2,496.77         79
                                       7.000          2,496.77
    FORT LEE         NJ   07024          1            05/23/01         00
    0433004520                           05           07/01/01          0
    6531647                              O            06/01/31
    0

    5222681          225/G02             F          292,000.00         ZZ
                                         360        291,586.49          1
                                       7.750          2,091.92         80
                                       7.500          2,091.92
    TOWER LAKES      IL   60010          5            05/31/01         00
    0433004439                           05           07/01/01          0
    7257703                              O            06/01/31
    0

    5227667          588/G02             F          324,000.00         ZZ
                                         360        323,759.54          1
                                       7.500          2,265.46         80
                                       7.250          2,265.46
    ANNANDALE        VA   22003          5            06/29/01         00
    0433018611                           05           08/01/01          0
    00010448065                          O            07/01/31
    0

    5228765          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.875          4,712.95         67
                                       7.625          4,712.95
    BERKELEY         CA   94708          5            07/20/01         00
    0412734956                           05           09/01/01          0
1

    0412734956                           O            08/01/31
    0

    5228839          E22/G02             F          367,500.00         ZZ
                                         360        367,500.00          1
                                       7.875          2,664.63         75
                                       7.625          2,664.63
    BOULDER          CO   80303          5            07/24/01         00
    0412827933                           05           09/01/01          0
    0412827933                           O            08/01/31
    0

    5237830          E22/G02             F          581,000.00         ZZ
                                         360        581,000.00          1
                                       7.750          4,162.36         78
                                       7.500          4,162.36
    LAKEWOOD         CO   80215          2            07/25/01         00
    0412708547                           05           09/01/01          0
    0412708547                           O            08/01/31
    0

    5237913          E22/G02             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       7.875          4,024.14         75
                                       7.625          4,024.14
    SAN RAMON        CA   94583          5            07/24/01         00
    0412830499                           03           09/01/01          0
    0412830499                           O            08/01/31
    0

    5237935          E22/G02             F          280,250.00         ZZ
                                         360        280,250.00          1
                                       7.875          2,032.01         95
                                       7.625          2,032.01
    SAN LEANDRO      CA   94577          1            07/19/01         01
    0412839391                           05           09/01/01         30
    0412839391                           O            08/01/31
    0

    5237943          E22/G02             F          497,250.00         ZZ
                                         360        497,250.00          1
                                       8.125          3,692.07         85
                                       7.875          3,692.07
    LITTLETON        CO   80125          5            07/26/01         01
    0412841439                           05           09/01/01         12
    0412841439                           O            08/01/31
    0

1

    5238031          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       8.125          2,940.29         79
                                       7.875          2,940.29
    BLOOMINGDALE     IL   60108          5            07/26/01         00
    0412870917                           05           09/01/01          0
    0412870917                           O            08/01/31
    0

    5238122          225/G02             F          460,000.00         ZZ
                                         360        459,348.57          1
                                       7.750          3,295.50         79
                                       7.500          3,295.50
    TEANECK          NJ   07666          2            05/09/01         00
    0433031366                           05           07/01/01          0
    7263908                              O            06/01/31
    0

    5238139          225/G02             F          340,000.00         ZZ
                                         360        339,760.03          1
                                       7.750          2,435.80         80
                                       7.500          2,435.80
    STRATFORD        CT   06614          1            06/04/01         00
    0433031648                           05           08/01/01          0
    6537411                              O            07/01/31
    0

    5238159          225/G02             F          325,000.00         T
                                         360        324,808.12          1
                                       8.625          2,527.82         67
                                       8.375          2,527.82
    MARCO ISLAND     FL   34145          5            06/11/01         00
    0433031135                           06           08/01/01          0
    7275124                              O            07/01/31
    0

    5238213          225/G02             F          562,500.00         ZZ
                                         360        562,132.04          1
                                       8.125          4,176.55         75
                                       7.875          4,176.55
    FORT LEE         NJ   07024          5            05/30/01         00
    0433031671                           05           08/01/01          0
    6535888                              O            07/01/31
    0

    5238353          225/G02             F          312,000.00         ZZ
                                         360        311,785.28          1
                                       7.875          2,262.22         80
                                       7.625          2,262.22
1

    NORTH CALDWELL   NJ   07006          1            06/19/01         00
    0433031218                           05           08/01/01          0
    6538217                              O            07/01/31
    0

