Document:

EXECUTION COPY

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                          DATED AS OF OCTOBER 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                            dated as of March 1, 2003

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2003-QS19

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

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                        <C>
Article I    DEFINITIONS....................................................................4

        Section 1.01.  Definitions..........................................................4

        Section 1.02.  Use of Words and Phrases............................................19

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

        ISSUANCE OF CERTIFICATES...........................................................20

        Section 2.01.   Conveyance of Mortgage Loans.
                      (See Section 2.01 of the Standard Terms).............................20

        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard
                      Terms)...............................................................20

        Section 2.03.   Representations, Warranties and Covenants of the
                      Master Servicer and the Company......................................20

        Section 2.04. Representations and Warranties of Sellers............................23

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............25

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................26

        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............26

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................26

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................27

        Section 3.01. Master Servicer to Act as Servicer. (See Section 3.01 of the Standard
                      Terms)...............................................................27
        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations. (See
                      Section 3.02 of the Standard Terms)..................................27
        Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard Terms).....27
        Section 3.04. Liability of the Master Servicer. (See Section 3.04 of the Standard
                      Terms)...............................................................27
        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders.  (See  Section  3.05  of the  Standard
        Terms).........27   Section   3.06.   Assumption   or   Termination   of
        Subservicing Agreements by Trustee.
                      (See Section 3.06 of the Standard Terms).............................27

                                        i
<PAGE>

                                                                                          Page
        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
                      Custodial Account....................................................27
        Section 3.08. Subservicing Accounts; Servicing Accounts. (See Section 3.08 of
                      the Standard Terms)..................................................30
        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                      Loans. (See Section 3.09 of the Standard Terms)......................30
        Section 3.10. Permitted Withdrawals from the Custodial Account. (See Section
                      3.10 of the Standard Terms)..........................................30
        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder. (See Section 3.11 of the Standard Terms).................30
        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
                      Coverage. (See Section 3.12 of the Standard Terms)...................30
        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification
                      Agreements; Certain Assignments. (See Section 3.13 of the Standard
                      Terms)...............................................................30
        Section 3.14. Realization Upon Defaulted Mortgage Loans. (See Section 3.14 of the
                      Standard Terms)......................................................30
        Section 3.15. Trustee to Cooperate; Release of Mortgage Files.  (See Section 3.15
                      of the Standard Terms)..............................................30
        Section 3.16. Servicing and Other Compensation; Compensating Interest.
                      (See Section 3.16 of the Standard Terms).............................30
        Section 3.17. Reports to the Trustee and the Company.  (See Section 3.17 of the
                      Standard Terms)......................................................30
        Section 3.18. Annual Statement as to Compliance.  (See Section 3.18 of the Standard
                      Terms)...............................................................30
        Section 3.19. Annual Independent Public Accountants' Servicing Report.
                      (See Section 3.19 of the Standard Terms).............................30
        Section 3.20. Rights of the Company in Respect of the Master Servicer.
                      (See Section 3.20 of the Standard Terms).............................30
        Section 3.21. Administration of Buydown Funds (See Section 3.21 of the Standard Terms)
                      30

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................31

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms)  .....31

        Section 4.02. Distributions. ......................................................31

        Section 4.03. Statements to Certificateholders; Exchange Act Reporting (See
                      Section 4.04 of the Standard Terms)..................................41

                                        ii
<PAGE>

        Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Master Servicer......................................41

        Section 4.05. Allocation of Realized Losses. ......................................43

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................44

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................44

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................44

Article V  THE CERTIFICATES................................................................45

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................46

Article VII   DEFAULT......................................................................47

Article VIII  CONCERNING THE TRUSTEE.......................................................48

Article IX    TERMINATION..................................................................49

        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. ..............................................49

        Section 9.02. Additional Termination Requirements. (See Section 9.02 of the
                      Standard Terms)......................................................50

        Section 9.03. Termination of Multiple REMICs. (See Section 9.03 of the
                      Standard Terms)......................................................50

Article X      REMIC PROVISIONS............................................................51

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....51

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........51

        Section 10.03.Designation of REMICs................................................51

        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................51

        Section 10.05.Compliance with Withholding Requirements.............................53

Article XI   MISCELLANEOUS PROVISIONS......................................................54

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................54

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................54

                                        iii
<PAGE>

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................54

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........54

        Section 11.05.Notices..............................................................54

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................55

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................55

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................55

        Section 11.09.Allocation of Voting Rights..........................................55

        Section 11.10.No Petition..........................................................55
</TABLE>

                                        iv

<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 March 1, 2003
Exhibit Five:..       Aggregate Planned Principal Balances

                                        v

<PAGE>

        This is a Series  Supplement,  dated as of October 1, 2003 (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 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 DEUTSCHE BANK TRUST COMPANY AMERICAS,  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), as two real estate mortgage  investment conduits
(each, 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 this 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                                                            S&P/
               PASS-THROUGH       PRINCIPAL                                MATURITY                --------     MINIMUM
 DESIGNATION      RATE              BALANCE        FEATURES(1)               DATE                  MOODY'S   DENOMINATIONS(2)

<S>                  <C>          <C>                                                <C> <C>                    <C>
Class A-I            5.75%        $146,986,000      Senior/Fixed Rate        October 25, 2033     AAA/Aaa       $25,000.00
Class CB             5.75%        $179,613,000      Senior/Fixed Rate        October 25, 2033     AAA/Aaa       $25,000.00
                                                    Senior/Accretion
Class NB-1           4.75%        $25,000,000       Directed/Fixed Rate      October 25, 2033     AAA/Aaa       $25,000.00
Class NB-2           5.75%        $929,000          Senior/Accrual/Fixed RateOctober 25, 2033     AAA/Aaa       $25,000.00
                                                     Senior/Accretion
Class NB-3           3.00%        $46,936,000        Directed/PAC/Fixed Rate October 25, 2033     AAA/Aaa       $25,000.00
                                                     Senior/Accretion
Class NB-4           4.75%        $19,000,000        Directed/PAC/Fixed Rate October 25, 2033     AAA/Aaa       $25,000.00
Class NB-5           5.75%        $0)3)              Senior/Interest
                                                     Only/Fixed Rate         October 25, 2033     AAA/Aaa       $25,000.00
Class NB-6           5.75%        $18,600,000        Senior/Accrual/
                                                   Companion/Fixed Rate      October 25, 2033     AAA/Aaa       $25,000.00
Class NB-7           5.75%        $7,278,000         Senior/Fixed Rate       October 25, 2033     AAA/Aaa       $25,000.00

Class A-P            0.00%        $7,259,013      Principal Only/Senior      October 25, 2033     AAA/Aaa       $25,000.00

Class A-V           Variable      $0.00          Variable Strip/Interest
                     Rate4                                Only/Senior        October 25, 2033     AAA/Aaa           (5)
Class R-I            5.75%        $100.00        Residual/Senior/Fixed Rate  August 25, 2033      AAA/Aaa           (6)
Class R-II           5.75%        $100.00        Residual/Senior/Fixed Rate  August 25, 2033      AAA/Aaa           (6)
Class M-1            5.75%        $11,409,000      Mezzanine/Fixed Rate      October 25, 2033      AA/NA        $25,000.00
Class M-2            5.75%        $4,516,100       Mezzanine/Fixed Rate      October 25, 2033      A/NA         $250,000.00
Class M-3            5.75%        $3,327,700       Mezzanine/Fixed Rate      October 25, 2033     BBB/NA        $250,000.00
Class B-1            5.75%        $1,426,200      Subordinate/Fixed Rate     October 25, 2033      BB/NA        $250,000.00
Class B-2            5.75%        $1,663,900      Subordinate/Fixed Rate     October 25, 2033      B/NA         $250,000.00
Class B-3            5.75%        $1,427,346      Subordinate/Fixed Rate     October 25, 2033      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 or Notional Amount, as applicable)
          and integral  multiples of $1 (or $1,000 in the case of the Class A-P,
          Class B-1, Class B-2 and Class B-3  Certificates)  in excess  thereof,
          except  that one  Certificate  of any of the Class A-P and Class  B-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 Class NB-5 Certificates do not have a principal  balance.  For the
          purpose of calculating  interest payments,  interest on the Class NB-5
          Certificates  will accrue on a notional amount equal to the sum of (i)
          the product of 47.82608696% and the Certificate  Principal  Balance of
          the Class NB-3  Certificates  and (ii) the product of 17.39130435% and
          the  aggregate   Certificate  Principal  Balance  of  the  Class  NB-1
          Certificates and Class NB-4 Certificates.

     4    The  initial  Pass-Through  Rate  on the  Class  A-V  Certificates  is
          0.3966%.

     5    The Class A-V Certificates shall be issuable in minimum  denominations
          of not less than a 20% Percentage  Interest.

     6    Each class of 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  of each Class 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%.

                                       2
<PAGE>

        Mortgage  Loans have an  aggregate  principal  balance as of the Cut-off
Date of $479,371,459.43.

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

                                       3
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Directed  Certificates:  Any of the Class NB-1, Class NB-3 and
Class NB-4 Certificates.

     Accretion  Termination Date: Either of the Class NB-2 Accretion Termination
Date or the Class NB-6 Accretion Termination Date.

     Accrual  Certificates:  Either of the Class NB-2  Certificates or the Class
NB-6 Certificates.

     Accrual Distribution Amount:  Either of the Class NB-2 Accrual Distribution
Amount or the Class NB-6 Accrual Distribution Amount.

        Aggregate  Planned Principal  Balance:  With respect to any Distribution
Date, the amount set forth in the table entitled  "Aggregate  Planned  Principal
Balances" in Exhibit Five opposite such date.

        Available  Distribution  Amount:  The sum of (i) the amount described in
the definition of Available  Distribution  Amount in the Standard Terms and (ii)
the amount  allocated to the Available  Distribution  Amount pursuant to Section
4.02(j).

        Balloon  Loan:  Each of the Mortgage  Loans  having an original  term to
maturity that is shorter than the related amortization term.

        Balloon  Payment:  With respect to any Balloon Loan, the related Monthly
Payment payable on the stated maturity date of such Balloon Loan.

        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)
$173,921 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

                                       4
<PAGE>

                      (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

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

               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.

        Capitalization  Reimbursement  Amount:  As to any Distribution  Date and
Loan Group, the amount of Advances or Servicing  Advances that were added to the
Stated  Principal  Balance of the  Mortgage  Loans in such Loan Group during the
prior calendar month and reimbursed to the Master  Servicer or Subservicer on or
prior to such  Distribution  Date  pursuant  to Section  3.10(a)(vii),  plus the
Capitalization  Reimbursement  Shortfall Amount remaining  unreimbursed from any
prior  Distribution Date and reimbursed to the Master Servicer or Subservicer on
or prior to such Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date and Loan  Group,  the  amount,  if any,  by which the amount of Advances or
Servicing  Advances  that were  added to the  Stated  Principal  Balance  of the
Mortgage  Loans in such Loan Group during the preceding  calendar  month exceeds
the amount of principal payments on the Mortgage Loans included in the Available
Distribution Amount for that Loan Group and Distribution Date.

                                       5
<PAGE>

        Certificate:  Any Class A-I,  Class CB, Class NB, Class A-P,  Class A-V,
Class M, Class B or Class R Certificate.

        Certificate  Group:  With  respect  to (i) Loan  Group I, the  Class A-I
Certificates, (ii) Loan Group CB, the Class CB Certificates and (iii) Loan Group
NB, the Class NB Certificates and the Residual Certificates

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2003-QS19"  and which  must be an  Eligible
Account.

        Certificate Policy:  None.

        Class A-I 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  A-I  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 Loan Group I immediately prior to such Distribution Date.

        Class  A-I  Certificate:  The Class A-I  Certificates,  executed  by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit A.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO Disposition of a Discount  Mortgage Loan, any Distribution Date and any Loan
Group,  the excess of the amount described in clause (C)(1) of the definition of
Class A-P  Principal  Distribution  Amount  for such Loan  Group over the amount
described in clause (C)(2) of such definition.

        Class  A-P   Principal   Distribution   Amount:   With  respect  to  any
Distribution Date and Loan Group, an amount equal to the aggregate of:

               (A) the related  Discount  Fraction of the  principal  portion of
        each Monthly Payment on each Discount  Mortgage Loan in the related Loan
        Group 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 in the related
        Loan Group 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,
        Subsequent  Recoveries and  repurchases  (including  deemed  repurchases

                                       6
<PAGE>

        under  Section  3.07(b)) of Discount  Mortgage  Loan in the related Loan
        Group (or, in the case of a substitution  of a Deleted  Mortgage Loan in
        the  related  Loan  Group,  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 in the related Loan Group that occurred during
        the preceding calendar month (or was deemed to have occurred during such
        period in  accordance  with Section  3.07(b)) 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 Loan  Group  and the  amount  of any  Class  A-P
        Collection  Shortfalls  for such Loan  Group  remaining  unpaid  for all
        previous  Distribution  Dates,  but only to the  extent of the  Eligible
        Funds for such Distribution Date; minus

               (F)  the  related  Discount   Fraction  of  the  portion  of  the
        Capitalization  Reimbursement Amount for the related Loan Group for such
        Distribution Date, if any, related to each Discount Mortgage Loan in the
        related Loan Group.

        Notwithstanding the foregoing,  with respect to any Distribution Date on
and  after  the  Credit  Support   Depletion   Date,  the  Class  A-P  Principal
Distribution  Amount for a Loan Group  shall  equal the excess of (i) the sum of
(a) the related  Discount  Fraction  of the  principal  portion of each  Monthly
Payment on each  Discount  Mortgage  Loan in the related Loan Group  received or
advanced prior to the related Determination Date and not previously  distributed
minus the Discount Fraction of the principal portion of any related Debt Service
Reduction  which  together with other  Bankruptcy  Losses exceeds the Bankruptcy
Amount and (b) the aggregate amount  calculated  pursuant to clauses (B) and (C)
above over (ii) the amount calculated pursuant to clause (F) above.

        Class CB Certificates: The Class CB Certificates.
        ---------------------

        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
Loan Group CB immediately prior to such Distribution Date.

        Class NB  Certificates:  The Class NB-1,  Class NB-2,  Class NB-3, Class
NB-4, Class NB-5, Class NB-6 and Class NB-7 Certificates.

                                       7
<PAGE>

        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 Loan Group NB immediately prior to such Distribution
Date.

        Class NB-2 Accretion  Termination  Date: The earlier to occur of (i) the
Distribution  Date on which the Certificate  Principal Balance of the Class NB-1
Certificates  has been  reduced  to zero and (ii) the Credit  Support  Depletion
Date.

        Class NB-2 Accrual Distribution Amount: With respect to any Distribution
Date on or prior to the Class NB-2 Accretion  Termination  Date, an amount equal
to the amount of Accrued  Certificate  Interest  on the Class NB-2  Certificates
that is added to the Certificate  Principal Balance thereof on such Distribution
Date pursuant to Section 4.02(h).

        Class NB-6 Accretion  Termination  Date: The earlier to occur of (i) the
Distribution  Date on which the aggregate  Certificate  Principal Balance of the
Class NB-3 and Class  NB-4  Certificates  has been  reduced to zero and (ii) the
Credit Support Depletion Date.

        Class NB-6 Accrual Distribution Amount: With respect to any Distribution
Date on or prior to the Class NB-4 Accretion  Termination  Date, an amount equal
to the amount of Accrued  Certificate  Interest  on the Class NB-4  Certificates
that is added to the Certificate  Principal Balance thereof on such Distribution
Date pursuant to Section 4.02(i).

        Class R  Certificate:  Any one of the Class R-I  Certificates  and Class
R-II Certificates.

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

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

        Closing Date:  October 30, 2003.

     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 2003-QS19.

        Cut-off Date:  October 1, 2003.

                                       8
<PAGE>

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

        Discount Net Mortgage Rate:  5.75% per annum.

     Due Period:  With respect to each Distribution  Date, the calendar month in
which such Distribution Date occurs.

        Eligible Funds:  With respect to any  Distribution  Date and Loan Group,
such Loan Group's  portion of an amount that is allocated  among the Loan Groups
pro rata,  based on the  aggregate  unpaid  Class A-P  Shortfalls  for each Loan
Group,  which  amount  is equal to the  excess  of (i) the sum of the  Available
Distribution  Amounts  for all Loan  Groups  over (ii) the  aggregate  amount of
Accrued  Certificate  Interest on the Senior  Certificates,  (ii) the sum of the
Senior  Principal  Distribution  Amounts  (determined  without regard to Section
4.02(a)(ii)(Y)(D)  hereof) for all Loan  Groups,  (iii) the sum of the Class A-P
Principal  Distribution  Amounts (determined without regard to clause (E) of the
definition of Class A-P Principal  Distribution  Amount) for all Loan Groups 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, but not  including,  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, but not including,  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.

        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.

                                       9
<PAGE>

        Fraud Losses:  Realized  Losses on Mortgage  Loans as to which there was
fraud in the origination of such Mortgage Loan.

        Group I Loans:  The  Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group I Loans.

        Group CB Loans:  The Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group CB Loans.

        Group NB Loans:  The Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group NB Loans.

        Initial Monthly Payment Fund: $320,053, representing scheduled principal
amortization  and interest at the Net Mortgage  Rate payable  during the October
2003 Due Period,  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.

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

        Class M-1:  2.40%           Class B-1:  0.30%
        Class M-2:  0.95%           Class B-2:  0.35%
        Class M-3:  0.70%           Class B-3:  0.30%

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

     Interest Only  Certificates:  The Class NB-5 Certificates and the Class A-V
Certificates.  The Interest Only Certificates will have no Certificate Principal
Balance.

     Loan Group: Any of the Loan Group I, Loan Group CB or the Loan Group NB.

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

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

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

     Maturity  Date:  November  25,  2033,  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

                                       10
<PAGE>

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

(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.

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class  NB-5  Certificates,  an  amount  equal to the sum of (a) the  product  of
47.82608696%   and  the  Certificate   Principal   Balance  of  the  Class  NB-3
Certificates  immediately prior to such date and (b) the product of 17.39130435%
and the aggregate  Certificate  Principal Balance of the Class NB-1 Certificates
and the Class  NB-4  Certificates  immediately  prior to such date and (ii) 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  REMIC I Regular Interests Z 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.

                                       11
<PAGE>

        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  0.3966%  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:   The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on the  Certificates  for federal income tax purposes,  which assumes a
constant  prepayment rate of 10.0% 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  approximately  1.36363636%  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 25.0% per annum.

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

        (i)    For any  Distribution  Date  prior  to the  Distribution  Date in
               October 2008 (unless the  Certificate  Principal  Balances of the
               Senior Certificates (other than the Class A-P Certificates), have
               been reduced to zero), 0%.

        (ii)   For any  Distribution  Date 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

                                       12
<PAGE>

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

          (iii)Notwithstanding   the  foregoing,   if  the  application  of  the
               foregoing  percentages  on any  Distribution  Date as provided in
               Section 4.02 of this Series Supplement (determined without regard
               to  the  proviso  to the  definition  of  "Subordinate  Principal
               Distribution  Amount") would result in a distribution  in respect
               of principal of any Class or Classes of Subordinate  Certificates
               in an amount  greater than the  remaining  Certificate  Principal
               Balance thereof (any such class, a "Maturing  Class"),  then: (a)
               the  Prepayment  Distribution  Percentage of each Maturing  Class
               shall be  reduced to a level  that,  when  applied  as  described
               above, would exactly reduce the Certificate  Principal Balance of
               such Class to zero; (b) the Prepayment Distribution Percentage of
               each other Class of Subordinate  Certificates  (any such Class, a
               "Non-Maturing  Class") shall be  recalculated  in accordance with
               the  provisions in paragraph  (ii) above,  as if the  Certificate
               Principal Balance of each Maturing Class had been reduced to zero
               (such percentage as recalculated, the "Recalculated Percentage");
               (c)  the  total  amount  of  the  reductions  in  the  Prepayment
               Distribution   Percentages  of  the  Maturing  Class  or  Classes
               pursuant  to  clause  (a)  of  this  sentence,  expressed  as  an
               aggregate  percentage,  shall be allocated among the Non-Maturing
               Classes   in   proportion   to  their   respective   Recalculated
               Percentages (the portion of such aggregate reduction so allocated
               to any Non-Maturing Class, the "Adjustment Percentage");  and (d)
               for  purposes  of  such   Distribution   Date,   the   Prepayment
               Distribution Percentage of each Non-Maturing Class shall be equal
               to the sum of (1) the Prepayment Distribution Percentage thereof,
               calculated in accordance  with the  provisions in paragraph  (ii)
               above as if the  Certificate  Principal  Balance of each Maturing
               Class  had not  been  reduced  to  zero,  plus  (2)  the  related
               Adjustment Percentage.

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

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates,  the  close of  business  on the last  Business  Day of the  month
preceding the month in which the related Distribution Date occurs.

        Regular  Interest  V Loss  Allocation  Fraction:  With  respect  to each
Distribution  Date,  the  quotient of (i) the product of 0.01 and the  aggregate
Certificate   Balance  of  the  Class  NB-1  Certificates  and  the  Class  NB-4
Certificates  and (ii)  the sum of (a) the  product  of 0.01  and the  aggregate
Certificate   Balance  of  the  Class  NB-1  Certificates  and  the  Class  NB-4
Certificates  and (b) the product of 0.0275 and the  Certificate  Balance of the
Class NB-3 Certificates.

        Regular  Interest  W Loss  Allocation  Fraction:  With  respect  to each
Distribution Date, the quotient of (i) the product of 0.0275 and the Certificate
Balance of the Class NB-3  Certificates  and (ii) the sum of (a) the  product of
0.01 and the aggregate  Certificate  Balance of the Class NB-1  Certificates and
the Class NB-4  Certificates  and (b) the product of 0.0275 and the  Certificate
Balance of the Class NB-3 Certificates.

                                       13
<PAGE>

        Related  Classes:  As to any  Uncertificated  REMIC I Regular  Interest,
those classes of Certificates identified as "Related Classes of Certificates" to
such Uncertificated REMIC I Regular Interest in the definition of Uncertificated
REMIC I Regular Interest.

        REMIC I: The  segregated  pool of assets,  with respect to which a REMIC
election is to be made, consisting of:

               (i)    the Mortgage Loans and the related Mortgage Files,

               (ii)   all  payments and  collections  in respect of the Mortgage
                      Loans due after  the  Cut-off  Date  (other  than  Monthly
                      Payments due in the month of 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, but not
                      including  amounts  on  deposit  in  the  Initial  Monthly
                      Payment Fund,

               (iii)  property  which secured a Mortgage Loan and which 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  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein, and

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

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the  holders  of  each  Class  of   Certificates   (other  than  the  Class  R-I
Certificates)  pursuant to Section 2.06,  with respect to which a separate REMIC
election is to be made.

        REMIC II Certificates:  Any Class of Certificates  (other than the Class
R-I Certificates).

        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;

                                       14
<PAGE>

(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

        (ii) that 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 excluding the
Discount  Fraction of the  Discount  Mortgages  in such 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%.

                                       15
<PAGE>

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:  Any one of the Class A-I, Class CB, Class NB, Class
A-P, Class A-V Certificates or Class R Certificates, executed by the Trustee and
authenticated by the Certificate Registrar  substantially in the form annexed to
the Standard Terms as Exhibit A and Exhibit D.

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

        Senior Principal  Distribution  Amount: With respect to any Distribution
Date and Loan  Group,  the lesser of (a) the  balance of the  related  Available
Distribution  Amount remaining after the distribution of all amounts required to
be distributed therefrom pursuant to Section 4.02(a)(i),  Section 4.02(a)(ii)(W)
(excluding any amount distributable  pursuant to clause (E) of the definition of
"Class A-P Principal  Distribution  Amount") and Section  4.02(a)(ii)(X) of this
Series Supplement,  and (b) the sum of the amounts required to be distributed to
the Senior  Certificateholders  on such  Distribution  Date pursuant to Sections
4.02(a)(ii)(Y), 4.02(a)(xvi) and 4.02(a)(xvii) of this Series Supplement.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$4,753,715  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 (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 greatest of (i) twice the
outstanding  principal  balance of the Mortgage Loan in the Trust Fund which has
the largest  outstanding  principal balance on the Distribution Date immediately
preceding  such  anniversary,  (ii)  the  product  of  1.00%  multiplied  by the
outstanding  principal  balance of all Mortgage Loans on the  Distribution  Date
immediately  preceding  such  anniversary  and (iii) the  aggregate  outstanding
principal  balance (as of the immediately  preceding  Distribution  Date) of the
Mortgage  Loans in any  single  five-digit  California  zip code  area  with the
largest  amount of  Mortgage  Loans by  aggregate  principal  balance as of such
anniversary.

        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.

                                       16
<PAGE>

        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  Percentage;  With respect to any Loan Group, as of any date
of determination a percentage equal to 100% minus the related Senior  Percentage
as of that 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) the sum of (i)
with respect to the Class of Subordinate  Certificates with the Lowest Priority,
any Excess Subordinate Principal Amount for such Distribution Date; and (ii) the
Capitalization  Reimbursement  Amount for such Loan Group and Distribution Date,
other than the related  Discount  Fraction of any portion of that amount related
to each  Discount  Mortgage  Loan in the  related  Loan Group,  multiplied  by a
fraction,  the  numerator  of which is the  Subordinate  Principal  Distribution
Amount for such Class of Subordinate Certificates, without giving effect to this
clause  (b)(ii),  and the  denominator  of  which  is the  sum of the  principal
distribution  amounts for all Classes of  Certificates  other than the Class A-P
Certificates,  without giving effect to any  reductions  for the  Capitalization
Reimbursement Amount.

        Uncertificated Accrued Interest: With respect to each Distribution Date,
(i)  as to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  each
Uncertificated  REMIC I Regular  Interest  Z, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof  on the  Related  Classes  of  Certificates  (excluding  any
Interest Only  Certificates) if the Pass-Through Rate on such Classes were equal
to the Uncertificated  Pass-Through Rate on such Uncertificated  REMIC I Regular
Interest,  (ii) as to each  Uncertificated  REMIC I Regular  Interest Z and each
Uncertificated  REMIC II  Regular  Interest  Z, an amount  equal to one  month's

                                       17
<PAGE>

interest at the Pool Strip Rate of the related  Mortgage  Loan on the  principal
balance of such Mortgage Loan reduced by such  Interest's  pro-rata share of any
prepayment  interest shortfalls or other reductions of interest allocable to the
Class A-V Certificates.

        Uncertificated   Pass-Through   Rate:   With  respect  to  each  of  the
Uncertificated REMIC I Regular Interests,  other than the Uncertificated REMIC I
Regular  Interests  Z,  the  per  annum  rate  specified  in the  definition  of
Uncertificated  REMIC I Regular Interests.  With respect to each  Uncertificated
REMIC I Regular Interest Z and each Uncertificated  REMIC II Regular Interest Z,
the Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest, as defined in the definition of Uncertificated REMIC I
Regular Interest.

        Uncertificated  REMIC I Regular Interests:  The  Uncertificated  REMIC I
Regular  Interests Z together with the interests  identified in the table below,
each  representing an undivided  beneficial  ownership  interest in REMIC I, and
having the following characteristics:

          1.   The  principal  balance from time to time of each  Uncertificated
               REMIC I Regular  Interest  identified in the table below shall be
               the amount identified as the Initial Principal Balance thereof in
               such  table,  minus the sum of (x) the  aggregate  of all amounts
               previously  deemed  distributed with respect to such interest and
               applied to reduce the  Uncertificated  Principal  Balance thereof
               pursuant to Section  10.04(a)(ii)  and (y) the  aggregate  of all
               reductions  in  Certificate  Principal  Balance  deemed  to  have
               occurred in connection  with Realized Losses that were previously
               deemed allocated to the Uncertificated  Principal Balance of such
               Uncertificated  REMIC I  Regular  Interest  pursuant  to  Section
               10.04(d),  which equals the  aggregate  principal  balance of the
               Classes   of   Certificates   identified   as   related  to  such
               Uncertificated REMIC I Regular Interest in such table.

          2.   The  Uncertificated  Pass-Through  Rate for  each  Uncertificated
               REMIC I Regular  Interest  identified in the table below shall be
               the per annum rate set forth in the  Pass-Through  Rate column of
               such table.

          3.   The Uncertificated  REMIC I Distribution  Amount for each REMIC I
               Regular Interest  identified in the table below shall be, for any
               Distribution  Date, the amount deemed distributed with respect to
               such Uncertificated REMIC I Regular Interest on such Distribution
               Date pursuant to the provisions of Section 10.04(a).

<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------ --------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------ --------------------
<S>                                                             <C>              <C>
          U             Class A-I, Class CB, Class              5.75%            $353,406,200.00
                        NB-2, Class NB-6, Class NB-7
----------------------- --------------------------------- ------------------ --------------------
          V             Class NB-1, Class NB-4, Class           5.75%             $44,000,000.00
                        NB-5
----------------------- --------------------------------- ------------------ --------------------
          W             Class NB-3, Class NB-5                  5.75%             $46,936,000.00
----------------------- --------------------------------- ------------------ --------------------

                                      18
<PAGE>

----------------------- --------------------------------- ------------------ --------------------
          X             Class A-P                               0.00%              $7,259,012.69
----------------------- --------------------------------- ------------------ --------------------
          Y             Class R-II, Class M-1, Class            5.75%             $23,770,346.74
                        M-2, Class M-3, Class B-1,
                        Class B-2, Class B-3
----------------------- --------------------------------- ------------------ --------------------
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  2,715
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 2,715,  each relating to the 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.

        Uncertificated  REMIC I Regular  Interests Z Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I  Regular  Interest  Distribution  Amounts:  With
respect  to each  Uncertificated  REMIC  I  Regular  Interest,  other  than  the
Uncertificated  REMIC  I  Regular  Interests  Z,  the  amount  specified  as the
Uncertificated REMIC I Regular Interest Distribution Amount with respect thereto
in the definition of Uncertificated  REMIC I Regular Interests.  With respect to
the  Uncertificated  REMIC I Regular  Interests  Z, the  Uncertificated  REMIC I
Regular Interests Z Distribution Amount.

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  2,715
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  2,715 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC II  Regular  Interests  Z's pro rata  share of the  amount
distributed pursuant to Sections 10.04(a).

        Uncertificated  REMIC II Regular  Interests  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

        Undercollateralized  Amount:  With  respect  any  Certificate  Group and
Distribution Date, the excess of (i) the aggregate Certificate Principal Balance
of such Certificate  Group over (ii) the aggregate  Stated Principal  Balance of
the Mortgage  Loans in the related Loan Group,  in each case  calculated on such
Distribution Date after giving effect to distributions to be made thereon (other
than amounts to be distributed  pursuant to Section 4.02(k) on such Distribution
Date).

        Undercollateralized  Certificate  Group:  With respect any  Distribution
Date,  a  Certificate  Group for which the  related  Undercollateralized  Amount
exceeds zero.

     Underwriters: Greenwich Capital Markets, Inc. and Citigroup Capital Markets
Inc.

                                       19
<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.

                                       20
<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,  with respect to a majority of the
          Mortgage  Loans,  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 four
          Mortgage  Loans in Loan Group I, one  Mortgage  Loans in Loan Group CB
          and three Mortgage Loans in Loan Group NB  representing  approximately
          0.4%,  0.1% and 0.2%,  respectively  of the  principal  balance of the
          Mortgage Loans in the related Loan Group at origination, 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;

                                       21
<PAGE>

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

     (vi) No more than 0.8% of the Group I 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 0.5%
          of the Group I 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;  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 0.5% 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 0.9% 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 Washington,
          and no more  than  0.9% 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 Washington;

     (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  63.76%  of  the  Group  I  Loans  by  aggregate  Stated
          Principal  Balance as of the Cut-off  Date were  underwritten  under a
          reduced loan documentation program,  approximately 14.32% of the Group
          I Loans by aggregate Stated  Principal  Balance as of the Cut-off Date
          were underwritten under a no-stated income program,  and approximately
          2.92% of the Group I Loans by aggregate Stated Principal Balance as of
          the Cut-off Date were underwritten under a no income/no asset program;
          approximately  68.64%  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 16.11% 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
          5.81% 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  54.71% 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  12.45% of

                                       22
<PAGE>

          the Group NB Loans by  aggregate  Stated  Principal  Balance as of the
          Cut-off Date were underwritten  under a no-stated income program,  and
          5.52% 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  80.35% of the Group I Loans by
          aggregate   Stated   Principal   Balance  as  of  the  Cut-off   Date,
          approximately  72.01%  of the  Group  CB  Loans  by  aggregate  Stated
          Principal Balance as of the Cut-off Date, and approximately  83.45% 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 Buy-Down Mortgage Loan;

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

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

     (xiv)None of the Mortgage  Loans 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) None of the Mortgage  Loans  contain in the related  Mortgage File a
          Destroyed Mortgage Note;

     (xviii)  None  of the  Mortgage  Loans  have  been  made  to  International
          Borrowers,  and no such Mortgagor is a member of a foreign  diplomatic
          mission with diplomatic rank;

                                       23
<PAGE>

     (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
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.
               ------------------------------------------

        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

                                       24
<PAGE>

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.  If the breach of  representation  and warranty that gave
rise to the  obligation  to repurchase or substitute a Mortgage Loan pursuant to
Section 4 of the Assignment  Agreement was the  representation  and warranty set
forth in clause (k) of Section 4 thereof, then the Master Servicer shall request
that  Residential  Funding  pay to the  Trust  Fund,  concurrently  with  and in
addition to the remedies provided in the preceding sentence,  an amount equal to
any liability,  penalty or expense that was actually incurred and paid out of or
on behalf of the Trust Fund, and that directly  resulted from such breach, or if
incurred and paid by the Trust Fund thereafter,  concurrently with such payment.
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 or the Custodian
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
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

                                       25
<PAGE>

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  and to make any  additional
payments required under the Assignment  Agreement in connection with a breach of
the  representation  and  warranty  in clause  (k) of  Section  4 thereof  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.

        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

                                       26
<PAGE>

delivered  to or upon the order of the  Company  the Class R-I  Certificates  in
authorized  denominations which together with the Uncertificated REMIC I Regular
Interests, evidence the beneficial interest in REMIC I.

Section               2.06.  Conveyance of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

        The Company, as of the Closing Date, and concurrently with the execution
and delivery hereof,  does hereby assign without  recourse all the right,  title
and  interest  of the  Company  in and to the  Uncertificated  REMIC  I  Regular
Interests  to the  Trustee  for the  benefit  of the  Holders  of each  Class of
Certificates (other than the Class R-I Certificates).  The Trustee  acknowledges
receipt of the  Uncertificated  REMIC I Regular  Interests  and declares that it
holds and will hold the same in trust for the  exclusive  use and benefit of all
present and future Holders of each Class of  Certificates  (other than the Class
R-I  Certificates).  The rights of the  Holders  of each  Class of  Certificates
(other  than the Class  R-I  Certificates)  to  receive  distributions  from the
proceeds of REMIC II in respect of such Classes,  and all ownership interests of
the Holders of such Classes in such distributions, shall be as set forth in this
Agreement.

Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.

        The Trustee  acknowledges  the  assignment  to it of the  Uncertificated
REMIC I Regular Interests and, concurrently  therewith and in exchange therefor,
pursuant  to the written  request of the  Company  executed by an officer of the
Company,  the Trustee has executed and caused to be authenticated  and delivered
to or upon the order of the Company, all Classes of Certificates (other than the
Class  R-I  Certificates)  in  authorized  denominations,   which  evidence  the
beneficial interest in the entire REMIC II.

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

                                       27
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master  Servicer to Act as  Servicer.  (See  Section  3.01 of the
     Standard Terms)

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations. (See Section 3.02 of
     the Standard Terms)

Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard Terms)

Section  3.04.  Liability  of the  Master  Servicer.  (See  Section  3.04 of the
     Standard Terms)

Section 3.05. No Contractual  Relationship  Between  Subservicer  and Trustee or
     Certificateholders. (See Section 3.05 of the Standard Terms)

Section 3.06.  Assumption or Termination of Subservicing  Agreements by Trustee.
     (See Section 3.06 of the Standard Terms)

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

                                       28
<PAGE>

        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),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance 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;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off Date, but not less than the rates at which the Servicing Fee and
        the Subservicing Fee with respect to such Mortgage Loan accrue,  (2) the
        final  maturity date for any Mortgage Loan shall not be extended  beyond
        the Maturity  Date, (3) the Stated  Principal  Balance of all Reportable
        Modified Mortgage Loans subject to Servicing  Modifications (measured at
        the time of the  Servicing  Modification  and after giving effect to any
        Servicing  Modification)  can  be no  more  than  five  percent  of  the
        aggregate  principal  balance of the  Mortgage  Loans as of the  Cut-off
        Date,  unless such limit is increased from time to time with the consent
        of the Rating  Agencies.  In addition,  any amounts  owing on a Mortgage
        Loan added to the  outstanding  principal  balance of such Mortgage Loan
        must be fully  amortized  over the remaining term of such Mortgage Loan,
        and such amounts may be added to the outstanding  principal balance of a
        Mortgage Loan only once during the life of such Mortgage Loan. Also, the
        addition of such amounts  described in the preceding  sentence  shall be
        implemented in accordance  with the Program Guide and may be implemented
        only by Subservicers  that have been approved by the Master Servicer for
        such purpose. In connection with any Curtailment of a Mortgage Loan, the
        Master Servicer,  to the extent not  inconsistent  with the terms of the
        Mortgage Note and local law and  practice,  may permit the Mortgage Loan
        to be reamortized  such that the Monthly  Payment is  recalculated as an
        amount that will fully amortize the remaining Stated  Principal  Balance
        thereof by the original  Maturity  Date based on the  original  Mortgage
        Rate; provided,  that such re-amortization  shall not be permitted if it
        would  constitute a reissuance of the Mortgage  Loan for federal  income
        tax  purposes,  except  if such  reissuance  is  described  in  Treasury
        Regulation Section 1.860G-2(b)(3).

(b)     The Master Servicer shall establish and maintain a Custodial  Account in
        which the Master  Servicer  shall  deposit or cause to be deposited on a
        daily  basis,  except as otherwise  specifically  provided  herein,  the
        following payments and collections  remitted by Subservicers or received
        by it in respect of the Mortgage  Loans  subsequent  to the Cut-off Date
        (other than in respect of principal  and interest on the Mortgage  Loans
        due on or before the Cut-off Date):

(i)     All payments on account of principal,  including  Principal  Prepayments
        made by Mortgagors on the Mortgage Loans and the principal  component of
        any  Subservicer  Advance or of any REO Proceeds  received in connection
        with an REO Property for which an REO Disposition has occurred;

(ii)    All payments on account of interest at the Adjusted Mortgage Rate on the
        Mortgage  Loans,  including  Buydown  Funds,  if any,  and the  interest
        component of any Subservicer  Advance or of any REO Proceeds received in
        connection  with  an REO  Property  for  which  an REO  Disposition  has
        occurred;

                                       29
<PAGE>

(iii)   Insurance Proceeds,  Subsequent Recoveries 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 (including amounts received from Residential  Funding
        pursuant to the last paragraph of Section 4 of the Assignment  Agreement
        in respect of any  liability,  penalty or expense that  resulted  from a
        breach of the  representation  and  warranty set forth in clause 4(k) of
        the Assignment  Agreement)  and all amounts  required to be deposited in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

(v)     Any amounts  required  to be  deposited  pursuant to Section  3.07(c) or
        3.21;

(vi)    All amounts  transferred  from the Certificate  Account to the Custodial
        Account in accordance with Section 4.02(a);

(vii)   Any  amounts  realized  by the  Subservicer  and  received by the Master
        Servicer in respect of any Additional Collateral; and

(viii)  Any  amounts  received  by the  Master  Servicer  in  respect of Pledged
        Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) - (d). (See Section 3.07(c) -(d) of the Standard Terms)

                                       30
<PAGE>

Section 3.08.  Subservicing Accounts;  Servicing Accounts.  (See Section 3.08 of
     the Standard Terms)

Section 3.09.  Access to Certain  Documentation  and  Information  Regarding the
     Mortgage Loans. (See Section 3.09 of the Standard Terms)

Section 3.10.  Permitted  Withdrawals from the Custodial  Account.  (See Section
     3.10 of the Standard Terms)

Section  3.11.  Maintenance  of  the  Primary  Insurance  Policies;  Collections
     Thereunder. (See Section 3.11 of the Standard Terms)

Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
     (See Section 3.12 of the Standard Terms)

Section 3.13.  Enforcement of Due-on-Sale  Clauses;  Assumption and Modification
     Agreements; Certain Assignments. (See Section 3.13 of the Standard Terms)

Section 3.14.  Realization Upon Defaulted  Mortgage Loans.  (See Section 3.14 of
     the Standard Terms)

Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section 3.15
     of the Standard Terms)

Section 3.16.  Servicing and Other  Compensation;  Compensating  Interest.  (See
     Section 3.16 of the Standard Terms)

Section 3.17.  Reports to the Trustee and the Company.  (See Section 3.17 of the
     Standard Terms)

Section 3.18.  Annual  Statement  as to  Compliance.  (See  Section  3.18 of the
     Standard Terms)

Section 3.19. Annual  Independent  Public  Accountants'  Servicing Report.  (See
     Section 3.19 of the Standard Terms)

Section 3.20.  Rights of the  Company in Respect  of the Master  Servicer.  (See
     Section 3.20 of the Standard Terms)

Section 3.21.  Administration of Buydown Funds (See Section 3.21 of the Standard
     Terms)

                                       31
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

(a) (See Section 4.01(a) of the Standard Terms)

(b) (See Section 4.01(b) of the Standard Terms)

Section 4.02.  Distributions.

(a)     On each  Distribution  Date the Master Servicer on behalf of the Trustee
        (or the Paying Agent  appointed by the Trustee) shall  distribute to the
        Master  Servicer,  in the case of a  distribution  pursuant  to  Section
        4.02(a)(iii) below, 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), (e) and (k)
        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, in the case of clauses (iv) through (xvii):

(i)     (W) from the Available  Distribution Amount related to the Loan Group I,
        to the Class A-I 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);

                      (X) from the Available  Distribution Amount related to the
        Loan Group CB, 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
        Loan  Group  NB,  to  the  Class  NB  Certificateholders   and  Residual
        Certificateholders  on a pro rata  basis  based on  Accrued  Certificate
        Interest payable on such  Certificates with respect to such Distribution
        Date  (to  the  extent  such  Accrued  Certificate   Interest  does  not

                                       32
<PAGE>

        constitute  either the Class  NB-2  Accrual  Distribution  Amount or the
        Class NB-6 Accrual Distribution Amount), 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)(W),  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 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 the  respective  Loan Groups,  the sum of Class A-P Principal
        Distribution  Amounts  for  all  Loan  Groups  (applied  to  reduce  the
        Certificate Principal Balances of the Class A-P Certificates); and

                      (X) to the (1) Class NB-1 Certificates,  in the priorities
        and  amounts  set forth in  Section  4.02(b)(III)(ii),  the  Class  NB-2
        Accrual  Distribution  Amount and (2) Class  NB-3,  Class NB-4 and Class
        NB-6  Certificates,  in the  priorities and amounts set forth in Section
        4.02(b)(III)(iii), the Class NB-6 Accrual Distribution Amount; and

                      (Y) to the Senior  Certificates  (other than the Class A-P
        Certificates  and  the  Class  A-V  Certificates),  from  the  Available
        Distribution  Amount for each Loan Group,  in the priorities and amounts
        set forth in Section 4.02(b) and (c), 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 and Loan
               Group 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

                                       33
<PAGE>

          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)   of  this  Series  Supplement,   including  without
          limitation Insurance Proceeds, Liquidation Proceeds and REO Proceeds),
          including  Subsequent   Recoveries,   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)) 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 clause (C) of the definition of
Class A-P Principal Distribution Amount;

     (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);

                                       34
<PAGE>

     (D) any  portion  of the  Excess  Subordinate  Principal  Amount  for  such
Distribution Date allocated to the related Loan Group;

     (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

     (F) amounts  required to be  distributed  to the Holders of Class A-I,  the
Class CB or Class NB Certificates,  as applicable,  pursuant to Section 4.02(j);
minus

     (G) the related  Capitalization  Reimbursement Amount for such Distribution
Date,  other than the  related  Discount  Fraction of any portion of that amount
related to each Discount Mortgage Loan in the related Loan Group,  multiplied by
a fraction,  the numerator of which is the Senior Principal Distribution Amount,
without  giving effect to this clause (G), and the  denominator  of which is the
sum of the principal  distribution amounts for all Classes of Certificates other
than the Class A-P Certificates,  payable from the Available Distribution Amount
for the related  Loan Group  without  giving  effect to any  reductions  for the
Capitalization Reimbursement Amount;

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

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

     (v)  to the Holders of the Class M-1  Certificates,  an amount equal to (x)
          the  Subordinate  Principal  Distribution  Amount  for  such  Class of
          Certificates for 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)(vii),  (ix),  (xi),  (xiii),  (xiv) and (xv) of this
          Series Supplement are insufficient  therefor,  applied in reduction of
          the Certificate Principal Balance of the Class M-1 Certificates;

     (vi) 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;

                                       35
<PAGE>

     (vii)to the Holders of the Class M-2  Certificates,  an amount equal to (x)
          the  Subordinate  Principal  Distribution  Amount  for  such  Class of
          Certificates for 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) (ix), (xi),  (xiii),  (xiv) and (xv) are insufficient
          therefor, applied in reduction of the Certificate Principal Balance of
          the Class M-2 Certificates;

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

     (ix) to the Holders of the Class M-3  Certificates,  an amount equal to (x)
          the  Subordinate  Principal  Distribution  Amount  for  such  Class of
          Certificates for 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)(xi),   (xiii),  (xiv)  and  (xv)  are  insufficient
          therefor, applied in reduction of the Certificate Principal Balance of
          the Class M-3 Certificates;

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

     (xi) to the Holders of the Class B-1  Certificates,  an amount equal to (x)
          the  Subordinate  Principal  Distribution  Amount  for  such  Class of
          Certificates for 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)(xiii),  (xiv)  and (xv) are  insufficient  therefor,
          applied in reduction of the Certificate Principal Balance of the Class
          B-1 Certificates;

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

     (xiii) to the Holders of the Class B-2 Certificates, an amount equal to (x)
          the  Subordinate  Principal  Distribution  Amount  for  such  Class of
          Certificates for 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) and (xv) are insufficient  therefor,  applied in
          reduction  of the  Certificate  Principal  Balance  of the  Class  B-2
          Certificates;

     (xiv)to the Holders of the Class B-3  Certificates,  an amount equal to (x)
          the Accrued  Certificate  Interest thereon for such Distribution Date,
          plus any Accrued  Certificate  Interest thereon  remaining unpaid from
          any previous  Distribution  Date, except as provided below,  minus (y)

                                       36
<PAGE>

          the  amount  of  any  Class  A-P   Collection   Shortfalls   for  such
          Distribution  Date or remaining  unpaid for all previous  Distribution
          Dates, to the extent the amounts  available  pursuant to clause (x) of
          Section 4.02(a)(xv) are insufficient therefor;

     (xv) to the Holders of the Class B-3  Certificates,  an amount equal to (x)
          the  Subordinate  Principal  Distribution  Amount  for  such  Class of
          Certificates for 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;

     (xvi)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

     (xvii) to the Class R-I 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 (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) 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)     (I)  Distributions  of principal on the from the Available  Distribution
        Amount  for  Loan  Group I on  each  Distribution  Date  will be made as
        follows:

(i)     first, an amount equal Class A-P Principal  Distribution Amount for Loan
        Group I shall be  distributed to the Class A-P  Certificates,  until the
        Certificate Principal Balance thereof has been reduced to zero; and

                                       37
<PAGE>

(ii)    second, an amount equal to the Senior Principal  Distribution Amount for
        Loan Group I shall be  distributed to the Class A-I  Certificates  until
        the Certificate Principal Balance of the Class A-I Certificates has been
        reduced to zero;

               (II)  Distributions of principal on the Senior  Certificates from
        the Available Distribution Amount for Loan Group CB on each Distribution
        Date will be made as follows:

               (i)  first,  an amount  equal  Class A-P  Principal  Distribution
        Amount  for  Loan  Group  CB  shall  be  distributed  to the  Class  A-P
        Certificates,  until the Certificate  Principal Balance thereof has been
        reduced to zero; and

               (ii) second, an amount equal to the Senior Principal Distribution
        Amount  for  Loan  Group  CB  shall  be  distributed  to  the  Class  CB
        Certificates  until the  Certificate  Principal  Balance of the Class CB
        Certificates has been reduced to zero; and

               (III)  Distributions of principal on the Senior Certificates from
        the Available Distribution Amount for Loan Group NB on each Distribution
        Date will be made as follows:

               (i)  first,  an amount  equal  Class A-P  Principal  Distribution
        Amount  for  Loan  Group  NB  shall  be  distributed  to the  Class  A-P
        Certificates,  until the Certificate  Principal Balance thereof has been
        reduced to zero;

               (ii)   second,   an  amount  equal  to  the  Class  NB-2  Accrual
        Distribution Amount shall be distributed, to the Class NB-1 Certificates
        until the Certificate  Principal  Balance of the Class NB-1 Certificates
        has been reduced to zero;

               (iii)   third,   an  amount  equal  to  the  Class  NB-6  Accrual
        Distribution Amount shall be distributed as follows:

                      (A) first, sequentially to the Class NB-3 Certificates and
               Class NB-4  Certificates,  in that order, an amount  necessary to
               reduce the aggregate  Certificate  Principal Balance of the Class
               NB-3  Certificates  and Class NB-4  Certificates to the Aggregate
               Planned Principal Balance for that Distribution Date; and

                      (B)  second,  to the Class  NB-6  Certificates,  until the
               Certificate  Principal Balance of the Class NB-6 Certificates has
               been reduced to zero; and

               (iv) an amount equal to the Senior Principal  Distribution Amount
        for Loan Group NB shall be distributed as follows:

                      (A) first,  concurrently to the Class R-I Certificates and
               Class R-II  Certificates,  on a pro rata basis in accordance with
               their  respective  Certificate  Principal  Balances,   until  the
               Certificate Principal Balances thereof have been reduced to zero;
               and

                                       38
<PAGE>

                      (B)  second,  the  Senior  Principal  Distribution  Amount
               remaining  after the  distribution  described  in clause  (iv)(A)
               above shall be distributed concurrently, as follows:

                           (1) 22.0216913107% of the amount described in Section
                   4.02(b)(III)(iv)(B)  above  sequentially  to the  Class  NB-1
                   Certificates  and Class  NB-2  Certificates,  in that  order,
                   until the  aggregate  Certificate  Principal  Balance  of the
                   Class NB-1  Certificates and Class NB-2 Certificates has been
                   reduced to zero;

                           (2) 77.9783086893% of the amount described in Section
                      4.02(b)(III)(iv)(B)    above    shall    be    distributed
                      sequentially, as follows:

                           (a)   first,   sequentially   to   the   Class   NB-3
                      Certificates and Class NB-4  Certificates,  in that order,
                      in an amount necessary to reduce the aggregate Certificate
                      Principal Balance of the Class NB-3 Certificates and Class
                      NB-4  Certificates  to  the  Aggregate  Planned  Principal
                      Balance for that Distribution Date;

                           (b) second, to the Class NB-6 Certificates, until the
                      Certificate   Principal   Balance   of  the   Class   NB-6
                      Certificates has been reduced to zero;

                           (c)   third,   sequentially   to   the   Class   NB-3
                      Certificates and Class NB-4  Certificates,  in that order,
                      without regard to the Aggregate  Planned Principal Balance
                      for  that   Distribution   Date,   until   the   aggregate
                      Certificate   Principal   Balance   of  the   Class   NB-3
                      Certificates  and the  Class  NB-4  Certificates  has been
                      reduced to zero; and

                           (d) fourth, to the Class NB-7 Certificates, until the
                      Certificate   Principal   Balance   of  the   Class   NB-7
                      Certificates has been reduced to zero.

        In determining  the  outstanding  Certificate  Principal  Balance of the
Class NB-1, Class NB-3, Class NB-4 and Class NB-6  Certificates  when allocating
the Senior Principal  Distribution Amount for Loan Group NB, any distribution of
the  Class  NB-2  Accrual   Distribution  Amount  and  the  Class  NB-4  Accrual
Distribution Amount shall be first be taken into account.

(c)  Notwithstanding  Section 4.02(b),  on or after the Credit Support Depletion
Date,  the  Senior  Principal  Distribution  Amount  for each Loan Group will be
distributed  to the remaining  Senior  Certificates  in the related  Certificate
Group (other than the Class A-P Certificates and the Class A-V Certificates) pro
rata in  accordance  with their  respective  outstanding  Certificate  Principal
Balances.

(d) After the reduction of the Certificate  Principal Balances of all Classes of
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 applicable Available  Distribution Amount will be paid solely to
the holders of the Class A-P, Class A-V and  Subordinate  Certificates,  in each
case as described herein.

                                       39
<PAGE>

(e) In addition to the foregoing  distributions,  with respect to any Subsequent
Recoveries,  the Master  Servicer  shall  deposit such funds into the  Custodial
Account  pursuant to Section  3.07(b)(iii).  If,  after taking into account such
Subsequent  Recoveries,  the amount of a Realized Loss is reduced, the amount of
such Subsequent Recoveries will be applied to increase the Certificate Principal
Balance of the Class of Subordinate  Certificates  with a Certificate  Principal
Balance  greater than zero with the highest  payment  priority to which Realized
Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special
Hazard Losses and  Extraordinary  Losses,  have been allocated,  but not by more
than the  amount  of  Realized  Losses  previously  allocated  to that  Class of
Certificates  pursuant to Section 4.05.  The amount of any remaining  Subsequent
Recoveries  will be  applied to  increase  from zero the  Certificate  Principal
Balance of the Class of Certificates with the next lower payment priority, up to
the amount of Realized Losses previously allocated to that Class of Certificates
pursuant to Section 4.05. Any remaining  Subsequent  Recoveries  will in turn be
applied to increase from zero the Certificate  Principal Balance of the Class of
Certificates  with the next lower payment  priority up to the amount of Realized
Losses  previously  allocated to that Class of Certificates  pursuant to Section
4.05,  and so on.  Holders  of such  Certificates  will not be  entitled  to any
payment  in  respect  of  Accrued  Certificate  Interest  on the  amount of such
increases for any Interest  Accrual Period preceding the Interest Accrual Period
that relates to the Distribution  Date on which such increase  occurs.  Any such
increases  shall  be  applied  to the  Certificate  Principal  Balance  of  each
Certificate of such Class in accordance with its respective Percentage Interest.

(f) 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.

(g) 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).

                                       40
<PAGE>

(h) On each  Distribution  Date preceding the Class NB-2  Accretion  Termination
Date,  Accrued  Certificate  Interest that would otherwise be distributed to the
Class NB-2  Certificates  will be added to the Certificate  Principal Balance of
the Class NB-2 Certificates and such amount will thereafter accrue interest at a
rate of 5.75% per  annum.  On the Class NB-2  Accretion  Termination  Date,  the
Accrued  Certificate  Interest on the Class NB-2 Certificates for such date will
be payable to the holders of the Class NB-1  Certificates  as a distribution  of
principal pursuant to Section  4.02(b)(III)(ii)  until the Certificate Principal
Balance of the Class  NB-1  Certificates  has been  reduced to zero and any such
amount  will be added to the  Certificate  Principal  Balance  of the Class NB-2
Certificates and then any remaining amount of Accrued Certificate  Interest will
be paid to the  holders  of the Class NB-2  Certificates  as a  distribution  of
interest and will not be added to the  Certificate  Principal  Balance  thereof;
provided,  however,  if the Class NB-2 Accretion  Termination Date is the Credit
Support Depletion Date, the entire amount of Accrued Certificate Interest on the
Class NB-2  Certificates  for such date will be  payable  to the  holders of the
Class NB-2  Certificates  as a distribution of interest and will not be added to
the Certificate Principal Balance thereof.

(i) On each  Distribution  Date preceding the Class NB-6  Accretion  Termination
Date,  Accrued  Certificate  Interest that would otherwise be distributed to the
Class NB-6  Certificates  will be added to the Certificate  Principal Balance of
the Class NB-6 Certificates and such amount will thereafter accrue interest at a
rate of 5.75% per  annum.  On the Class NB-6  Accretion  Termination  Date,  the
Accrued  Certificate  Interest on the Class NB-6 Certificates for such date will
be payable to the  holders  of the Class  NB-3  Certificates  and the Class NB-4
Certificates   as   a   distribution   of   principal    pursuant   to   Section
4.02(b)(III)(iii) until the aggregate Certificate Principal Balance of the Class
NB-3  Certificates and the Class NB-4  Certificates has been reduced to zero and
any such amount will be added to the Certificate  Principal Balance of the Class
NB-6 Certificates and then any remaining amount of Accrued Certificate  Interest
will be paid to the holders of the Class NB-6  Certificates as a distribution of
interest and will not be added to the  Certificate  Principal  Balance  thereof;
provided,  however,  if the Class NB-6 Accretion  Termination Date is the Credit
Support Depletion Date, the entire amount of Accrued Certificate Interest on the
Class NB-6  Certificates  for such date will be  payable  to the  holders of the
Class NB-6  Certificates  as a distribution of interest and will not be added to
the Certificate Principal Balance thereof.

(j) On any  Distribution  Date prior to the  occurrence  of the  Credit  Support
Depletion  Date that occurs  after the  reduction of the  aggregate  Certificate
Principal  Balance of a Certificate  Group to zero,  the  remaining  Certificate
Groups will be entitled to receive 100% of the prepayments on the Mortgage Loans
in the Loan Group  related to the  Certificate  Group that has been fully  paid,
which amount shall be allocated,  pro rata, to  outstanding  Certificate  Groups
based  on the  aggregate  Certificate  Principal  Balances  of such  Certificate
Groups.  Such amounts  allocated to a Certificate Group shall be treated as part
of the related  Available  Distribution  Amount and  distributed  as part of the
related Senior Principal  Distribution  Amount in accordance with the priorities
set forth in 4.02(b) above, in reduction of such Certificate Principal Balances.
Notwithstanding the foregoing, remaining Certificate Groups will not be entitled
to  receive  prepayments  on the  Mortgage  Loans  in a Loan  Group  related  to
Certificate  Group that has been fully paid if the following two  conditions are
satisfied:  (1) the weighted average of the Subordinate Percentages for all Loan
Groups for such Distribution Date, weighted on the basis of the Stated Principal
Balances of the Mortgage Loans in the related Loan Group,  is at least two times

                                       41
<PAGE>

the weighted average of the initial Subordinate Percentages for all Loan Groups,
calculated  on that  basis  and (2) the  outstanding  principal  balance  of the
Mortgage  Loans in all 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 Class M Certificates and Class B Certificates,  is less
than 50%.

(k) For any Undercollateralized Certificate Group on any Distribution Date prior
to the  Credit  Support  Depletion  Date (i) 100% of the  mortgagor  prepayments
allocable to the Class M Certificates  and Class B Certificates  on the Mortgage
Loans in non-related Loan Groups will be distributed to such Undercollateralized
Certificate Group in accordance with the priorities set forth in Section 4.02(b)
for the related  Senior  Principal  Distribution  Amount,  in  reduction  of the
Certificate  Principal Balance of such  Undercollateralized  Certificate  Group,
until such Certificate  Principal  Balance equals the aggregate Stated Principal
Balance of the Mortgage Loans in the related Loan Group and (ii) an amount equal
to  one  month's  interest  at  a  rate  of  5.75%  per  annum  on  the  related
Undercollateralized  Amount  will  be  distributed  from  that  portion  of  the
Available  Distribution  Amount  for any  non-related  Loan  Group that would be
otherwise allocable to the Class M Certificates and Class B Certificates, in the
following priority: first to pay any unpaid interest on such Undercollateralized
Certificate  Group and then to pay principal  thereon in the manner described in
clause (i) above. If there exists more than one Undercollateralized  Certificate
Group on a Distribution Date, amounts distributable to such  Undercollateralized
Certificate  Groups pursuant to the preceding sentence will be allocated between
such  Undercollateralized   Certificate  Groups,  pro  rata,  based  upon  their
respective Undercollateralized Amounts.

     Section 4.03.  Statements to  Certificateholders;  Exchange Act  Reporting.
          (See Section 4.03 of the Standard Terms)

     Section 4.04.  Distribution  of Reports  to the  Trustee  and the  Company;
          Advances by the Master Servicer.

        (a) (See Section 4.04(a) of the Standard Terms)

        (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
sum of (A)  aggregate  amount of Monthly  Payments  other than Balloon  Payments
(with each interest  portion  thereof  adjusted to a per annum rate equal 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 not  received 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 and (B) with respect to each Balloon Loan  delinquent  in respect of its
Balloon Payment as of the close of business on the related  Determination  Date,
an amount  equal to the assumed  Monthly  Payment  (with each  interest  portion
thereof  adjusted to a per annum rate equal to the Net Mortgage Rate) that would

                                       42
<PAGE>

have  been due on the  related  Due  Date  based  on the  original  amortization
schedule  for such  Balloon  Loan,  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,  until such  Balloon  Loan is finally  liquidated,  over any payments of
interest or principal  (with each  interest  portion  thereof  adjusted to a per
annum rate equal to the Net Mortgage Rate)  received from the related  Mortgagor
as of the close of business on the related  Determination  Date and allocable to
the Due Date during the  related  Due Period for each month  until such  Balloon
Loan is  finally  liquidated,  (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
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.

                                       43
<PAGE>

        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.
               -----------------------------

        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 A-I Certificates (in the case of a Group I Loan),  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 any 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 related Senior Percentage 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
all the Class A-I Certificates (in the case of a Group I Loan),  among the Class
CB  Certificates  (in the case of a Group CB Loan) on a pro rata basis, or among
the Class NB and Residual 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 prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued  Certificate  Interest  thereon  payable  from the related Loan Group in

                                       44
<PAGE>

respect  of such  Distribution  Date and  derived  from the  related  Loan Group
(without  regard  to  any  Compensating  Interest  allocated  to  the  Available
Distribution  Amount of such Loan Group 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 no such reduction shall reduce the aggregate  Certificate Principal Balance
of  the  Certificates  in any  Certificate  Group  below  the  aggregate  Stated
Principal  Balance of the  Mortgage  Loans in the related  Loan Group;  provided
further  that the  Certificate  Principal  Balance  of the any Class of  Accrual
Certificates  for  purposes of this  Section 4.05 shall be the lesser of (a) the
Certificate  Principal  Balance of such Class of Accrual  Certificates as of the
Closing Date,  and (b) the  Certificate  Principal  Balance of such Class 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 (other than any interest rate  reduction  resulting
from a  Servicing  Modification)  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  interest  portion  of a  Realized  Loss  resulting  from an
interest rate  reduction in connection  with a Servicing  Modification  shall be
made 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)

                                       45
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       46
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       47
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       48
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       49
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

     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 purchase  price paid by the Master
          Servicer  shall also include any amounts owed by  Residential  Funding
          pursuant  to  the  last  paragraph  of  Section  4 of  the  Assignment
          Agreement  in  respect  of any  liability,  penalty  or  expense  that
          resulted from a breach of the representation and warranty set forth in
          clause (k) of such  Section,  that  remain  unpaid on the date of such
          purchase.

        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.

                                       50
<PAGE>

        If such right is exercised by the Master  Servicer,  the Master Servicer
shall be deemed to have been reimbursed for the full amount of any  unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer shall provide to the Trustee the  certification  required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

               In addition to the foregoing,  on any Distribution  Date on which
the Pool Stated Principal Balance, prior to giving effect to distributions to be
made on such  Distribution  Date,  is less than ten percent of the Cut-off  Date
Principal  Balance of the Mortgage  Loans,  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) - (e). (See Section 9.01(b) - (e) of the Standard Terms)

     Section 9.02. Additional Termination Requirements. (See Section 9.02 of the
          Standard Terms)

     Section 9.03.  Termination  of Multiple  REMICs.  (See  Section 9.03 of the
          Standard Terms)

                                       51
<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) as a REMIC ("REMIC I") and will
make an election  to treat the pool of assets  comprised  of the  Uncertificated
REMIC I  Regular  Interests  as a REMIC  ("REMIC  II") for  federal  income  tax
purposes.

        The Uncertificated REMIC I Regular Interests will be "regular interests"
in REMIC I and the Class R-I  Certificates  will be the sole class of  "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined  herein)
under the federal income tax law.

        The Class A-I, Class CB, Class NB-1, Class NB-2, Class NB-3, Class NB-4,
Class NB-5,  Class NB-6, Class NB-7, 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  REMIC II
Regular Interests Z, the rights in and to which will be represented by the Class
A-V  Certificates,  will be "regular  interests" in REMIC II, and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions (as defined 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  REMIC II
Regular Interest or Interests Z specified by the initial Holder of the Class A-V
Certificates pursuant to said Section.

Section 10.04.  Distributions on the Uncertificated REMIC I and REMIC II Regular
Interests.

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

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

               (ii) In  accordance  with  the  priority  set  forth  in  Section
        10.04(b),  an  amount  equal to the sum of the  amounts  in  respect  of
        principal  distributable  on each Class of Certificates  (other than the
        Class R-I  Certificates)  under Section  4.02(a),  as allocated  thereto
        pursuant to Section 4.02(b).

                                       52
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   V,  (ii)
Uncertificated  REMIC I Regular Interest W, (iii) Uncertificated REMIC I Regular
Interest X and (iv) Uncertificated REMIC I Regular Interest Y with the amount to
be distributed  allocated  among such interests in accordance  with the priority
assigned  to each  Related  Class of  Certificates  (other  than the  Class  R-I
Certificates),  respectively,  under Section  4.02(b)  until the  Uncertificated
Principal Balance of each such interest is reduced to zero.

        (c)The  portion  of  the   Uncertificated   REMIC  I  Regular   Interest
Distribution   Amounts  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed by REMIC I to REMIC II in accordance  with the priority  assigned to
the REMIC II Certificates  relative to that assigned to the REMIC I Certificates
under Section 4.02(b).

        (d)In determining from time to time the  Uncertificated  REMIC I Regular
Interest  Distribution  Amounts  and  Uncertificated  REMIC II Regular  Interest
Distribution Amounts:

               (i) Realized Losses allocated to the Class A-V Certificates under
        Section 4.05 shall be deemed  allocated to the  Uncertificated  REMIC II
        Regular  Interests Z pro-rata  according  to the  respective  amounts of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC II Regular  Interests Z for the Distribution  Date
        for  which  such  allocation  is  being  made  in the  absence  of  such
        allocation;

               (ii) Realized Losses  allocated to the Class A-I, Class CB, Class
        NB-2,  Class NB-6, Class NB-7  Certificates  under Section 4.05 shall be
        deemed allocated to Uncertificated REMIC I Regular Interest U;

               (iii) The sum of (a) the product of the  Regular  Interest V Loss
        Allocation  Fraction  and  Realized  Losses  allocated to the Class NB-5
        Certificates  and (b) the  Realized  Losses  allocated to the Class NB-1
        Certificates  and Class NB-4  Certificates,  in each case under  Section
        4.05,  shall be  deemed  allocated  to  Uncertificated  REMIC I  Regular
        Interest V;

               (iv) The sum of (a) the  product of the  Regular  Interest W Loss
        Allocation  Fraction  and  Realized  Losses  allocated to the Class NB-5
        Certificates  and (b) the  Realized  Losses  allocated to the Class NB-3
        Certificates, in each case under Section 4.05, shall be deemed allocated
        to Uncertificated REMIC I Regular Interest W;

               (v) Realized Losses allocated to the Class A-P Certificates under
        Section 4.05 shall be deemed allocated to Uncertificated REMIC I Regular
        Interest X;

               (vi) Realized Losses allocated to the Class M-1, Class M-2, Class
        M-3, Class B-1, Class B-2, Class B-3 and Class R-II  Certificates  under
        Section 4.05 shall be deemed allocated to Uncertificated REMIC I Regular
        Interest Y; and

               (vii) Realized Losses  allocated to the  Uncertificated  REMIC II
        Regular Interests Z under clause (i), above,  shall be deemed allocated,
        in each case, to the related Uncertificated REMIC I Regular Interest Z.

                                       53
<PAGE>

        (e)On each  Distribution  Date the Trustee shall be deemed to distribute
from REMIC II, in the  priority  set forth in  Sections  4.02(a) and (b), to the
Holders of each Class of  Certificates  (other than the Class R-I  Certificates)
the  amounts  distributable  thereon  from the  Uncertificated  REMIC I  Regular
Interest  Distribution  Amounts  deemed to have been  received  by REMIC II from
REMIC I under this Section 10.04. The amounts deemed distributed  hereunder with
respect to the Class A-V  Certificates  shall be deemed to have been distributed
in respect of the Uncertificated REMIC II Regular Interests Z in accordance with
their respective  Uncertificated REMIC II Regular Interest Distribution Amounts,
as such  Uncertificated  REMIC II Regular  Interests  Z  comprise  the Class A-V
Certificates.

        (f) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

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.

                                       54
<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 2003-QS19

                                   The Trustee designates its offices located at
                                   c/o DTC Transfer  Services,  55 Water Street,
                                   Jeanette Street Park Entrance,  New York, New
                                   York 10041,  for the purposes of Section 8.12
                                   of the Standard Terms
---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10004
---------------------------------- --------------------------------------------------------------
Standard & Poor's Ratings          55 Water Street
Services, a division of The        41st Floor
McGraw-Hill Companies, Inc.        New York, New York 10041
---------------------------------- --------------------------------------------------------------

</TABLE>

                                       55
<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.

               97% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other than the Class NB-5, 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 NB-5 Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  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.

                                       56
<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/ Joseph Orning
                                               ---------------------------------
                                                 Name:   Joseph Orning
                                                 Title:  Vice President

Attest: /s/ Benita Bjorgo
      Name:   Benita Bjorgo
      Title: Vice President

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By:  //s/ Benita Bjorgo
                                               ---------------------------------
                                                 Name:  Benita Bjorgo
                                                 Title: Associate

Attest://s/ Joseph Orning
      Name: Joseph Orning
      Title: Associate

                                DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By:  //s/ Ronaldo Reyes
                                               ---------------------------------
                                                 Name: Ronaldo Reyes
                                                 Title: Assistant Vice President

                                            By:  //s/ Jeremy Conyers
                                               ---------------------------------
                                                 Name: Jeremy Conyers
                                                 Title: Associate

Attest://s/ James F. Noriega
        ---------------------
      Name: James F. Noriega
      Title:  Associate

                                       57
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of October,  2003  before me, a notary  public in
and for said State,  personally appeared Joseph Orning, 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]

                                       58
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of October,  2003  before me, a notary  public in
and for said State,  personally  appeared  Benita  Bjorgo,  known to me to be an
Associate 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]

                                       59
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of October,  2003  before me, a notary  public in
and for said State,  personally  appeared  Ronaldo  Reyes,  known to me to be an
Assistant Vice President of Deutsche Bank Trust Company  Americas,  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/ Brent Wayne Hoyler
                                                        Notary Public

[Notarial Seal]

                                       60
<PAGE>

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of October,  2003  before me, a notary  public in
and for said State,  personally  appeared Jeremy  Conyers,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  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/ Brent Wayne Hoyler
                                                          Notary Public

[Notarial Seal]

                                       61
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 10/29/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.26.19           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 MIXED                           CUTOFF : 10/01/03
  POOL       : 0004752
             :
             :
  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
  ----------------------------------------------------------------------------

      4955556                              .2500
       58,755.18                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.7500                        1.6700

      7796777                              .2500
      231,277.99                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8114361                              .2500
       47,089.59                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            5.7500                        2.1700

      8332442                              .2500
      247,332.28                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8370546                              .2500
       77,263.05                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8377556                              .2500
      135,591.79                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8380710                              .2500
      179,971.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8380978                              .2500
      264,185.47                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8386714                              .2500
       91,656.39                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8389198                              .2500
       60,263.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8393532                              .2500
      139,538.16                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8393540                              .2500
       77,965.28                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8393584                              .2500
      120,138.67                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8398160                              .2500
      130,597.36                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8412148                              .2500
      196,536.02                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8415736                              .2500
      398,770.55                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8427244                              .2500
      116,743.27                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8427688                              .2500
      162,909.55                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8437512                              .2500
      182,847.45                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8441020                              .2500
      128,245.32                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8445856                              .2500
      139,569.71                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8459888                              .2500
      134,585.05                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8462158                              .2500
      246,774.63                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8463366                              .2500
      415,948.02                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8468420                              .2500
       79,847.80                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8475254                              .2500
      181,839.35                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8475512                              .2500
      255,089.02                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8479956                              .2500
      274,988.31                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8485568                              .2500
      144,949.93                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8487330                              .2500
      235,371.91                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450
1

      8496864                              .2500
       99,749.18                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8496898                              .2500
       93,657.30                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8499896                              .2500
      131,378.03                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8500764                              .2500
      518,859.05                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8500808                              .2500
      138,110.30                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8502091                              .2500
      374,456.58                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8502610                              .2500
      439,100.60                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8504420                              .2500
      208,360.69                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8504490                              .2500
      187,521.83                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8504686                              .2500
       71,780.95                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8505322                              .2500
      385,892.63                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8510294                              .2500
       73,859.21                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8512410                              .2500
      299,494.07                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8512564                              .2500
       63,807.91                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8515568                              .2500
       69,090.50                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8518834                              .2500
      101,451.89                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1

      8519646                              .2500
       78,856.79                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8520914                              .2500
       84,027.25                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8520944                              .2500
      366,566.09                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8522072                              .2500
      139,702.36                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8522410                              .2500
      199,092.20                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8523242                              .2500
      105,384.15                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8523630                              .2500
      269,461.08                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8527894                              .2500
       63,978.05                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700
1

      8528166                              .2500
      425,525.63                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8531528                              .2500
      118,989.08                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8534486                              .2500
      225,492.37                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8534492                              .2500
      200,070.34                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8534546                              .2500
      479,944.61                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8534618                              .2500
      168,396.78                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8534684                              .2500
       53,897.25                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8534698                              .2500
      242,479.20                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000
1

      8534710                              .2500
      122,754.49                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8534726                              .2500
      158,076.21                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8534790                              .2500
      199,591.18                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8534820                              .2500
      321,958.08                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8534976                              .2500
      209,029.44                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8534978                              .2500
      154,643.64                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8534984                              .2500
      125,710.31                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8535040                              .2500
      226,349.57                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8535044                              .2500
      139,484.64                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8535252                              .2500
      439,056.13                          .0300
            5.6200                         .0000
            5.3700                         .0000
            5.3400                         .0000
            5.3400                         .0000

      8535304                              .2500
      319,211.46                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000

      8535330                              .2500
      394,153.46                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8535376                              .2500
      199,561.17                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8535474                              .2500
      206,067.77                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8535510                              .2500
      268,908.69                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8535524                              .2500
      205,548.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000
1

      8535532                              .2500
      297,376.25                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8535576                              .2500
      322,040.38                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8535588                              .2500
      213,063.59                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8537269                              .2500
      142,840.43                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8541490                              .2500
      136,058.06                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8541692                              .2500
      154,556.47                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8541804                              .2500
      248,997.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8541928                              .2500
       39,790.39                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450
1

      8541936                              .2500
      129,752.66                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8541966                              .2500
      176,339.01                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8541980                              .2500
      101,027.83                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8542014                              .2500
      194,322.74                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8542026                              .2500
      279,356.25                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8542164                              .2500
      152,080.44                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8542240                              .2500
      194,002.63                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8542286                              .2500
       80,414.88                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000
1

      8542360                              .2500
      181,450.61                          .0800
            7.2500                         .0000
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            5.7200                         .0000

      8671160                              .2500
      111,366.40                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8671176                              .2500
      143,009.25                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8671336                              .2500
      219,470.46                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8671366                              .2500
      123,390.18                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8671436                              .2500
      133,493.16                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8671472                              .2500
      123,646.73                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8671480                              .2500
      134,281.42                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8671500                              .2500
      139,589.68                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8671508                              .2500
      137,311.97                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8671680                              .2500
      137,872.18                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8671682                              .2500
      429,591.99                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8671688                              .2500
      151,931.56                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8671808                              .2500
      422,617.60                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8672012                              .2500
      191,598.12                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8672014                              .2500
      227,586.64                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8672030                              .2500
      153,752.06                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8672068                              .2500
      598,963.91                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8672076                              .2500
      431,156.08                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8672098                              .2500
      150,791.13                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8672578                              .2500
      344,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8674174                              .2500
      109,600.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8674196                              .2500
      420,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200
1

      8675526                              .2500
      136,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8676792                              .2500
      799,124.35                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8676942                              .2500
      170,442.50                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8678704                              .2500
      442,400.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8678928                              .2500
       84,500.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8679088                              .2500
      650,000.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8679702                              .2500
      140,775.69                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8680334                              .2500
      108,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700
1

      8681066                              .2500
      506,300.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8681250                              .2500
       78,750.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8681294                              .2500
       95,920.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8684222                              .2500
       87,900.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8684238                              .2500
      240,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8684496                              .2500
      141,600.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

  TOTAL NUMBER OF LOANS:      900
  TOTAL BALANCE........:        158,185,483.10

  RUN ON     : 10/29/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.26.19            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 MIXED FIXED SUMMARY REPORT      CUTOFF : 10/01/03
  POOL       : 0004752
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        6.2828            4.8750      8.2500
  RFC NET RATE                          6.0328            4.6250      8.0000
  NET MTG RATE(INVSTR RATE)             5.9731            4.5950      7.9200
  POST STRIP RATE                       5.6304            4.5950      5.7500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0596             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3427             .0000      2.1700

  TOTAL NUMBER OF LOANS:   900
  TOTAL BALANCE........:     158,185,483.10

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 10/29/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.26.19          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 MIXED                           CUTOFF : 10/01/03
  POOL       : 0004752
             :
             :
  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 #
  ______________________________________________________________________________

    4955556          U59/G02             F           60,000.00         ZZ
                                         360         58,755.18          1
                                       7.750            429.85         28
                                       7.500            429.85
    LEVITTOWN        NY   11756          5            06/22/01         00
    0432962926                           05           07/27/01          0
    800862815                            O            06/27/31
    0