    5238360          225/G02             F          500,000.00         ZZ
                                         360        499,392.05          1
                                       8.500          3,844.57         64
                                       8.250          3,844.57
    IRVINE           CA   92612          5            05/25/01         00
    0433031663                           05           07/01/01          0
    7270254                              O            06/01/31
    0

    5238429          225/G02             F          340,000.00         ZZ
                                         360        339,480.97          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    PRESCOTT         AZ   86305          1            05/23/01         00
    0433031655                           05           07/01/01          0
    7271099                              O            06/01/31
    0

    5238559          225/G02             F          427,500.00         ZZ
                                         360        427,205.79          1
                                       7.875          3,099.68         90
                                       7.625          3,099.68
    BOULDER          CO   80303          1            06/07/01         10
    0433018140                           05           08/01/01         25
    7276952                              O            07/01/31
    0

    5241732          225/G02             F          380,000.00         ZZ
                                         360        379,419.92          1
                                       7.375          2,624.57         72
                                       7.125          2,624.57
    SOMERVILLE       MA   02143          5            05/21/01         00
    0433031101                           05           07/01/01          0
    7269495                              O            06/01/31
    0

    5246400          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.625          2,632.99         80
                                       7.375          2,632.99
    LOS ANGELES      CA   91326          1            07/26/01         00
    0412821324                           05           09/01/01          0
    0412821324                           O            08/01/31
    0
1

    5246416          E22/G02             F          327,850.00         ZZ
                                         360        327,850.00          1
                                       7.875          2,377.14         80
                                       7.625          2,377.14
    PASO ROBLES      CA   93446          5            07/25/01         00
    0412839623                           05           09/01/01          0
    0412839623                           O            08/01/31
    0

    5247056          U62/G02             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       7.750          2,607.74         80
                                       7.500          2,607.74
    RINGOES          NJ   08551          5            07/19/01         00
    0433022860                           05           09/01/01          0
    2001263776                           O            08/01/31
    0

    5248790          E22/G02             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       8.000          2,127.92         79
                                       7.750          2,127.92
    SUNNY ISLES      FL   33160          1            08/02/01         00
    0412884025                           06           09/01/01          0
    0412884025                           O            08/01/31
    0

    5250857          225/G02             F          290,000.00         ZZ
                                         360        289,805.41          1
                                       8.000          2,127.92         89
                                       7.750          2,127.92
    CARMEL           IN   46032          1            06/12/01         27
    0433015732                           03           08/01/01         25
    7275847                              O            07/01/31
    0

    5251303          623/G02             F          300,000.00         ZZ
                                         360        299,564.36          1
                                       7.625          2,123.38         65
                                       7.375          2,123.38
    SANTA ANA        CA   92705          5            05/25/01         00
    0433025111                           05           07/01/01          0
    1975228                              O            06/01/31
    0

    5251308          623/G02             F          453,000.00         ZZ
                                         360        452,672.13          1
1

                                       7.625          3,206.31         79
                                       7.375          3,206.31
    LOS GATOS        CA   95033          2            06/15/01         00
    0433023439                           05           08/01/01          0
    1980651                              O            07/01/31
    0

    5251312          623/G02             F          385,000.00         ZZ
                                         360        384,707.05          1
                                       7.375          2,659.10         78
                                       7.125          2,659.10
    FOUNTAIN VALLEY  CA   92708          2            06/22/01         00
    0433023397                           05           08/01/01          0
    1982093                              O            07/01/31
    0

    5251314          623/G02             F          420,000.00         ZZ
                                         360        419,738.95          2
                                       8.375          3,192.30         75
                                       8.125          3,192.30
    NEWPORT BEACH    CA   92625          1            06/29/01         00
    0433025020                           05           08/01/01          0
    1982334                              O            07/01/31
    0

    5251317          623/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       7.750          2,041.78         47
                                       7.500          2,041.78
    APTOS            CA   95003          1            06/29/01         00
    0433025491                           05           09/01/01          0
    1983812                              N            08/01/31
    0

    5251334          623/G02             F          399,950.00         ZZ
                                         360        399,660.53          1
                                       7.625          2,830.82         80
                                       7.375          2,830.82
    REVERE           MA   02151          1            06/27/01         00
    0433024718                           05           08/01/01          0
    5355090                              O            07/01/31
    0