    7796777          U05/G02             F          234,000.00         ZZ
                                         360        231,277.99          3
                                       7.500          1,636.16         65
                                       7.250          1,636.16
    OAKLAND          CA   94619          5            06/10/02         00
    0434222980                           05           08/01/02          0
    3234938                              N            07/01/32
    0

    8114361          N67/G02             F           47,500.00         ZZ
                                         180         47,089.59          1
                                       8.250            356.85         95
                                       8.000            356.85
    CLIFTON HEIGHTS  PA   19018          1            09/03/02         10
    0434756383                           05           10/01/02         35
    3264001116A                          O            09/01/17
    0

    8332442          L68/G02             F          249,850.00         ZZ
                                         360        247,332.28          1
                                       6.750          1,620.52         95
                                       6.500          1,620.52
    PHOENIX          AZ   85048          5            10/07/02         14
    0434808937                           05           12/01/02         30
1

    6265038                              O            11/01/32
    0

    8370546          R68/G02             F           77,400.00         ZZ
                                         360         77,263.05          1
                                       6.625            495.60         90
                                       6.375            495.60
    HOLLYWOOD        FL   33020          1            07/31/03         10
    0436298632                           01           09/01/03         25
    20030946                             O            08/01/33
    0

    8377556          E82/G02             F          136,000.00         ZZ
                                         360        135,591.79          1
                                       6.000            815.39         80
                                       5.750            815.39
    GAINESVILLE      GA   30506          2            06/19/03         00
    0400854964                           05           08/01/03          0
    0400854964                           N            07/01/33
    0

    8380710          E22/G02             F          180,500.00         ZZ
                                         360        179,971.00          2
                                       6.125          1,096.74         73
                                       5.875          1,096.74
    PASSAIC          NJ   07050          5            06/13/03         00
    0417044278                           05           08/01/03          0
    0417044278                           O            07/01/33
    0

    8380978          E22/G02             F          265,000.00         ZZ
                                         360        264,185.47          1
                                       5.875          1,567.58         65
                                       5.625          1,567.58
    WAYNE            NJ   07470          5            06/13/03         00
    0417379328                           05           08/01/03          0
    0417379328                           O            07/01/33
    0

    8386714          286/286             F           92,000.00         ZZ
                                         360         91,656.39          1
                                       6.375            573.97         80
                                       6.125            573.97
    MIAMI            FL   33147          1            05/05/03         00
    2239646                              05           07/01/03          0
    2239646                              N            06/01/33
    0

1

    8389198          W96/G02             F           60,500.00         ZZ
                                         360         60,263.00          1
                                       6.125            367.60         66
                                       5.875            367.60
    TAMPA            FL   33604          2            05/23/03         00
    0436027353                           05           07/01/03          0
    23050269                             O            06/01/33
    0

    8393532          Y21/G02             F          140,000.00         ZZ
                                         360        139,538.16          1
                                       5.500            794.91         74
                                       5.250            794.91
    ROGUE RIVER      OR   97537          5            06/06/03         00
    0436044333                           05           08/01/03          0
    203462939                            O            07/01/33
    0

    8393540          E47/G02             F           78,200.00         ZZ
                                         360         77,965.28          1
                                       6.000            468.85         85
                                       5.750            468.85
    RIVERDALE        IL   60827          5            06/04/03         11
    0436046155                           05           08/01/03         25
    7360515800                           O            07/01/33
    0

    8393584          F36/G02             F          120,600.00         ZZ
                                         360        120,138.67          1
                                       6.250            742.56         95
                                       6.000            742.56
    TACOMA           WA   98404          5            05/21/03         11
    0436077044                           05           07/01/03         30
    06406521                             O            06/01/33
    0

    8398160          E82/G02             F          131,000.00         ZZ
                                         360        130,597.36          4
                                       5.875            774.91         62
                                       5.625            774.91
    ALBUQUERQUE      NM   87123          2            06/24/03         00
    0400852505                           05           08/01/03          0
    0400852505                           N            07/01/33
    0

    8412148          588/G02             F          197,100.00         ZZ
                                         360        196,536.02          1
                                       6.250          1,213.58         90
                                       6.000          1,213.58
1

    SHAMONG TOWNSHI  NJ   08088          1            06/20/03         01
    0436046395                           05           08/01/03         25
    1094591                              O            07/01/33
    0

    8415736          964/G02             F          400,000.00         ZZ
                                         360        398,770.55          1
                                       5.875          2,366.15         90
                                       5.625          2,366.15
    LAS VEGAS        NV   89131          5            06/16/03         04
    0436092084                           03           08/01/03         25
    454955                               O            07/01/33
    0

    8427244          944/G02             F          117,000.00         ZZ
                                         360        116,743.27          4
                                       5.500            664.32         90
                                       5.250            664.32
    SHARON HILL      PA   19079          1            07/14/03         10
    0436600126                           05           09/01/03         25
    W01697392                            N            08/01/33
    0

    8427688          E22/G02             F          163,400.00         ZZ
                                         360        162,909.55          1
                                       6.000            979.67         95
                                       5.750            979.67
    MIAMI            FL   33177          1            07/02/03         04
    0417432804                           05           08/01/03         30
    0417432804                           O            07/01/33
    0

    8437512          T08/G02             F          183,600.00         ZZ
                                         360        182,847.45          1
                                       6.000          1,100.77         89
                                       5.750          1,100.77
    HARVARD          IL   60033          5            06/05/03         11
    0436079503                           05           08/01/03         30
    13211790                             O            07/01/33
    0

    8441020          M27/G02             F          128,800.00         ZZ
                                         360        128,245.32          4
                                       5.750            751.65         80
                                       5.500            751.65
    RUTLAND          VT   05701          5            06/19/03         00
    0436424246                           05           08/01/03          0
    15233166                             O            07/01/33
    0
1

    8445856          X31/G02             F          140,000.00         ZZ
                                         360        139,569.71          1
                                       5.875            828.15         89
                                       5.625            828.15
    LAS VEGAS        NV   89118          2            06/20/03         01
    0436126551                           03           08/01/03         25
    71000253                             O            07/01/33
    0

    8459888          313/G02             F          135,000.00         ZZ
                                         360        134,585.05          1
                                       5.875            798.58        100
                                       5.625            798.58
    MCDONOUGH        GA   30253          1            06/30/03         43
    0436524391                           05           08/01/03         35
    0009747650                           O            07/01/33
    0

    8462158          X31/G02             F          247,500.00         ZZ
                                         360        246,774.63          1
                                       6.125          1,503.84         90
                                       5.875          1,503.84
    LAS VEGAS        NV   89141          5            06/25/03         01
    0436147029                           03           08/01/03         30
    71000262                             O            07/01/33
    0

    8463366          Y40/G02             F          416,800.00         ZZ
                                         360        415,948.02          1
                                       5.875          2,465.53         80
                                       5.625          2,465.53
    LA CANADA        CA   91011          1            06/25/03         00
    0436550180                           05           09/01/03          0
    51104640                             O            08/01/33
    0

    8468420          E22/G02             F           80,000.00         ZZ
                                         360         79,847.80          1
                                       6.250            492.57        100
                                       6.000            492.57
    SUMMERVILLE      SC   29485          2            07/10/03         10
    0417437803                           05           09/01/03         35
    0417437803                           O            08/01/33
    0

    8475254          Y21/G02             F          182,400.00         ZZ
                                         360        181,839.35          1
1

                                       5.875          1,078.97         80
                                       5.625          1,078.97
    NEW HAVEN        CT   06513          1            06/30/03         00
    0436190383                           05           08/01/03          0
    203551893                            O            07/01/33
    0

    8475512          286/286             F          256,000.00         ZZ
                                         360        255,089.02          2
                                       6.625          1,639.20         80
                                       6.375          1,639.20
    LOS ANGELES      CA   90016          5            05/13/03         00
    2226738                              05           07/01/03          0
    2226738                              O            06/01/33
    0

    8479956          E22/G02             F          275,500.00         ZZ
                                         360        274,988.31          2
                                       6.375          1,718.76         95
                                       6.125          1,718.76
    BRONX            NY   10457          5            07/14/03         04
    0417381928                           05           09/01/03         30
    0417381928                           O            08/01/33
    0

    8485568          E86/G02             F          145,520.00         ZZ
                                         360        144,949.93          1
                                       6.125            884.19         80
                                       5.875            884.19
    TEMPE            AZ   85283          1            05/28/03         00
    0436615512                           05           07/01/03          0
    0000326340                           O            06/01/33
    0

    8487330          H58/G02             F          236,000.00         ZZ
                                         360        235,371.91          2
                                       6.625          1,511.13         80
                                       6.375          1,511.13
    CITRUS HEIGHTS   CA   95621          5            06/23/03         00
    0436247076                           05           08/01/03          0
    164181                               O            07/01/33
    0

    8496864          X10/G02             F          100,000.00         TX
                                         360         99,749.18          1
                                       5.875            591.54         65
                                       5.625            591.54
    GARLAND          TX   75040          5            07/10/03         00
    0436265540                           05           09/01/03          0
1

    60001161                             O            08/01/33
    0

    8496898          313/G02             F           94,000.00         ZZ
                                         360         93,657.30          1
                                       6.500            594.15         73
                                       6.250            594.15
    BEVERLY          MA   01915          2            05/14/03         00
    0436259311                           01           07/01/03          0
    9479544                              O            06/01/33
    0

    8499896          E86/G02             F          131,920.00         ZZ
                                         360        131,378.03          1
                                       5.875            780.36         80
                                       5.625            780.36
    DALLAS           GA   30157          1            05/30/03         00
    0436514657                           03           07/01/03          0
    0000337644                           O            06/01/33
    0

    8500764          964/G02             F          520,000.00         ZZ
                                         360        518,859.05          1
                                       5.500          2,952.50         75
                                       5.250          2,952.50
    PHOENIX          AZ   85020          2            07/01/03         00
    0436255350                           05           09/01/03          0
    444545                               O            08/01/33
    0

    8500808          964/G02             F          138,400.00         ZZ
                                         360        138,110.30          1
                                       5.750            807.67         80
                                       5.500            807.67
    LAS VEGAS        NV   89117          1            07/10/03         00
    0436243588                           09           09/01/03          0
    486497                               O            08/01/33
    0

    8502091          E22/G02             F          377,000.00         ZZ
                                         360        374,456.58          2
                                       6.250          2,321.25         80
                                       6.000          2,321.25
    SAN LEANDRO      CA   94577          5            02/26/03         00
    0416313609                           05           04/01/03          0
    0416313609                           O            03/01/33
    0

1

    8502610          E22/G02             F          440,000.00         ZZ
                                         360        439,100.60          1
                                       5.875          2,602.77         79
                                       5.625          2,602.77
    LAKEVILLE        MA   02347          1            07/25/03         00
    0417820354                           05           09/01/03          0
    0417820354                           O            08/01/33
    0

    8504420          286/286             F          209,200.00         ZZ
                                         360        208,360.69          1
                                       6.000          1,254.26         80
                                       5.750          1,254.26
    FORT WORTH       TX   76179          2            05/27/03         00
    2228203                              05           07/01/03          0
    2228203                              O            06/01/33
    0

    8504490          286/286             F          188,100.00         ZZ
                                         360        187,521.83          1
                                       5.875          1,112.69         90
                                       5.625          1,112.69
    FREETOWN         MA   02702          1            06/10/03         04
    2391532                              05           08/01/03         25
    2391532                              O            07/01/33
    0

    8504686          286/286             F           72,000.00         ZZ
                                         360         71,780.95          1
                                       6.000            431.68         90
                                       5.750            431.68
    EUREKA           IL   61530          1            06/06/03         04
    2346686                              05           08/01/03         25
    2346686                              O            07/01/33
    0

    8505322          286/286             F          387,000.00         ZZ
                                         360        385,892.63          1
                                       6.250          2,382.83         90
                                       6.000          2,382.83
    NEW ALBANY       OH   43054          2            05/27/03         01
    2360759                              05           08/01/03         25
    2360759                              O            07/01/33
    0

    8510294          X31/G02             F           74,000.00         ZZ
                                         360         73,859.21          1
                                       6.250            455.63         65
                                       6.000            455.63
1

    SALEM            OR   97301          5            07/15/03         00
    0436242010                           05           09/01/03          0
    52000675                             O            08/01/33
    0

    8512410          X64/G02             F          300,000.00         ZZ
                                         360        299,494.07          1
                                       6.875          1,970.79         84
                                       6.625          1,970.79
    SALINE           MI   48176          5            07/24/03         11
    0436251516                           05           09/01/03         12
    0000009618                           O            08/01/33
    0

    8512564          G34/G02             F           64,000.00         TX
                                         360         63,807.91          1
                                       6.000            383.71         74
                                       5.750            383.71
    SLIDELL          TX   76267          5            06/17/03         00
    0436592562                           05           08/01/03          0
    47002976                             O            07/01/33
    0

    8515568          E22/G02             F           69,210.00         ZZ
                                         360         69,090.50          1
                                       6.750            448.89         90
                                       6.500            448.89
    CLEARWATER       FL   33756          1            07/29/03         01
    0417753142                           05           09/01/03         25
    0417753142                           N            08/01/33
    0

    8518834          S43/G02             F          101,650.00         ZZ
                                         360        101,451.89          1
                                       6.125            617.64         95
                                       5.875            617.64
    ALBUQUERQUE      NM   87110          1            07/30/03         04
    0436266290                           02           09/01/03         30
    000030019500                         O            08/01/33
    0

    8519646          U05/G02             F           79,000.00         ZZ
                                         360         78,856.79          2
                                       6.500            499.33         72
                                       6.250            499.33
    TAMPA            FL   33604          2            07/23/03         00
    0436588180                           05           09/01/03          0
    3387737                              N            08/01/33
    0
1

    8520914          313/G02             F           84,500.00         ZZ
                                         360         84,027.25          1
                                       5.625            486.43         79
                                       5.375            486.43
    EUGENE           OR   97404          2            06/23/03         00
    0436286553                           05           08/01/03          0
    9700014                              O            07/01/33
    0

    8520944          313/G02             F          367,650.00         ZZ
                                         360        366,566.09          1
                                       6.375          2,293.66         95
                                       6.125          2,293.66
    CHICAGO          IL   60640          1            07/09/03         01
    0436285712                           09           09/01/03         30
    9709825                              O            08/01/33
    0

    8522072          E22/G02             F          139,950.00         ZZ
                                         360        139,702.36          1
                                       6.625            896.12         90
                                       6.375            896.12
    MCKINNEY         TX   75070          1            07/18/03         04
    0417603446                           05           09/01/03         25
    0417603446                           O            08/01/33
    0

    8522410          E22/G02             F          199,500.00         ZZ
                                         360        199,092.20          1
                                       5.875          1,180.12         86
                                       5.625          1,180.12
    DOUGLASVILLE     GA   30135          2            07/24/03         01
    0417317765                           05           09/01/03         25
    0417317765                           O            08/01/33
    0

    8523242          E22/G02             F          105,600.00         ZZ
                                         360        105,384.15          1
                                       5.875            624.66         80
                                       5.625            624.66
    VERO BEACH       FL   32967          1            07/31/03         00
    0417888138                           05           09/01/03          0
    0417888138                           O            08/01/33
    0

    8523630          R84/G02             F          270,000.00         ZZ
                                         360        269,461.08          1
1

                                       6.000          1,618.79         90
                                       5.750          1,618.79
    PUYALLUP         WA   98373          2            07/10/03         11
    0436478218                           05           09/01/03         25
    WA304307                             O            08/01/33
    0

    8527894          U42/G02             F           64,100.00         TX
                                         360         63,978.05          1
                                       6.250            394.67         65
                                       6.000            394.67
    ARLINGTON        TX   76017          5            07/22/03         00
    0436595557                           05           09/01/03          0
    24301847                             O            08/01/33
    0

    8528166          U05/G02             F          426,800.00         ZZ
                                         360        425,525.63          1
                                       5.875          2,524.68         81
                                       5.625          2,524.68
    AMERICAN CANYON  CA   94503          1            07/21/03         95
    0436278097                           05           09/01/03          0
    3380168                              O            08/01/33
    0

    8531528          R84/G02             F          119,200.00         ZZ
                                         360        118,989.08          2
                                       6.625            763.25         80
                                       6.375            763.25
    BREMERTON        WA   98311          5            07/24/03         00
    0436302665                           05           09/01/03          0
    WA305301                             N            08/01/33
    0

    8534486          964/G02             F          226,000.00         ZZ
                                         360        225,492.37          1
                                       5.375          1,265.54         45
                                       5.125          1,265.54
    MILPITAS         CA   95035          2            07/16/03         00
    0436289581                           05           09/01/03          0
    472747                               O            08/01/33
    0

    8534492          964/G02             F          200,490.00         T
                                         360        200,070.34          1
                                       5.750          1,170.01         73
                                       5.500          1,170.01
    LAS VEGAS        NV   89129          1            07/11/03         00
    0436596431                           03           09/01/03          0
1

    472870                               O            08/01/33
    0

    8534546          964/G02             F          481,000.00         ZZ
                                         360        479,944.61          1
                                       5.500          2,731.07         79
                                       5.250          2,731.07
    EVERETT          WA   98203          2            07/18/03         00
    0436290217                           05           09/01/03          0
    433592                               O            08/01/33
    0

    8534618          964/G02             F          168,750.00         T
                                         360        168,396.78          1
                                       5.750            984.78         75
                                       5.500            984.78
    LAS VEGAS        NV   89117          1            07/18/03         00
    0436288799                           05           09/01/03          0
    477861                               O            08/01/33
    0

    8534684          964/G02             F           54,000.00         ZZ
                                         360         53,897.25          1
                                       6.250            332.49         56
                                       6.000            332.49
    LAS VEGAS        NV   89120          1            07/21/03         00
    0436341762                           01           09/01/03          0
    473760                               N            08/01/33
    0

    8534698          964/G02             F          243,000.00         ZZ
                                         360        242,479.20          1
                                       5.625          1,398.85         80
                                       5.375          1,398.85
    MODESTO          CA   95357          5            07/21/03         00
    0436293641                           05           09/01/03          0
    480151                               O            08/01/33
    0

    8534710          964/G02             F          123,000.00         ZZ
                                         360        122,754.49          1
                                       6.000            737.45         65
                                       5.750            737.45
    SATELLITE BEACH  FL   32937          2            07/18/03         00
    0436292031                           05           09/01/03          0
    388146                               O            08/01/33
    0

1

    8534726          964/G02             F          158,400.00         ZZ
                                         360        158,076.21          1
                                       5.875            937.00         80
                                       5.625            937.00
    CLOVIS           CA   93611          5            07/21/03         00
    0436289615                           05           09/01/03          0
    485422                               O            08/01/33
    0

    8534790          964/G02             F          200,000.00         ZZ
                                         360        199,591.18          1
                                       5.875          1,183.08         60
                                       5.625          1,183.08
    BUFFALO GROVE    IL   60089          5            07/17/03         00
    0436286926                           05           09/01/03          0
    425008                               O            08/01/33
    0

    8534820          964/G02             F          322,700.00         ZZ
                                         360        321,958.08          1
                                       5.250          1,781.96         62
                                       5.000          1,781.96
    NOVATO           CA   94947          5            07/14/03         00
    0436308423                           05           09/01/03          0
    437198                               O            08/01/33
    0

    8534976          964/G02             F          209,500.00         ZZ
                                         360        209,029.44          1
                                       5.375          1,173.14         53
                                       5.125          1,173.14
    SAN JOSE         CA   95128          2            07/15/03         00
    0436421069                           05           09/01/03          0
    464562                               O            08/01/33
    0

    8534978          964/G02             F          155,000.00         ZZ
                                         360        154,643.64          1
                                       5.250            855.92         75
                                       5.000            855.92
    SOUTH LAKE TAHO  CA   96150          5            07/17/03         00
    0436338990                           05           09/01/03          0
    442189                               O            08/01/33
    0

    8534984          964/G02             F          126,000.00         ZZ
                                         360        125,710.31          1
                                       5.250            695.78         27
                                       5.000            695.78
1

    SAN FRANCISCO    CA   94112          2            07/17/03         00
    0436421085                           05           09/01/03          0
    464695                               O            08/01/33
    0

    8535040          964/G02             F          227,000.00         ZZ
                                         360        226,349.57          1
                                       5.750          1,324.71         67
                                       5.500          1,324.71
    RICHMOND         CA   94805          2            07/11/03         00
    0436308415                           05           09/01/03          0
    448098                               O            08/01/33
    0

    8535044          964/G02             F          140,000.00         ZZ
                                         360        139,484.64          1
                                       5.375            783.96         26
                                       5.125            783.96
    FOSTER CITY      CA   94404          2            07/15/03         00
    0436308464                           01           09/01/03          0
    448914                               O            08/01/33
    0

    8535252          964/G02             F          440,000.00         ZZ
                                         360        439,056.13          1
                                       5.620          2,531.50         80
                                       5.370          2,531.50
    MESA             AZ   85213          2            07/04/03         00
    0436285977                           03           09/01/03          0
    455265                               O            08/01/33
    0

    8535304          964/G02             F          320,000.00         ZZ
                                         360        319,211.46          1
                                       4.875          1,693.47         24
                                       4.625          1,693.47
    PASO ROBLES      CA   93446          5            07/17/03         00
    0436290035                           05           09/01/03          0
    459431                               O            08/01/33
    0

    8535330          964/G02             F          395,000.00         ZZ
                                         360        394,153.46          1
                                       5.625          2,273.84         79
                                       5.375          2,273.84
    COARSEGOLD       CA   93614          5            07/07/03         00
    0436440309                           03           09/01/03          0
    460664                               O            08/01/33
    0
1

    8535376          964/G02             F          200,000.00         ZZ
                                         360        199,561.17          1
                                       5.500          1,135.58         34
                                       5.250          1,135.58
    SAN FRANCISCO    CA   94112          2            07/18/03         00
    0436324891                           05           09/01/03          0
    462039                               O            08/01/33
    0

    8535474          964/G02             F          206,500.00         ZZ
                                         360        206,067.77          1
                                       5.750          1,205.08         70
                                       5.500          1,205.08
    AUBURN           CA   95602          2            07/19/03         00
    0436293328                           05           09/01/03          0
    459450                               O            08/01/33
    0

    8535510          964/G02             F          269,500.00         ZZ
                                         360        268,908.69          1
                                       5.500          1,530.19         71
                                       5.250          1,530.19
    MILPITAS         CA   95035          2            07/16/03         00
    0436324297                           01           09/01/03          0
    466435                               O            08/01/33
    0

    8535524          964/G02             F          206,000.00         ZZ
                                         360        205,548.00          1
                                       5.500          1,169.65         66
                                       5.250          1,169.65
    HAYWARD          CA   94546          2            07/24/03         00
    0436342869                           01           09/01/03          0
    469468                               O            08/01/33
    0

    8535532          964/G02             F          298,000.00         ZZ
                                         360        297,376.25          1
                                       5.750          1,739.05         40
                                       5.500          1,739.05
    SONOMA           CA   95476          2            07/15/03         00
    0436288948                           05           09/01/03          0
    467596                               O            08/01/33
    0

    8535576          964/G02             F          322,700.00         ZZ
                                         360        322,040.38          1
1

                                       5.875          1,908.89         67
                                       5.625          1,908.89
    SANTA MARIA      CA   93455          5            07/22/03         00
    0436338115                           05           09/01/03          0
    491746                               O            08/01/33
    0

    8535588          964/G02             F          213,500.00         ZZ
                                         360        213,063.59          1
                                       5.875          1,262.93         26
                                       5.625          1,262.93
    SAN FRANCISCO    CA   94132          2            07/24/03         00
    0436319610                           05           09/01/03          0
    484883                               O            08/01/33
    0

    8537269          E22/G02             F          144,115.00         ZZ
                                         360        142,840.43          1
                                       6.875            946.73         90
                                       6.625            946.73
    FORT WORTH       TX   76179          1            02/21/03         01
    0416157097                           05           04/01/03         25
    0416157097                           O            03/01/33
    0

    8541490          286/286             F          136,500.00         ZZ
                                         360        136,058.06          1
                                       6.125            829.39         64
                                       5.875            829.39
    COLLEGE PARK     MD   20740          5            06/26/03         00
    2395108                              05           08/01/03          0
    2395108                              N            07/01/33
    0

    8541692          286/286             F          155,000.00         ZZ
                                         360        154,556.47          1
                                       6.250            954.37         61
                                       6.000            954.37
    WASHINGTON       DC   20009          1            06/09/03         00
    2382174                              01           08/01/03          0
    2382174                              N            07/01/33
    0

    8541804          286/286             F          250,000.00         ZZ
                                         360        248,997.00          1
                                       6.000          1,498.88         62
                                       5.750          1,498.88
    OCEANSIDE        CA   92054          1            05/02/03         00
    2165721                              03           07/01/03          0
1

    2165721                              N            06/01/33
    0

    8541928          286/286             F           40,000.00         ZZ
                                         360         39,790.39          1
                                       7.125            269.49         80
                                       6.875            269.49
    HOUSTON          TX   77051          5            06/05/03         00
    2277393                              05           07/01/03          0
    2277393                              N            06/01/33
    0

    8541936          964/G02             F          130,000.00         ZZ
                                         360        129,752.66          1
                                       6.250            800.43         69
                                       6.000            800.43
    SPARKS           NV   89434          5            07/24/03         00
    0436291165                           05           09/01/03          0
    458606                               O            08/01/33
    0

    8541966          286/286             F          177,000.00         ZZ
                                         360        176,339.01          1
                                       6.375          1,104.25         60
                                       6.125          1,104.25
    WHITTIER         CA   90605          5            05/27/03         00
    2362081                              05           07/01/03          0
    2362081                              N            06/01/33
    0

    8541980          964/G02             F          101,250.00         ZZ
                                         360        101,027.83          1
                                       5.500            574.89         74
                                       5.250            574.89
    LAS VEGAS        NV   89110          2            07/25/03         00
    0436443980                           05           09/01/03          0
    461340                               N            08/01/33
    0

    8542014          286/286             F          195,000.00         ZZ
                                         360        194,322.74          1
                                       6.750          1,264.77         70
                                       6.500          1,264.77
    SAN DIEGO        CA   92154          5            04/28/03         00
    2216134                              05           07/01/03          0
    2216134                              N            06/01/33
    0

1

    8542026          964/G02             F          280,000.00         ZZ
                                         360        279,356.25          1
                                       5.250          1,546.17         55
                                       5.000          1,546.17
    BERKELEY         CA   94703          5            07/21/03         00
    0436314819                           05           09/01/03          0
    438667                               O            08/01/33
    0

    8542164          964/G02             F          152,350.00         ZZ
                                         360        152,080.44          1
                                       6.625            975.51         80
                                       6.375            975.51
    EVERETT          WA   98201          1            07/23/03         00
    0436289847                           05           09/01/03          0
    476757                               N            08/01/33
    0

    8542240          964/G02             F          194,400.00         ZZ
                                         360        194,002.63          1
                                       5.875          1,149.95         80
                                       5.625          1,149.95
    PUYALLUP         WA   98371          1            07/29/03         00
    0436321483                           03           09/01/03          0
    486089                               O            08/01/33
    0

    8542286          964/G02             F           81,500.00         ZZ
                                         360         80,414.88          1
                                       5.500            462.75         61
                                       5.250            462.75
    LAS VEGAS        NV   89110          2            07/25/03         00
    0436319537                           05           09/01/03          0
    487118                               N            08/01/33
    0

    8542360          964/G02             F          181,735.00         ZZ
                                         360        181,450.61          1
                                       7.250          1,239.75         95
                                       7.000          1,239.75
    GARLAND          TX   75043          1            07/29/03         04
    0436293708                           03           09/01/03         30
    492629                               O            08/01/33
    0

    8542374          286/286             F          135,200.00         ZZ
                                         360        134,306.31          2
                                       6.250            832.45         80
                                       6.000            832.45
1

    NEW ORLEANS      LA   70124          5            05/22/03         00
    2367490                              05           07/01/03          0
    2367490                              N            06/01/33
    0

    8542408          964/G02             F          271,000.00         ZZ
                                         360        270,471.85          1
                                       6.125          1,646.63         79
                                       5.875          1,646.63
    WELLINGTON       NV   89444          5            07/23/03         00
    0436616460                           05           09/01/03          0
    495195                               O            08/01/33
    0

    8542458          286/286             F          200,000.00         ZZ
                                         360        199,270.87          3
                                       6.500          1,264.14         43
                                       6.250          1,264.14
    BURBANK          CA   91502          2            04/30/03         00
    2273890                              05           07/01/03          0
    2273890                              N            06/01/33
    0

    8542490          286/286             F           46,800.00         ZZ
                                         360         46,612.24          1
                                       6.000            280.59         60
                                       5.750            280.59
    MIAMI            FL   33176          2            05/19/03         00
    2228582                              01           07/01/03          0
    2228582                              N            06/01/33
    0

    8542524          286/286             F          226,000.00         ZZ
                                         360        225,383.74          1
                                       6.500          1,428.48         47
                                       6.250          1,428.48
    CHEVY CHASE      MD   20815          2            06/16/03         00
    2348051                              05           08/01/03          0
    2348051                              N            07/01/33
    0

    8542578          286/286             F          150,000.00         ZZ
                                         360        149,412.34          1
                                       6.125            911.42         54
                                       5.875            911.42
    SAN DIEGO        CA   92105          2            05/13/03         00
    2240178                              05           07/01/03          0
    2240178                              N            06/01/33
    0
1

    8542594          286/286             F          120,000.00         ZZ
                                         360        119,529.85          3
                                       6.125            729.14         53
                                       5.875            729.14
    RENO             NV   89509          2            05/12/03         00
    2252885                              05           07/01/03          0
    2252885                              N            06/01/33
    0

    8542598          964/G02             F          150,000.00         ZZ
                                         360        149,663.08          1
                                       5.375            839.96         60
                                       5.125            839.96
    SODA SPRINGS     CA   95728          5            07/23/03         00
    0436291983                           03           09/01/03          0
    471027                               O            08/01/33
    0

    8542652          964/G02             F          178,000.00         ZZ
                                         360        177,609.43          1
                                       5.500          1,010.67         40
                                       5.250          1,010.67
    NOVATO           CA   94947          2            07/23/03         00
    0436290290                           03           09/01/03          0
    472128                               O            08/01/33
    0

    8542684          286/286             F          227,500.00         ZZ
                                         360        226,608.71          1
                                       6.125          1,382.32         48
                                       5.875          1,382.32
    LAGUNA NIGUEL    CA   92677          1            05/01/03         00
    2272840                              03           07/01/03          0
    2272840                              N            06/01/33
    0

    8542734          964/G02             F          180,000.00         ZZ
                                         360        179,586.16          1
                                       5.250            993.97         40
                                       5.000            993.97
    SAN LEANDRO      CA   94577          5            07/23/03         00
    0436291256                           03           09/01/03          0
    474394                               O            08/01/33
    0

    8542772          964/G02             F          182,600.00         ZZ
                                         360        182,208.66          1
1

                                       5.625          1,051.15         42
                                       5.375          1,051.15
    FAIR OAKS        CA   95628          5            07/25/03         00
    0436563563                           05           09/01/03          0
    475288                               O            08/01/33
    0

    8542794          964/G02             F          164,000.00         ZZ
                                         360        163,648.52          1
                                       5.625            944.08         79
                                       5.375            944.08
    LAS VEGAS        NV   89103          2            07/23/03         00
    0436291314                           05           09/01/03          0
    476765                               O            08/01/33
    0

    8542804          286/286             F           74,000.00         ZZ
                                         360         73,783.10          1
                                       6.125            449.64         53
                                       5.875            449.64
    PHOENIX          AZ   85016          2            06/02/03         00
    2417652                              05           08/01/03          0
    2417652                              N            07/01/33
    0

    8542834          964/G02             F          322,700.00         ZZ
                                         360        321,958.08          1
                                       5.250          1,781.96         59
                                       5.000          1,781.96
    PASO ROBLES      CA   93446          1            07/22/03         00
    0436319156                           05           09/01/03          0
    476958                               O            08/01/33
    0

    8542836          286/286             F          126,000.00         ZZ
                                         360        125,494.46          1
                                       6.000            755.44         62
                                       5.750            755.44
    SANTEE           CA   92071          2            04/29/03         00
    2225594                              03           07/01/03          0
    2225594                              N            06/01/33
    0

    8543102          964/G02             F          107,500.00         ZZ
                                         360        107,258.54          1
                                       5.375            601.97         50
                                       5.125            601.97
    WEST LINN        OR   97068          1            07/24/03         00
    0436293765                           05           09/01/03          0
1

    494616                               O            08/01/33
    0

    8543212          964/G02             F          194,800.00         ZZ
                                         360        194,382.52          1
                                       5.625          1,121.38         77
                                       5.375          1,121.38
    AUBURN           CA   95603          5            07/21/03         00
    0436290159                           05           09/01/03          0
    465928                               O            08/01/33
    0

    8543428          286/286             F          137,600.00         ZZ
                                         360        136,652.79          1
                                       6.375            858.44         80
                                       6.125            858.44
    NEW BRAUNFELS    TX   78130          1            04/24/03         00
    2428228                              05           06/01/03          0
    2428228                              N            05/01/33
    0

    8543468          286/286             F           58,500.00         ZZ
                                         360         58,311.19          1
                                       7.125            394.13         90
                                       6.875            394.13
    VIRGINIA BEACH   VA   23453          1            05/29/03         10
    2307944                              05           07/01/03         25
    2307944                              N            06/01/33
    0

    8543482          286/286             F           84,000.00         ZZ
                                         360         83,715.28          1
                                       6.875            551.83         80
                                       6.625            551.83
    LAKEHILLS        TX   78063          1            05/01/03         00
    2198793                              05           07/01/03          0
    2198793                              N            06/01/33
    0

    8543560          286/286             F           72,750.00         ZZ
                                         360         72,471.71          1
                                       6.250            447.94         80
                                       6.000            447.94
    FORT WAYNE       IN   46815          5            05/27/03         00
    2375443                              05           07/01/03          0
    2375443                              N            06/01/33
    0

1

    8543566          286/286             F           69,500.00         ZZ
                                         360         69,234.13          1
                                       6.250            427.93         80
                                       6.000            427.93
    FT WAYNE         IN   46815          5            05/27/03         00
    2375449                              05           07/01/03          0
    2375449                              N            06/01/33
    0

    8543588          286/286             F           96,000.00         ZZ
                                         360         95,528.64          1
                                       6.125            583.31         69
                                       5.875            583.31
    BELLVUE          CO   80512          2            04/24/03         00
    2406366                              05           06/01/03          0
    2406366                              N            05/01/33
    0

    8543628          286/286             F           95,500.00         ZZ
                                         360         95,213.33          1
                                       6.000            572.58         64
                                       5.750            572.58
    LOUISVILLE       KY   40241          2            06/20/03         00
    2072481                              03           08/01/03          0
    2072481                              N            07/01/33
    0

    8543652          286/286             F          111,500.00         ZZ
                                         360        110,886.94          2
                                       6.500            704.76         41
                                       6.250            704.76
    NEW BEDFORD      MA   02740          2            03/05/03         00
    1994260                              05           05/01/03          0
    1994260                              N            04/01/33
    0

    8543692          286/286             F           94,000.00         ZZ
                                         360         93,631.73          3
                                       6.125            571.16         13
                                       5.875            571.16
    SAN DIEGO        CA   92109          2            05/29/03         00
    2184561                              05           07/01/03          0
    2184561                              N            06/01/33
    0

    8543734          286/286             F           62,500.00         ZZ
                                         360         62,333.64          1
                                       6.625            400.20         68
                                       6.375            400.20
1

    CHARLOTTESVILLE  VA   22902          5            06/13/03         00
    2317236                              05           08/01/03          0
    2317236                              N            07/01/33
    0

    8543856          286/286             F          136,000.00         ZZ
                                         360        135,454.36          1
                                       6.000            815.39         63
                                       5.750            815.39
    KENNER           LA   70065          2            05/06/03         00
    2330458                              05           07/01/03          0
    2330458                              N            06/01/33
    0

    8543938          286/286             F           64,350.00         ZZ
                                         360         64,037.37          1
                                       6.875            422.74         90
                                       6.625            422.74
    MOUNT VERNON     OH   43050          1            04/30/03         10
    2245944                              05           06/01/03         25
    2245944                              N            05/01/33
    0

    8544404          U05/G02             F           83,200.00         ZZ
                                         360         83,033.93          1
                                       6.000            498.83         80
                                       5.750            498.83
    COLUMBUS         OH   43204          1            07/30/03         00
    0436605604                           05           09/01/03          0
    3396713                              N            08/01/33
    0

    8544864          196/G02             F          258,000.00         ZZ
                                         240        256,880.41          1
                                       6.000          1,848.40         34
                                       5.750          1,848.40
    FAIRFIELD        CT   06824          5            07/16/03         00
    0436346365                           05           09/01/03          0
    1680987                              O            08/01/23
    0

    8545048          196/G02             F          233,000.00         T
                                         360        232,488.77          1
                                       5.500          1,322.95         78
                                       5.250          1,322.95
    ANTIOCH          CA   94509          2            07/01/03         00
    0436416200                           03           09/01/03          0
    1686370                              O            08/01/33
    0
1

    8545094          196/G02             F          450,000.00         ZZ
                                         360        449,346.53          2
                                       7.625          3,185.08         87
                                       7.375          3,185.08
    EAST ELMHURST    NY   11369          1            07/18/03         11
    0436357636                           05           09/01/03         25
    1705729                              O            08/01/33
    0

    8545126          196/G02             F          234,000.00         ZZ
                                         360        233,187.30          2
                                       6.750          1,517.72         90
                                       6.500          1,517.72
    EAST FALMOUTH    MA   02536          1            05/16/03         11
    0436366272                           05           07/01/03         25
    1654313                              N            06/01/33
    0

    8545150          196/G02             F          311,200.00         ZZ
                                         360        310,548.62          1
                                       5.750          1,816.08         80
                                       5.500          1,816.08
    CASTLE ROCK      CO   80104          2            06/27/03         00
    0436353759                           03           09/01/03          0
    1659240                              O            08/01/33
    0

    8545218          196/G02             F          233,352.00         ZZ
                                         360        232,684.29          1
                                       6.250          1,436.79         80
                                       6.000          1,436.79
    ELK GROVE        CA   95821          1            06/26/03         00
    0436432207                           05           08/01/03          0
    1675726                              N            07/01/33
    0

    8548499          E22/G02             F          191,750.00         ZZ
                                         360        190,562.59          1
                                       5.875          1,134.27         59
                                       5.625          1,134.27
    SUGAR LAND       TX   77478          5            03/17/03         00
    0416171098                           03           05/01/03          0
    0416171098                           O            04/01/33
    0

    8548535          E22/G02             F           75,600.00         ZZ
                                         360         75,103.37          1
1

                                       6.750            490.34         90
                                       6.500            490.34
    BERTRAM          TX   78605          1            03/19/03         04
    0416221174                           05           05/01/03         25
    0416221174                           N            04/01/33
    0

    8550888          X67/G02             F          173,000.00         ZZ
                                         360        172,646.38          1
                                       5.875          1,023.36         70
                                       5.625          1,023.36
    RESEDA AREA      CA   91335          5            07/09/03         00
    0436342992                           05           09/01/03          0
    00287523                             O            08/01/33
    0

    8552542          964/G02             F          319,000.00         ZZ
                                         360        318,300.06          1
                                       5.500          1,811.25         57
                                       5.250          1,811.25
    TRACY            CA   95376          2            07/11/03         00
    0436343073                           05           09/01/03          0
    447768                               O            08/01/33
    0

    8552546          964/G02             F          292,000.00         ZZ
                                         360        291,374.20          1
                                       5.625          1,680.92         69
                                       5.375          1,680.92
    FREMONT          CA   94538          2            07/14/03         00
    0436335764                           05           09/01/03          0
    448139                               O            08/01/33
    0

    8552574          964/G02             F          160,000.00         T
                                         360        159,695.57          1
                                       6.250            985.15         66
                                       6.000            985.15
    LAKE ARROWHEAD   CA   92352          5            07/15/03         00
    0436343339                           05           09/01/03          0
    406170                               O            08/01/33
    0

    8552584          964/G02             F          115,000.00         ZZ
                                         360        114,786.41          1
                                       6.375            717.45         28
                                       6.125            717.45
    PETALUMA         CA   94954          1            07/28/03         00
    0436340020                           05           09/01/03          0
1

    489524                               N            08/01/33
    0

    8552600          964/G02             F          104,900.00         ZZ
                                         360        104,685.58          1
                                       5.875            620.52         48
                                       5.625            620.52
    ROCKPORT         TX   78382          2            07/30/03         00
    0436316293                           03           09/01/03          0
    456817                               O            08/01/33
    0

    8552606          964/G02             F          298,000.00         ZZ
                                         360        297,330.65          1
                                       5.375          1,668.72         38
                                       5.125          1,668.72
    MOUNTAIN VIEW    CA   94040          2            07/16/03         00
    0436338677                           05           09/01/03          0
    459545                               O            08/01/33
    0

    8552608          964/G02             F          200,000.00         ZZ
                                         360        199,561.17          1
                                       5.500          1,135.58         43
                                       5.250          1,135.58
    BROOKDALE        CA   95007          5            07/21/03         00
    0436343446                           05           09/01/03          0
    459877                               O            08/01/33
    0

    8552670          964/G02             F           89,200.00         ZZ
                                         360         88,999.65          1
                                       5.375            499.49         80
                                       5.125            499.49
    PHOENIX          AZ   85042          1            07/23/03         00
    0436440036                           05           09/01/03          0
    466559                               O            08/01/33
    0

    8555220          758/G02             F           43,250.00         ZZ
                                         240         43,073.14          1
                                       6.500            322.46         54
                                       6.250            322.46
    HOUSTON          TX   77084          2            07/14/03         00
    0436436737                           05           09/01/03          0
    361708                               N            08/01/23
    0

1

    8555590          U42/G02             F          396,000.00         TX
                                         360        395,228.26          1
                                       6.125          2,406.14         80
                                       5.875          2,406.14
    GRANBURY         TX   76049          5            07/18/03         00
    0436300065                           03           09/01/03          0
    33300463                             O            08/01/33
    0

    8556154          286/286             F           74,000.00         ZZ
                                         360         73,254.60          1
                                       6.375            461.66         80
                                       6.125            461.66
    FENTON           MI   48430          1            05/28/03         00
    2392910                              05           07/01/03          0
    2392910                              N            06/01/33
    0

    8556190          286/286             F          185,000.00         ZZ
                                         360        184,457.81          1
                                       6.125          1,124.08         27
                                       5.875          1,124.08
    YARMOUTH         MA   02675          5            06/09/03         00
    2311357                              05           08/01/03          0
    2311357                              O            07/01/33
    0

    8556198          286/286             F          747,000.00         ZZ
                                         360        742,745.25          1
                                       6.250          4,599.41         65
                                       6.000          4,599.41
    YORBA LINDA      CA   92887          5            06/17/03         00
    2424888                              05           08/01/03          0
    2424888                              O            07/01/33
    0

    8556234          286/286             F          190,400.00         ZZ
                                         360        189,868.13          1
                                       6.375          1,187.85         80
                                       6.125          1,187.85
    INDIAN MILLS     NJ   08088          5            06/19/03         00
    2478197                              05           08/01/03          0
    2478197                              O            07/01/33
    0

    8556240          286/286             F           60,000.00         T
                                         360         59,858.72          1
                                       7.250            409.31         75
                                       7.000            409.31
1

    SCHERERVILLE     IN   46375          5            06/02/03         00
    2263540                              01           08/01/03          0
    2263540                              O            07/01/33
    0

    8556278          286/286             F          185,000.00         ZZ
                                         360        184,417.76          1
                                       5.750          1,079.61         68
                                       5.500          1,079.61
    WINCHESTER       OR   97495          1            06/24/03         00
    2517178                              05           08/01/03          0
    2517178                              O            07/01/33
    0

    8556282          286/286             F          367,400.00         ZZ
                                         360        365,960.63          1
                                       6.125          2,232.37         90
                                       5.875          2,232.37
    OCOEE            FL   34761          1            05/22/03         21
    2257409                              05           07/01/03         25
    2257409                              O            06/01/33
    0

    8556286          286/286             F          120,000.00         ZZ
                                         360        119,639.79          1
                                       6.000            719.47         80
                                       5.750            719.47
    ALBUQUERQUE      NM   87114          1            06/16/03         00
    2447265                              05           08/01/03          0
    2447265                              O            07/01/33
    0

    8556412          286/286             F          199,200.00         ZZ
                                         360        198,247.53          1
                                       6.250          1,226.51         80
                                       6.000          1,226.51
    MANASSAS         VA   20110          1            06/27/03         00
    2363024                              03           08/01/03          0
    2363024                              O            07/01/33
    0

    8556420          286/286             F          292,500.00         ZZ
                                         360        291,622.05          1
                                       6.000          1,753.69         75
                                       5.750          1,753.69
    UNION CITY       CA   94587          5            06/18/03         00
    2147942                              03           07/01/03          0
    2147942                              O            06/01/33
    0
1

    8556440          286/286             F          125,100.00         ZZ
                                         360        124,632.79          1
                                       6.375            780.47         80
                                       6.125            780.47
    TAYLORSVILLE     UT   84118          1            05/27/03         00
    2401392                              05           07/01/03          0
    2401392                              O            06/01/33
    0

    8556558          286/286             F           89,600.00         ZZ
                                         360         89,318.00          1
                                       5.750            522.89         80
                                       5.500            522.89
    DALLAS           TX   75227          5            06/10/03         00
    2398549                              05           07/01/03          0
    2398549                              N            06/01/33
    0

    8556580          286/286             F          224,000.00         ZZ
                                         360        223,343.51          1
                                       6.125          1,361.05         73
                                       5.875          1,361.05
    YONKERS          NY   10704          2            06/13/03         00
    2050858                              05           08/01/03          0
    2050858                              O            07/01/33
    0

    8556590          286/286             F          175,000.00         ZZ
                                         360        174,456.47          1
                                       6.375          1,091.78         72
                                       6.125          1,091.78
    SANTA ROSA       CA   95401          5            06/11/03         00
    2314625                              05           08/01/03          0
    2314625                              N            07/01/33
    0

    8556644          286/286             F           90,400.00         ZZ
                                         360         90,128.65          1
                                       6.000            542.00         80
                                       5.750            542.00
    PHOENIX          AZ   85015          1            06/23/03         00
    2549595                              05           08/01/03          0
    2549595                              O            07/01/33
    0

    8556660          286/286             F          107,000.00         ZZ
                                         360        106,671.10          1
1

                                       5.875            632.95         74
                                       5.625            632.95
    MONROE           GA   30655          5            06/16/03         00
    2443697                              05           08/01/03          0
    2443697                              O            07/01/33
    0

    8556694          286/286             F          153,600.00         ZZ
                                         360        152,983.76          1
                                       6.000            920.91         80
                                       5.750            920.91
    HILLSIDE         IL   60162          2            05/23/03         00
    2444833                              05           07/01/03          0
    2444833                              O            06/01/33
    0

    8556708          286/286             F           83,200.00         ZZ
                                         360         82,556.26          1
                                       6.875            546.57         80
                                       6.625            546.57
    HIGH RIDGE       MO   63049          1            12/18/02         00
    1844051                              03           02/01/03          0
    1844051                              O            01/01/33
    0

    8556718          286/286             F          104,600.00         ZZ
                                         360        104,292.42          2
                                       6.125            635.57         36
                                       5.875            635.57
    PHILADELPHIA     PA   19147          2            06/26/03         00
    2388302                              05           08/01/03          0
    2388302                              N            07/01/33
    0

    8556734          286/286             F          126,000.00         ZZ
                                         360        125,612.71          1
                                       5.875            745.34         80
                                       5.625            745.34
    VERSAILLES       KY   40383          1            06/23/03         00
    2413703                              05           08/01/03          0
    2413703                              O            07/01/33
    0

    8556742          286/286             F          106,000.00         ZZ
                                         360        105,689.34          1
                                       6.125            644.07         45
                                       5.875            644.07
    ROCKVILLE        MD   20851          5            06/17/03         00
    2347296                              05           08/01/03          0
1

    2347296                              N            07/01/33
    0

    8556746          286/286             F          102,700.00         ZZ
                                         360        102,602.56          1
                                       6.250            632.34         73
                                       6.000            632.34
    FAYETTEVILLE     GA   30215          2            05/28/03         00
    2308189                              05           08/01/03          0
    2308189                              O            07/01/33
    0

    8556754          286/286             F          177,000.00         ZZ
                                         360        176,481.24          2
                                       6.125          1,075.48         61
                                       5.875          1,075.48
    PHILADELPHIA     PA   19147          2            06/26/03         00
    2388309                              05           08/01/03          0
    2388309                              N            07/01/33
    0

    8556774          286/286             F          228,000.00         ZZ
                                         360        227,315.65          1
                                       6.000          1,366.98         76
                                       5.750          1,366.98
    COLORADO SPRING  CO   80919          2            06/16/03         00
    2492459                              05           08/01/03          0
    2492459                              O            07/01/33
    0

    8556788          286/286             F           46,550.00         ZZ
                                         360         46,356.94          1
                                       6.000            279.10         95
                                       5.750            279.10
    INDIANAPOLIS     IN   46260          1            06/26/03         12
    2536057                              01           08/01/03         25
    2536057                              O            07/01/33
    0

    8556796          286/286             F          173,600.00         ZZ
                                         360        173,078.95          1
                                       6.000          1,040.82         62
                                       5.750          1,040.82
    DAVIE            FL   33325          5            06/13/03         00
    2443934                              03           08/01/03          0
    2443934                              O            07/01/33
    0

1

    8556838          286/286             F           57,500.00         ZZ
                                         360         57,314.69          1
                                       5.625            331.01         65
                                       5.375            331.01
    CASSELBERRY      FL   32707          2            06/23/03         00
    2438785                              01           08/01/03          0
    2438785                              O            07/01/33
    0

    8556842          286/286             F           56,000.00         ZZ
                                         360         55,843.56          1
                                       6.375            349.37         80
                                       6.125            349.37
    WASHINGTON       DC   20020          1            06/20/03         00
    2456879                              01           08/01/03          0
    2456879                              N            07/01/33
    0

    8556860          286/286             F          175,000.00         ZZ
                                         360        174,474.72          1
                                       6.000          1,049.22         63
                                       5.750          1,049.22
    ANNAPOLIS        MD   21403          5            06/26/03         00
    2456139                              05           08/01/03          0
    2456139                              O            07/01/33
    0

    8557054          286/286             F          103,500.00         ZZ
                                         360        103,188.35          1
                                       6.125            628.88         63
                                       5.875            628.88
    PORTLAND         OR   97206          2            06/11/03         00
    2447588                              05           08/01/03          0
    2447588                              N            07/01/33
    0

    8557056          286/286             F          140,000.00         ZZ
                                         360        139,548.88          1
                                       5.625            805.92         80
                                       5.375            805.92
    WARSAW           IN   46580          1            06/06/03         00
    2483635                              05           08/01/03          0
    2483635                              O            07/01/33
    0

    8557064          286/286             F           60,000.00         ZZ
                                         360         59,423.64          1
                                       6.500            379.25         61
                                       6.250            379.25
1

    COLUMBUS         OH   43232          2            12/19/02         00
    1877622                              05           02/01/03          0
    1877622                              N            01/01/33
    0

    8557070          286/286             F          104,400.00         ZZ
                                         360        103,946.81          1
                                       5.750            609.26         80
                                       5.500            609.26
    LEESBURG         IN   46538          1            06/20/03         00
    2508727                              05           08/01/03          0
    2508727                              O            07/01/33
    0

    8557150          286/286             F           72,400.00         ZZ
                                         360         71,866.33          2
                                       7.125            487.78         80
                                       6.875            487.78
    TORRINGTON       CT   06790          1            12/20/02         00
    1825827                              05           02/01/03          0
    1825827                              N            01/01/33
    0

    8557384          X10/G02             F          208,000.00         TX
                                         360        207,807.35          1
                                       6.375          1,297.65         80
                                       6.125          1,297.65
    KATY             TX   77494          5            08/05/03         00
    0436624084                           03           10/01/03          0
    60001367                             O            09/01/33
    0

    8558616          B76/G02             F          106,000.00         ZZ
                                         360        105,698.69          1
                                       6.500            670.00         89
                                       6.250            670.00
    MENTOR           OH   44060          2            07/31/03         10
    0436339378                           01           09/01/03         25
    0004830014                           N            08/01/33
    0

    8559140          T29/G02             F          256,000.00         ZZ
                                         360        255,512.92          1
                                       6.250          1,576.24         80
                                       6.000          1,576.24
    PINETOP          AZ   85935          5            07/31/03         00
    0436558621                           03           09/01/03          0
    1588415                              O            08/01/33
    0
1

    8560096          E22/G02             F          133,000.00         ZZ
                                         360        132,893.64          1
                                       7.125            896.05         95
                                       6.875            896.05
    BELLEVILLE       IL   62220          1            08/08/03         01
    0418119681                           05           10/01/03         30
    0418119681                           O            09/01/33
    0

    8562458          T44/G02             F          295,920.00         ZZ
                                         360        295,329.35          1
                                       6.000          1,774.19         80
                                       5.750          1,774.19
    BORING           OR   97009          1            07/09/03         00
    0436515761                           05           09/01/03          0
    1082449                              O            08/01/33
    0

    8564280          U05/G02             F          389,850.00         ZZ
                                         360        389,053.11          1
                                       5.875          2,306.11         70
                                       5.625          2,306.11
    ANAHEIM          CA   92807          1            07/24/03         00
    0436604755                           05           09/01/03          0
    3348821                              O            08/01/33
    0

    8564868          H58/G02             F           94,350.00         ZZ
                                         360         94,260.48          1
                                       6.250            580.93         78
                                       6.000            580.93
    FRESNO           CA   93722          1            08/04/03         00
    0436525414                           05           10/01/03          0
    0000180468                           N            09/01/33
    0

    8564944          286/286             F          185,100.00         ZZ
                                         360        184,474.87          1
                                       5.375          1,036.51         75
                                       5.125          1,036.51
    MODESTO          CA   95356          1            06/20/03         00
    2484638                              05           08/01/03          0
    2484638                              O            07/01/33
    0

    8564998          286/286             F          179,400.00         ZZ
                                         360        178,808.19          1
1

                                       5.500          1,018.62         80
                                       5.250          1,018.62
    CAVE CREEK       AZ   85331          1            06/13/03         00
    2409142                              05           08/01/03          0
    2409142                              O            07/01/33
    0

    8565068          286/286             F           94,500.00         ZZ
                                         360         94,236.02          1
                                       6.375            589.56         90
                                       6.125            589.56
    FLORENCE         AL   35630          2            06/10/03         11
    2342872                              05           08/01/03         25
    2342872                              O            07/01/33
    0

    8565082          286/286             F          319,000.00         ZZ
                                         360        317,538.51          1
                                       6.000          1,912.57         70
                                       5.750          1,912.57
    SANTA CLARA      CA   95051          2            06/12/03         00
    2479607                              05           08/01/03          0
    2479607                              O            07/01/33
    0

    8565092          286/286             F          183,000.00         ZZ
                                         360        182,410.32          1
                                       5.625          1,053.46         66
                                       5.375          1,053.46
    ATLANTA          GA   30341          2            06/02/03         00
    2440689                              05           08/01/03          0
    2440689                              O            07/01/33
    0

    8565112          286/286             F          178,650.00         ZZ
                                         360        178,060.67          1
                                       5.500          1,014.36         90
                                       5.250          1,014.36
    AURORA           CO   80014          1            06/06/03         10
    2483905                              05           08/01/03         25
    2483905                              O            07/01/33
    0

    8565134          286/286             F           66,400.00         ZZ
                                         360         66,214.45          1
                                       6.375            414.25         57
                                       6.125            414.25
    TUCSON           AZ   85745          2            06/18/03         00
    2380667                              05           08/01/03          0
1

    2380667                              N            07/01/33
    0

    8565136          286/286             F           79,000.00         ZZ
                                         360         78,779.32          1
                                       6.375            492.86         72
                                       6.125            492.86
    TUCSON           AZ   85745          2            06/18/03         00
    2380647                              05           08/01/03          0
    2380647                              N            07/01/33
    0

    8565152          286/286             F          162,000.00         ZZ
                                         360        161,251.79          1
                                       5.250            894.58         59
                                       5.000            894.58
    DUNWOODY         GA   30338          2            05/23/03         00
    2370124                              05           07/01/03          0
    2370124                              O            06/01/33
    0

    8565222          286/286             F          185,000.00         ZZ
                                         360        184,309.13          1
                                       6.375          1,154.16         78
                                       6.125          1,154.16
    HUNTINGTON PARK  CA   90255          2            05/22/03         00
    2378230                              05           07/01/03          0
    2378230                              O            06/01/33
    0

    8565228          286/286             F          250,000.00         ZZ
                                         240        248,285.44          1
                                       5.625          1,737.42         74
                                       5.375          1,737.42
    PARK RIDGE       IL   60068          2            06/09/03         00
    2447811                              05           08/01/03          0
    2447811                              O            07/01/23
    0

    8565230          286/286             F           97,800.00         ZZ
                                         360         97,526.98          1
                                       6.500            618.17         95
                                       6.250            618.17
    CORAL SPRINGS    FL   33065          1            06/30/03         10
    2619897                              01           08/01/03         25
    2619897                              O            07/01/33
    0

1

    8565268          286/286             F          212,000.00         ZZ
                                         360        211,332.77          1
                                       5.750          1,237.18         68
                                       5.500          1,237.18
    GARDEN GROVE     CA   92843          2            06/06/03         00
    2394167                              05           08/01/03          0
    2394167                              N            07/01/33
    0

    8565278          286/286             F          421,000.00         ZZ
                                         360        419,766.14          1
                                       6.125          2,558.05         68
                                       5.875          2,558.05
    FOSTER CITY      CA   94404          2            06/20/03         00
    2425646                              05           08/01/03          0
    2425646                              N            07/01/33
    0

    8565310          286/286             F          265,400.00         ZZ
                                         360        264,482.73          1
                                       5.250          1,465.55         90
                                       5.000          1,465.55
    MEDWAY           MA   02053          2            06/09/03         12
    2432435                              05           08/01/03         25
    2432435                              O            07/01/33
    0

    8565314          286/286             F          140,600.00         ZZ
                                         360        140,319.36          1
                                       6.000            842.97         95
                                       5.750            842.97
    KURTISTOWN       HI   96760          5            07/07/03         12
    2586526                              05           09/01/03         30
    2586526                              O            08/01/33
    0

    8565320          286/286             F          156,500.00         ZZ
                                         360        156,223.08          4
                                       6.625          1,002.09         90
                                       6.375          1,002.09
    NEWARK           NJ   07112          1            07/02/03         14
    2329378                              05           09/01/03         25
    2329378                              N            08/01/33
    0

    8565330          286/286             F          236,100.00         ZZ
                                         360        235,374.29          1
                                       5.875          1,396.63         80
                                       5.625          1,396.63
1

    PRESCOTT VALLEY  AZ   86314          1            06/05/03         00
    2374130                              05           08/01/03          0
    2374130                              O            07/01/33
    0

    8565390          286/286             F          160,000.00         ZZ
                                         360        159,207.58          1
                                       6.000            959.28         80
                                       5.750            959.28
    TUCSON           AZ   85718          2            05/07/03         00
    2312157                              05           07/01/03          0
    2312157                              O            06/01/33
    0

    8565452          286/286             F          198,000.00         ZZ
                                         360        197,658.08          4
                                       6.750          1,284.23         90
                                       6.500          1,284.23
    CHICAGO          IL   60617          2            07/09/03         11
    2555877                              05           09/01/03         25
    2555877                              N            08/01/33
    0

    8565514          286/286             F          134,800.00         ZZ
                                         360        134,423.44          1
                                       6.375            840.98         92
                                       6.125            840.98
    PHOENIX          AZ   85032          2            06/06/03         12
    2380193                              05           08/01/03         30
    2380193                              O            07/01/33
    0

    8565546          286/286             F          323,900.00         ZZ
                                         360        322,973.20          1
                                       6.250          1,994.31         90
                                       6.000          1,994.31
    QUEEN CREEK      AZ   85242          1            06/16/03         10
    2553533                              05           08/01/03         25
    2553533                              O            07/01/33
    0

    8565636          286/286             F          182,000.00         ZZ
                                         240        180,722.47          1
                                       5.375          1,239.15         70
                                       5.125          1,239.15
    SAN DIEGO        CA   92114          5            06/10/03         00
    2472622                              05           08/01/03          0
    2472622                              O            07/01/23
    0
1

    8565696          286/286             F           44,000.00         ZZ
                                         360         43,924.01          1
                                       6.750            285.39         80
                                       6.500            285.39
    AKRON            OH   44305          5            07/10/03         00
    2570490                              05           09/01/03          0
    2570490                              N            08/01/33
    0

    8565754          286/286             F           88,800.00         ZZ
                                         360         88,622.74          1
                                       6.000            532.41         80
                                       5.750            532.41
    ST PETERSBURG    FL   33702          1            07/03/03         00
    2579288                              05           09/01/03          0
    2579288                              N            08/01/33
    0

    8565806          286/286             F          234,000.00         ZZ
                                         360        233,521.68          1
                                       5.875          1,384.20         90
                                       5.625          1,384.20
    MIAMI            FL   33179          1            07/01/03         04
    2549578                              05           09/01/03         25
    2549578                              O            08/01/33
    0

    8565836          286/286             F          197,100.00         ZZ
                                         360        196,479.66          1
                                       5.750          1,150.23         79
                                       5.500          1,150.23
    ANTHEM           AZ   85086          2            06/12/03         00
    2425592                              05           08/01/03          0
    2425592                              O            07/01/33
    0

    8565846          286/286             F          100,000.00         ZZ
                                         360         99,635.44          1
                                       6.500            632.07         80
                                       6.250            632.07
    CHICAGO          IL   60620          5            05/28/03         00
    2353062                              05           07/01/03          0
    2353062                              N            06/01/33
    0

    8565896          286/286             F          370,000.00         ZZ
                                         360        368,966.44          1
1

                                       6.375          2,308.32         77
                                       6.125          2,308.32
    MILPITAS         CA   95035          5            06/20/03         00
    2548259                              05           08/01/03          0
    2548259                              O            07/01/33
    0

    8565946          286/286             F           70,000.00         ZZ
                                         360         69,813.69          2
                                       6.625            448.22         70
                                       6.375            448.22
    PHOENIX          AZ   85006          5            06/11/03         00
    2331125                              05           08/01/03          0
    2331125                              N            07/01/33
    0

    8566074          286/286             F          109,000.00         ZZ
                                         360        108,640.41          1
                                       5.500            618.90         79
                                       5.250            618.90
    MUNDELEIN        IL   60060          5            06/30/03         00
    2378060                              05           08/01/03          0
    2378060                              N            07/01/33
    0

    8566100          286/286             F           72,000.00         ZZ
                                         360         71,875.65          1
                                       6.750            467.00         80
                                       6.500            467.00
    CHICAGO          IL   60628          1            07/02/03         00
    2493686                              05           09/01/03          0
    2493686                              N            08/01/33
    0

    8566122          286/286             F          368,450.00         ZZ
                                         360        367,765.67          1
                                       6.375          2,298.65         90
                                       6.125          2,298.65
    GILBERT          AZ   85234          1            07/02/03         12
    2539536                              05           09/01/03         25
    2539536                              O            08/01/33
    0

    8566172          286/286             F           83,200.00         ZZ
                                         360         82,950.27          1
                                       6.000            498.83         80
                                       5.750            498.83
    TEMPE            AZ   85283          1            06/24/03         00
    2418544                              05           08/01/03          0
1

    2418544                              N            07/01/33
    0

    8566220          286/286             F           63,000.00         ZZ
                                         240         62,035.21          1
                                       6.250            460.49         90
                                       6.000            460.49
    VAN BUREN        AR   72956          2            02/07/03         10
    1993522                              05           04/01/03         25
    1993522                              O            03/01/23
    0

    8566236          286/286             F          127,920.00         ZZ
                                         360        127,526.80          1
                                       5.875            756.70         80
                                       5.625            756.70
    NAGS HEAD        NC   27959          1            06/27/03         00
    2480804                              05           08/01/03          0
    2480804                              N            07/01/33
    0

    8566246          286/286             F          110,400.00         ZZ
                                         360        110,060.67          1
                                       5.875            653.06         80
                                       5.625            653.06
    KILL DEVIL HILL  NC   27948          1            06/27/03         00
    2480813                              05           08/01/03          0
    2480813                              N            07/01/33
    0

    8566292          286/286             F          270,000.00         ZZ
                                         360        269,170.09          1
                                       5.875          1,597.16         80
                                       5.625          1,597.16
    MIAMI BEACH      FL   33139          5            06/25/03         00
    2484191                              06           08/01/03          0
    2484191                              O            07/01/33
    0

    8566302          286/286             F          239,000.00         ZZ
                                         360        238,107.47          1
                                       6.375          1,491.05         70
                                       6.125          1,491.05
    BUFFALO GROVE    IL   60089          5            05/30/03         00
    2438346                              05           07/01/03          0
    2438346                              O            06/01/33
    0

1

    8566328          286/286             F          168,000.00         ZZ
                                         360        167,483.63          4
                                       5.875            993.79         80
                                       5.625            993.79
    MESA             AZ   85203          1            06/25/03         00
    2530511                              05           08/01/03          0
    2530511                              N            07/01/33
    0

    8566362          286/286             F          140,000.00         ZZ
                                         360        139,599.39          1
                                       6.250            862.01         74
                                       6.000            862.01
    RIVERSIDE        CA   92506          2            06/17/03         00
    2054973                              05           08/01/03          0
    2054973                              O            07/01/33
    0

    8566388          286/286             F           69,360.00         ZZ
                                         360         68,530.30          2
                                       6.250            427.07         80
                                       6.000            427.07
    NORFOLK          VA   23503          1            07/08/03         00
    2364073                              05           09/01/03          0
    2364073                              N            08/01/33
    0

    8566416          286/286             F          283,500.00         ZZ
                                         360        282,707.97          1
                                       6.375          1,768.68         90
                                       6.125          1,768.68
    SARATOGA         CA   95070          1            06/03/03         14
    2401212                              01           08/01/03         25
    2401212                              N            07/01/33
    0

    8566424          286/286             F           51,200.00         ZZ
                                         360         51,100.21          1
                                       6.125            311.10         80
                                       5.875            311.10
    URBANA           IL   61802          5            07/09/03         00
    2462286                              01           09/01/03          0
    2462286                              N            08/01/33
    0

    8566430          286/286             F           52,000.00         ZZ
                                         360         51,898.66          1
                                       6.125            315.96         80
                                       5.875            315.96
1

    URBANA           IL   61802          5            07/09/03         00
    2462289                              01           09/01/03          0
    2462289                              N            08/01/33
    0

    8566492          286/286             F          103,000.00         ZZ
                                         360        102,660.21          1
                                       5.500            584.83         75
                                       5.250            584.83
    MALVERN          AR   72104          2            06/16/03         00
    2380031                              05           08/01/03          0
    2380031                              O            07/01/33
    0

    8566526          286/286             F          100,800.00         T
                                         336        100,297.25          1
                                       6.375            644.09         90
                                       6.125            644.09
    PALM SPRINGS     CA   92264          1            05/23/03         11
    2365067                              01           07/01/03         25
    2365067                              O            06/01/31
    0

    8566530          286/286             F          274,500.00         ZZ
                                         360        273,695.48          1
                                       6.125          1,667.90         90
                                       5.875          1,667.90
    LA MESA          CA   91942          1            06/16/03         14
    2459645                              05           08/01/03         25
    2459645                              O            07/01/33
    0

    8566544          286/286             F          234,500.00         ZZ
                                         360        233,492.62          1
                                       5.375          1,313.14         70
                                       5.125          1,313.14
    SCOTTSDALE       AZ   85262          5            06/10/03         00
    2438528                              05           08/01/03          0
    2438528                              O            07/01/33
    0

    8566570          286/286             F          214,000.00         ZZ
                                         360        213,357.67          1
                                       6.000          1,283.04         68
                                       5.750          1,283.04
    DENVER           CO   80241          2            06/11/03         00
    2408220                              05           08/01/03          0
    2408220                              N            07/01/33
    0
1

    8566580          286/286             F          300,000.00         ZZ
                                         360        298,932.48          1
                                       6.625          1,920.93         64
                                       6.375          1,920.93
    WONDER LAKE      IL   60098          5            05/27/03         00
    2437443                              05           07/01/03          0
    2437443                              O            06/01/33
    0

    8566598          286/286             F          125,950.00         ZZ
                                         360        125,721.66          4
                                       6.500            796.09         90
                                       6.250            796.09
    YAKIMA           WA   98902          1            07/15/03         14
    2612663                              05           09/01/03         25
    2612663                              N            08/01/33
    0

    8566610          286/286             F          125,500.00         ZZ
                                         360        125,019.94          1
                                       6.250            772.73         80
                                       6.000            772.73
    PHOENIX          AZ   85027          5            05/16/03         00
    2263480                              05           07/01/03          0
    2263480                              O            06/01/33
    0

    8566622          286/286             F          167,500.00         ZZ
                                         360        166,985.16          1
                                       5.875            990.83        100
                                       5.625            990.83
    MILLEDGEVILLE    GA   31061          1            06/30/03         12
    2478946                              05           08/01/03         35
    2478946                              O            07/01/33
    0

    8566652          286/286             F          280,000.00         ZZ
                                         360        279,159.57          1
                                       6.000          1,678.75         80
                                       5.750          1,678.75
    MILPITAS         CA   95035          1            05/31/03         00
    2399553                              05           08/01/03          0
    2399553                              O            07/01/33
    0

    8566664          286/286             F          166,800.00         ZZ
                                         360        166,299.33          1
1

                                       6.000          1,000.06         73
                                       5.750          1,000.06
    CANYON COUNTRY   CA   91351          5            06/06/03         00
    2411079                              01           08/01/03          0
    2411079                              O            07/01/33
    0

    8566668          286/286             F          221,600.00         ZZ
                                         360        220,416.64          1
                                       6.000          1,328.61         80
                                       5.750          1,328.61
    FREMONT          CA   94536          1            06/06/03         00
    2373717                              03           08/01/03          0
    2373717                              O            07/01/33
    0

    8566682          286/286             F          305,010.00         ZZ
                                         360        304,003.83          1
                                       5.500          1,731.82         90
                                       5.250          1,731.82
    GARDEN GROVE     CA   92841          1            06/03/03         12
    2399225                              05           08/01/03         25
    2399225                              O            07/01/33
    0

    8566688          286/286             F          202,300.00         ZZ
                                         360        201,692.77          1
                                       6.000          1,212.90         80
                                       5.750          1,212.90
    HOLLAND          OH   43528          1            06/30/03         00
    2372427                              05           08/01/03          0
    2372427                              O            07/01/33
    0

    8566698          286/286             F          270,000.00         ZZ
                                         360        269,129.97          1
                                       5.625          1,554.28         66
                                       5.375          1,554.28
    RANCHO CUCAMONG  CA   91701          5            06/05/03         00
    2467211                              05           08/01/03          0
    2467211                              O            07/01/33
    0

    8566706          286/286             F          145,600.00         ZZ
                                         360        145,152.48          1
                                       5.875            861.28         80
                                       5.625            861.28
    TACOMA           WA   98406          1            06/25/03         00
    2542460                              05           08/01/03          0
1

    2542460                              O            07/01/33
    0

    8566724          286/286             F          405,000.00         ZZ
                                         360        403,664.00          1
                                       5.500          2,299.55         66
                                       5.250          2,299.55
    LAHAINA          HI   96761          2            06/12/03         00
    2430041                              05           08/01/03          0
    2430041                              O            07/01/33
    0

    8566738          286/286             F          155,000.00         ZZ
                                         360        154,467.20          1
                                       6.750          1,005.33         55
                                       6.500          1,005.33
    WICKENBURG       AZ   85390          1            06/10/03         00
    2512624                              05           08/01/03          0
    2512624                              N            07/01/33
    0

    8566810          286/286             F          280,000.00         ZZ
                                         360        278,911.87          1
                                       6.125          1,701.31         76
                                       5.875          1,701.31
    CORONA           CA   92882          5            06/11/03         00
    2452640                              05           08/01/03          0
    2452640                              O            07/01/33
    0

    8566852          286/286             F          358,000.00         ZZ
                                         360        356,975.62          1
                                       6.250          2,204.27         84
                                       6.000          2,204.27
    TEMPE            AZ   85284          2            06/26/03         12
    2559915                              05           08/01/03         12
    2559915                              O            07/01/33
    0

    8566866          286/286             F           70,000.00         ZZ
                                         360         69,822.53          4
                                       6.875            459.86         56
                                       6.625            459.86
    PHOENIX          AZ   85008          5            06/16/03         00
    2467369                              05           08/01/03          0
    2467369                              N            07/01/33
    0

1

    8566892          286/286             F          130,950.00         ZZ
                                         360        130,592.93          1
                                       6.500            827.70         90
                                       6.250            827.70
    TEMPE            AZ   85283          1            06/24/03         12
    2512228                              05           08/01/03         25
    2512228                              N            07/01/33
    0

    8566896          286/286             F          135,000.00         ZZ
                                         360        134,631.88          1
                                       6.500            853.30         89
                                       6.250            853.30
    TEMPE            AZ   85282          1            06/24/03         12
    2498814                              05           08/01/03         25
    2498814                              N            07/01/33
    0

    8566898          286/286             F          146,300.00         ZZ
                                         360        145,849.33          1
                                       5.875            865.42         80
                                       5.625            865.42
    SURPRISE         AZ   85374          1            06/26/03         00
    2576960                              05           08/01/03          0
    2576960                              N            07/01/33
    0

    8566904          286/286             F          203,500.00         ZZ
                                         360        202,859.51          1
                                       5.750          1,187.58         79
                                       5.500          1,187.58
    WATKINSVILLE     GA   30677          2            06/23/03         00
    2466943                              05           08/01/03          0
    2466943                              O            07/01/33
    0

    8566920          286/286             F           74,400.00         ZZ
                                         360         74,048.09          1
                                       5.375            416.62         80
                                       5.125            416.62
    DANIELSVILLE     GA   30633          1            06/09/03         00
    2425945                              05           08/01/03          0
    2425945                              O            07/01/33
    0

    8566940          286/286             F          123,750.00         ZZ
                                         360        123,404.31          2
                                       6.375            772.04         90
                                       6.125            772.04
1

    OLATHE           KS   66061          1            06/17/03         14
    2498724                              05           08/01/03         25
    2498724                              N            07/01/33
    0

    8566956          286/286             F          301,000.00         ZZ
                                         360        300,030.09          1
                                       5.625          1,732.73         70
                                       5.375          1,732.73
    FALLS CHURCH     VA   22044          2            06/05/03         00
    2496239                              05           08/01/03          0
    2496239                              O            07/01/33
    0

    8566960          286/286             F          229,500.00         ZZ
                                         360        228,642.95          1
                                       6.375          1,431.78         90
                                       6.125          1,431.78
    CHICAGO          IL   60618          1            05/15/03         11
    2365025                              05           07/01/03         25
    2365025                              O            06/01/33
    0

    8566974          286/286             F          202,500.00         ZZ
                                         360        201,822.98          1
                                       5.500          1,149.78         90
                                       5.250          1,149.78
    GRAND TERRACE    CA   92313          1            06/19/03         14
    2377495                              05           08/01/03         25
    2377495                              O            07/01/33
    0

    8566990          286/286             F          110,200.00         ZZ
                                         360        109,892.16          4
                                       6.375            687.51         90
                                       6.125            687.51
    LANCASTER        PA   17603          1            06/30/03         21
    2335296                              05           08/01/03         25
    2335296                              N            07/01/33
    0

    8567028          286/286             F          194,000.00         ZZ
                                         360        193,338.28          1
                                       5.750          1,132.14         62
                                       5.500          1,132.14
    ATLANTA          GA   30350          2            06/06/03         00
    2424669                              05           08/01/03          0
    2424669                              O            07/01/33
    0
1

    8567058          286/286             F          189,000.00         ZZ
                                         360        188,376.51          1
                                       5.500          1,073.13         51
                                       5.250          1,073.13
    EAST HAMPTON     NY   11937          2            06/09/03         00
    2330937                              05           08/01/03          0
    2330937                              O            07/01/33
    0

    8567066          286/286             F          190,000.00         ZZ
                                         360        189,237.70          1
                                       6.000          1,139.15         80
                                       5.750          1,139.15
    WEST BABYLON     NY   11704          1            05/30/03         00
    2027559                              05           07/01/03          0
    2027559                              O            06/01/33
    0

    8567078          286/286             F          208,000.00         ZZ
                                         360        207,631.95          1
                                       6.625          1,331.85         80
                                       6.375          1,331.85
    PHOENIX          AZ   85016          5            07/01/03         00
    2576848                              03           09/01/03          0
    2576848                              N            08/01/33
    0

    8567080          286/286             F           96,000.00         ZZ
                                         360         95,812.90          1
                                       6.125            583.31         80
                                       5.875            583.31
    RICHMOND         VA   23226          5            07/11/03         00
    2391454                              05           09/01/03          0
    2391454                              N            08/01/33
    0

    8567110          286/286             F          211,500.00         ZZ
                                         360        211,102.41          3
                                       6.375          1,319.49         90
                                       6.125          1,319.49
    PROVIDENCE       RI   02908          1            07/28/03         14
    2452180                              05           09/01/03         25
    2452180                              N            08/01/33
    0

    8567132          286/286             F           70,000.00         ZZ
                                         360         69,689.38          2
1

                                       6.000            419.69         78
                                       5.750            419.69
    NEW ORLEANS      LA   70119          2            06/24/03         00
    2399607                              05           08/01/03          0
    2399607                              N            07/01/33
    0

    8567146          286/286             F          318,000.00         T
                                         360        317,045.51          1
                                       6.000          1,906.58         79
                                       5.750          1,906.58
    LA QUINTA        CA   92253          5            06/03/03         00
    2393893                              05           08/01/03          0
    2393893                              O            07/01/33
    0

    8567154          286/286             F          100,000.00         ZZ
                                         360         99,634.05          1
                                       5.375            559.98         27
                                       5.125            559.98
    EL DORADO HILLS  CA   95762          1            06/13/03         00
    2404557                              05           08/01/03          0
    2404557                              O            07/01/33
    0