    5251350          623/G02             F          517,500.00         ZZ
                                         360        516,030.80          1
                                       8.500          3,979.13         74
                                       8.250          3,979.13
    COPPEROPOLIS     CA   95228          2            03/21/01         00
    0433023447                           03           05/01/01          0
1

    6328316                              O            04/01/31
    0

    5260336          225/G02             F          326,400.00         ZZ
                                         360        325,949.27          1
                                       7.875          2,366.63         80
                                       7.625          2,366.63
    BIRMINGHAM       AL   35242          1            05/21/01         00
    0433031713                           03           07/01/01          0
    726811200                            O            06/01/31
    0

    5261054          225/G02             F          500,000.00         ZZ
                                         360        499,236.74          1
                                       7.375          3,453.38         87
                                       7.125          3,453.38
    STAFFORD         VA   22554          4            05/25/01         27
    0433018231                           05           07/01/01         25
    6501264                              O            06/01/31
    0

    5265571          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    FREMONT          CA   94538          5            07/27/01         00
    0412859084                           05           09/01/01          0
    0412859084                           O            08/01/31
    0

    5267456          E22/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    MIDDLETOWN       NJ   07701          1            08/01/01         00
    0412679771                           05           09/01/01          0
    0412679771                           O            08/01/31
    0

    5267549          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.625          3,538.97         80
                                       7.375          3,538.97
    ALPINE           UT   84004          1            08/03/01         00
    0412895229                           05           09/01/01          0
    0412895229                           O            08/01/31
    0

1

    5276297          889/G02             F          330,000.00         ZZ
                                         360        329,755.09          1
                                       7.500          2,307.41         75
                                       7.250          2,307.41
    RICHMOND         CA   94803          5            06/20/01         00
    0433037132                           05           08/01/01          0
    123969                               O            07/01/31
    0

   TOTAL NUMBER OF LOANS   :        361

   TOTAL ORIGINAL BALANCE  :   147,290,090.00

   TOTAL PRINCIPAL BALANCE :   147,153,327.77

   TOTAL ORIGINAL P+I      :     1,054,524.69

   TOTAL CURRENT P+I       :     1,054,524.69

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate Discount Fraction PO Balance
4516293 "$316,193.90 "  0.0622  0.043076923     "$13,620.66 "
4714643 "$486,000.00 "  0.0647  0.004615385     "$2,243.08 "
4608088 "$155,000.00 "  0.0647  0.004615385     $715.38
4574611 "$441,969.15 "  0.0647  0.004615385     "$2,039.86 "
4514918 "$384,668.53 "  0.0647  0.004615385     "$1,775.39 "
4445910 "$399,309.28 "  0.0647  0.004615385     "$1,842.97 "

        "$2,183,140.86 "                        "$22,237.34 "