    8567172          286/286             F          140,000.00         ZZ
                                         360        139,477.17          1
                                       6.375            873.42         80
                                       6.125            873.42
    BEL AIR          MD   21015          1            05/30/03         00
    2294245                              05           07/01/03          0
    2294245                              O            06/01/33
    0

    8567182          286/286             F           90,400.00         ZZ
                                         360         90,128.65          1
                                       6.000            542.00         80
                                       5.750            542.00
    ROWLETT          TX   75089          1            06/26/03         00
    2458132                              05           08/01/03          0
    2458132                              N            07/01/33
    0

    8567258          286/286             F          205,000.00         ZZ
                                         360        204,307.75          3
                                       5.375          1,147.95         44
                                       5.125          1,147.95
    MOUNT VERNON     NY   10552          2            06/05/03         00
    2364940                              05           08/01/03          0
1

    2364940                              O            07/01/33
    0

    8567260          286/286             F           68,000.00         ZZ
                                         360         67,861.00          1
                                       5.875            402.25         80
                                       5.625            402.25
    SANGER           TX   76266          1            07/01/03         00
    2479872                              05           08/01/03          0
    2479872                              O            07/01/33
    0

    8567278          286/286             F          352,700.00         ZZ
                                         360        352,028.94          1
                                       6.250          2,171.64         80
                                       6.000          2,171.64
    UPLAND           CA   91784          5            07/01/03         00
    2549918                              05           09/01/03          0
    2549918                              O            08/01/33
    0

    8567326          286/286             F          227,500.00         ZZ
                                         360        226,731.80          1
                                       5.375          1,273.94         72
                                       5.125          1,273.94
    ATLANTA          GA   30319          2            06/11/03         00
    2394601                              05           08/01/03          0
    2394601                              O            07/01/33
    0

    8567330          286/286             F          104,310.00         ZZ
                                         360        104,129.86          3
                                       6.750            676.56         90
                                       6.500            676.56
    PITTSBURGH       PA   15217          1            07/18/03         11
    2660648                              05           09/01/03         25
    2660648                              N            08/01/33
    0

    8567340          286/286             F          276,000.00         ZZ
                                         360        275,408.48          2
                                       5.625          1,588.82         80
                                       5.375          1,588.82
    AUSTIN           TX   78704          2            07/09/03         00
    2490252                              05           09/01/03          0
    2490252                              N            08/01/33
    0

1

    8567354          286/286             F          122,400.00         ZZ
                                         360        121,908.93          1
                                       6.000            733.85         90
                                       5.750            733.85
    DOWNINGTOWN      PA   19335          5            05/31/03         10
    2254594                              01           07/01/03         25
    2254594                              O            06/01/33
    0

    8567360          286/286             F          112,000.00         ZZ
                                         360        108,800.47          3
                                       6.500            707.92         80
                                       6.250            707.92
    NEW CASTLE       DE   19720          1            10/15/02         00
    1637822                              05           12/01/02          0
    1637822                              N            11/01/32
    0

    8567362          286/286             F          232,000.00         ZZ
                                         360        231,198.17          1
                                       5.250          1,281.12         67
                                       5.000          1,281.12
    ALPHARETTA       GA   30005          5            06/12/03         00
    2426312                              05           08/01/03          0
    2426312                              O            07/01/33
    0

    8567368          286/286             F           63,600.00         ZZ
                                         360         63,311.73          1
                                       5.750            371.16         80
                                       5.500            371.16
    MESQUITE         TX   75150          2            06/24/03         00
    2384673                              05           07/01/03          0
    2384673                              O            06/01/33
    0

    8567374          286/286             F           72,000.00         ZZ
                                         360         71,864.71          1
                                       6.375            449.19         80
                                       6.125            449.19
    LONGVIEW         WA   98632          5            07/08/03         00
    2469088                              05           09/01/03          0
    2469088                              N            08/01/33
    0

    8567376          286/286             F           76,500.00         ZZ
                                         360         76,371.07          3
                                       6.875            502.56         90
                                       6.625            502.56
1

    ALLENTOWN        PA   18102          1            07/10/03         11
    2585964                              05           09/01/03         25
    2585964                              N            08/01/33
    0

    8567384          286/286             F          293,200.00         ZZ
                                         360        292,642.13          1
                                       6.250          1,805.29         80
                                       6.000          1,805.29
    BROOKHAVEN       NY   11967          5            07/07/03         00
    2475203                              05           09/01/03          0
    2475203                              O            08/01/33
    0

    8567390          286/286             F          159,600.00         ZZ
                                         360        159,281.43          1
                                       6.000            956.89         95
                                       5.750            956.89
    SYLMAR           CA   91342          5            07/01/03         11
    2394456                              01           09/01/03         35
    2394456                              O            08/01/33
    0

    8567606          964/G02             F          198,000.00         ZZ
                                         360        197,585.57          1
                                       5.750          1,155.47         73
                                       5.500          1,155.47
    GRASS VALLEY     CA   95949          1            07/10/03         00
    0436320683                           05           09/01/03          0
    468410                               O            08/01/33
    0

    8569028          H49/G02             F          208,000.00         ZZ
                                         360        207,594.64          1
                                       6.125          1,263.83         80
                                       5.875          1,263.83
    ORLAND PARK      IL   60462          2            07/22/03         00
    0436580476                           05           09/01/03          0
    382664                               O            08/01/33
    0

    8569924          E82/G02             F           74,100.00         ZZ
                                         360         74,034.62          2
                                       6.625            474.47         60
                                       6.375            474.47
    RICHLAND HILLS   TX   76118          2            08/13/03         00
    0400875761                           05           10/01/03          0
    0400875761                           N            09/01/33
    0
1

    8571833          313/G02             F           88,000.00         ZZ
                                         360         87,522.50          1
                                       7.375            607.80         80
                                       7.125            607.80
    CARROLLTON       GA   30117          2            02/25/03         00
    0435592480                           05           04/01/03          0
    9344466                              N            03/01/33
    0

    8573926          964/G02             F          284,000.00         ZZ
                                         360        283,300.18          1
                                       4.875          1,502.95         52
                                       4.625          1,502.95
    BOULDER          CO   80305          2            07/28/03         00
    0436321749                           05           09/01/03          0
    453570                               O            08/01/33
    0

    8575032          E47/G02             F           88,000.00         ZZ
                                         360         87,820.12          1
                                       5.875            520.55         80
                                       5.625            520.55
    SAN ANTONIO      TX   78249          1            07/31/03         00
    0436567648                           03           09/01/03          0
    7362512097                           N            08/01/33
    0

    8575328          964/G02             F          178,400.00         ZZ
                                         360        178,008.56          1
                                       5.500          1,012.94         80
                                       5.250          1,012.94
    COLORADO SPRING  CO   80922          1            07/31/03         00
    0436321715                           03           09/01/03          0
    468708                               O            08/01/33
    0

    8576134          511/G02             F          327,250.00         ZZ
                                         360        326,076.74          1
                                       5.500          1,858.09         79
                                       5.250          1,858.09
    LAS VEGAS        NV   89148          5            06/18/03         00
    0436406094                           03           08/01/03          0
    0003243741                           O            07/01/33
    0

    8576840          964/G02             F          264,750.00         ZZ
                                         360        264,439.17          1
1

                                       5.125          1,441.53         75
                                       4.875          1,441.53
    NORTH HILLS      CA   91343          5            08/01/03         00
    0436335079                           05           10/01/03          0
    467037                               O            09/01/33
    0

    8577126          964/G02             F          280,000.00         ZZ
                                         360        279,385.64          1
                                       5.500          1,589.81         70
                                       5.250          1,589.81
    YORBA LINDA      CA   92886          5            07/28/03         00
    0436331185                           05           09/01/03          0
    436523                               O            08/01/33
    0

    8578678          E86/G02             F          124,800.00         ZZ
                                         360        124,556.78          1
                                       6.125            758.30         80
                                       5.875            758.30
    PERKIOMENVILLE   PA   18074          1            07/29/03         00
    0436533426                           03           09/01/03          0
    0000354448                           O            08/01/33
    0

    8578742          408/G02             F           71,000.00         ZZ
                                         360         70,874.37          2
                                       6.625            454.62         74
                                       6.375            454.62
    CINCINNATI       OH   45237          2            08/04/03         00
    0436586283                           05           09/01/03          0
    703038129                            N            08/01/33
    0

    8578810          408/G02             F           84,000.00         ZZ
                                         360         83,851.35          2
                                       6.625            537.87         73
                                       6.375            537.87
    CINCINNATI       OH   45237          5            08/04/03         00
    0436575567                           05           09/01/03          0
    703038148                            N            08/01/33
    0

    8579332          E22/G02             F          163,200.00         ZZ
                                         360        163,056.01          1
                                       6.625          1,044.99         80
                                       6.375          1,044.99
    LITTLE EGG HARB  NJ   08087          1            08/15/03         00
    0418131199                           05           10/01/03          0
1

    0418131199                           O            09/01/33
    0

    8581338          944/G02             F          224,800.00         ZZ
                                         360        224,559.67          1
                                       5.625          1,294.08         80
                                       5.375          1,294.08
    KEIZER           OR   97303          5            08/02/03         00
    0436575708                           05           10/01/03          0
    W01702075                            O            09/01/33
    0

    8585366          E22/G02             F           76,500.00         ZZ
                                         360         76,435.73          1
                                       6.875            502.55         80
                                       6.625            502.55
    KANNAPOLIS       NC   28081          5            08/18/03         00
    0417436359                           05           10/01/03          0
    0417436359                           N            09/01/33
    0

    8585450          E22/G02             F          215,000.00         ZZ
                                         360        214,810.31          2
                                       6.625          1,376.67         68
                                       6.375          1,376.67
    CHICAGO          IL   60646          5            08/13/03         00
    0417771144                           05           10/01/03          0
    0417771144                           O            09/01/33
    0

    8585948          U05/G02             F           93,750.00         ZZ
                                         360         93,663.17          1
                                       6.375            584.88         75
                                       6.125            584.88
    HOUSTON          TX   77018          5            08/12/03         00
    0436595011                           05           10/01/03          0
    3391070                              N            09/01/33
    0

    8585984          964/G02             F          297,500.00         ZZ
                                         360        296,162.11          1
                                       5.375          1,665.92         70
                                       5.125          1,665.92
    SALEM            OR   97306          5            07/28/03         00
    0436364350                           05           09/01/03          0
    468135                               O            08/01/33
    0

1

    8586088          964/G02             F          177,000.00         ZZ
                                         360        176,593.07          1
                                       5.250            977.40         60
                                       5.000            977.40
    EL DORADO HILLS  CA   95762          2            07/29/03         00
    0436396691                           05           09/01/03          0
    468662                               O            08/01/33
    0

    8586090          964/G02             F          150,000.00         ZZ
                                         360        149,663.08          1
                                       5.375            839.96         50
                                       5.125            839.96
    HUNTINGTON BEAC  CA   92649          5            07/28/03         00
    0436386767                           01           09/01/03          0
    459167                               O            08/01/33
    0

    8586104          964/G02             F          265,000.00         ZZ
                                         360        264,361.85          1
                                       5.000          1,422.58         39
                                       4.750          1,422.58
    HUNTINGTON BEAC  CA   92648          5            07/28/03         00
    0436396261                           05           09/01/03          0
    448590                               O            08/01/33
    0

    8586156          964/G02             F          161,000.00         ZZ
                                         360        160,629.85          1
                                       5.250            889.05         67
                                       5.000            889.05
    PORTLAND         OR   97214          2            08/01/03         00
    0436392989                           05           09/01/03          0
    477791                               O            08/01/33
    0

    8586170          964/G02             F          248,000.00         ZZ
                                         360        247,734.87          1
                                       5.625          1,427.63         72
                                       5.375          1,427.63
    PETALUMA         CA   94954          2            07/31/03         00
    0436396295                           05           10/01/03          0
    477855                               O            09/01/33
    0

    8586208          964/G02             F          135,859.00         ZZ
                                         360        135,720.48          1
                                       5.875            803.66         80
                                       5.625            803.66
1

    RICHARDSON       TX   75081          1            08/06/03         00
    0436392336                           05           10/01/03          0
    487011                               O            09/01/33
    0

    8586214          964/G02             F          221,250.00         ZZ
                                         360        221,007.83          1
                                       5.500          1,256.23         75
                                       5.250          1,256.23
    SANTA ROSA       CA   95407          2            07/29/03         00
    0436397384                           09           10/01/03          0
    440031                               O            09/01/33
    0

    8586226          964/G02             F          275,000.00         ZZ
                                         360        274,691.85          1
                                       5.375          1,539.92         46
                                       5.125          1,539.92
    GOLETA           CA   93117          5            07/30/03         00
    0436396550                           03           10/01/03          0
    448149                               O            09/01/33
    0

    8586234          964/G02             F          175,000.00         ZZ
                                         360        174,633.71          1
                                       5.750          1,021.25         70
                                       5.500          1,021.25
    TONOPAH          AZ   85354          2            07/22/03         00
    0436393151                           05           09/01/03          0
    420324                               O            08/01/33
    0

    8586246          964/G02             F          115,000.00         ZZ
                                         360        114,741.69          1
                                       5.375            643.97         68
                                       5.125            643.97
    PHOENIX          AZ   85013          2            07/29/03         00
    0436439848                           05           09/01/03          0
    490438                               O            08/01/33
    0

    8586248          964/G02             F          230,000.00         ZZ
                                         360        229,754.12          1
                                       5.625          1,324.01         56
                                       5.375          1,324.01
    SAN FRANCISCO    CA   94134          2            07/30/03         00
    0436399828                           07           10/01/03          0
    449184                               O            09/01/33
    0
1

    8586256          964/G02             F          274,500.00         ZZ
                                         360        273,925.43          1
                                       5.750          1,601.91         69
                                       5.500          1,601.91
    EL SOBRANTE      CA   94803          2            07/18/03         00
    0436385595                           05           09/01/03          0
    430900                               O            08/01/33
    0

    8586274          964/G02             F          312,400.00         ZZ
                                         360        311,681.77          1
                                       5.250          1,725.08         68
                                       5.000          1,725.08
    BURIEN           WA   98166          2            07/29/03         00
    0436422760                           05           09/01/03          0
    475685                               O            08/01/33
    0

    8586334          964/G02             F          215,000.00         ZZ
                                         360        214,759.08          1
                                       5.375          1,203.94         44
                                       5.125          1,203.94
    SOQUEL           CA   95073          5            07/30/03         00
    0436395776                           05           10/01/03          0
    457386                               O            09/01/33
    0

    8586346          964/G02             F          169,500.00         ZZ
                                         360        169,314.47          1
                                       5.500            962.40         57
                                       5.250            962.40
    SANTA MARIA      CA   93454          1            08/01/03         00
    0436413330                           03           10/01/03          0
    486817                               O            09/01/33
    0

    8586384          964/G02             F          221,000.00         ZZ
                                         360        220,503.61          1
                                       5.375          1,237.54         67
                                       5.125          1,237.54
    TEMPE            AZ   85284          2            07/29/03         00
    0436397301                           05           09/01/03          0
    479200                               O            08/01/33
    0

    8586408          964/G02             F          202,000.00         ZZ
                                         360        201,535.59          1
1

                                       5.250          1,115.45         51
                                       5.000          1,115.45
    GILBERT          AZ   85296          2            07/31/03         00
    0436385538                           05           09/01/03          0
    479736                               O            08/01/33
    0

    8586736          E82/G02             F          278,400.00         ZZ
                                         360        278,116.16          1
                                       5.875          1,646.84         71
                                       5.625          1,646.84
    OAKHURST         NJ   07755          2            08/14/03         00
    0400872941                           05           10/01/03          0
    0400872941                           O            09/01/33
    0

    8588818          T08/G02             F          488,000.00         ZZ
                                         360        486,903.89          1
                                       5.375          2,732.66         80
                                       5.125          2,732.66
    TORRANCE         CA   90505          1            07/11/03         00
    0436409460                           05           09/01/03          0
    13230819                             O            08/01/33
    0

    8589400          253/253             F           92,368.00         ZZ
                                         360         92,278.22          1
                                       6.125            561.24         80
                                       5.875            561.24
    INDIANAPOLIS     IN   46234          1            08/04/03         00
    463114                               03           10/01/03          0
    463114                               O            09/01/33
    0

    8590128          F36/G02             F           78,500.00         ZZ
                                         360         78,414.08          1
                                       5.500            445.71         71
                                       5.250            445.71
    TAHUYA           WA   98588          5            08/01/03         00
    0436511455                           03           10/01/03          0
    06406586                             O            09/01/33
    0

    8592154          E57/G02             F          162,000.00         ZZ
                                         360        161,849.96          1
                                       6.375          1,010.67         74
                                       6.125          1,010.67
    LOS ANGELES      CA   90018          5            08/11/03         00
    0436432124                           05           10/01/03          0
1

    06018707                             O            09/01/33
    0

    8592460          964/G02             F           79,000.00         ZZ
                                         360         78,913.53          1
                                       5.500            448.55         32
                                       5.250            448.55
    MOUNT SHASTA     CA   96067          5            08/01/03         00
    0436395677                           05           10/01/03          0
    478341                               O            09/01/33
    0

    8592820          X13/G02             F           97,500.00         ZZ
                                         360         97,409.69          1
                                       6.375            608.28         74
                                       6.125            608.28
    OKANOGAN         WA   98840          2            08/14/03         00
    0436590087                           05           10/01/03          0
    1004581                              N            09/01/33
    0

    8594744          R55/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.125          1,185.74         80
                                       6.875          1,185.74
    PHOENIX          AZ   85051          1            09/03/03         00
    0436566426                           05           11/01/03          0
    100094600000228                      O            10/01/33
    0

    8597768          G52/G02             F          162,000.00         ZZ
                                         360        161,885.66          4
                                       7.750          1,160.59         90
                                       7.500          1,160.59
    TUSCON           AZ   85745          1            08/06/03         01
    0436569552                           05           10/01/03         25
    9700005242                           N            09/01/33
    0

    8598032          E22/G02             F          149,200.00         ZZ
                                         360        149,061.82          1
                                       6.375            930.81         80
                                       6.125            930.81
    CENTRALIA        WA   98531          1            08/06/03         00
    0418173068                           05           10/01/03          0
    0418173068                           N            09/01/33
    0

1

    8598100          E22/G02             F          190,400.00         ZZ
                                         360        190,227.87          1
                                       6.500          1,203.46         80
                                       6.250          1,203.46
    ALPINE           UT   84004          1            08/15/03         00
    0418275483                           05           10/01/03          0
    0418275483                           O            09/01/33
    0

    8598542          W33/G02             F          340,000.00         ZZ
                                         360        338,740.92          1
                                       5.740          1,981.99         80
                                       5.490          1,981.99
    CENTERVILLE      IN   47330          4            08/01/03         00
    0436402507                           05           08/31/03          0
    0337473                              O            07/31/33
    0

    8598632          T44/G02             F          113,000.00         ZZ
                                         240        111,950.96          1
                                       5.750            793.35         70
                                       5.500            793.35
    SOUTHGATE        MI   48195          5            07/03/03         00
    0436456289                           05           09/01/03          0
    1074191                              O            08/01/23
    0

    8599100          E47/G02             F          138,400.00         T
                                         360        138,271.81          1
                                       6.375            863.44         80
                                       6.125            863.44
    LANCASTER        CA   93536          1            07/31/03         00
    0436431589                           05           10/01/03          0
    7359516373                           O            09/01/33
    0

    8599218          U35/G02             F          100,000.00         ZZ
                                         360         99,823.06          2
                                       6.625            640.31         69
                                       6.375            640.31
    MILWAUKEE        WI   53213          5            08/11/03         00
    0436613426                           05           09/01/03          0
    12801004                             O            08/01/33
    0

    8602390          E22/G02             F           94,400.00         ZZ
                                         360         94,308.25          1
                                       6.125            573.58         80
                                       5.875            573.58
1

    LOUISVILLE       KY   40206          5            08/15/03         00
    0417981248                           05           10/01/03          0
    0417981248                           O            09/01/33
    0

    8602396          E22/G02             F          172,900.00         ZZ
                                         360        172,751.13          1
                                       6.750          1,121.43         62
                                       6.500          1,121.43
    DALLAS           TX   75248          2            08/21/03         00
    0417998721                           05           10/01/03          0
    0417998721                           N            09/01/33
    0

    8602470          E22/G02             F          250,000.00         ZZ
                                         360        249,774.00          1
                                       6.500          1,580.17         41
                                       6.250          1,580.17
    SAN FRANCISCO    CA   94127          5            08/12/03         00
    0417678745                           05           10/01/03          0
    0417678745                           O            09/01/33
    0

    8602642          E82/G02             F          108,750.00         ZZ
                                         360        108,644.30          1
                                       6.125            660.78         50
                                       5.875            660.78
    LAKEWOOD TOWNSH  NJ   08701          2            08/19/03         00
    0400883062                           09           10/01/03          0
    0400883062                           N            09/01/33
    0

    8602646          E82/G02             F           94,500.00         ZZ
                                         360         94,408.15          1
                                       6.125            574.19         68
                                       5.875            574.19
    GAINESVILLE      TX   76240          2            08/19/03         00
    0400840880                           05           10/01/03          0
    0400840880                           O            09/01/33
    0

    8602670          E82/G02             F          317,500.00         ZZ
                                         360        317,198.75          1
                                       6.250          1,954.90         58
                                       6.000          1,954.90
    LEESBURG         FL   34788          2            08/19/03         00
    0400840567                           29           10/01/03          0
    0400840567                           O            09/01/33
    0
1

    8602672          E82/G02             F          217,000.00         ZZ
                                         360        216,783.98          1
                                       6.000          1,301.02         86
                                       5.750          1,301.02
    MIDDLETOWN       CT   06457          5            08/15/03         04
    0400880704                           05           10/01/03         25
    0400880704                           O            09/01/33
    0

    8604616          E22/G02             F           88,800.00         ZZ
                                         360         88,725.40          1
                                       6.875            583.35         80
                                       6.625            583.35
    VIRGINIA BEACH   VA   23456          5            08/22/03         00
    0418040069                           05           10/01/03          0
    0418040069                           N            09/01/33
    0

    8604636          E22/G02             F           71,000.00         ZZ
                                         360         70,931.00          1
                                       6.125            431.40         85
                                       5.875            431.40
    TOLEDO           OH   43612          2            08/18/03         01
    0418067419                           05           10/01/03         25
    0418067419                           O            09/01/33
    0

    8605020          E22/G02             F           63,090.00         ZZ
                                         360         63,041.99          1
                                       7.375            435.75         90
                                       7.125            435.75
    WYOMING          MI   49548          1            08/22/03         04
    0418285300                           05           10/01/03         25
    0418285300                           O            09/01/33
    0

    8605360          E82/G02             F          171,200.00         ZZ
                                         360        171,025.46          1
                                       5.875          1,012.71         80
                                       5.625          1,012.71
    LOUISVILLE       KY   40299          2            08/21/03         00
    0400880605                           05           10/01/03          0
    0400880605                           O            09/01/33
    0

    8605556          069/G02             F          227,500.00         ZZ
                                         360        227,011.53          1
1

                                       5.625          1,309.62         70
                                       5.375          1,309.62
    RIVERSIDE        CA   92504          5            07/28/03         00
    0436428312                           05           09/01/03          0
    22288484258                          O            08/01/33
    0

    8605662          M27/G02             F           95,950.00         ZZ
                                         360         95,869.39          1
                                       6.875            630.32         80
                                       6.625            630.32
    MEMPHIS          TN   38104          1            08/15/03         00
    0436468441                           05           10/01/03          0
    6009916307                           O            09/01/33
    0

    8605922          W93/G02             F          543,000.00         T
                                         360        542,419.49          1
                                       5.625          3,125.82         66
                                       5.375          3,125.82
    BODEGA BAY       CA   94923          5            07/30/03         00
    0436438527                           03           10/01/03          0
    21488454                             O            09/01/33
    0

    8605986          W93/G02             F          189,000.00         ZZ
                                         360        188,622.76          1
                                       6.000          1,133.15         90
                                       5.750          1,133.15
    PERRIS           CA   92571          1            07/24/03         14
    0436446629                           05           09/01/03         25
    67487161                             O            08/01/33
    0

    8606300          X64/G02             F           68,000.00         ZZ
                                         360         67,949.53          1
                                       7.500            475.47         58
                                       7.250            475.47
    DEARBORN HEIGHT  MI   48127          5            08/22/03         00
    0436473169                           05           10/01/03          0
    PM1017668                            N            09/01/33
    0

    8606480          A50/G02             F          136,000.00         ZZ
                                         360        135,848.77          1
                                       6.875            893.42         80
                                       6.625            893.42
    CHARLESTON       SC   29407          2            08/19/03         00
    0436492060                           05           10/01/03          0
1

    1141514                              O            09/01/33
    0

    8606646          A35/G02             F          200,000.00         ZZ
                                         360        199,796.09          1
                                       5.875          1,183.08         80
                                       5.625          1,183.08
    LINDENHURST      NY   11757          5            08/11/03         00
    0436622286                           05           10/01/03          0
    LG15648                              O            09/01/33
    0

    8607522          E22/G02             F           56,000.00         ZZ
                                         360         55,952.95          1
                                       6.875            367.88         80
                                       6.625            367.88
    BALTIMORE        MD   21218          1            08/25/03         00
    0418275624                           06           10/01/03          0
    0418275624                           N            09/01/33
    0

    8607530          E82/G02             F           65,800.00         ZZ
                                         360         65,741.95          1
                                       6.625            421.32         91
                                       6.375            421.32
    GREENVILLE       SC   29605          2            08/20/03         10
    0400883971                           03           10/01/03         30
    0400883971                           O            09/01/33
    0

    8607538          E82/G02             F          139,100.00         ZZ
                                         360        138,980.24          2
                                       6.750            902.20         65
                                       6.500            902.20
    FOREST PARK      IL   60130          2            08/25/03         00
    0400883500                           05           10/01/03          0
    0400883500                           N            09/01/33
    0

    8608284          253/253             F           58,500.00         T
                                         360         58,444.49          1
                                       6.250            360.20         90
                                       6.000            360.20
    PENSACOLA        FL   32514          1            08/22/03         10
    486024                               01           10/01/03         25
    486024                               O            09/01/33
    0

1

    8608448          P01/G02             F          150,000.00         ZZ
                                         360        149,861.08          1
                                       6.375            935.80         77
                                       6.125            935.80
    CLIFTON PARK     NY   12065          1            08/26/03         00
    0436592323                           05           10/01/03          0
    1                                    O            09/01/33
    0

    8608808          313/G02             F           99,450.00         ZZ
                                         360         99,282.42          1
                                       6.875            653.32         80
                                       6.625            653.32
    BETHLEHEM        GA   30620          1            08/01/03         00
    0436459689                           05           09/01/03          0
    0009766502                           O            08/01/33
    0

    8608982          X89/G02             F          136,500.00         ZZ
                                         360        136,360.83          1
                                       5.875            807.45         74
                                       5.625            807.45
    SURPRISE         AZ   85374          2            08/13/03         00
    0436462915                           03           10/01/03          0
    2012944                              O            09/01/33
    0

    8609636          P01/G02             F          160,000.00         ZZ
                                         360        159,858.83          1
                                       6.625          1,024.50         70
                                       6.375          1,024.50
    SCHENECTADY      NY   12306          5            08/19/03         00
    0436452684                           05           10/01/03          0
    03005247                             O            09/01/33
    0

    8609848          F61/G02             F          138,500.00         ZZ
                                         360        138,374.80          1
                                       6.500            875.41         77
                                       6.250            875.41
    ROY              WA   98580          5            08/15/03         00
    0436447858                           05           10/01/03          0
    030247L                              O            09/01/33
    0

    8610290          742/G02             F           40,100.00         ZZ
                                         360         40,059.11          1
                                       5.875            237.21         71
                                       5.625            237.21
1

    BUFFALO          NY   14220          1            08/12/03         00
    0436449797                           05           10/01/03          0
    6815260                              O            09/01/33
    0

    8610310          742/G02             F          300,000.00         ZZ
                                         360        299,715.35          1
                                       6.250          1,847.15         72
                                       6.000          1,847.15
    BALDWINSVILLE    NY   13027          1            08/18/03         00
    0436449714                           05           10/01/03          0
    8662702                              O            09/01/33
    0

    8610378          X31/G02             F          100,000.00         ZZ
                                         360         99,918.03          1
                                       7.000            665.30         53
                                       6.750            665.30
    LOS ANGELES      CA   90032          5            08/05/03         00
    0436692818                           05           10/01/03          0
    80001923                             O            09/01/33
    0

    8610432          X89/G02             F          123,200.00         ZZ
                                         360        123,113.05          1
                                       7.750            882.62         80
                                       7.500            882.62
    REDMOND          OR   97756          2            08/14/03         00
    0436653810                           05           10/01/03          0
    2007831                              N            09/01/33
    0

    8610636          X31/G02             F          185,250.00         ZZ
                                         360        185,112.52          1
                                       7.500          1,295.29         95
                                       7.250          1,295.29
    POMONA           CA   91766          1            08/14/03         11
    0436536502                           05           10/01/03         30
    80002002                             O            09/01/33
    0

    8610650          952/G02             F          208,000.00         ZZ
                                         360        207,811.97          1
                                       6.500          1,314.70         80
                                       6.250          1,314.70
    SPRING VALLEY    NY   10977          1            08/14/03         00
    0436490486                           05           10/01/03          0
    03000006                             O            09/01/33
    0
1

    8610694          Q87/G02             F           46,800.00         ZZ
                                         360         46,719.19          1
                                       6.750            303.54         90
                                       6.500            303.54
    IDER             AL   35981          5            08/13/03         04
    0436575237                           05           09/18/03         25
    WEJE06                               O            08/18/33
    0

    8611242          E22/G02             F           92,500.00         ZZ
                                         360         92,422.29          1
                                       6.875            607.66         68
                                       6.625            607.66
    DAYTON           NV   89403          1            08/12/03         00
    0418067377                           05           10/01/03          0
    0418067377                           O            09/01/33
    0

    8611280          E22/G02             F          340,000.00         TX
                                         360        339,707.27          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    DALLAS           TX   75205          5            08/20/03         00
    0418107454                           07           10/01/03          0
    0418107454                           O            09/01/33
    0

    8611454          E22/G02             F           76,000.00         ZZ
                                         360         75,940.72          1
                                       7.250            518.45         79
                                       7.000            518.45
    LANTANA          FL   33462          2            08/26/03         00
    0418257572                           05           10/01/03          0
    0418257572                           N            09/01/33
    0

    8612950          253/253             F          170,400.00         ZZ
                                         360        170,273.53          1
                                       7.500          1,191.47         80
                                       7.250          1,191.47
    WARRIOR          AL   35180          1            08/13/03         00
    488945                               05           10/01/03          0
    488945                               O            09/01/33
    0

    8613046          T44/G02             F          213,000.00         ZZ
                                         360        212,792.98          1
1

                                       6.125          1,294.21         33
                                       5.875          1,294.21
    SANTA ROSA       CA   95404          5            08/08/03         00
    0436464770                           05           10/01/03          0
    1088129                              O            09/01/33
    0

    8614152          E22/G02             F          168,750.00         ZZ
                                         360        168,587.32          1
                                       6.375          1,052.78         95
                                       6.125          1,052.78
    VICTORVILLE      CA   92392          5            08/12/03         04
    0417967700                           05           10/01/03         30
    0417967700                           O            09/01/33
    0

    8614182          E22/G02             F          172,000.00         ZZ
                                         360        171,836.80          1
                                       6.250          1,059.03         80
                                       6.000          1,059.03
    WHEATLAND        CA   95692          5            08/20/03         00
    0417994662                           05           10/01/03          0
    0417994662                           O            09/01/33
    0

    8614368          E22/G02             F          155,800.00         ZZ
                                         360        155,662.55          1
                                       6.625            997.60         95
                                       6.375            997.60
    HAMPTON          GA   30228          5            08/22/03         10
    0418131504                           05           10/01/03         30
    0418131504                           O            09/01/33
    0

    8614426          E22/G02             F           64,500.00         ZZ
                                         360         64,441.70          1
                                       6.500            407.68         90
                                       6.250            407.68
    LIBERAL          MO   64762          5            08/22/03         01
    0418177275                           05           10/01/03         12
    0418177275                           O            09/01/33
    0

    8614468          E11/G02             F          194,000.00         ZZ
                                         360        193,802.21          1
                                       5.875          1,147.58         66
                                       5.625          1,147.58
    MAHTOMEDI        MN   55115          1            08/22/03         00
    0436473763                           03           10/01/03          0
1

    0003001063758                        O            09/01/33
    0

    8614520          U60/G02             F           72,000.00         T
                                         360         71,936.48          1
                                       6.625            461.02         60
                                       6.375            461.02
    PUEBLO           CO   81001          5            08/08/03         00
    0436454961                           05           10/01/03          0
    0003070190                           O            09/01/33
    0

    8614610          G34/G02             F          279,000.00         ZZ
                                         360        278,715.55          1
                                       5.875          1,650.39         70
                                       5.625          1,650.39
    SAN DIEGO        CA   92111          5            08/11/03         00
    0436513758                           05           10/01/03          0
    47008255                             O            09/01/33
    0

    8615498          K15/G02             F          170,000.00         ZZ
                                         360        169,846.31          1
                                       6.500          1,074.52         71
                                       6.250          1,074.52
    HUDSON           MA   01749          5            08/07/03         00
    0436469423                           05           10/01/03          0
    024505519638                         O            09/01/33
    0

    8615566          313/G02             F          164,000.00         ZZ
                                         360        163,702.66          1
                                       6.500          1,036.60         80
                                       6.250          1,036.60
    GAINESVILLE      GA   30506          1            07/31/03         00
    0436538409                           05           09/01/03          0
    0009820200                           O            08/01/33
    0

    8615576          313/G02             F          201,400.00         ZZ
                                         360        201,208.90          1
                                       6.250          1,240.06         80
                                       6.000          1,240.06
    SUWANEE          GA   30024          1            08/15/03         00
    0436460125                           05           10/01/03          0
    0009787144                           O            09/01/33
    0

1

    8616208          964/G02             F          150,000.00         ZZ
                                         360        149,714.60          1
                                       6.250            923.58         67
                                       6.000            923.58
    LAS VEGAS        NV   89147          5            07/29/03         00
    0436444426                           05           09/01/03          0
    476249                               O            08/01/33
    0

    8616252          X89/G02             F          185,000.00         ZZ
                                         360        184,811.38          1
                                       5.875          1,094.35         95
                                       5.625          1,094.35
    VICTORVILLE      CA   92392          1            08/19/03         04
    0436451892                           05           10/01/03         30
    2010088                              O            09/01/33
    0

    8616264          Q14/G02             F           90,000.00         ZZ
                                         360         89,924.39          1
                                       6.875            591.24         90
                                       6.625            591.24
    DAVENPORT        IA   52806          2            08/22/03         01
    0436476543                           05           10/01/03         25
    0000314918                           O            09/01/33
    0

    8616368          E47/G02             F          103,200.00         ZZ
                                         360        103,106.71          1
                                       6.500            652.29         80
                                       6.250            652.29
    LOUISVILLE       KY   40206          1            08/22/03         00
    0436469597                           05           10/01/03          0
    TQS454                               O            09/01/33
    0

    8616384          E22/G02             F          193,440.00         ZZ
                                         360        193,277.49          1
                                       6.875          1,270.76         80
                                       6.625          1,270.76
    MINNEAPOLIS      MN   55414          1            08/28/03         00
    0418255667                           09           10/01/03          0
    0418255667                           O            09/01/33
    0

    8616632          E22/G02             F          168,000.00         ZZ
                                         360        167,862.29          4
                                       7.000          1,117.71         75
                                       6.750          1,117.71
1

    GLADSTONE        OR   97027          1            08/22/03         00
    0418202669                           05           10/01/03          0
    0418202669                           N            09/01/33
    0

    8616874          E22/G02             F          124,500.00         ZZ
                                         360        124,376.06          1
                                       6.000            746.44         80
                                       5.750            746.44
    GREENVILLE       SC   29615          2            08/28/03         00
    0417871589                           03           10/01/03          0
    0417871589                           N            09/01/33
    0

    8617086          E22/G02             F           78,500.00         ZZ
                                         240         78,335.07          1
                                       6.250            573.78         83
                                       6.000            573.78
    OKLAHOMA CITY    OK   73107          2            08/28/03         04
    0417707684                           05           10/01/03         25
    0417707684                           N            09/01/23
    0

    8617314          L14/G02             F           64,027.00         ZZ
                                         360         63,896.12          1
                                       5.875            378.75         90
                                       5.625            378.75
    KENOSHA          WI   53143          1            07/30/03         12
    0436452965                           05           09/01/03         25
    207963547                            O            08/01/33
    0

    8617338          L14/G02             F          265,500.00         ZZ
                                         360        264,944.27          1
                                       5.750          1,549.39         90
                                       5.500          1,549.39
    APPLE VALLEY     CA   92037          1            07/14/03         12
    0436454839                           05           09/01/03         25
    210350378                            O            08/01/33
    0

    8617478          L14/G02             F          322,700.00         ZZ
                                         360        322,114.96          1
                                       6.500          2,039.69         90
                                       6.250          2,039.69
    FULLERTON        CA   92833          1            07/30/03         12
    0436463228                           05           09/01/03         25
    216703726                            O            08/01/33
    0
1

    8617594          L14/G02             F          113,500.00         ZZ
                                         360        113,256.73          1
                                       5.625            653.38         86
                                       5.375            653.38
    FRUITA           CO   81521          2            07/24/03         12
    0436454458                           03           09/01/03         25
    225200872                            O            08/01/33
    0

    8617678          L14/G02             F           85,200.00         ZZ
                                         360         85,029.94          1
                                       6.000            510.82         80
                                       5.750            510.82
    SPRING HILL      FL   34606          1            07/21/03         00
    0436453906                           05           09/01/03          0
    231905250                            O            08/01/33
    0

    8618562          L14/G02             F           98,600.00         ZZ
                                         360         98,398.45          1
                                       5.875            583.26         70
                                       5.625            583.26
    JUPITER          FL   33469          5            07/25/03         00
    0436460893                           05           09/01/03          0
    202315589                            O            08/01/33
    0

    8618648          L14/G02             F          114,300.00         ZZ
                                         360        114,071.85          1
                                       6.000            685.29         90
                                       5.750            685.29
    HOLLAND          MI   49423          2            07/02/03         12
    0436459192                           05           09/01/03         25
    216880194                            O            08/01/33
    0

    8619570          H58/G02             F          135,000.00         ZZ
                                         360        134,889.34          1
                                       7.000            898.16         75
                                       6.750            898.16
    BAKERSFIELD      CA   93304          5            08/18/03         00
    0436635288                           05           10/01/03          0
    0000183598                           O            09/01/33
    0

    8619702          737/G02             F          135,000.00         ZZ
                                         360        134,899.81          4
1

                                       7.500            943.94         90
                                       7.250            943.94
    PHOENIX          AZ   85009          1            08/20/03         12
    0436607733                           05           10/01/03         25
    6027360                              N            09/01/33
    0