Loan Number     Current Balance Net Mortgage Rate  Discount Fraction  PO Balance
5055493 " $486,095.48 " 0.06095 0.129285714     " $62,845.20 "
5076945 " $398,961.00 " 0.0647  0.075714286     " $30,207.05 "
5179811 " $457,115.64 " 0.06595 0.057857143     " $26,447.40 "
5162701 " $355,097.59 " 0.06595 0.057857143     " $20,544.93 "
5130782 " $323,200.00 " 0.06595 0.057857143     " $18,699.43 "
4982823 " $348,204.24 " 0.0672  0.04    " $13,928.17 "
4984259 " $331,054.80 " 0.0672  0.04    " $13,242.19 "
5209345 " $327,744.13 " 0.0672  0.04    " $13,109.77 "
5206209 " $374,692.61 " 0.0672  0.04    " $14,987.70 "
5028114 " $555,585.02 " 0.0672  0.04    " $22,223.40 "
5030021 " $413,923.65 " 0.0672  0.04    " $16,556.95 "
4693761 " $326,738.50 " 0.06845 0.022142857     " $7,234.92 "
4982779 " $415,364.97 " 0.06845 0.022142857     " $9,197.37 "
5075905 " $444,161.77 " 0.06845 0.022142857     " $9,835.01 "
5093540 " $329,336.42 " 0.06845 0.022142857     " $7,292.45 "
5173711 " $459,400.17 " 0.06845 0.022142857     " $10,172.43 "
5209382 " $650,000.00 " 0.06845 0.022142857     " $14,392.86 "
5075666 " $343,738.20 " 0.06845 0.022142857     " $7,611.35 "
5027844 " $485,852.67 " 0.0697  0.004285714     " $2,082.23 "
5265571 " $340,000.00 " 0.0697  0.004285714     " $1,457.14 "
4934854 " $499,217.53 " 0.0697  0.004285714     " $2,139.50 "
4948227 " $339,467.93 " 0.0697  0.004285714     " $1,454.86 "
4958510 " $382,696.83 " 0.0697  0.004285714     " $1,640.13 "
4958529 " $383,318.14 " 0.0697  0.004285714     " $1,642.79 "
4969561 " $342,382.70 " 0.0697  0.004285714     " $1,467.35 "
5222410 " $365,427.23 " 0.0697  0.004285714     " $1,566.12 "
5219869 " $460,000.00 " 0.0697  0.004285714     " $1,971.43 "
4982914 " $292,282.92 " 0.0697  0.004285714     " $1,252.64 "
4987911 " $386,698.11 " 0.0697  0.004285714     " $1,657.28 "
5013668 " $499,217.55 " 0.0697  0.004285714     " $2,139.50 "
5133172 " $629,508.54 " 0.0697  0.004285714     " $2,697.89 "
5206199 " $581,984.39 " 0.0697  0.004285714     " $2,494.22 "
5029886 " $430,982.88 " 0.0697  0.004285714     " $1,847.07 "
5177936 " $418,000.00 " 0.0697  0.004285714     " $1,791.43 "
5036961 " $548,705.05 " 0.0697  0.004285714     " $2,351.59 "
4657817 " $460,983.55 " 0.0697  0.004285714     " $1,975.64 "
5173723 " $376,720.21 " 0.0697  0.004285714     " $1,614.52 "
4923905 " $362,716.83 " 0.0697  0.004285714     " $1,554.50 "
5173697 " $524,610.37 " 0.0697  0.004285714     " $2,248.33 "
5127057 " $350,000.00 " 0.0697  0.004285714     " $1,500.00 "
5149992 " $349,500.00 " 0.0697  0.004285714     " $1,497.86 "
5013630 " $546,608.53 " 0.0697  0.004285714     " $2,342.61 "

        " $17,697,296.15 "                      " $362,915.22 "

<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 each of the  related  Class CB  Percentage,  Class NB
        Percentage and Subordinate Class 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;

<PAGE>

(xiii)  the  Notional  Amount  with  respect  to each  class  of  Interest  Only
        Certificates and each Subclass Notional Amount;

(xiv)the  occurrence  of the Credit  Support  Depletion  Date and the  Accretion
     Termination Date;

(xv) the related Senior Accelerated  Distribution  Percentage applicable to such
     distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the aggregate amount of Realized Losses for such Distribution Date;

(xviii) the aggregate  amount of any recoveries on previously  foreclosed  loans
        from Sellers due to a breach of a representation or warranty assigned to
        the Trustee pursuant to Section 2.04;

(xix)   the weighted  average  remaining  term to maturity of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date; and

(xx)    the weighted  average  Mortgage Rates of the Mortgage Loans after giving
        effect to the amounts distributed on 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-apps.gis.deutsche-bank.com/invr.  Assistance in using the website can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                                 EXECUTION COPY

================================================================================

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

================================================================================

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................30

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........31

        Section 2.01. Conveyance of Mortgage Loans.........................................31

        Section 2.02. Acceptance by Trustee................................................36

        Section 2.03. Representations, Warranties and Covenants of the Master
               Servicer
               and the Company.............................................................38

        Section 2.04. Representations and Warranties of Sellers............................40

        Section 2.05. Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................41

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............42

        Section 2.08. Purposes and Powers of the Trust.....................................42

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................43

        Section 3.01. Master Servicer to Act as Servicer...................................43

        Section 3.02. Subservicing Agreements Between Master Servicer and
               Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........44

        Section 3.03. Successor Subservicers...............................................45

        Section 3.04. Liability of the Master Servicer.....................................46

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................46

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee... ..46

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
               Custodial Account...........................................................47

        Section 3.08. Subservicing Accounts; Servicing Accounts............................49

        Section 3.09. Access to Certain Documentation and  Information Regarding the
               Mortgage Loans..............................................................50

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................51

                                    i
<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................53

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
               Coverage....................................................................53

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
               Modification Agreements; Certain Assignments................................55

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................57

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................60

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............62

        Section 3.17. Reports to the Trustee and the Company...............................63

        Section 3.18. Annual Statement as to Compliance....................................63

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............63

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............64

        Section 3.21. Administration of Buydown Funds......................................64

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................66

        Section 4.01. Certificate Account..................................................66

        Section 4.02. Distributions........................................................66

        Section 4.03. Statements to Certificateholders.....................................66

        Section 4.04. Distribution of Reports to the Trustee and  the Company;
               Advances by the Master Servicer.............................................67

        Section 4.05. Allocation of Realized Losses........................................69

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69

        Section 4.08. Surety Bond..........................................................69

Article V         THE CERTIFICATES.........................................................71

        Section 5.01. The Certificates.....................................................71

        Section 5.02. Registration of Transfer and Exchange of Certificates................73

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78

        Section 5.04. Persons Deemed Owners................................................79

        Section 5.05. Appointment of Paying Agent..........................................79

                                       ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................80

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........80

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............80

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer
               and Others................................................................  81

        Section 6.04. Company and Master Servicer Not to Resign............................82

Article VII       DEFAULT..................................................................83

        Section 7.01. Events of Default....................................................83

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................85

        Section 7.03. Notification to Certificateholders...................................86

        Section 7.04. Waiver of Events of Default..........................................86

Article VIII      CONCERNING THE TRUSTEE...................................................87

        Section 8.01. Duties of Trustee....................................................87

        Section 8.02. Certain Matters Affecting the Trustee................................88

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................90

        Section 8.04. Trustee May Own Certificates.........................................90

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................90

        Section 8.06. Eligibility Requirements for Trustee.................................91

        Section 8.07. Resignation and Removal of the Trustee...............................91

        Section 8.08. Successor Trustee....................................................92

        Section 8.09. Merger or Consolidation of Trustee...................................93

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................93

        Section 8.11. Appointment of Custodians............................................94

        Section 8.12. Appointment of Office or Agency......................................94

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................96

        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..............................................................96

                                     iii
<PAGE>

        Section 9.02. Additional Termination Requirements..................................99

        Section 9.03. Termination of Multiple REMICs......................................100

Article X         REMIC PROVISIONS........................................................101

        Section 10.01.REMIC Administration................................................101

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....104

        Section 10.03.Designation of REMIC(s).............................................105

Article XI        MISCELLANEOUS PROVISIONS................................................106

        Section 11.01.Amendment...........................................................106

        Section 11.02.Recordation of Agreement; Counterparts..............................108

        Section 11.03.Limitation on Rights of Certificateholders..........................109

        Section 11.04.Governing Law.......................................................109

        Section 11.05.Notices.............................................................110

        Section 11.06.Required Notices to Rating Agency and Subservicer...................110

        Section 11.07.Severability of Provisions..........................................110

        Section 11.08.Supplemental Provisions for Resecuritization........................111

        Section 11.09.Allocation of Voting Rights.........................................111

        Section 11.10.No Petition.........................................................111

                                        iv
<PAGE>

                                    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

</TABLE>

                                        v
<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  ACCREDIT  LOANS,  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  asset-backed  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:

                                       1
<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 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  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,

                                       2
<PAGE>

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.

     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.

                                       3
<PAGE>

     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 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

                                       4
<PAGE>

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 (w)
aggregate Foreclosure Profits, (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 this  Section  3.16(e) is less than  Prepayment
Interest  Shortfalls incurred on the Mortgage Loans in connection with Principal
Prepayments  in Full 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  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.

                                       5
<PAGE>

        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.

        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

                                       6
<PAGE>

         (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.

        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.

                                       7
<PAGE>

        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.

     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.

                                       8
<PAGE>

     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.

     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.

                                       9
<PAGE>

        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.

        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 the
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

                                       10
<PAGE>

"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).

        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

                                       11
<PAGE>

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;

(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.

                                       12
<PAGE>

     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.

        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.

                                       13
<PAGE>

        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.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     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.

        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

                                       14
<PAGE>

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.

        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.

                                       15
<PAGE>

        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.

        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.

                                       16
<PAGE>

     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  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.

                                       17
<PAGE>

        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 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;

                                       18
<PAGE>

(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,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or 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.

                                       19
<PAGE>

     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
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).

     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.

                                       20
<PAGE>

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        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;

        (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

                                       21
<PAGE>

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,

        (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

                                       22
<PAGE>

        (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.

        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.

                                       23
<PAGE>

        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.