    8619728          737/G02             F          108,000.00         ZZ
                                         360        107,919.85          3
                                       7.500            755.15         90
                                       7.250            755.15
    PHOENIX          AZ   85009          1            08/20/03         12
    0436559611                           05           10/01/03         25
    6027348                              N            09/01/33
    0

    8620268          L14/G02             F          238,500.00         ZZ
                                         360        238,023.95          1
                                       6.000          1,429.93         90
                                       5.750          1,429.93
    OVERLAND PARK    KS   66213          2            07/25/03         12
    0436456834                           03           09/01/03         25
    214505764                            O            08/01/33
    0

    8620274          L14/G02             F          262,500.00         ZZ
                                         360        261,976.03          1
                                       6.000          1,573.83         69
                                       5.750          1,573.83
    SPRING VALLEY    CA   91977          1            07/24/03         00
    0436465785                           05           09/01/03          0
    216703668                            O            08/01/33
    0

    8620318          L14/G02             F           80,000.00         ZZ
                                         360         79,854.95          1
                                       6.500            505.66         62
                                       6.250            505.66
    SMYRNA           DE   19977          2            07/30/03         00
    0436453724                           05           09/01/03          0
    215306069                            N            08/01/33
    0

    8620328          L14/G02             F          108,000.00         ZZ
                                         360        107,794.51          1
                                       6.250            664.98         90
                                       6.000            664.98
    MESA             AZ   85204          1            07/14/03         12
    0436464853                           03           09/01/03         25
1

    224500355                            O            08/01/33
    0

    8620334          L14/G02             F          290,000.00         ZZ
                                         360        289,407.21          1
                                       5.875          1,715.46         66
                                       5.625          1,715.46
    ARLINGTON        VA   22204          1            07/28/03         00
    0436465652                           05           09/01/03          0
    205860441                            O            08/01/33
    0

    8620448          L14/G02             F          115,800.00         ZZ
                                         360        115,563.28          1
                                       5.875            685.01         69
                                       5.625            685.01
    COVINGTON        WA   98042          2            07/14/03         00
    0436457238                           05           09/01/03          0
    220624263                            O            08/01/33
    0

    8621110          E22/G02             F          286,388.00         ZZ
                                         360        286,096.02          1
                                       5.875          1,694.09         80
                                       5.625          1,694.09
    KEARNEYSVILLE    WV   25430          1            08/29/03         00
    0417690864                           05           10/01/03          0
    0417690864                           O            09/01/33
    0

    8621190          E22/G02             F          250,000.00         ZZ
                                         360        249,768.46          1
                                       6.375          1,559.67         77
                                       6.125          1,559.67
    HOLLYWOOD        FL   33029          5            08/25/03         00
    0417757408                           03           10/01/03          0
    0417757408                           O            09/01/33
    0

    8621192          E82/G02             F           71,000.00         ZZ
                                         360         70,938.88          1
                                       6.750            460.50         62
                                       6.500            460.50
    SHERWOOD         AR   72120          2            08/28/03         00
    0400884318                           05           10/01/03          0
    0400884318                           N            09/01/33
    0

1

    8621380          E22/G02             F          158,400.00         ZZ
                                         360        158,276.43          2
                                       7.250          1,080.57         80
                                       7.000          1,080.57
    NEW ORLEANS      LA   70118          5            08/25/03         00
    0417948833                           05           10/01/03          0
    0417948833                           O            09/01/33
    0

    8621556          E22/G02             F           78,750.00         ZZ
                                         360         78,694.42          1
                                       7.750            564.17         90
                                       7.500            564.17
    ORLANDO          FL   32808          1            08/29/03         01
    0418024238                           07           10/01/03         25
    0418024238                           N            09/01/33
    0

    8621691          286/286             F           63,000.00         ZZ
                                         360         62,594.81          2
                                       6.500            398.20         78
                                       6.250            398.20
    TUCSON           AZ   85719          2            02/25/03         00
    2085847                              01           04/01/03          0
    2085847                              N            03/01/33
    0

    8621922          E22/G02             F           81,200.00         ZZ
                                         360         81,126.59          1
                                       6.500            513.24         50
                                       6.250            513.24
    FLINT            MI   48507          5            08/27/03         00
    0418125662                           05           10/01/03          0
    0418125662                           O            09/01/33
    0

    8622084          E22/G02             F          140,550.00         ZZ
                                         360        140,437.61          2
                                       7.125            946.91         80
                                       6.875            946.91
    AUSTIN           TX   78759          1            08/29/03         00
    0418163481                           05           10/01/03          0
    0418163481                           N            09/01/33
    0

    8622234          E22/G02             F          148,000.00         ZZ
                                         360        147,875.67          1
                                       6.875            972.25         80
                                       6.625            972.25
1

    FAYETTEVILLE     GA   30214          5            08/25/03         00
    0418204392                           05           10/01/03          0
    0418204392                           O            09/01/33
    0

    8622286          E22/G02             F          104,000.00         ZZ
                                         360        103,910.46          1
                                       6.750            674.54         65
                                       6.500            674.54
    GLADYS           VA   24554          5            08/25/03         00
    0418217675                           05           10/01/03          0
    0418217675                           O            09/01/33
    0

    8622524          E22/G02             F          118,800.00         ZZ
                                         360        118,707.32          1
                                       7.250            810.43         80
                                       7.000            810.43
    ROSELLE          IL   60172          1            08/29/03         00
    0418255436                           09           10/01/03          0
    0418255436                           O            09/01/33
    0

    8622770          E22/G02             F          114,000.00         ZZ
                                         360        113,908.84          1
                                       7.125            768.04         80
                                       6.875            768.04
    CANYON           TX   79015          1            08/29/03         00
    0418302600                           05           10/01/03          0
    0418302600                           O            09/01/33
    0

    8623698          U05/G02             F          237,600.00         TX
                                         360        237,379.93          1
                                       6.375          1,482.32         80
                                       6.125          1,482.32
    MONTGOMERY       TX   77356          5            08/20/03         00
    0436587166                           03           10/01/03          0
    3403832                              O            09/01/33
    0

    8623928          313/G02             F          260,000.00         ZZ
                                         360        259,776.14          4
                                       6.750          1,686.36         80
                                       6.500          1,686.36
    MILWAUKEE        WI   53202          1            08/28/03         00
    0436608434                           05           10/01/03          0
    0009862293                           N            09/01/33
    0
1

    8624576          R84/G02             F          130,000.00         ZZ
                                         360        129,867.46          2
                                       5.875            769.00         73
                                       5.625            769.00
    SPOKANE          WA   99207          5            08/07/03         00
    0436596019                           05           10/01/03          0
    WA305178                             N            09/01/33
    0

    8625118          W40/G02             F          130,000.00         ZZ
                                         360        129,890.78          1
                                       6.875            854.01         89
                                       6.625            854.01
    SIERRA VISTA     AZ   85650          2            08/25/03         10
    0436481816                           05           10/01/03         25
    1000025034                           O            09/01/33
    0

    8626314          E47/G02             F          108,000.00         ZZ
                                         360        107,909.27          1
                                       6.875            709.48         90
                                       6.625            709.48
    SHEPHERDSTOWN    WV   25443          1            08/20/03         11
    0436479190                           05           10/01/03         25
    7351010100                           O            09/01/33
    0

    8626360          K15/G02             F           62,500.00         ZZ
                                         360         62,446.19          2
                                       6.750            405.37         53
                                       6.500            405.37
    ATLANTIC CITY    NJ   08410          5            08/12/03         00
    0436610224                           05           10/01/03          0
    10805519330                          N            09/01/33
    0

    8626464          K15/G02             F          146,800.00         ZZ
                                         360        146,676.04          1
                                       6.875            964.37         67
                                       6.625            964.37
    FORKED RIVER     NJ   08731          5            08/11/03         00
    0436486062                           05           10/01/03          0
    10805520054                          O            09/01/33
    0

    8626526          K15/G02             F          105,300.00         ZZ
                                         360        105,221.86          1
1

                                       7.500            736.27         90
                                       7.250            736.27
    HILLSBORO        OH   45133          5            08/13/03         41
    0436536163                           05           10/01/03         25
    027805511478                         O            09/01/33
    0

    8626698          E47/G02             F          320,000.00         ZZ
                                         360        319,696.37          1
                                       6.250          1,970.30         71
                                       6.000          1,970.30
    PACIFICA         CA   94044          5            08/14/03         00
    0436479489                           05           10/01/03          0
    7333013711                           O            09/01/33
    0

    8627448          E82/G02             F          180,300.00         ZZ
                                         360        180,300.00          1
                                       6.625          1,154.48         79
                                       6.375          1,154.48
    OREGON CITY      OR   97045          2            08/27/03         00
    0400882759                           05           11/01/03          0
    0400882759                           O            10/01/33
    0

    8627460          E82/G02             F           94,100.00         ZZ
                                         360         94,100.00          1
                                       5.875            556.64         77
                                       5.625            556.64
    LAKEWOOD         WA   98499          2            08/29/03         00
    0400862744                           05           11/01/03          0
    0400862744                           O            10/01/33
    0

    8627462          E82/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.500          2,654.69         70
                                       6.250          2,654.69
    COLORADO SPRING  CO   80906          2            08/29/03         00
    0400877049                           05           11/01/03          0
    0400877049                           O            10/01/33
    0

    8627484          P27/G02             F          229,590.00         ZZ
                                         360        229,377.36          1
                                       6.375          1,432.34         90
                                       6.125          1,432.34
    TALLAHASSEE      FL   32305          2            08/22/03         01
    0436484299                           05           10/01/03         25
1

    3100369630                           O            09/01/33
    0

    8627500          E82/G02             F          116,000.00         ZZ
                                         360        115,880.00          1
                                       6.000            695.48         78
                                       5.750            695.48
    RANCHO CUCAMONG  CA   91739          2            08/21/03         00
    0400881041                           05           10/01/03          0
    0400881041                           O            09/01/33
    0

    8627578          952/G02             F          400,000.00         ZZ
                                         360        399,620.46          1
                                       6.250          2,462.87         77
                                       6.000          2,462.87
    YORKTOWN HEIGHT  NY   10598          1            08/20/03         00
    0436525570                           05           10/01/03          0
    03003863                             O            09/01/33
    0

    8627754          E22/G02             F          182,400.00         ZZ
                                         360        182,400.00          1
                                       7.750          1,306.74         95
                                       7.500          1,306.74
    BAKERSFIELD      CA   93309          5            08/27/03         04
    0417542156                           05           11/01/03         30
    0417542156                           O            10/01/33
    0

    8627756          E22/G02             F          179,500.00         ZZ
                                         360        178,638.02          1
                                       5.750          1,047.51         90
                                       5.500          1,047.51
    SAN MARCOS       TX   78666          2            08/27/03         04
    0417549763                           03           10/01/03         30
    0417549763                           O            09/01/33
    0

    8627832          E22/G02             F           63,475.00         ZZ
                                         360         63,417.61          1
                                       6.500            401.21         73
                                       6.250            401.21
    DALLAS           TX   75228          2            09/02/03         00
    0418050993                           05           10/01/03          0
    0418050993                           N            09/01/33
    0

1

    8627890          E22/G02             F          149,000.00         ZZ
                                         360        149,000.00          1
                                       5.750            869.52         70
                                       5.500            869.52
    BOUND BROOK      NJ   08805          5            08/27/03         00
    0418039145                           05           11/01/03          0
    0418039145                           O            10/01/33
    0

    8627966          E22/G02             F          126,400.00         ZZ
                                         360        126,285.74          1
                                       6.500            798.93         80
                                       6.250            798.93
    AKRON            CO   80720          2            08/27/03         00
    0417868866                           05           10/01/03          0
    0417868866                           O            09/01/33
    0

    8628036          E22/G02             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.750          2,516.56         80
                                       6.500          2,516.56
    FAIR OAKS        CA   95628          1            08/26/03         00
    0418396420                           03           11/01/03          0
    0418396420                           O            10/01/33
    0

    8628514          K60/G02             F          126,000.00         ZZ
                                         360        125,883.30          1
                                       6.375            786.08         88
                                       6.125            786.08
    MARIETTA         GA   30060          2            08/25/03         04
    0436497960                           05           10/01/03         25
    0001057459                           O            09/01/33
    0

    8628975          X31/G02             F           98,000.00         ZZ
                                         360         97,562.90          1
                                       6.625            627.50         75
                                       6.375            627.50
    EUGENE           OR   97404          2            04/09/03         00
    0436589907                           05           06/01/03          0
    59000500                             N            05/01/33
    0

    8629450          L20/G02             F           86,100.00         ZZ
                                         360         86,100.00          1
                                       6.750            558.44         70
                                       6.500            558.44
1

    SPARKS           NV   89431          5            09/03/03         00
    0436518104                           05           11/01/03          0
    1141090213                           N            10/01/33
    0

    8629466          967/G02             F          154,000.00         ZZ
                                         360        153,857.37          1
                                       6.375            960.76         88
                                       6.125            960.76
    PORTLAND         OR   97206          2            08/25/03         12
    0436534333                           05           10/01/03         25
    6932149                              O            09/01/33
    0

    8629534          588/G02             F          552,000.00         ZZ
                                         360        551,450.48          1
                                       6.000          3,309.52         80
                                       5.750          3,309.52
    POTOMAC          MD   20854          1            08/08/03         00
    0436491286                           05           10/01/03          0
    1104533                              O            09/01/33
    0

    8629580          X64/G02             F          116,450.00         ZZ
                                         360        116,344.73          1
                                       6.500            736.04         85
                                       6.250            736.04
    EASTPOINTE       MI   48021          2            08/22/03         11
    0436519540                           05           10/01/03         25
    0000013684                           O            09/01/33
    0

    8629612          U35/G02             F          106,650.00         ZZ
                                         360        106,572.81          1
                                       7.625            754.86         90
                                       7.375            754.86
    NEENAH           WI   54956          1            08/28/03         04
    0436593537                           05           10/01/03         30
    13066547                             O            09/01/33
    0

    8629886          N74/G02             F          102,400.00         ZZ
                                         360        102,311.84          1
                                       6.750            664.16         78
                                       6.500            664.16
    STATESVILLE      NC   28625          2            08/27/03         00
    0436510846                           05           10/02/03          0
    0033239011                           O            09/02/33
    0
1

    8629932          Y36/G02             F           91,960.00         ZZ
                                         360         91,866.24          2
                                       5.875            543.98         80
                                       5.625            543.98
    KILLEEN          TX   76549          2            08/25/03         00
    0436627632                           05           10/01/03          0
    703864                               N            09/01/33
    0

    8629970          N74/G02             F           76,500.00         ZZ
                                         360         76,430.85          1
                                       6.500            483.53         68
                                       6.250            483.53
    STAUNTON         VA   24401          5            08/27/03         00
    0436484521                           05           10/02/03          0
    0033211010                           O            09/02/33
    0

    8630058          144/144             F          160,000.00         ZZ
                                         360        159,695.57          1
                                       6.250            985.15         40
                                       6.000            985.15
    BEARSVILLE       NY   12409          5            07/25/03         00
    160733121000000                      05           09/01/03          0
    160733121                            O            08/01/33
    0

    8630128          K15/G02             F          130,500.00         ZZ
                                         360        130,390.37          1
                                       6.875            857.29         87
                                       6.625            857.29
    GANSEVOORT       NY   12831          5            08/20/03         27
    0436490841                           05           10/01/03         25
    030705518890                         O            09/01/33
    0

    8630248          420/G02             F          203,000.00         ZZ
                                         360        202,825.23          1
                                       6.750          1,316.65         75
                                       6.500          1,316.65
    WHITTIER         CA   90606          1            08/19/03         00
    0436490627                           05           10/01/03          0
    73004456                             N            09/01/33
    0

    8630400          253/253             F          160,000.00         ZZ
                                         360        159,865.58          1
1

                                       6.875          1,051.09         80
                                       6.625          1,051.09
    MC CORDSVILLE    IN   46055          1            08/25/03         00
    481580                               03           10/01/03          0
    481580                               O            09/01/33
    0

    8630758          E22/G02             F           76,000.00         ZZ
                                         360         75,942.17          2
                                       7.375            524.91         80
                                       7.125            524.91
    CHATTANOOGA      TN   37406          5            09/02/03         00
    0417918034                           05           10/01/03          0
    0417918034                           N            09/01/33
    0

    8630894          E22/G02             F          174,250.00         ZZ
                                         360        173,024.02          1
                                       6.750          1,130.18         85
                                       6.500          1,130.18
    OLATHE           KS   66062          2            08/28/03         01
    0418207197                           05           10/01/03         12
    0418207197                           O            09/01/33
    0

    8630896          E22/G02             F           89,600.00         ZZ
                                         360         89,530.10          1
                                       7.250            611.23         80
                                       7.000            611.23
    RIDGELAND        SC   29936          2            08/28/03         00
    0418211199                           05           10/01/03          0
    0418211199                           O            09/01/33
    0

    8630948          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       6.875          1,524.07         80
                                       6.625          1,524.07
    HOWELL           NJ   07731          1            09/03/03         00
    0418092938                           05           11/01/03          0
    0418092938                           O            10/01/33
    0

    8631026          E22/G02             F           76,500.00         ZZ
                                         240         76,339.28          1
                                       6.250            559.16         85
                                       6.000            559.16
    ELKHART          IN   46514          5            08/28/03         04
    0417931623                           01           10/01/03         12
1

    0417931623                           O            09/01/23
    0

    8631046          E22/G02             F           84,000.00         ZZ
                                         360         83,922.20          1
                                       6.375            524.05         80
                                       6.125            524.05
    CHATTANOOGA      TN   37412          1            09/03/03         00
    0418003927                           05           10/01/03          0
    0418003927                           N            09/01/33
    0

    8631082          E22/G02             F          128,800.00         ZZ
                                         360        128,800.00          1
                                       6.500            814.10         80
                                       6.250            814.10
    DENVER           CO   80233          5            08/28/03         00
    0418220661                           05           11/01/03          0
    0418220661                           O            10/01/33
    0

    8631086          E22/G02             F          130,000.00         ZZ
                                         360        129,888.07          1
                                       6.750            843.18         60
                                       6.500            843.18
    BOISE            ID   83713          5            08/21/03         00
    0418223012                           03           10/01/03          0
    0418223012                           O            09/01/33
    0

    8631138          E22/G02             F          262,500.00         TX
                                         360        262,279.47          1
                                       6.875          1,724.44         75
                                       6.625          1,724.44
    GRANDVIEW        TX   76050          5            08/28/03         00
    0418072914                           05           10/01/03          0
    0418072914                           O            09/01/33
    0

    8631230          E22/G02             F           59,000.00         ZZ
                                         360         59,000.00          1
                                       6.750            382.67         22
                                       6.500            382.67
    EAST BRUNSWICK   NJ   08816          2            09/03/03         00
    0418350427                           05           11/01/03          0
    0418350427                           N            10/01/33
    0

1

    8631266          E22/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.250          1,908.72         68
                                       6.000          1,908.72
    BERKELEY         CA   94702          1            08/28/03         00
    0418395745                           05           11/01/03          0
    0418395745                           O            10/01/33
    0

    8631274          E22/G02             F          295,200.00         ZZ
                                         360        294,945.84          4
                                       6.750          1,914.66         90
                                       6.500          1,914.66
    BLOOMFIELD       NJ   07003          1            09/03/03         01
    0418408043                           05           10/01/03         25
    0418408043                           N            09/01/33
    0

    8631478          E82/G02             F           53,650.00         ZZ
                                         360         53,601.50          1
                                       6.500            339.10         78
                                       6.250            339.10
    ST ANN           MO   63074          2            08/29/03         00
    0400884896                           05           10/01/03          0
    0400884896                           N            09/01/33
    0

    8632574          Q14/G02             F           88,800.00         ZZ
                                         360         88,800.00          1
                                       7.125            598.26         80
                                       6.875            598.26
    GILBERT          AZ   85234          1            08/28/03         00
    0436498174                           01           11/01/03          0
    0000315291                           O            10/01/33
    0

    8632904          Q57/G02             F          260,000.00         ZZ
                                         360        259,764.95          1
                                       6.500          1,643.38         75
                                       6.250          1,643.38
    COUNTRYSIDE      IL   60525          5            08/22/03         00
    0436595722                           05           10/01/03          0
    36002158                             O            09/01/33
    0

    8632922          X89/G02             F           96,250.00         ZZ
                                         360         96,057.88          1
                                       6.000            577.07         85
                                       5.750            577.07
1

    PORTAGE          IN   46368          1            07/07/03         04
    0436484182                           05           09/01/03         12
    2010783                              O            08/01/33
    0

    8633328          Y44/G02             F          200,000.00         ZZ
                                         360        199,831.97          1
                                       6.875          1,313.86         80
                                       6.625          1,313.86
    FONTANA          CA   92337          1            08/25/03         00
    0436593107                           05           10/01/03          0
    119553301                            O            09/01/33
    0

    8633334          X64/G02             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       7.000          1,530.20         76
                                       6.750          1,530.20
    DEARBORN HEIGHT  MI   48125          5            08/28/03         00
    0436519466                           05           11/01/03          0
    0000012909                           O            10/01/33
    0

    8633590          S11/G02             F          181,000.00         ZZ
                                         360        180,844.17          1
                                       6.750          1,173.96         68
                                       6.500          1,173.96
    ANAHEIM          CA   92804          5            08/19/03         00
    0436550305                           01           10/01/03          0
    10212719                             O            09/01/33
    0

    8633664          806/G02             F          187,450.00         ZZ
                                         360        187,272.13          1
                                       6.250          1,154.17         80
                                       6.000          1,154.17
    LAS VEGAS        NV   89129          1            08/13/03         00
    0436637110                           03           10/01/03          0
    1140015821                           O            09/01/33
    0

    8634008          R84/G02             F          166,000.00         ZZ
                                         360        165,849.94          1
                                       6.500          1,049.23         61
                                       6.250          1,049.23
    SHELTON          WA   98584          2            08/27/03         00
    0436487870                           05           10/01/03          0
    WA308067                             O            09/01/33
    0
1

    8634136          408/G02             F           59,250.00         ZZ
                                         360         59,200.22          1
                                       6.875            389.23         75
                                       6.625            389.23
    MEMPHIS          TN   38118          5            08/28/03         00
    0436536189                           05           10/01/03          0
    703038875                            N            09/01/33
    0

    8634166          408/G02             F           54,750.00         ZZ
                                         360         54,705.11          1
                                       7.000            364.26         75
                                       6.750            364.26
    MEMPHIS          TN   38118          5            08/28/03         00
    0436486583                           05           10/01/03          0
    703038877                            N            09/01/33
    0

    8636036          E22/G02             F           64,750.00         ZZ
                                         360         64,750.00          1
                                       6.625            414.60         79
                                       6.375            414.60
    TECUMSEH         OK   74873          5            08/29/03         00
    0418011300                           05           11/01/03          0
    0418011300                           O            10/01/33
    0

    8636074          E22/G02             F          292,700.00         ZZ
                                         360        292,700.00          1
                                       6.625          1,874.19         65
                                       6.375          1,874.19
    MARTINEZ         CA   94553          2            08/27/03         00
    0418102828                           03           11/01/03          0
    0418102828                           O            10/01/33
    0

    8636086          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       6.625            547.47         90
                                       6.375            547.47
    FRESNO           CA   93702          1            08/29/03         01
    0418125472                           05           11/01/03         25
    0418125472                           O            10/01/33
    0

    8636096          E22/G02             F          201,000.00         ZZ
                                         360        200,799.90          1
1

                                       6.000          1,205.10         63
                                       5.750          1,205.10
    LOMITA           CA   90717          5            08/22/03         00
    0418133724                           05           10/01/03          0
    0418133724                           O            09/01/33
    0

    8636098          E22/G02             F          280,000.00         ZZ
                                         360        279,740.66          1
                                       6.375          1,746.84         80
                                       6.125          1,746.84
    GRANADA HILLS    CA   91344          5            08/25/03         00
    0418133898                           05           10/01/03          0
    0418133898                           O            09/01/33
    0

    8636176          E82/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.625          1,216.59         51
                                       6.375          1,216.59
    BRONX            NY   10465          5            09/03/03         00
    0400888533                           05           11/01/03          0
    0400888533                           O            10/01/33
    0

    8636182          E22/G02             F          391,300.00         ZZ
                                         360        391,030.71          1
                                       7.875          2,837.20         95
                                       7.625          2,837.20
    LAS VEGAS        NV   89141          1            08/21/03         01
    0418182986                           03           10/01/03         30
    0418182986                           O            09/01/33
    0

    8636184          E82/G02             F           97,300.00         ZZ
                                         360         97,300.00          1
                                       5.875            575.57         75
                                       5.625            575.57
    SHREVEPORT       LA   71107          2            08/29/03         00
    0400865051                           05           11/01/03          0
    0400865051                           O            10/01/33
    0

    8636216          E82/G02             F          171,500.00         ZZ
                                         360        171,500.00          1
                                       5.875          1,014.49         69
                                       5.625          1,014.49
    HIGH BRIDGE      NJ   08829          2            08/29/03         00
    0400868931                           05           11/01/03          0
1

    0400868931                           O            10/01/33
    0

    8636224          E82/G02             F           75,600.00         ZZ
                                         360         75,600.00          1
                                       6.250            465.48         40
                                       6.000            465.48
    HOWELL           MI   48843          2            09/04/03         00
    0400888970                           05           11/01/03          0
    0400888970                           N            10/01/33
    0

    8636252          E22/G02             F           46,000.00         ZZ
                                         360         46,000.00          1
                                       7.500            321.64         58
                                       7.250            321.64
    GERMANTOWN       TN   38138          5            09/04/03         00
    0418231213                           01           11/01/03          0
    0418231213                           N            10/01/33
    0

    8636302          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.500            711.08         68
                                       6.250            711.08
    SACRAMENTO       CA   95823          2            08/27/03         00
    0418256053                           05           11/01/03          0
    0418256053                           O            10/01/33
    0

    8636314          E22/G02             F          144,000.00         ZZ
                                         360        143,898.37          3
                                       7.750          1,031.63         90
                                       7.500          1,031.63
    GRETNA           LA   70056          1            09/04/03         01
    0418268215                           05           10/01/03         25
    0418268215                           N            09/01/33
    0

    8636382          E22/G02             F           64,000.00         ZZ
                                         360         63,937.80          1
                                       6.125            388.87         80
                                       5.875            388.87
    SAN ANTONIO      TX   78250          5            09/02/03         00
    0416735876                           05           10/01/03          0
    0416735876                           N            09/01/33
    0

1

    8636462          E22/G02             F          110,000.00         ZZ
                                         360        109,905.29          1
                                       6.750            713.46        100
                                       6.500            713.46
    PUEBLO           CO   81005          1            09/04/03         01
    0417724911                           05           10/01/03         35
    0417724911                           O            09/01/33
    0

    8636626          E22/G02             F           60,800.00         ZZ
                                         360         60,747.65          1
                                       6.750            394.35         80
                                       6.500            394.35
    CASSOPOLIS       MI   49031          5            08/29/03         00
    0418376521                           05           10/01/03          0
    0418376521                           O            09/01/33
    0

    8636644          E22/G02             F          177,300.00         ZZ
                                         360        177,168.42          3
                                       7.500          1,239.71         90
                                       7.250          1,239.71
    NEW HAVEN        CT   06515          1            09/04/03         01
    0418412979                           05           10/01/03         25
    0418412979                           N            09/01/33
    0

    8637344          U05/G02             F           58,500.00         ZZ
                                         360         58,455.49          1
                                       7.375            404.04         90
                                       7.125            404.04
    NORWAY           ME   04268          1            08/28/03         10
    0436696652                           05           10/01/03         25
    3399234                              N            09/01/33
    0

    8638448          253/253             F          123,200.00         ZZ
                                         360        123,083.10          1
                                       6.250            758.57         80
                                       6.000            758.57
    INDIANAPOLIS     IN   46217          1            08/22/03         00
    485706                               05           10/01/03          0
    485706                               O            09/01/33
    0

    8638450          U35/G02             F           75,000.00         ZZ
                                         360         74,853.83          1
                                       6.125            455.71         65
                                       5.875            455.71
1

    CLOVIS           CA   93612          5            07/18/03         00
    0436597975                           05           09/01/03          0
    1256994                              O            08/01/33
    0

    8638526          E77/G02             F          190,000.00         ZZ
                                         360        189,806.29          1
                                       5.875          1,123.92         80
                                       5.625          1,123.92
    CATONSVILLE      MD   21228          1            08/25/03         00
    0436534770                           05           10/01/03          0
    1020002071                           O            09/01/33
    0

    8638554          L76/G02             F           95,400.00         ZZ
                                         360         95,400.00          1
                                       6.875            626.71         90
                                       6.625            626.71
    REEDSBURG        WI   53959          2            09/03/03         11
    0436603138                           05           11/01/03         25
    991863                               O            10/01/33
    0

    8639000          952/G02             F          211,000.00         ZZ
                                         360        211,000.00          1
                                       6.500          1,333.65         46
                                       6.250          1,333.65
    DANBURY          CT   06811          2            09/19/03         00
    0436609267                           05           11/01/03          0
    00620708                             O            10/01/33
    0

    8640648          E22/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
                                       6.750            612.93         77
                                       6.500            612.93
    DAVISON          MI   48423          5            09/05/03         00
    0418117974                           05           11/01/03          0
    0418117974                           N            10/01/33
    0

    8640680          E22/G02             F          135,000.00         ZZ
                                         360        134,880.89          2
                                       6.625            864.42         75
                                       6.375            864.42
    PORTLAND         OR   97211          1            08/28/03         00
    0418163887                           05           10/01/03          0
    0418163887                           N            09/01/33
    0
1

    8640802          E22/G02             F          109,200.00         ZZ
                                         360        109,200.00          1
                                       7.000            726.51         79
                                       6.750            726.51
    KISSIMMEE        FL   34746          1            09/05/03         00
    0418295242                           03           11/01/03          0
    0418295242                           O            10/01/33
    0

    8640804          E22/G02             F          149,250.00         ZZ
                                         360        149,104.94          4
                                       6.125            906.86         75
                                       5.875            906.86
    NAMPA            ID   83651          1            08/27/03         00
    0418295382                           05           10/01/03          0
    0418295382                           N            09/01/33
    0

    8640810          E22/G02             F          266,625.00         ZZ
                                         360        266,625.00          1
                                       7.000          1,773.86         90
                                       6.750          1,773.86
    FAIRVIEW         NC   28730          1            09/05/03         01
    0418302766                           05           11/01/03         25
    0418302766                           O            10/01/33
    0

    8640862          E22/G02             F          175,000.00         ZZ
                                         360        174,833.95          1
                                       6.250          1,077.51         28
                                       6.000          1,077.51
    DENVER           CO   80206          2            08/29/03         00
    0418307666                           07           10/01/03          0
    0418307666                           O            09/01/33
    0

    8640892          E22/G02             F          140,000.00         ZZ
                                         240        139,731.25          1
                                       7.000          1,085.42         80
                                       6.750          1,085.42
    KIHEI            HI   96753          1            08/29/03         00
    0418328159                           08           10/01/03          0
    0418328159                           N            09/01/23
    0

    8640948          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          2
1

                                       6.625            633.91         60
                                       6.375            633.91
    SAINT ALBANS     VT   05478          2            09/05/03         00
    0418358263                           05           11/01/03          0
    0418358263                           N            10/01/33
    0

    8640960          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.000            878.20         59
                                       6.750            878.20
    ESTES PARK       CO   80517          1            09/05/03         00
    0418366985                           01           11/01/03          0
    0418366985                           N            10/01/33
    0

    8641012          E22/G02             F          109,100.00         ZZ
                                         360        109,100.00          1
                                       6.750            707.62         80
                                       6.500            707.62
    KING CITY        OR   97224          1            09/03/03         00
    0418440798                           05           11/01/03          0
    0418440798                           O            10/01/33
    0

    8641036          E22/G02             F          133,200.00         ZZ
                                         360        133,200.00          1
                                       6.750            863.93         69
                                       6.500            863.93
    PULLMAN          WA   99163          5            08/27/03         00
    0417574498                           05           11/01/03          0
    0417574498                           N            10/01/33
    0

    8641098          E82/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
                                       6.625            605.09         90
                                       6.375            605.09
    LAWRENCE         KS   66046          5            09/04/03         10
    0400878914                           05           11/01/03         25
    0400878914                           O            10/01/33
    0

    8641102          E82/G02             F          105,150.00         ZZ
                                         360        105,150.00          4
                                       6.125            638.90         39
                                       5.875            638.90
    SOUTH PADRE ISL  TX   78597          2            09/03/03         00
    0400881538                           05           11/01/03          0
1

    0400881538                           O            10/01/33
    0

    8641216          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.000          1,055.21         55
                                       5.750          1,055.21
    DOVER TWP.       NJ   08753          1            09/05/03         00
    0418097135                           05           11/01/03          0
    0418097135                           O            10/01/33
    0

    8641230          T63/G02             F          127,200.00         ZZ
                                         360        127,095.53          1
                                       6.990            845.41         56
                                       6.740            845.41
    PORT ORCHARD     WA   98367          5            08/23/03         00
    0436563795                           05           10/01/03          0
    10845824                             O            09/01/33
    0

    8641326          588/G02             F           80,000.00         ZZ
                                         360         79,925.90          1
                                       6.375            499.10         75
                                       6.125            499.10
    WILMINGTON CITY  DE   19810          1            08/29/03         00
    0436533988                           08           10/01/03          0
    1100099                              O            09/01/33
    0

    8641414          P34/G02             F          233,900.00         ZZ
                                         360        233,712.95          4
                                       7.125          1,575.83         90
                                       6.875          1,575.83
    WOONSOCKET       RI   02895          1            09/02/03         10
    0436545636                           05           10/01/03         25
    62591                                N            09/01/33
    0

    8641418          E86/G02             F          188,000.00         ZZ
                                         360        187,825.87          1
                                       6.375          1,172.88         80
                                       6.125          1,172.88
    SNELLVILLE       GA   30039          1            08/26/03         00
    0436518252                           05           10/01/03          0
    0000377947                           O            09/01/33
    0

1

    8641498          S43/G02             F           84,100.00         ZZ
                                         360         84,025.80          1
                                       6.625            538.50         80
                                       6.375            538.50
    ALBUQUERQUE      NM   87121          1            08/18/03         00
    0436551550                           03           10/01/03          0
    039520                               N            09/01/33
    0

    8641502          S43/G02             F           87,140.00         ZZ
                                         360         87,063.12          1
                                       6.625            557.97         80
                                       6.375            557.97
    ALBUQUERQUE      NM   87121          1            08/18/03         00
    0436551428                           03           10/01/03          0
    039525                               N            09/01/33
    0

    8641512          944/G02             F          337,500.00         ZZ
                                         360        337,209.42          1
                                       6.750          2,189.02         90
                                       6.500          2,189.02
    SACRAMENTO       CA   95835          2            08/28/03         11
    0436587034                           03           10/01/03         25
    W01713207                            O            09/01/33
    0

    8641814          H04/G02             F          150,000.00         ZZ
                                         360        149,870.85          1
                                       6.750            972.90         47
                                       6.500            972.90
    SAN DIEGO        CA   92114          5            08/22/03         00
    0436551287                           05           10/01/03          0
    445954                               O            09/01/33
    0

    8641826          X13/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       5.875            899.14         72
                                       5.625            899.14
    SORRENTO         FL   32776          5            08/29/03         00
    0436521660                           03           11/01/03          0
    207517                               O            10/01/33
    0

    8642970          U35/G02             F          176,000.00         ZZ
                                         360        175,862.70          1
                                       7.250          1,200.63         93
                                       7.000          1,200.63
1

    DES MOINES       IA   50312          2            08/28/03         04
    0436594139                           05           10/01/03         30
    13049709                             O            09/01/33
    0

    8642980          U35/G02             F           55,200.00         ZZ
                                         360         55,160.05          1
                                       7.625            390.70         80
                                       7.375            390.70
    INDIANAPOLIS     IN   46201          1            09/04/03         00
    0436502702                           05           10/01/03          0
    13095665                             N            09/01/33
    0

    8643062          M96/G02             F           40,000.00         T
                                         360         40,000.00          1
                                       7.750            286.56         80
                                       7.500            286.56
    KEWADIN          MI   49648          1            09/04/03         00
    0436502660                           05           11/01/03          0
    200304747                            O            10/01/33
    0

    8643322          F28/G02             F          496,000.00         ZZ
                                         360        495,482.14          1
                                       5.750          2,894.53         80
                                       5.500          2,894.53
    SAN DIEGO        CA   92120          1            08/05/03         00
    0436521306                           05           10/01/03          0
    6225616                              O            09/01/33
    0

    8643346          F28/G02             F          410,000.00         ZZ
                                         360        407,938.70          1
                                       6.000          2,458.16         63
                                       5.750          2,458.16
    SAN CLEMENTE     CA   92673          1            04/25/03         00
    0436535090                           05           06/01/03          0
    5510275                              O            05/01/33
    0

    8643354          F28/G02             F          356,000.00         ZZ
                                         360        355,029.28          1
                                       6.500          2,250.16         76
                                       6.250          2,250.16
    BEXLEY           OH   43209          5            06/25/03         00
    0436521231                           05           08/01/03          0
    5900607                              O            07/01/33
    0
1

    8643358          F28/G02             F          440,000.00         ZZ
                                         360        438,647.59          1
                                       5.875          2,602.77         80
                                       5.625          2,602.77
    ENCINITAS        CA   92024          1            06/24/03         00
    0436535546                           05           08/01/03          0
    6118094                              O            07/01/33
    0

    8643370          F28/G02             F          364,400.00         ZZ
                                         360        363,225.72          1
                                       6.000          2,184.77         86
                                       5.750          2,184.77
    KELLER           TX   76248          2            06/26/03         04
    0436516264                           03           08/01/03         25
    6103177                              O            07/01/33
    0

    8643380          F28/G02             F          400,000.00         ZZ
                                         360        399,274.82          1
                                       6.500          2,528.28         80
                                       6.250          2,528.28
    CLEARWATER       FL   33756          5            07/29/03         00
    0436524201                           05           09/01/03          0
    5883324                              O            08/01/33
    0

    8643384          F28/G02             F          441,000.00         ZZ
                                         360        440,256.88          1
                                       6.875          2,897.06         90
                                       6.625          2,897.06
    GLENN DALE       MD   20769          2            07/23/03         11
    0436498224                           03           09/01/03         25
    5726097                              O            08/01/33
    0

    8643422          U35/G02             F          168,750.00         ZZ
                                         360        168,615.05          1
                                       7.125          1,136.90         75
                                       6.875          1,136.90
    FRESNO           CA   93706          5            09/04/03         00
    0436592919                           05           10/01/03          0
    13103667                             O            09/01/33
    0

    8643466          U35/G02             F           48,000.00         ZZ
                                         360         47,965.26          1
1

                                       7.625            339.74         80
                                       7.375            339.74
    INDIANAPOLIS     IN   46218          1            09/04/03         00
    0436593602                           05           10/01/03          0
    13095473                             O            09/01/33
    0

    8643548          U35/G02             F           39,750.00         ZZ
                                         360         39,721.23          1
                                       7.625            281.35         75
                                       7.375            281.35
    INDIANAPOLIS     IN   46201          1            09/04/03         00
    0436502728                           05           10/01/03          0
    13096321                             N            09/01/33
    0

    8643742          Q49/G02             F           88,000.00         ZZ
                                         360         87,934.69          2
                                       7.500            615.31         80
                                       7.250            615.31
    NEWARK           NJ   07112          1            08/27/03         00
    0436580799                           05           10/01/03          0
    30106103                             N            09/01/33
    0

    8644368          N74/G02             F          123,500.00         ZZ
                                         360        123,410.61          1
                                       7.625            874.13         92
                                       7.375            874.13
    MANSFIELD        AR   72944          2            08/27/03         10
    0436512503                           05           10/02/03         30
    0033221010                           O            09/02/33
    0

    8644582          E22/G02             F          475,000.00         ZZ
                                         360        474,560.06          1
                                       6.375          2,963.38         66
                                       6.125          2,963.38
    BOYNTON BEACH    FL   33436          2            09/03/03         00
    0417364171                           03           10/01/03          0
    0417364171                           O            09/01/33
    0

    8644596          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       5.875          1,561.66         78
                                       5.625          1,561.66
    ELK GROVE        CA   95624          5            08/26/03         00
    0417775087                           05           11/01/03          0
1

    0417775087                           O            10/01/33
    0

    8644656          E22/G02             F           82,300.00         ZZ
                                         360         82,300.00          1
                                       6.375            513.44         80
                                       6.125            513.44
    WICHITA          KS   67208          5            09/03/03         00
    0417911740                           05           11/01/03          0
    0417911740                           O            10/01/33
    0

    8644658          E22/G02             F          278,000.00         ZZ
                                         360        278,000.00          1
                                       6.000          1,666.75         66
                                       5.750          1,666.75
    MERRITT ISLAND   FL   32952          5            09/03/03         00
    0417923000                           05           11/01/03          0
    0417923000                           O            10/01/33
    0

    8644664          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       6.375            336.89         90
                                       6.125            336.89
    SAINT MARTINVIL  LA   70582          5            09/03/03         01
    0417934163                           05           11/01/03         25
    0417934163                           O            10/01/33
    0

    8644726          F28/G02             F          350,000.00         ZZ
                                         360        349,643.15          1
                                       5.875          2,070.39         53
                                       5.625          2,070.39
    BOCA RATON       FL   33428          5            08/14/03         00
    0436521280                           03           10/01/03          0
    6233180                              O            09/01/33
    0

    8644728          E22/G02             F          124,450.00         ZZ
                                         360        124,352.92          1
                                       7.250            848.97         95
                                       7.000            848.97
    METAIRIE         LA   70003          2            09/03/03         01
    0418018206                           05           10/01/03         30
    0418018206                           O            09/01/33
    0

1

    8644738          E82/G02             F           59,000.00         ZZ
                                         360         59,000.00          1
                                       7.375            407.50         46
                                       7.125            407.50
    NORTH PLAINFIEL  NJ   07063          2            09/02/03         00
    0400890117                           01           11/01/03          0
    0400890117                           O            10/01/33
    0

    8644748          F28/G02             F          372,000.00         ZZ
                                         360        370,935.56          1
                                       6.250          2,290.47         80
                                       6.000          2,290.47
    LAS VEGAS        NV   89123          1            06/25/03         00
    0436524847                           05           08/01/03          0
    5961270                              O            07/01/33
    0

    8644750          N74/G02             F          137,750.00         ZZ
                                         360        137,750.00          1
                                       6.625            882.03         95
                                       6.375            882.03
    RIVERDALE        UT   84405          2            08/26/03         10
    0436514467                           05           11/01/03         30
    0033217010                           O            10/01/33
    0

    8644822          E22/G02             F          261,250.00         ZZ
                                         360        261,250.00          1
                                       6.875          1,716.23         95
                                       6.625          1,716.23
    CYPRESS          TX   77433          2            09/03/03         01
    0418065355                           05           11/01/03         30
    0418065355                           O            10/01/33
    0

    8644890          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.875            893.42         80
                                       6.625            893.42
    LARAMIE          WY   82070          5            09/08/03         00
    0418096756                           05           11/01/03          0
    0418096756                           N            10/01/33
    0

    8644904          F28/G02             F          322,700.00         ZZ
                                         360        321,991.94          1
                                       5.500          1,832.26         68
                                       5.250          1,832.26
1

    NORCO            CA   92860          5            07/01/03         00
    0436516470                           05           09/01/03          0
    5817896                              O            08/01/33
    0

    8644906          E82/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       5.875            532.38         39
                                       5.625            532.38
    CHINO HILLS      CA   91709          2            09/02/03         00
    0400881322                           01           11/01/03          0
    0400881322                           O            10/01/33
    0

    8644934          E82/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       5.875            780.83         95
                                       5.625            780.83
    COLORADO SPRING  CO   80906          2            09/02/03         04
    0400875159                           01           11/01/03         30
    0400875159                           O            10/01/33
    0

    8644958          E22/G02             F           27,900.00         ZZ
                                         360         27,877.69          1
                                       7.125            187.97         90
                                       6.875            187.97
    ATHENS           AL   35611          5            09/03/03         11
    0418132767                           05           10/01/03         25
    0418132767                           O            09/01/33
    0

    8645024          E22/G02             F           78,400.00         TX
                                         360         78,334.14          1
                                       6.875            515.03         80
                                       6.625            515.03
    WINTERS          TX   79567          5            09/02/03         00
    0418205019                           05           10/01/03          0
    0418205019                           O            09/01/33
    0

    8645032          E22/G02             F          103,000.00         ZZ
                                         360        103,000.00          2
                                       6.500            651.03         90
                                       6.250            651.03
    CLEARWATER       FL   33755          1            09/08/03         04
    0418209672                           05           11/01/03         25
    0418209672                           N            10/01/33
    0
1

    8645056          E22/G02             F           99,000.00         TX
                                         360         98,918.85          1
                                       7.000            658.65         77
                                       6.750            658.65
    WEATHERFORD      TX   76087          5            09/03/03         00
    0418223137                           05           10/01/03          0
    0418223137                           O            09/01/33
    0

    8645158          E22/G02             F           98,000.00         ZZ
                                         360         98,000.00          1
                                       6.875            643.79         80
                                       6.625            643.79
    PEARL RIVER      LA   70452          5            09/03/03         00
    0418271193                           05           11/01/03          0
    0418271193                           O            10/01/33
    0

    8645190          E22/G02             F          110,400.00         ZZ
                                         360        110,304.95          1
                                       6.750            716.05         80
                                       6.500            716.05
    TAYLORSVILLE     UT   84123          2            09/02/03         00
    0418285417                           03           10/01/03          0
    0418285417                           O            09/01/33
    0

    8645230          E22/G02             F          482,000.00         ZZ
                                         360        482,000.00          1
                                       6.625          3,086.30         72
                                       6.375          3,086.30
    SAN FRANCISCO    CA   94112          1            09/02/03         00
    0418305728                           05           11/01/03          0
    0418305728                           O            10/01/33
    0

    8645324          E22/G02             F          116,800.00         ZZ
                                         360        116,704.26          1
                                       7.000            777.07         80
                                       6.750            777.07
    FORT WAYNE       IN   46804          1            09/08/03         00
    0418370607                           05           10/01/03          0
    0418370607                           O            09/01/33
    0

    8645362          E22/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
1

                                       6.875            197.08         75
                                       6.625            197.08
    BIRMINGHAM       AL   35209          1            09/08/03         00
    0418457792                           01           11/01/03          0
    0418457792                           N            10/01/33
    0

    8645370          E22/G02             F          320,000.00         ZZ
                                         360        319,673.75          1
                                       5.875          1,892.92         63
                                       5.625          1,892.92
    KINGSBURG        CA   93631          2            08/13/03         00
    0417409687                           05           10/01/03          0
    0417409687                           O            09/01/33
    0

    8645526          E22/G02             F          161,000.00         ZZ
                                         360        160,844.78          1
                                       6.375          1,004.43         79
                                       6.125          1,004.43
    LONGMONT         CO   80501          5            09/03/03         00
    0417596012                           05           10/01/03          0
    0417596012                           O            09/01/33
    0

    8645692          Q87/G02             F          129,500.00         ZZ
                                         360        129,276.39          1
                                       6.750            839.93         70
                                       6.500            839.93
    SANTA ANNA       TX   76878          5            08/20/03         00
    0436553887                           05           09/25/03          0
    BRDO03                               O            08/25/33
    0

    8645712          W02/G02             F           63,000.00         ZZ
                                         360         62,950.85          1
                                       7.250            429.78         65
                                       7.000            429.78
    MONROE           WI   53566          5            08/26/03         00
    0436547384                           05           10/01/03          0
    1002880812                           O            09/01/33
    0

    8646612          G34/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       6.875            354.74         80
                                       6.625            354.74
    GEORGETOWN       TX   78626          2            09/03/03         00
    0436520985                           07           11/01/03          0
1

    47007952                             N            10/01/33
    0

    8648004          M27/G02             F          115,600.00         ZZ
                                         360        115,479.31          1
                                       5.750            674.61         53
                                       5.500            674.61
    CARY             NC   27513          2            08/26/03         00
    0436548234                           03           10/01/03          0
    600962223                            O            09/01/33
    0

    8648412          T63/G02             F          198,000.00         ZZ
                                         240        198,000.00          1
                                       6.875          1,520.27         90
                                       6.625          1,520.27
    OAKDALE          CT   06370          5            09/03/03         11
    0436512214                           05           11/01/03         25
    12150717                             O            10/01/23
    0

    8648502          738/G02             F          220,000.00         ZZ
                                         360        219,819.66          1
                                       7.000          1,463.67         80
                                       6.750          1,463.67
    LEANDER          TX   78641          2            08/28/03         00
    0436548598                           05           10/01/03          0
    40995483                             O            09/01/33
    0

    8649722          U05/G02             F           78,000.00         ZZ
                                         360         78,000.00          2
                                       7.375            538.73         63
                                       7.125            538.73
    LONGVIEW         WA   98632          5            08/29/03         00
    0436615918                           05           11/01/03          0
    3402618                              N            10/01/33
    0

    8650688          N74/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       6.875            378.39         90
                                       6.625            378.39
    EPHRAIM          UT   84627          5            08/27/03         10
    0436536213                           05           11/01/03         25
    0033222010                           O            10/01/33
    0

1

    8650858          N67/G02             F          127,250.00         ZZ
                                         360        127,162.43          1
                                       7.875            922.65         72
                                       7.625            922.65
    WEST MELBOURNE   FL   32904          1            08/29/03         00
    0436566996                           05           10/01/03          0
    3252005594                           O            09/01/33
    0

    8650862          N67/G02             F           73,200.00         ZZ
                                         360         73,145.67          1
                                       7.500            511.83         80
                                       7.250            511.83
    MELBOURNE        FL   32901          1            08/27/03         00
    0436567069                           03           10/01/03          0
    3252005603                           O            09/01/33
    0

    8651244          N67/G02             F          385,000.00         ZZ
                                         360        384,707.05          1
                                       7.375          2,659.10         70
                                       7.125          2,659.10
    STAMFORD         CT   06902          1            08/18/03         00
    0436566657                           05           10/01/03          0
    3275003427                           N            09/01/33
    0

    8651496          E22/G02             F          190,950.00         ZZ
                                         360        190,950.00          1
                                       7.125          1,286.47         95
                                       6.875          1,286.47
    DENVER           CO   80239          5            09/04/03         01
    0417206802                           05           11/01/03         30
    0417206802                           O            10/01/33
    0

    8651512          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          4
                                       6.500          1,991.01         78
                                       6.250          1,991.01
    FT. LAUDERDLAE   FL   33301          5            09/04/03         00
    0417579661                           05           11/01/03          0
    0417579661                           O            10/01/33
    0

    8651514          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       6.875          1,497.80         80
                                       6.625          1,497.80
1

    COLORADO SPRING  CO   80903          1            09/09/03         00
    0417616489                           08           11/01/03          0
    0417616489                           N            10/01/33
    0

    8651528          E22/G02             F          487,000.00         ZZ
                                         360        487,000.00          1
                                       5.875          2,880.79         80
                                       5.625          2,880.79
    SAN JOSE         CA   95148          2            08/29/03         00
    0417736998                           05           11/01/03          0
    0417736998                           O            10/01/33
    0

    8651544          E22/G02             F           98,000.00         TX
                                         360         98,000.00          1
                                       6.500            619.43         61
                                       6.250            619.43
    AUSTIN           TX   78750          5            09/03/03         00
    0417861804                           05           11/01/03          0
    0417861804                           O            10/01/33
    0

    8651580          U85/G02             F           92,800.00         ZZ
                                         360         92,800.00          1
                                       7.000            617.40         80
                                       6.750            617.40
    APPLETON         WI   54914          5            09/03/03         00
    0436526271                           05           11/01/03          0
    1                                    O            10/01/33
    0

    8651698          E22/G02             F          177,000.00         ZZ
                                         360        176,861.93          1
                                       7.250          1,207.45         70
                                       7.000          1,207.45
    TAMPA            FL   33604          5            09/04/03         00
    0418278420                           05           10/01/03          0
    0418278420                           O            09/01/33
    0

    8651716          E22/G02             F           99,900.00         ZZ
                                         360         99,900.00          4
                                       7.125            673.04         90
                                       6.875            673.04
    MADISON          AL   35758          1            09/09/03         04
    0418296018                           05           11/01/03         25
    0418296018                           N            10/01/33
    0
1

    8651718          E22/G02             F           99,900.00         ZZ
                                         360         99,900.00          4
                                       7.125            673.04         90
                                       6.875            673.04
    MADISON          AL   35758          1            09/09/03         04
    0418296257                           05           11/01/03         25
    0418296257                           N            10/01/33
    0

    8651796          E22/G02             F          378,000.00         ZZ
                                         360        378,000.00          2
                                       6.750          2,451.70         79
                                       6.500          2,451.70
    HONOLULU         HI   96813          5            09/02/03         00
    0418353033                           05           11/01/03          0
    0418353033                           O            10/01/33
    0

    8651806          E22/G02             F          217,000.00         ZZ
                                         360        217,000.00          1
                                       6.875          1,425.54         57
                                       6.625          1,425.54
    AURORA           IL   60504          2            09/04/03         00
    0418365227                           03           11/01/03          0
    0418365227                           O            10/01/33
    0

    8651826          E22/G02             F           62,500.00         ZZ
                                         360         62,500.00          1
                                       6.625            400.19         80
                                       6.375            400.19
    SAGINAW          MI   48602          5            09/04/03         00
    0418194619                           05           11/01/03          0
    0418194619                           O            10/01/33
    0

    8651862          E22/G02             F          236,200.00         ZZ
                                         360        236,200.00          1
                                       6.625          1,512.41         52
                                       6.375          1,512.41
    AUBURN           IN   46706          2            09/04/03         00
    0418217956                           05           11/01/03          0
    0418217956                           O            10/01/33
    0

    8651868          E22/G02             F          179,000.00         ZZ
                                         360        179,000.00          1
1

                                       6.375          1,116.73         48
                                       6.125          1,116.73
    HANSVILLE        WA   98340          1            09/03/03         00
    0418229977                           03           11/01/03          0
    0418229977                           O            10/01/33
    0

    8651938          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       7.000          1,490.28         80
                                       6.750          1,490.28
    SOUTH LAKE TAHO  CA   96150          1            08/28/03         00
    0418429270                           05           11/01/03          0
    0418429270                           O            10/01/33
    0

    8652182          E82/G02             F          189,200.00         ZZ
                                         360        189,200.00          1
                                       5.875          1,119.19         66
                                       5.625          1,119.19
    NORTH CALDWELL   NJ   07006          2            09/04/03         00
    0400854030                           05           11/01/03          0
    0400854030                           O            10/01/33
    0

    8652186          E82/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       5.875            946.46         80
                                       5.625            946.46
    TAYLORSVILLE     NC   28681          2            09/04/03         00
    0400868352                           05           11/01/03          0
    0400868352                           O            10/01/33
    0

    8652214          M37/G02             F          152,752.00         ZZ
                                         360        152,596.26          1
                                       5.875            903.59         90
                                       5.625            903.59
    ALBUQUERQUE      NM   87123          1            08/29/03         04
    0436600308                           03           10/01/03         25
    612020                               O            09/01/33
    0

    8652220          408/G02             F          142,400.00         ZZ
                                         360        142,294.31          1
                                       7.500            995.69         80
                                       7.250            995.69
    CRANSTON         RI   02905          1            08/18/03         00
    0436581946                           05           10/01/03          0
1

    703038382                            N            09/01/33
    0

    8652264          H49/G02             F          245,000.00         ZZ
                                         360        244,756.10          2
                                       6.000          1,468.90         70
                                       5.750          1,468.90
    CHICAGO          IL   60618          2            08/20/03         00
    0436552129                           05           10/01/03          0
    52237553                             O            09/01/33
    0

    8652340          A06/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       6.875          2,837.94         78
                                       6.625          2,837.94
    HAWTHORN WOODS   IL   60047          2            09/02/03         00
    0436520167                           05           11/01/03          0
    021000020321916                      O            10/01/33
    0

    8652490          K60/G02             F           68,000.00         ZZ
                                         360         67,941.45          1
                                       6.750            441.05         85
                                       6.500            441.05
    INDIANAPOLIS     IN   46219          5            08/27/03         04
    0436535256                           05           10/01/03         12
    82219                                O            09/01/33
    0

    8652606          K60/G02             F           98,400.00         ZZ
                                         360         98,323.24          1
                                       7.250            671.26         84
                                       7.000            671.26
    ELKHORN          NE   68022          5            08/29/03         04
    0436571939                           05           10/01/03         12
    82441                                O            09/01/33
    0

    8652766          313/G02             F          139,200.00         ZZ
                                         360        139,094.08          1
                                       7.375            961.42         80
                                       7.125            961.42
    GAINESVILLE      GA   30507          1            08/29/03         00
    0436546824                           03           10/01/03          0
    0009598160                           O            09/01/33
    0

1

    8653334          X89/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       7.125            377.29         80
                                       6.875            377.29
    NEW MILFORD      CT   06776          1            09/09/03         00
    0436573737                           01           11/01/03          0
    2015835                              N            10/01/33
    0

    8653558          K15/G02             F          140,100.00         ZZ
                                         360        139,979.37          1
                                       6.750            908.69         85
                                       6.500            908.69
    HICKORY          NC   28601          5            08/14/03         41
    0436535595                           05           10/01/03         12
    017405519918                         O            09/01/33
    0

    8653894          K15/G02             F          152,300.00         ZZ
                                         360        152,181.20          3
                                       7.250          1,038.95         77
                                       7.000          1,038.95
    WOONSOCKET       RI   02895          5            08/26/03         00
    0436552335                           05           10/01/03          0
    029705511678                         O            09/01/33
    0

    8653968          E47/G02             F          155,000.00         ZZ
                                         360        154,852.93          1
                                       6.250            954.36         67
                                       6.000            954.36
    SHEPHERDSTOWN    WV   25443          2            08/25/03         00
    0436532147                           05           10/01/03          0
    7351010106                           O            09/01/33
    0

    8654140          K15/G02             F          350,000.00         ZZ
                                         360        349,705.96          2
                                       6.875          2,299.25         84
                                       6.625          2,299.25
    OZONE PARK       NY   11417          5            08/25/03         42
    0436550537                           05           10/01/03         12
    026005519658                         O            09/01/33
    0

    8654144          K15/G02             F          112,500.00         ZZ
                                         360        112,418.57          2
                                       7.625            796.27         90
                                       7.375            796.27
1

    MANCHESTER       CT   06040          1            08/26/03         42
    0436537831                           05           10/01/03         25
    037905512606                         N            09/01/33
    0

    8654360          E82/G02             F          120,100.00         ZZ
                                         360        120,100.00          1
                                       5.750            700.87         66
                                       5.500            700.87
    ALLEN            TX   75013          2            09/08/03         00
    0400881272                           03           11/01/03          0
    0400881272                           O            10/01/33
    0

    8654428          E82/G02             F          231,800.00         ZZ
                                         360        231,800.00          1
                                       6.125          1,408.44         80
                                       5.875          1,408.44
    WALNUT           CA   91789          2            09/05/03         00
    0400885471                           05           11/01/03          0
    0400885471                           O            10/01/33
    0

    8654454          E82/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
                                       6.500            499.33         66
                                       6.250            499.33
    APPLE VALLEY     CA   92308          2            09/05/03         00
    0400878435                           05           11/01/03          0
    0400878435                           O            10/01/33
    0

    8654566          N47/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.250          1,385.36         77
                                       6.000          1,385.36
    SAN JOSE         CA   95111          5            09/02/03         00
    0436550503                           01           11/01/03          0
    20509122                             O            10/01/33
    0

    8654714          E22/G02             F           32,000.00         ZZ
                                         360         32,000.00          1
                                       6.750            207.55         30
                                       6.500            207.55
    AUBURN           CA   95602          2            09/03/03         00
    0417396595                           01           11/01/03          0
    0417396595                           N            10/01/33
    0
1

    8654718          E22/G02             F           31,500.00         ZZ
                                         360         31,500.00          1
                                       7.625            222.96         75
                                       7.375            222.96
    CINCINNATI       OH   45225          1            09/10/03         00
    0417403128                           05           11/01/03          0
    0417403128                           N            10/01/33
    0

    8654730          E22/G02             F          446,250.00         ZZ
                                         360        446,250.00          1
                                       6.875          2,931.54         75
                                       6.625          2,931.54
    SAN FRANCISCO    CA   94122          5            08/29/03         00
    0417613403                           05           11/01/03          0
    0417613403                           O            10/01/33
    0

    8654740          742/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       7.000            718.53         90
                                       6.750            718.53
    CLIFTON PARK     NY   12065          1            09/02/03         11
    0436576193                           07           11/01/03         25
    6948418                              O            10/01/33
    0

    8654744          E22/G02             F          288,000.00         ZZ
                                         360        287,699.31          1
                                       5.750          1,680.69         80
                                       5.500          1,680.69
    FOX ISLAND       WA   98333          5            08/22/03         00
    0417653003                           05           10/01/03          0
    0417653003                           O            09/01/33
    0

    8654770          E22/G02             F          171,620.00         ZZ
                                         360        171,620.00          1
                                       6.875          1,127.42         90
                                       6.625          1,127.42
    SOUND BEACH      NY   11789          1            09/10/03         04
    0417797545                           05           11/01/03         30
    0417797545                           O            10/01/33
    0

    8654774          E22/G02             F          265,000.00         ZZ
                                         360        265,000.00          2
1

                                       6.500          1,674.98         89
                                       6.250          1,674.98
    LOS ANGELES      CA   90002          2            09/02/03         04
    0417807948                           05           11/01/03         25
    0417807948                           N            10/01/33
    0

    8654822          E22/G02             F          128,070.00         ZZ
                                         360        128,070.00          1
                                       5.875            757.58         90
                                       5.625            757.58
    BILLINGS         MT   59102          1            09/10/03         01
    0417909140                           05           11/01/03         25
    0417909140                           O            10/01/33
    0

    8654932          E22/G02             F          144,750.00         ZZ
                                         360        144,750.00          1
                                       6.375            903.05         75
                                       6.125            903.05
    MIAMI            FL   33015          5            09/05/03         00
    0418114377                           05           11/01/03          0
    0418114377                           O            10/01/33
    0

    8654946          E22/G02             F          201,600.00         ZZ
                                         360        201,600.00          4
                                       6.875          1,324.37         90
                                       6.625          1,324.37
    GRAIN VALLEY     MO   64029          1            09/09/03         01
    0418145694                           05           11/01/03         25
    0418145694                           N            10/01/33
    0

    8654952          E22/G02             F          222,400.00         ZZ
                                         360        222,400.00          1
                                       6.875          1,461.01         80
                                       6.625          1,461.01
    ELIZABETH CITY   NJ   07208          1            09/10/03         00
    0418157194                           05           11/01/03          0
    0418157194                           O            10/01/33
    0

    8654970          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.500          1,137.72         79
                                       6.250          1,137.72
    GILBERT          AZ   85296          5            08/19/03         00
    0418168621                           05           11/01/03          0
1

    0418168621                           O            10/01/33
    0

    8654994          E22/G02             F          122,500.00         ZZ
                                         360        122,500.00          1
                                       6.375            764.24         29
                                       6.125            764.24
    LONG BEACH       CA   90808          5            09/04/03         00
    0418184511                           05           11/01/03          0
    0418184511                           O            10/01/33
    0

    8654996          E22/G02             F          201,600.00         ZZ
                                         360        201,600.00          4
                                       6.875          1,324.37         90
                                       6.625          1,324.37
    GRAIN VALLEY     MO   64029          1            09/09/03         01
    0418188967                           05           11/01/03         25
    0418188967                           N            10/01/33
    0

    8655014          E22/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
                                       7.500            244.73        100
                                       7.250            244.73
    CAWOOD           KY   40815          1            09/10/03         04
    0418200689                           05           11/01/03         35
    0418200689                           O            10/01/33
    0

    8655018          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.500          1,011.31         80
                                       6.250          1,011.31
    PLEASANT MOUNT   PA   18453          1            09/10/03         00
    0418203303                           05           11/01/03          0
    0418203303                           O            10/01/33
    0

    8655022          E22/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
                                       6.750            430.67         80
                                       6.500            430.67
    LYNCHBURG        VA   24502          1            09/10/03         00
    0418204939                           07           11/01/03          0
    0418204939                           O            10/01/33
    0

1

    8655074          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.500          2,275.44         60
                                       6.250          2,275.44
    FORT  LAUDERDAL  FL   33308          5            09/05/03         00
    0418244059                           05           11/01/03          0
    0418244059                           O            10/01/33
    0

    8655088          E86/G02             F          139,200.00         ZZ
                                         360        138,555.01          1
                                       6.000            834.57         80
                                       5.750            834.57
    EUREKA           MO   63025          1            07/18/03         00
    0436536890                           03           09/01/03          0
    0000365905                           O            08/01/33
    0

    8655098          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       7.625            452.99         80
                                       7.375            452.99
    PALM HARBOR      FL   34684          2            09/10/03         00
    0418252391                           09           11/01/03          0
    0418252391                           N            10/01/33
    0

    8655118          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.375            897.88         66
                                       7.125            897.88
    SPRING HILL      FL   34609          2            09/10/03         00
    0418256657                           05           11/01/03          0
    0418256657                           N            10/01/33
    0

    8655120          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       7.375          1,174.15         73
                                       7.125          1,174.15
    SPRING HILL      FL   34609          2            09/10/03         00
    0418256905                           05           11/01/03          0
    0418256905                           N            10/01/33
    0

    8655154          E22/G02             F          126,400.00         ZZ
                                         360        126,400.00          1
                                       6.875            830.36         80
                                       6.625            830.36
1

    COTTAGE GROVE    OR   97424          1            09/03/03         00
    0418277208                           05           11/01/03          0
    0418277208                           O            10/01/33
    0

    8655176          E22/G02             F          196,500.00         ZZ
                                         360        196,500.00          1
                                       7.375          1,357.18         75
                                       7.125          1,357.18
    MCKINNEY         TX   75069          5            09/10/03         00
    0418294088                           03           11/01/03          0
    0418294088                           N            10/01/33
    0

    8655194          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       7.500            692.22         90
                                       7.250            692.22
    GILMANTON        NH   03237          5            09/05/03         01
    0418303954                           05           11/01/03         25
    0418303954                           O            10/01/33
    0

    8655232          E22/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.500          2,039.68         75
                                       6.250          2,039.68
    CLACKAMAS        OR   97015          5            09/02/03         00
    0418321733                           05           11/01/03          0
    0418321733                           O            10/01/33
    0

    8655234          E22/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
                                       6.875            588.61         80
                                       6.625            588.61
    CAMDENTON        MO   65020          2            09/05/03         00
    0418322921                           05           11/01/03          0
    0418322921                           O            10/01/33
    0

    8655248          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.875          1,708.01         80
                                       6.625          1,708.01
    THEODORE         AL   36582          5            09/05/03         00
    0418331302                           05           11/01/03          0
    0418331302                           O            10/01/33
    0
1

    8655284          E22/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       7.375            476.57         72
                                       7.125            476.57
    PHOENIX          AZ   85053          5            08/29/03         00
    0418357216                           03           11/01/03          0
    0418357216                           O            10/01/33
    0

    8655338          E22/G02             F          100,750.00         ZZ
                                         360        100,750.00          1
                                       6.625            645.11         65
                                       6.375            645.11
    PORTLAND         OR   97206          5            09/04/03         00
    0418377453                           05           11/01/03          0
    0418377453                           N            10/01/33
    0

    8655366          E22/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.250          1,986.92         44
                                       6.000          1,986.92
    SAN FRANCISCO    CA   94122          5            09/03/03         00
    0418398368                           05           11/01/03          0
    0418398368                           O            10/01/33
    0

    8655526          F62/F62             F           65,000.00         ZZ
                                         360         64,932.14          1
                                       5.750            379.32         58
                                       5.500            379.32
    HIALEAH GARDENS  FL   33016          1            08/28/03         00
    MFCD3120                             01           10/01/03          0
    MFCD3120                             N            09/01/33
    0

    8656820          144/144             F          146,809.00         ZZ
                                         360        146,679.48          1
                                       6.625            940.03         95
                                       6.375            940.03
    LAKE KATRINE     NY   12449          1            08/07/03         11
    160735191000000                      05           10/01/03         30
    160735191                            O            09/01/33
    0

    8656948          Q87/G02             F           50,000.00         ZZ
                                         360         49,956.95          1
1

                                       6.750            324.30         74
                                       6.500            324.30
    ATHENS           GA   30601          5            08/22/03         00
    0436591598                           05           10/01/03          0
    DAAN02                               O            09/01/33
    0

    8657500          R84/G02             F          176,000.00         ZZ
                                         360        175,820.56          3
                                       5.875          1,041.11         80
                                       5.625          1,041.11
    SHELTON          WA   98584          2            07/15/03         00
    0436576979                           05           09/01/03          0
    WA306235                             N            08/01/33
    0

    8658802          U05/G02             F           95,000.00         ZZ
                                         360         94,914.12          1
                                       6.500            600.46         28
                                       6.250            600.46
    KALISPELL        MT   59901          5            08/15/03         00
    0436610232                           05           10/01/03          0
    3362312                              O            09/01/33
    0

    8658817          E82/G02             F          132,000.00         ZZ
                                         360        131,518.78          1
                                       6.500            834.33         80
                                       6.250            834.33
    OKLAHOMA CITY    OK   73150          2            04/28/03         00
    0400814497                           05           07/01/03          0
    0400814497                           O            06/01/33
    0

    8659144          U05/G02             F           54,000.00         ZZ
                                         360         53,955.74          1
                                       7.000            359.26         61
                                       6.750            359.26
    EXETER           ME   04435          1            08/21/03         00
    0436598940                           05           10/01/03          0
    3360966                              O            09/01/33
    0

    8659214          U05/G02             F          112,500.00         ZZ
                                         360        112,393.26          1
                                       6.250            692.68         75
                                       6.000            692.68
    MIAMI            FL   33175          5            08/18/03         00
    0436592679                           03           10/01/03          0
1

    3404741                              O            09/01/33
    0

    8659308          U05/G02             F           56,000.00         ZZ
                                         360         55,956.31          1
                                       7.250            382.02         70
                                       7.000            382.02
    GLOBE            AZ   85501          2            08/19/03         00
    0436590822                           05           10/01/03          0
    3373451                              O            09/01/33
    0

    8659314          U05/G02             F           69,000.00         ZZ
                                         360         68,942.03          2
                                       6.875            453.28         75
                                       6.625            453.28
    TALLAHASSEE      FL   32304          5            08/26/03         00
    0436591721                           05           10/01/03          0
    3398392                              N            09/01/33
    0

    8659320          U05/G02             F          116,000.00         ZZ
                                         360        115,904.92          1
                                       7.000            771.75         53
                                       6.750            771.75
    DUARTE           CA   91010          5            08/12/03         00
    0436610216                           05           10/01/03          0
    3400306                              O            09/01/33
    0

    8659340          U05/G02             F          145,000.00         ZZ
                                         360        144,878.18          1
                                       6.875            952.55         55
                                       6.625            952.55
    TEMPLE CITY      CA   91780          5            08/15/03         00
    0436599997                           05           10/01/03          0
    3409215                              O            09/01/33
    0

    8659350          U05/G02             F          142,500.00         ZZ
                                         360        142,388.84          1
                                       7.250            972.10         76
                                       7.000            972.10
    HIALEAH          FL   33015          5            08/21/03         00
    0436592950                           05           10/01/03          0
    3406821                              O            09/01/33
    0

1

    8659360          U05/G02             F          220,800.00         ZZ
                                         360        220,623.43          1
                                       7.125          1,487.57         80
                                       6.875          1,487.57
    REXBURG          ID   83440          4            08/22/03         00
    0436590533                           05           10/01/03          0
    3396119                              O            09/01/33
    0

    8659378          U05/G02             F          199,710.00         ZZ
                                         360        199,542.22          1
                                       6.875          1,311.95         90
                                       6.625          1,311.95
    DENVER           CO   80222          1            08/29/03         14
    0436591374                           05           10/01/03         30
    3414674                              O            09/01/33
    0

    8659390          U05/G02             F           83,000.00         ZZ
                                         360         82,921.24          1
                                       6.250            511.05         61
                                       6.000            511.05
    DOWNERS GROVE    IL   60516          2            08/18/03         00
    0436591473                           01           10/01/03          0
    3398155                              O            09/01/33
    0

    8659434          U05/G02             F          151,960.00         ZZ
                                         360        151,822.63          1
                                       6.500            960.49         80
                                       6.250            960.49
    VACAVILLE        CA   95687          1            08/22/03         00
    0436592364                           01           10/01/03          0
    3404196                              O            09/01/33
    0

    8660718          E22/G02             F           81,396.00         ZZ
                                         360         81,396.00          1
                                       7.625            576.12         80
                                       7.375            576.12
    LARAMIE          WY   82070          5            09/11/03         00
    0418107777                           05           11/01/03          0
    0418107777                           N            10/01/33
    0

    8660722          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          2
                                       6.500          1,106.12         90
                                       6.250          1,106.12
1

    BELLINGHAM       WA   98225          1            09/05/03         04
    0418110995                           05           11/01/03         25
    0418110995                           N            10/01/33
    0

    8660730          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       7.625            622.86         80
                                       7.375            622.86
    HOUSTON          TX   77083          2            09/10/03         00
    0418123097                           03           11/01/03          0
    0418123097                           N            10/01/33
    0

    8660756          E82/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.000            452.41         80
                                       6.750            452.41
    ELKHART          IN   46514          2            09/10/03         00
    0400895280                           05           11/01/03          0
    0400895280                           O            10/01/33
    0

    8660794          E82/G02             F          267,250.00         ZZ
                                         360        267,250.00          1
                                       5.875          1,580.88         80
                                       5.625          1,580.88
    BEND             OR   97701          2            09/09/03         00
    0400865028                           05           11/01/03          0
    0400865028                           O            10/01/33
    0

    8660846          E82/G02             F          211,400.00         ZZ
                                         360        211,400.00          1
                                       5.875          1,250.51         90
                                       5.625          1,250.51
    ATLANTIC BEACH   FL   32233          2            09/09/03         04
    0400866414                           05           11/01/03         25
    0400866414                           O            10/01/33
    0

    8660952          E22/G02             F           50,400.00         T
                                         360         50,400.00          1
                                       7.000            335.31         90
                                       6.750            335.31
    OCALA            FL   34473          1            09/11/03         11
    0418296638                           05           11/01/03         25
    0418296638                           O            10/01/33
    0
1

    8660958          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.750            726.43         80
                                       6.500            726.43
    WINTER PARK      FL   32792          1            09/11/03         00
    0418297701                           05           11/01/03          0
    0418297701                           O            10/01/33
    0

    8660990          E22/G02             F          106,400.00         ZZ
                                         360        106,400.00          1
                                       7.000            707.88         80
                                       6.750            707.88
    REDMOND          OR   97756          5            09/04/03         00
    0418318655                           05           11/01/03          0
    0418318655                           O            10/01/33
    0

    8661100          E22/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.250          2,770.73         80
                                       6.000          2,770.73
    SOLVANG          CA   93463          5            09/04/03         00
    0418377487                           05           11/01/03          0
    0418377487                           O            10/01/33
    0

    8661102          E22/G02             F          119,250.00         ZZ
                                         360        119,250.00          1
                                       7.375            823.63         75
                                       7.125            823.63
    PLANO            TX   75075          5            09/11/03         00
    0418378725                           05           11/01/03          0
    0418378725                           N            10/01/33
    0

    8661112          E22/G02             F           73,300.00         ZZ
                                         360         73,300.00          1
                                       6.375            457.30         75
                                       6.125            457.30
    BATON ROUGE      LA   70815          2            09/11/03         00
    0418381760                           05           11/01/03          0
    0418381760                           N            10/01/33
    0

    8661126          E22/G02             F          197,200.00         ZZ
                                         360        197,200.00          2
1

                                       6.500          1,246.44         80
                                       6.250          1,246.44
    SALT LAKE CITY   UT   84106          1            09/04/03         00
    0418397162                           05           11/01/03          0
    0418397162                           O            10/01/33
    0

    8661162          E22/G02             F           93,750.00         ZZ
                                         360         93,750.00          1
                                       6.375            584.88         75
                                       6.125            584.88
    REDMOND          OR   97756          5            09/05/03         00
    0418426615                           05           11/01/03          0
    0418426615                           O            10/01/33
    0

    8661240          Y19/G02             F          157,500.00         ZZ
                                         360        157,377.13          1
                                       7.250          1,074.43         90
                                       7.000          1,074.43
    WASHINGTON       DC   20019          1            09/04/03         14
    0436595920                           05           10/01/03         25
    105005                               O            09/01/33
    0

    8661260          E22/G02             F           50,500.00         ZZ
                                         360         50,459.61          1
                                       7.125            340.23         85
                                       6.875            340.23
    BELVEDERE        SC   29841          2            08/29/03         10
    0417186095                           05           10/01/03         12
    0417186095                           O            09/01/33
    0

    8661272          W53/G02             F          342,000.00         ZZ
                                         360        341,642.93          1
                                       5.750          1,995.82         78
                                       5.500          1,995.82
    REDONDO BEACH    CA   90278          2            08/20/03         00
    0436597314                           01           10/01/03          0
    1501105082                           O            09/01/33
    0

    8661436          X91/G02             F          146,300.00         ZZ
                                         360        146,300.00          1
                                       6.625            936.77         70
                                       6.375            936.77
    AIEA             HI   96701          1            09/04/03         00
    0436536031                           06           11/01/03          0
1

    808795                               O            10/01/33
    0

    8661468          K15/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
                                       6.875            361.31         36
                                       6.625            361.31
    LONDONDERRY      VT   05148          5            09/09/03         00
    0436571764                           03           11/01/03          0
    037105511439                         O            10/01/33
    0

    8661534          W53/G02             F          200,000.00         ZZ
                                         360        199,796.09          1
                                       5.875          1,183.08         80
                                       5.625          1,183.08
    LA QUINTA        CA   92253          5            08/25/03         00
    0436597538                           05           10/01/03          0
    1701102195                           O            09/01/33
    0