        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.

                                       24
<PAGE>

        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% 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

                                       25
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  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.

        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.

                                       26
<PAGE>

        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 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

                                       27
<PAGE>

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, 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

                                       28
<PAGE>

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  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.

                                       29
<PAGE>

        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 or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  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 or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     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.

                                       30
<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

(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.

                                       31
<PAGE>

        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 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),

                                       32
<PAGE>

(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  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

                                       33
<PAGE>

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.  Nonetheless,  (a) this Agreement is intended to be and hereby is 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; (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,

                                       34
<PAGE>

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  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.

                                       35
<PAGE>

(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  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, 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)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, 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 secures a Pledged Asset
Loan, (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  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

                                       36
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  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 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

                                       37
<PAGE>

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;

(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;

                                       38
<PAGE>

(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 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.

                                       39
<PAGE>

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 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 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

                                       40
<PAGE>

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.

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

               As provided in Section 2.05 of the Series Supplement.

                                       41
<PAGE>

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.

                                       42
<PAGE>

                                  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 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  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

                                       43
<PAGE>

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 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

                                       44
<PAGE>

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 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 Seller's  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,

                                       45
<PAGE>

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  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.

                                       46
<PAGE>

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 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):

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<PAGE>

(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;

(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

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<PAGE>

(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 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.

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<PAGE>

(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 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

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<PAGE>

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.

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;

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<PAGE>

(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 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).

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<PAGE>

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  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;

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<PAGE>

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.  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.

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<PAGE>

(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 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

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<PAGE>

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  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

                                       56
<PAGE>

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.

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

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<PAGE>

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  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

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<PAGE>

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.

(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

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<PAGE>

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 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

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<PAGE>

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  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.

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<PAGE>

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.

(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).

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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 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

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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 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

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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.

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                                   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  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

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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 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.

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(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  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

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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 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

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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

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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 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

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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; 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.

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<PAGE>

          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 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.

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<PAGE>

(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 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.

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<PAGE>

(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 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

                                       77
<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(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

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<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  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.

                                       79
<PAGE>

                                   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
rating of the Classes of Certificates that have been rated in effect immediately

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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.

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                                  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, 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.

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<PAGE>

        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.

        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.

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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  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

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<PAGE>

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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<PAGE>

                                  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

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<PAGE>

     or the 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:

(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;

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<PAGE>

(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

(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.

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(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 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.

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(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 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

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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.

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,

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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
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.

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(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  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

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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.

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                                   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.

        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

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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,  the 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

(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

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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 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

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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;

(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

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        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.

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                                   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 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.

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(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) 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

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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 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.

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(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 a 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 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.

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(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.

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                                   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,

(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

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<PAGE>

(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  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

                                      107
<PAGE>

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  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 L, 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.

                                      108
<PAGE>

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 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.

                                      109
<PAGE>

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,

(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

                                      110
<PAGE>

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 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.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.

                                      111
<PAGE>

                                    EXHIBIT A

FORM  OF  CLASS  A  CERTIFICATE,  [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
[INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                     A-1
<PAGE>

Certificate No. ________          [________%][Variable] Pass-Through Rate
                                  [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing     [Percentage Interest:________%]
Agreement and Cut-off Date:
___________ 1, ____               Aggregate Initial [Certificate Principal
                                  Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:          Amount] [Subclass Notional Amount] of the
_________ 25, ____                Class A- ___ Certificates:

Master Servicer:                  [Initial] [Certificate Principal
Residential Funding               Balance] [Interest Only/Class A-V] [Subclass]
Corporation                       Notional Amount] of this Certificate:
                                  $ _______________________]
Assumed Final
Distribution Date:                CUSIP 76110F-
___________ 25, ____
                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that ____________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the

                                        A-2
<PAGE>

Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                        A-3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                        A-4
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        A-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-6
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly,  on behalf of or purchasing
any Certificate with "plan assets" of any Plan (a "plan  investor"),  (B) it has
acquired and is holding such  Certificate in reliance on Prohibited  Transaction

<PAGE>

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) (I) the
transferee is an insurance company, (II) the source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of 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 (C), A
"cOMPLYING INSURANCE COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  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 this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

        Any purported  Certificate  Owner whose  acquisition  or holding of this
Certificate (or interest  herein) was effected in violation of the  restrictions
in Section  5.02(e) of the Pooling and Servicing  Agreement  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.

                                        B-2
<PAGE>

Certificate No. _______                           [_______]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $__________________
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $_____________________

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that  ______________________  is the registered owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set

                                        B-3

<PAGE>

forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  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.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more

                                        B-4

<PAGE>

specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                        B-5

<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        B-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        B-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
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
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

<PAGE>

Certificate No. ______                            [______]% Pass-Through Rate

Class B- ___ Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-___
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $____________________
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $__________________
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies that  Residential  Accredit  Loans,  Inc. is the registered
owner of the  Percentage  Interest  evidenced by this  Certificate  (obtained by
dividing the Certificate  Principal Balance of this Certificate by the aggregate
Certificate Principal Balance of all Class B-___ Certificates, both as specified
above)  in  certain  distributions  with  respect  to a  Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of

                                        C-2

<PAGE>

which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer 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 such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                        C-3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                        C-4

<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        C-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [_______________________________],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        C-6

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                           DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
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
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) 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), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) 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  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.________                           [______]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $__________________

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                    _________________ %

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

                                        D-2

<PAGE>

     This certifies that  _____________________  is the registered  owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Initial  Certificate  Principal  Balance of this  Certificate  by the  aggregate
Initial  Certificate  Principal  Balance  of all Class R  Certificates,  both as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to

                                        D-3
<PAGE>

zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                        D-4

<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                                        D-5
<PAGE>

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        D-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By: __________________________
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [______________________________],
                                                 as Certificate Registrar

                                            By: _____________________________
                                                 Authorized Signatory

                                        D-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ___________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                 EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

     This Seller/Servicer Contract (as may be amended, supplemented or otherwise
modified from time to time, this "Contract") is made this  _____________  day of
__________, 20__, by and between Residential Funding Corporation, its successors
and   assigns   ("Residential   Funding")   and    _____________________    (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

<PAGE>

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:________________________________________
      Telefacsimile Number:  (_____)___________ - _______________

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                        E-3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                        E-4

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= =======================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                        E-5

<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

________________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ] Primary Insurance Policy
                             [ ] Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of  _______________]  [the United States],
on behalf of which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is 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 or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  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.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9.      The Owner's Taxpayer Identification Number is ______________________ .

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to

                                        G-1-2

<PAGE>

and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

13. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

14. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"),  or an investment  manager,  named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

                                        G-1-3

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this _____ day of _____, 200__.

                                            [NAME OF OWNER]

                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

______________________________
[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ________ day of _____, 200_.

                                                 NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------
                My Commission  expires the ____ day of ____, 20___.

                                        G-1-4

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                      _______________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
____________________  (the "Seller") to  _________________  (the "Purchaser") of
$______________  Initial Certificate  Principal Balance of Mortgage Asset-Backed
Pass-Through  Certificates,  Series  ____-___,  Class  R  (the  "Certificates"),
pursuant to Section 5.02 of the Pooling and  Servicing  Agreement  (the "Pooling
and Servicing  Agreement"),  dated as of ___________  1, ____ among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the

<PAGE>

Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                               Very truly yours,

                                   (Seller)

                               By:
                                  ----------------------------------------
                               Name:
                                    --------------------------------------
                               Title:
                                     -------------------------------------

                                        G-2-2

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                                , 20
                                    ----------------------------    ----

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     ____________________   (the   "Purchaser")   intends   to   purchase   from
____________________   (the  "Seller")   $_______________   Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and __________________,  as trustee (the "Trustee"). All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement

<PAGE>

     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private Placement Memorandum,  dated ______________,  20
     ___,  relating to the Certificates (b)] a copy of the Pooling and Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any

                                        H-2

<PAGE>

     other action,  that (as to any of (a) through (e) above) would constitute a
     distribution  of any  Certificate  under the Act,  that  would  render  the
     disposition  of any  Certificate a violation of Section 5 of the Act or any
     state  securities law, or that would require  registration or qualification
     pursuant thereto.  The Purchaser will not sell or otherwise transfer any of
     the  Certificates,  except in compliance with the provisions of the Pooling
     and Servicing Agreement.

6.      The Purchaser

(a)  is  not an  employee  benefit  or  other  plan  subject  to the  prohibited
     transaction  provisions of the Employee  Retirement  Income Security Act of
     1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
     1986, as amended (a "Plan"),  or any other person  (including an investment
     manager,  a named  fiduciary or a trustee of any Plan) acting,  directly or
     indirectly,  on behalf of or purchasing any Certificate  with "plan assets"
     of  any  Plan  within  the  meaning  of the  Department  of  Labor  ("DOL")
     regulation at 29 C.F.R. ss.2510.3-101; or

(b)  is an insurance  company,  the source of funds to be used by it to purchase
     the  Certificates  is an "insurance  company general  account"  (within the
     meaning of DOL Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
     the  purchase  is  being  made in  reliance  upon the  availability  of the
     exemptive relief afforded under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                            Very truly yours,

                                            By:
                                               -------------------------------
                                            Name:
                                                 -----------------------------
                                            Title:
                                                  ----------------------------

                                        H-3

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                       __________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     In connection with the sale by ___________  (the "Seller") to _____________
(the  "Purchaser")  of $___________  Initial  Certificate  Principal  Balance of
Mortgage Asset-Backed  Pass-Through  Certificates,  Series ____-___,  Class (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling  and  Servicing  Agreement"),  dated as of  ___________  1, ____  among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  The  Seller  hereby  certifies,  represents  and  warrants  to, and
covenants with, the Company and the Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

<PAGE>

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        I-2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

<PAGE>

(c)     The Buyer has been  furnished  with all  information  regarding the Rule
        144A  Securities  that it has requested from the Seller,  the Trustee or
        the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3.    The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

               4. This document may be executed in one or more  counterparts and
        by the different parties hereto on separate counterparts, each of which,
        when so executed,  shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.

                                        J-2

<PAGE>

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------

                                        J-3

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $_____________  in  securities  (except  for the  excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year (such amount being  calculated in  accordance  with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

--   Corporation,  etc. The Buyer is a corporation  (other than a bank,  savings
     and loan  association  or similar  institution),  Massachusetts  or similar
     business  trust,  partnership,  or  charitable  organization  described  in
     Section 501(c)(3) of the Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                        J-2

<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                                            Print Name of Buyer

                                            By:________________________
                                                 Name:
                                                 Title:

                                            Date: _______________________

                                        J-3

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--   The  Buyer  owned  $_________  in  securities   (other  than  the  excluded
     securities  referred  to below) as of the end of the  Buyer's  most  recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

--   The Buyer is part of a Family of  Investment  Companies  which owned in the
     aggregate $ _____________ in securities (other than the excluded securities
     referred  to below) as of the end of the Buyer's  most  recent  fiscal year
     (such amount being calculated in accordance with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                        j-4

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                            Print Name of Buyer

                                            By: _____________________________
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------

                                            IF AN ADVISER:

                                            ______________________
                                            Print Name of Buyer

                                        j-5

<PAGE>

                                    EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                   ARTICLE XII

                   Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b)....Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c)....Demands  for payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>

previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d)....The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f)....The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                        K-2

<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any 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 Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (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) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                        K-3

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                                  ___________, 200___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of , with respect to the Mortgage Asset-Backed Pass-Through Certificates, Series
____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

1.  Provision  of  Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to

<PAGE>

perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b)....The  agreement set forth in the preceding clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                        L-2

<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

Acknowledged by:

__________________________,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                        L-3

<PAGE>

                                    EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                              _______________, 20_____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
________________  (the  "Trustee") to  _________________  (the "Lender") of (the
"Mortgage  Loan")  pursuant  to Section  3.13(d) of the  Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement"),  dated as of ___________ 1,
____  among  Residential  Accredit  Loans,  Inc.,  as  seller  (the  "Company"),
Residential Funding Corporation,  as master servicer, and the Trustee. All terms
used herein and not  otherwise  defined shall have the meanings set forth in the
Pooling and Servicing  Agreement.  The Lender hereby  certifies,  represents and
warrants to, and covenants with, the Master Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
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

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

<PAGE>

                                            Very truly yours,

                                    (Lender)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        M-2

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                              [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.  [Interest  Only/Class  A-V]-  Certificates,  corresponding  to the following
Uncertificated  REMIC  Regular  Interests:  [List numbers  corresponding  to the
related loans and Pool Strip Rates from the Mortgage Loan Schedule]. The initial
Subclass  Notional  Amount and the Initial  Pass-Through  Rate on the  [Interest
Only/Class A-V]- Certificates will be $_________ and _____%, respectively.

2. [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By: ______________________________
                                      Name:
                                     Title:

<PAGE>

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