    8661652          W53/G02             F          340,000.00         ZZ
                                         360        339,627.84          1
                                       5.500          1,930.49         80
                                       5.250          1,930.49
    AZUSA            CA   91702          2            08/20/03         00
    0436594725                           03           10/01/03          0
    1701102623                           O            09/01/33
    0

    8661752          X51/G02             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         77
                                       6.625          2,627.72
    PINE GROVE       CA   95665          5            09/03/03         00
    0436552756                           05           10/01/03          0
    0030717005                           O            09/01/33
    0

    8661858          W53/G02             F          446,000.00         ZZ
                                         360        445,534.34          1
                                       5.750          2,602.74         77
                                       5.500          2,602.74
    SHERMAN OAKS AR  CA   91423          5            08/12/03         00
    0436595490                           05           10/01/03          0
    1701102615                           O            09/01/33
    0

1

    8661886          R84/G02             F          434,000.00         ZZ
                                         360        433,536.03          1
                                       5.625          2,498.35         72
                                       5.375          2,498.35
    HOUSTON          TX   77005          5            09/05/03         00
    0436553853                           05           10/01/03          0
    114454601                            O            09/01/33
    0

    8661888          X19/G02             F           52,800.00         ZZ
                                         360         52,800.00          1
                                       6.625            338.08         80
                                       6.375            338.08
    PEEKSKILL        NY   10566          1            09/08/03         00
    0436564892                           01           11/01/03          0
    23073001                             N            10/01/33
    0

    8661892          W53/G02             F          364,000.00         ZZ
                                         360        363,646.21          1
                                       6.125          2,211.71         80
                                       5.875          2,211.71
    TUSTIN           CA   92780          2            08/22/03         00
    0436596290                           05           10/01/03          0
    1701102597                           O            09/01/33
    0

    8661972          W53/G02             F          348,000.00         ZZ
                                         360        347,627.96          1
                                       5.625          2,003.29         60
                                       5.375          2,003.29
    LAGUNA NIGEL     CA   92677          2            08/06/03         00
    0436552723                           03           10/01/03          0
    1501104889                           O            09/01/33
    0

    8662174          U05/G02             F          242,800.00         ZZ
                                         360        242,800.00          1
                                       6.750          1,574.80         80
                                       6.500          1,574.80
    AUSTIN           TX   78750          1            09/08/03         00
    0436552715                           05           11/01/03          0
    3409694                              O            10/01/33
    0

    8662539          477/G02             F          115,950.00         ZZ
                                         360        115,259.69          1
                                       6.250            713.92         77
                                       6.000            713.92
1

    BORING           OR   97009          1            04/14/03         00
    0436242184                           05           06/01/03          0
    258209                               N            05/01/33
    0

    8662540          M27/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       5.875            751.25         70
                                       5.625            751.25
    WAKE FOREST      NC   27587          2            09/05/03         00
    0436573844                           05           11/01/03          0
    0100126631                           O            10/01/33
    0

    8662550          W53/G02             F          366,000.00         ZZ
                                         360        365,617.87          1
                                       5.750          2,135.88         72
                                       5.500          2,135.88
    AMERICAN CANYON  CA   94503          2            08/21/03         00
    0436552673                           05           10/01/03          0
    1701102595                           O            09/01/33
    0

    8662590          U42/G02             F          121,500.00         ZZ
                                         360        121,409.83          4
                                       7.500            849.55         90
                                       7.250            849.55
    SAN ANTONIO      TX   78213          1            08/27/03         10
    0436583967                           05           10/01/03         25
    49300713                             N            09/01/33
    0

    8662694          G34/G02             F          155,200.00         TX
                                         360        155,075.89          1
                                       7.125          1,045.61         80
                                       6.875          1,045.61
    AUSTIN           TX   78727          5            08/27/03         00
    0436596175                           05           10/01/03          0
    47008875                             O            09/01/33
    0

    8662812          944/G02             F          276,000.00         ZZ
                                         360        276,000.00          2
                                       6.000          1,654.76         80
                                       5.750          1,654.76
    SANTA FE         NM   87501          2            09/08/03         00
    0436535645                           05           11/01/03          0
    W03036225                            N            10/01/33
    0
1

    8662912          N47/G02             F          484,000.00         ZZ
                                         360        483,506.54          1
                                       5.875          2,863.04         80
                                       5.625          2,863.04
    DISCOVERY BAY    CA   94514          1            08/21/03         00
    0436590152                           03           10/01/03          0
    20509140                             O            09/01/33
    0

    8663412          E22/G02             F          113,000.00         ZZ
                                         360        113,000.00          1
                                       6.750            732.92         58
                                       6.500            732.92
    COLTON           CA   92324          5            09/02/03         00
    0418314951                           05           11/01/03          0
    0418314951                           O            10/01/33
    0

    8663430          E22/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
                                       7.500            481.06         80
                                       7.250            481.06
    TAYLOR           MI   48180          1            09/16/03         00
    0418328969                           05           11/01/03          0
    0418328969                           N            10/01/33
    0

    8663444          E22/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       6.750          1,718.78         71
                                       6.500          1,718.78
    HAMDEN           CT   06514          5            09/08/03         00
    0418337143                           05           11/01/03          0
    0418337143                           O            10/01/33
    0

    8663552          E82/G02             F          291,300.00         ZZ
                                         360        291,300.00          1
                                       5.875          1,723.15         56
                                       5.625          1,723.15
    LAS VEGAS        NV   89113          2            09/11/03         00
    0400875654                           05           11/01/03          0
    0400875654                           O            10/01/33
    0

    8663592          E82/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
1

                                       6.250            757.33         94
                                       6.000            757.33
    SOUTH BEND       IN   46614          2            09/11/03         10
    0400884599                           05           11/01/03         30
    0400884599                           O            10/01/33
    0

    8663624          E22/G02             F           94,320.00         ZZ
                                         360         94,320.00          2
                                       7.375            651.44         80
                                       7.125            651.44
    ANDERSON         SC   29624          1            09/12/03         00
    0418048468                           05           11/01/03          0
    0418048468                           N            10/01/33
    0

    8663652          E22/G02             F          224,250.00         ZZ
                                         360        224,250.00          2
                                       6.750          1,454.48         65
                                       6.500          1,454.48
    BOSTON           MA   02121          5            09/08/03         00
    0418116646                           05           11/01/03          0
    0418116646                           O            10/01/33
    0

    8663718          E22/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       7.750            584.59         80
                                       7.500            584.59
    ROCK HILL        SC   29730          5            09/12/03         00
    0418207973                           05           11/01/03          0
    0418207973                           N            10/01/33
    0

    8663738          E22/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       7.250          1,432.57         73
                                       7.000          1,432.57
    SAN DIEGO        CA   92131          5            09/03/03         00
    0418233813                           01           11/01/03          0
    0418233813                           O            10/01/33
    0

    8663740          E22/G02             F          235,000.00         ZZ
                                         360        235,000.00          2
                                       6.750          1,524.21         61
                                       6.500          1,524.21
    SAN DIEGO        CA   92104          5            09/05/03         00
    0418234126                           05           11/01/03          0
1

    0418234126                           O            10/01/33
    0

    8663756          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.875            722.62         71
                                       6.625            722.62
    KEKAHA           HI   96752          5            09/05/03         00
    0418242046                           05           11/01/03          0
    0418242046                           O            10/01/33
    0

    8663774          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.750            729.67         61
                                       6.500            729.67
    CHELSEA          AL   35043          2            09/12/03         00
    0418253142                           05           11/01/03          0
    0418253142                           N            10/01/33
    0

    8663778          E22/G02             F           58,151.00         ZZ
                                         360         58,151.00          1
                                       7.000            386.88         97
                                       6.750            386.88
    BREMERTON        WA   98310          1            09/05/03         10
    0418254561                           01           11/01/03         35
    0418254561                           O            10/01/33
    0

    8663816          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       7.875            365.43         90
                                       7.625            365.43
    ENTERPRISE       AL   36330          5            09/08/03         04
    0418278255                           05           11/01/03         25
    0418278255                           O            10/01/33
    0

    8663856          E22/G02             F          112,760.00         ZZ
                                         360        112,760.00          1
                                       6.750            731.36         80
                                       6.500            731.36
    BEAVERTON        OR   97007          1            09/04/03         00
    0418296885                           09           11/01/03          0
    0418296885                           N            10/01/33
    0

1

    8663878          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.625            480.23         72
                                       6.375            480.23
    COLORADO SPRING  CO   80918          5            09/12/03         00
    0417611977                           01           11/01/03          0
    0417611977                           N            10/01/33
    0

    8663884          E22/G02             F          116,250.00         ZZ
                                         360        116,250.00          1
                                       6.500            734.78         85
                                       6.250            734.78
    WEAVERVILLE      NC   28787          2            09/08/03         01
    0417633427                           05           11/01/03         20
    0417633427                           N            10/01/33
    0

    8663900          E22/G02             F           52,500.00         ZZ
                                         360         52,500.00          1
                                       7.375            362.60         46
                                       7.125            362.60
    NILES            MI   49120          2            09/12/03         00
    0417458122                           05           11/01/03          0
    0417458122                           N            10/01/33
    0

    8663916          E22/G02             F          157,200.00         T
                                         360        157,200.00          1
                                       6.500            993.61         80
                                       6.250            993.61
    LAKE WORTH       FL   33467          1            09/12/03         00
    0418391967                           03           11/01/03          0
    0418391967                           O            10/01/33
    0

    8663954          U42/G02             F          180,000.00         ZZ
                                         360        179,848.78          1
                                       6.875          1,182.47         80
                                       6.625          1,182.47
    SAN ANTONIO      TX   78231          2            08/28/03         00
    0436586341                           03           10/01/03          0
    49300701                             O            09/01/33
    0

    8664060          E22/G02             F          141,250.00         ZZ
                                         360        141,250.00          3
                                       7.000            939.74         80
                                       6.750            939.74
1

    ARLINGTON        TX   76012          1            09/12/03         00
    0418526505                           05           11/01/03          0
    0418526505                           N            10/01/33
    0

    8664074          E22/G02             F           95,800.00         ZZ
                                         360         95,800.00          1
                                       7.000            637.36         80
                                       6.750            637.36
    ARLINGTON        TX   76018          5            09/08/03         00
    0417808342                           05           11/01/03          0
    0417808342                           O            10/01/33
    0

    8664286          U05/G02             F          273,200.00         ZZ
                                         360        272,940.78          1
                                       6.250          1,682.14         68
                                       6.000          1,682.14
    ST CHARLES       IL   60174          2            08/21/03         00
    0436589451                           05           10/01/03          0
    3399495                              O            09/01/33
    0

    8664288          K15/G02             F          153,400.00         ZZ
                                         360        153,264.66          1
                                       6.625            982.24         61
                                       6.375            982.24
    MODESTO          CA   95357          2            08/26/03         00
    0436564454                           05           10/01/03          0
    026605512763                         O            09/01/33
    0

    8664298          A68/G02             F           93,500.00         TX
                                         360         93,402.38          1
                                       5.750            545.64         38
                                       5.500            545.64
    AUSTIN           TX   78731          5            08/12/03         00
    0436600282                           05           10/01/03          0
    60305018                             O            09/01/33
    0

    8664302          M27/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       5.875            473.23         79
                                       5.625            473.23
    RALEIGH          NC   27609          2            09/04/03         00
    0436580229                           09           11/01/03          0
    0100026259                           O            10/01/33
    0
1

    8664310          K15/G02             F          170,100.00         ZZ
                                         360        170,100.00          1
                                       6.375          1,061.20         72
                                       6.125          1,061.20
    DURHAM           NH   03824          5            09/08/03         00
    0436560932                           05           11/01/03          0
    032005520946                         O            10/01/33
    0

    8664368          K15/G02             F          105,500.00         ZZ
                                         360        105,500.00          1
                                       7.375            728.66         76
                                       7.125            728.66
    MOUNT HOLLY      NJ   08060          5            09/02/03         00
    0436591952                           05           11/01/03          0
    010805520656                         O            10/01/33
    0

    8664390          Q59/G02             F          196,000.00         ZZ
                                         360        196,000.00          2
                                       7.250          1,337.07         80
                                       7.000          1,337.07
    NORWALK          CA   90650          5            09/03/03         00
    0436595474                           05           11/01/03          0
    0000505182                           O            10/01/33
    0

    8664414          N47/G02             F          313,600.00         ZZ
                                         360        313,600.00          1
                                       6.875          2,060.13         80
                                       6.625          2,060.13
    BRENTWOOD        CA   94513          1            09/04/03         00
    0436598411                           03           11/01/03          0
    90503449                             N            10/01/33
    0

    8664912          E86/G02             F          142,400.00         ZZ
                                         360        142,108.93          1
                                       5.875            842.35         80
                                       5.625            842.35
    NEWNAN           GA   30263          1            07/23/03         00
    0436535686                           05           09/01/03          0
    0000378972                           O            08/01/33
    0

    8664982          B28/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
1

                                       7.125          1,172.28         76
                                       6.875          1,172.28
    SAINT CHARLES    IL   60174          1            09/05/03         00
    0436576631                           05           11/01/03          0
    03002971                             O            10/01/33
    0

    8665026          950/G02             F          170,000.00         ZZ
                                         360        169,834.77          1
                                       6.125          1,032.94         78
                                       5.875          1,032.94
    BURBANK          WA   99323          5            08/21/03         00
    0436599369                           05           10/01/03          0
    EW210120                             O            09/01/33
    0

    8665232          M27/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.375            573.96         80
                                       6.125            573.96
    WILMINGTON       NC   28409          1            09/08/03         00
    0436562102                           05           11/01/03          0
    630003059                            O            10/01/33
    0

    8665416          U42/G02             F           64,400.00         ZZ
                                         360         64,400.00          1
                                       7.250            439.32         80
                                       7.000            439.32
    HOT SPRINGS      AR   71913          1            09/02/03         00
    0436595888                           01           11/01/03          0
    35300566                             N            10/01/33
    0

    8666334          A06/G02             F          127,600.00         ZZ
                                         360        127,600.00          1
                                       6.875            838.25         80
                                       6.625            838.25
    DANSVILLE        MI   49285          1            09/11/03         00
    0436593008                           05           11/01/03          0
    021000020323276                      O            10/01/33
    0

    8666368          E47/G02             F          106,000.00         TX
                                         360        105,908.74          1
                                       6.750            687.51         79
                                       6.500            687.51
    LA VERNIA        TX   78121          5            08/22/03         00
    0436613418                           05           10/01/03          0
1

    7362512142                           O            09/01/33
    0

    8666392          B23/G02             F           78,750.00         ZZ
                                         360         78,750.00          1
                                       7.000            523.93         88
                                       6.750            523.93
    EL CENTRO        CA   92243          1            09/08/03         12
    0436613244                           01           11/01/03         25
    80002612                             N            10/01/33
    0

    8666422          K15/G02             F          156,000.00         ZZ
                                         360        155,681.12          1
                                       5.875            922.80         77
                                       5.625            922.80
    BELLEVILLE       MI   48111          5            07/21/03         00
    0436665897                           05           09/01/03          0
    035005518854                         O            08/01/33
    0

    8666486          P44/G02             F          117,300.00         ZZ
                                         360        117,215.10          1
                                       7.625            830.24         95
                                       7.375            830.24
    ATHOL            MA   01331          1            08/28/03         12
    0436577548                           05           10/01/03         30
    013604356                            O            09/01/33
    0

    8666488          U35/G02             F           76,600.00         ZZ
                                         360         76,600.00          1
                                       6.500            484.16         85
                                       6.250            484.16
    APPLETON         WI   54915          5            09/15/03         04
    0436596670                           05           11/01/03         12
    13250514                             O            10/01/33
    0

    8666496          738/G02             F           98,400.00         ZZ
                                         360         98,400.00          2
                                       7.375            679.62         80
                                       7.125            679.62
    ELLENWOOD        GA   30294          1            09/04/03         00
    0436547079                           05           11/01/03          0
    41406955                             N            10/01/33
    0

1

    8666542          E57/G02             F           90,000.00         ZZ
                                         360         89,934.87          1
                                       7.625            637.01         90
                                       7.375            637.01
    FRESNO           CA   93726          1            08/29/03         11
    0436599807                           09           10/01/03         25
    13005626                             N            09/01/33
    0

    8666552          369/G02             F           30,000.00         ZZ
                                         360         29,936.07          1
                                       6.500            189.62         75
                                       6.250            189.62
    EL PASO          TX   79924          1            07/18/03         00
    0436580153                           07           09/01/03          0
    0076239292                           N            08/01/33
    0

    8666586          P09/G02             F          141,500.00         ZZ
                                         360        141,500.00          1
                                       6.650            908.38         77
                                       6.400            908.38
    WOODBIRDGE       VA   22193          2            09/05/03         00
    0436573612                           09           11/01/03          0
    BERTAFORD                            O            10/01/33
    0

    8666650          P44/G02             F          171,800.00         ZZ
                                         360        171,800.00          1
                                       7.875          1,245.67         90
                                       7.625          1,245.67
    NAPLES           FL   34116          1            09/05/03         12
    0436578462                           05           11/01/03         30
    321246510                            O            10/01/33
    0

    8666654          K15/G02             F          107,900.00         ZZ
                                         360        107,804.80          1
                                       6.625            690.90         85
                                       6.375            690.90
    WILLOW RIVER     MN   55795          5            08/13/03         42
    0436577902                           05           10/01/03         12
    013205519381                         O            09/01/33
    0

    8666706          U45/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       7.600            593.10         70
                                       7.350            593.10
1

    CHIPPEWA LAKE    OH   44215          2            09/03/03         00
    0436566699                           05           11/01/03          0
    16000175                             O            10/01/33
    0

    8666748          U05/G02             F          477,000.00         ZZ
                                         360        477,000.00          1
                                       6.625          3,054.28         78
                                       6.375          3,054.28
    TORRANCE         CA   90505          5            09/02/03         00
    0436580575                           05           11/01/03          0
    3402273                              O            10/01/33
    0

    8666794          R84/G02             F           66,800.00         ZZ
                                         360         66,800.00          1
                                       7.000            444.42         80
                                       6.750            444.42
    SHELTON          WA   98584          1            09/10/03         00
    0436592034                           03           11/01/03          0
    WA308295                             O            10/01/33
    0

    8666800          K15/G02             F          101,000.00         ZZ
                                         360        100,926.90          1
                                       7.625            714.87         90
                                       7.375            714.87
    CINCINNATI       OH   45241          5            08/26/03         41
    0436584817                           05           10/01/03         25
    028305511418                         O            09/01/33
    0

    8666900          Q57/G02             F          275,500.00         ZZ
                                         360        275,268.55          2
                                       6.875          1,809.84         95
                                       6.625          1,809.84
    BERWYN           IL   60402          1            09/05/03         14
    0436605844                           05           10/01/03         30
    36002064                             O            09/01/33
    0

    8666904          K15/G02             F          133,800.00         ZZ
                                         360        133,800.00          1
                                       6.625            856.74         60
                                       6.375            856.74
    TOPSHAM          ME   04086          5            09/09/03         00
    0436584205                           05           11/01/03          0
    007805521330                         O            10/01/33
    0
1

    8666958          L20/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.000          1,348.99         75
                                       5.750          1,348.99
    SPARKS           NV   89436          2            09/10/03         00
    0436609804                           03           11/01/03          0
    1141050099                           O            10/01/33
    0

    8666972          F34/G02             F          163,000.00         ZZ
                                         360        163,000.00          1
                                       6.500          1,030.27         75
                                       6.250          1,030.27
    ALEXANDRIA       VA   22307          5            09/03/03         00
    0436544761                           05           11/01/03          0
    45307030                             O            10/01/33
    0

    8667016          F89/G02             F           69,700.00         ZZ
                                         360         69,700.00          1
                                       7.750            499.34         88
                                       7.500            499.34
    FRESNO           CA   93702          2            09/09/03         01
    0436617690                           05           11/01/03         25
    14334931                             O            10/01/33
    0

    8667046          588/G02             F          500,000.00         ZZ
                                         360        499,547.99          1
                                       6.500          3,160.34         76
                                       6.250          3,160.34
    GAITHERSBURG     MD   20882          1            08/29/03         00
    0436560809                           03           10/01/03          0
    1099603                              O            09/01/33
    0

    8667142          F62/F62             F          110,000.00         ZZ
                                         360        109,918.36          1
                                       7.500            769.14         60
                                       7.250            769.14
    MIAMI LAKES      FL   33016          1            08/19/03         00
    36431                                09           10/01/03          0
    36431                                N            09/01/33
    0

    8667548          E22/G02             F          143,200.00         ZZ
                                         360        143,200.00          1
1

                                       6.625            916.93         80
                                       6.375            916.93
    DENVER           CO   80223          1            09/15/03         00
    0418301248                           05           11/01/03          0
    0418301248                           O            10/01/33
    0

    8667562          E82/G02             F          179,100.00         ZZ
                                         360        179,100.00          1
                                       6.500          1,132.03         90
                                       6.250          1,132.03
    KATY             TX   77494          2            09/12/03         04
    0400887287                           03           11/01/03         25
    0400887287                           O            10/01/33
    0

    8667576          E22/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       6.875            486.13         67
                                       6.625            486.13
    MIAMI            FL   33176          5            09/09/03         00
    0418306783                           01           11/01/03          0
    0418306783                           O            10/01/33
    0

    8667592          E82/G02             F          222,700.00         ZZ
                                         360        222,700.00          1
                                       6.500          1,407.62         77
                                       6.250          1,407.62
    COLUMBIA         FL   32056          2            09/10/03         00
    0400889499                           05           11/01/03          0
    0400889499                           O            10/01/33
    0

    8667602          E22/G02             F          100,000.00         TX
                                         360        100,000.00          1
                                       7.000            665.30         59
                                       6.750            665.30
    HOUSTON          TX   77069          5            09/10/03         00
    0418310728                           03           11/01/03          0
    0418310728                           O            10/01/33
    0

    8667650          S11/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
                                       7.375          1,033.25         80
                                       7.125          1,033.25
    WESTMINSTER      CA   92683          2            09/03/03         00
    0436582027                           01           11/01/03          0
1

    10301830                             N            10/01/33
    0

    8667706          E22/G02             F          125,200.00         ZZ
                                         360        125,200.00          1
                                       6.250            770.88         76
                                       6.000            770.88
    GRAYSLAKE        IL   60030          5            09/10/03         00
    0418345229                           05           11/01/03          0
    0418345229                           O            10/01/33
    0

    8667714          E22/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       7.125            794.99         80
                                       6.875            794.99
    BRIDGEPORT       TX   76426          2            09/10/03         00
    0418347886                           05           11/01/03          0
    0418347886                           O            10/01/33
    0

    8667726          E22/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       6.875            486.13         79
                                       6.625            486.13
    HAMPTON          VA   23669          5            09/10/03         00
    0418357141                           05           11/01/03          0
    0418357141                           O            10/01/33
    0

    8667778          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.750            933.98         80
                                       6.500            933.98
    HOUSTON          TX   77069          1            09/09/03         00
    0418382917                           03           11/01/03          0
    0418382917                           O            10/01/33
    0

    8667784          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.750            486.45         77
                                       6.500            486.45
    LARGO            FL   33773          5            09/09/03         00
    0418387296                           05           11/01/03          0
    0418387296                           O            10/01/33
    0

1

    8667816          E22/G02             F          262,500.00         ZZ
                                         360        262,500.00          1
                                       7.125          1,768.51         75
                                       6.875          1,768.51
    HIGHLAND PARK    TX   75209          1            09/11/03         00
    0418401568                           05           11/01/03          0
    0418401568                           N            10/01/33
    0

    8667824          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.375          1,098.01         80
                                       6.125          1,098.01
    VIRGINIA BEACH   VA   23456          5            09/09/03         00
    0418404570                           03           11/01/03          0
    0418404570                           O            10/01/33
    0

    8667840          E22/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.375          1,466.09         53
                                       6.125          1,466.09
    HARWOOD HEIGHTS  IL   60706          2            09/09/03         00
    0418413217                           05           11/01/03          0
    0418413217                           O            10/01/33
    0

    8667890          E22/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       6.125            698.75         77
                                       5.875            698.75
    BROOKINGS        OR   97415          5            09/09/03         00
    0418431508                           05           11/01/03          0
    0418431508                           O            10/01/33
    0

    8667900          E22/G02             F          357,000.00         ZZ
                                         360        357,000.00          1
                                       6.875          2,345.24         65
                                       6.625          2,345.24
    REDWOOD CITY     CA   94061          2            09/08/03         00
    0418439543                           05           11/01/03          0
    0418439543                           O            10/01/33
    0

    8668188          E22/G02             F          238,500.00         ZZ
                                         360        238,500.00          1
                                       6.500          1,507.48         80
                                       6.250          1,507.48
1

    VALLEJO          CA   94589          2            09/05/03         00
    0417650835                           05           11/01/03          0
    0417650835                           O            10/01/33
    0

    8668214          E22/G02             F           74,500.00         TX
                                         360         74,500.00          1
                                       6.750            483.21         78
                                       6.500            483.21
    SIMONTON         TX   77476          5            09/09/03         00
    0417808052                           03           11/01/03          0
    0417808052                           O            10/01/33
    0

    8668250          E22/G02             F          193,350.00         ZZ
                                         360        193,350.00          1
                                       7.250          1,318.99         72
                                       7.000          1,318.99
    DALLAS           TX   75219          4            09/15/03         00
    0417886264                           07           11/01/03          0
    0417886264                           N            10/01/33
    0

    8668252          E22/G02             F          145,300.00         ZZ
                                         360        145,300.00          1
                                       7.000            966.68         95
                                       6.750            966.68
    LONGS            SC   29568          2            09/09/03         04
    0417889169                           05           11/01/03         30
    0417889169                           O            10/01/33
    0

    8668270          E22/G02             F          137,750.00         ZZ
                                         360        137,750.00          1
                                       6.625            882.03         94
                                       6.375            882.03
    N CHARLESTON     SC   29418          5            09/09/03         01
    0417961190                           03           11/01/03         30
    0417961190                           O            10/01/33
    0

    8668282          E22/G02             F           75,000.00         ZZ
                                         360         74,935.43          1
                                       6.750            486.45         71
                                       6.500            486.45
    CEDARPINES PARK  CA   92322          1            08/19/03         00
    0417981354                           05           10/01/03          0
    0417981354                           O            09/01/33
    0
1

    8668360          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       5.875            727.59         42
                                       5.625            727.59
    NORTH BERGEN     NJ   07047          5            09/09/03         00
    0418082640                           08           11/01/03          0
    0418082640                           O            10/01/33
    0

    8668412          E22/G02             F          207,200.00         ZZ
                                         360        207,200.00          1
                                       6.875          1,361.16         80
                                       6.625          1,361.16
    POWDER SPRINGS   GA   30127          5            09/09/03         00
    0418104972                           05           11/01/03          0
    0418104972                           O            10/01/33
    0

    8668464          E22/G02             F          187,200.00         ZZ
                                         360        187,200.00          2
                                       6.500          1,183.23         80
                                       6.250          1,183.23
    MIAMI            FL   33129          5            09/10/03         00
    0418173571                           05           11/01/03          0
    0418173571                           O            10/01/33
    0

    8668492          806/G02             F          156,400.00         ZZ
                                         360        156,262.01          1
                                       6.625          1,001.45         80
                                       6.375          1,001.45
    RIO RANCHO       NM   87124          1            08/29/03         00
    0436616783                           03           10/01/03          0
    12000003522                          O            09/01/33
    0

    8668502          E22/G02             F          528,000.00         ZZ
                                         360        528,000.00          1
                                       6.625          3,380.84         80
                                       6.375          3,380.84
    SAMMAMISH        WA   98074          5            09/08/03         00
    0418195392                           05           11/01/03          0
    0418195392                           O            10/01/33
    0

    8668536          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
1

                                       7.000          1,862.85         74
                                       6.750          1,862.85
    VENTURA          CA   93003          5            09/04/03         00
    0418212890                           05           11/01/03          0
    0418212890                           O            10/01/33
    0

    8668544          E22/G02             F          173,600.00         ZZ
                                         360        173,600.00          1
                                       6.750          1,125.97         80
                                       6.500          1,125.97
    TACOMA           WA   98409          5            09/08/03         00
    0418216941                           05           11/01/03          0
    0418216941                           O            10/01/33
    0

    8668606          E22/G02             F          178,400.00         ZZ
                                         360        178,400.00          1
                                       6.875          1,171.96         80
                                       6.625          1,171.96
    BEDFORD          VA   24523          5            09/09/03         00
    0418242806                           05           11/01/03          0
    0418242806                           O            10/01/33
    0

    8668668          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
                                       6.875            945.98         80
                                       6.625            945.98
    RIO RANCHO       NM   87124          2            09/12/03         00
    0418257440                           05           11/01/03          0
    0418257440                           N            10/01/33
    0

    8668704          Q57/G02             F          775,000.00         ZZ
                                         360        774,246.75          1
                                       6.125          4,708.98         53
                                       5.875          4,708.98
    MANHATTAN BEACH  CA   90266          2            08/26/03         00
    0436613269                           05           10/01/03          0
    10006189                             O            09/01/33
    0

    8669092          X31/G02             F          114,300.00         ZZ
                                         360        114,300.00          1
                                       7.250            779.73         90
                                       7.000            779.73
    PEORIA           AZ   85381          1            09/08/03         10
    0436553945                           05           11/01/03         25
1

    70001427                             N            10/01/33
    0

    8669212          X31/G02             F          141,750.00         ZZ
                                         360        141,750.00          1
                                       7.250            966.98         90
                                       7.000            966.98
    GILBERT          AZ   85233          1            09/09/03         10
    0436557193                           03           11/01/03         25
    70001397                             N            10/01/33
    0

    8669452          Y36/G02             F          143,485.00         ZZ
                                         360        143,378.51          1
                                       7.500          1,003.27         95
                                       7.250          1,003.27
    KANSAS CITY      MO   64118          1            09/05/03         01
    0436562870                           05           10/01/03         30
    7200567                              O            09/01/33
    0

    8669472          P34/G02             F          100,000.00         ZZ
                                         360         99,909.60          1
                                       6.500            632.07         68
                                       6.250            632.07
    LAKE MARY        FL   32746          2            08/25/03         00
    0436573521                           05           10/01/03          0
    16526                                N            09/01/33
    0

    8669768          E47/G02             F          227,500.00         ZZ
                                         360        227,294.34          1
                                       6.500          1,437.95         70
                                       6.250          1,437.95
    BETHESDA         MD   20817          5            08/25/03         00
    0436585012                           05           10/01/03          0
    7338511471                           O            09/01/33
    0

    8669770          F89/G02             F          110,000.00         ZZ
                                         360        109,902.95          1
                                       6.625            704.34         72
                                       6.375            704.34
    RIALTO           CA   92376          5            08/26/03         00
    0436588867                           05           10/01/03          0
    34966                                O            09/01/33
    0

1

    8669812          286/286             F          200,000.00         ZZ
                                         360        199,662.98          4
                                       6.875          1,313.86         80
                                       6.625          1,313.86
    COLTON           CA   92324          5            07/16/03         00
    2620752                              05           09/01/03          0
    2620752                              O            08/01/33
    0

    8669814          286/286             F           70,000.00         ZZ
                                         360         69,931.96          1
                                       6.125            425.33         72
                                       5.875            425.33
    FERNDALE         MI   48220          5            08/12/03         00
    2298770                              05           10/01/03          0
    2298770                              N            09/01/33
    0

    8669818          286/286             F          130,000.00         ZZ
                                         360        129,740.51          1
                                       6.000            779.42         43
                                       5.750            779.42
    OXNARD           CA   93033          5            07/09/03         00
    1846172                              05           09/01/03          0
    1846172                              N            08/01/33
    0

    8669820          286/286             F          122,000.00         ZZ
                                         360        121,756.34          1
                                       6.000            731.46         80
                                       5.750            731.46
    MERIDIAN         ID   83642          1            07/25/03         00
    2550245                              05           09/01/03          0
    2550245                              N            08/01/33
    0

    8669822          286/286             F          463,000.00         ZZ
                                         360        462,053.57          4
                                       5.875          2,738.83         61
                                       5.625          2,738.83
    DALY CITY        CA   94014          2            07/16/03         00
    2567608                              05           09/01/03          0
    2567608                              N            08/01/33
    0

    8669824          286/286             F          273,200.00         ZZ
                                         360        272,921.45          1
                                       5.875          1,616.09         80
                                       5.625          1,616.09
1

    EL CAJON         CA   92019          2            08/12/03         00
    2583528                              05           10/01/03          0
    2583528                              O            09/01/33
    0

    8669832          286/286             F          177,000.00         ZZ
                                         360        176,686.80          1
                                       6.625          1,133.36         45
                                       6.375          1,133.36
    WOBURN           MA   01801          5            07/30/03         00
    2582045                              05           09/01/03          0
    2582045                              N            08/01/33
    0

    8669836          286/286             F          128,000.00         ZZ
                                         360        127,887.07          1
                                       6.625            819.60         80
                                       6.375            819.60
    FREEHOLD         NJ   07728          5            08/22/03         00
    2643179                              05           10/01/03          0
    2643179                              N            09/01/33
    0

    8669838          286/286             F          135,000.00         ZZ
                                         360        134,253.40          1
                                       6.500            853.30         65
                                       6.250            853.30
    MODESTO          CA   95354          5            04/17/03         00
    2193291                              05           06/01/03          0
    2193291                              N            05/01/33
    0

    8669840          286/286             F          188,000.00         ZZ
                                         360        187,830.04          1
                                       6.500          1,188.29         80
                                       6.250          1,188.29
    WILLOW SPRINGS   MO   65793          5            08/14/03         00
    2467745                              05           10/01/03          0
    2467745                              O            09/01/33
    0

    8669846          286/286             F          135,000.00         ZZ
                                         360        134,880.89          1
                                       6.625            864.42         68
                                       6.375            864.42
    FREEHOLD         NJ   07728          5            08/22/03         00
    2643183                              05           10/01/03          0
    2643183                              N            09/01/33
    0
1

    8669848          286/286             F          133,600.00         ZZ
                                         360        133,457.17          1
                                       5.625            769.08         80
                                       5.375            769.08
    SLIDELL          LA   70461          2            08/12/03         00
    2586486                              05           10/01/03          0
    2586486                              O            09/01/33
    0

    8669850          286/286             F          215,000.00         ZZ
                                         360        214,675.96          1
                                       6.000          1,289.04         70
                                       5.750          1,289.04
    APOPKA           FL   32712          1            08/01/03         00
    2653291                              05           10/01/03          0
    2653291                              O            09/01/33
    0

    8669852          286/286             F           96,800.00         ZZ
                                         360         96,701.31          1
                                       5.875            572.61         80
                                       5.625            572.61
    TIETON           WA   98947          1            08/20/03         00
    2586991                              05           10/01/03          0
    2586991                              O            09/01/33
    0

    8669854          286/286             F          176,800.00         ZZ
                                         360        176,640.17          1
                                       6.500          1,117.50         80
                                       6.250          1,117.50
    ENCINO           CA   91316          5            08/01/03         00
    2648101                              01           10/01/03          0
    2648101                              O            09/01/33
    0

    8669858          286/286             F          112,800.00         ZZ
                                         360        112,685.00          1
                                       5.875            667.26         80
                                       5.625            667.26
    PLANO            TX   75093          1            08/25/03         00
    2661278                              05           09/01/03          0
    2661278                              N            08/01/33
    0

    8669862          286/286             F          164,800.00         ZZ
                                         360        164,631.97          1
1

                                       5.875            974.86         80
                                       5.625            974.86
    STOCKTON         CA   95219          1            08/08/03         00
    2662743                              05           10/01/03          0
    2662743                              O            09/01/33
    0

    8669864          286/286             F          127,900.00         ZZ
                                         360        127,769.45          1
                                       5.875            756.58         80
                                       5.625            756.58
    ARCHDALE         NC   27263          1            08/06/03         00
    2242063                              05           10/01/03          0
    2242063                              O            09/01/33
    0

    8669870          286/286             F          167,960.00         ZZ
                                         360        167,818.89          1
                                       6.875          1,103.38         80
                                       6.625          1,103.38
    CALEXICO         CA   92231          1            08/13/03         00
    2672534                              05           10/01/03          0
    2672534                              O            09/01/33
    0

    8669874          286/286             F          142,760.00         ZZ
                                         360        142,634.04          4
                                       6.625            914.11         80
                                       6.375            914.11
    ALBUQUERQUE      NM   87112          1            08/04/03         00
    2395794                              05           10/01/03          0
    2395794                              N            09/01/33
    0

    8669876          286/286             F          108,000.00         ZZ
                                         360        107,818.00          1
                                       6.875            709.49         80
                                       6.625            709.49
    FT LAUDERDALE    FL   33304          1            07/28/03         00
    2619727                              01           09/01/03          0
    2619727                              N            08/01/33
    0

    8669880          286/286             F           70,000.00         ZZ
                                         360         69,945.39          1
                                       7.250            477.53         50
                                       7.000            477.53
    HIALEAH          FL   33014          5            08/08/03         00
    2648070                              03           10/01/03          0
1

    2648070                              N            09/01/33
    0

    8669882          286/286             F           67,000.00         ZZ
                                         360         66,856.41          1
                                       5.625            385.69         83
                                       5.375            385.69
    INDIANAPOLIS     IN   46226          2            07/10/03         11
    2554354                              05           09/01/03         12
    2554354                              O            08/01/33
    0

    8669884          286/286             F          136,000.00         ZZ
                                         360        135,882.90          1
                                       6.750            882.10         80
                                       6.500            882.10
    BROOKLYN CENTER  MN   55430          1            08/08/03         00
    2675646                              05           10/01/03          0
    2675646                              N            09/01/33
    0

    8669890          286/286             F          266,400.00         ZZ
                                         360        266,176.19          4
                                       6.875          1,750.06         80
                                       6.625          1,750.06
    LONGMONT         CO   80501          1            08/05/03         00
    2706495                              05           10/01/03          0
    2706495                              N            09/01/33
    0

    8669892          286/286             F          242,200.00         ZZ
                                         360        241,820.96          1
                                       7.250          1,652.24         95
                                       7.000          1,652.24
    GLEN ALLEN       VA   23233          1            07/25/03         14
    2518086                              05           09/01/03         30
    2518086                              O            08/01/33
    0

    8669894          286/286             F          207,000.00         ZZ
                                         360        206,407.71          3
                                       6.250          1,274.54         85
                                       6.000          1,274.54
    WEST HAVEN       CT   06516          5            06/23/03         11
    2395502                              05           08/01/03         12
    2395502                              O            07/01/33
    0

1

    8669898          286/286             F           90,000.00         ZZ
                                         360         89,900.83          1
                                       7.375            621.61         75
                                       7.125            621.61
    THORNTOWN        IN   46071          5            08/22/03         00
    2606621                              05           10/01/03          0
    2606621                              N            09/01/33
    0

    8669900          286/286             F           65,900.00         ZZ
                                         360         65,667.95          1
                                       6.000            395.11         58
                                       5.750            395.11
    FALLS CHURCH     VA   22042          5            07/30/03         00
    2626870                              01           09/01/03          0
    2626870                              N            08/01/33
    0

    8669904          286/286             F           51,500.00         ZZ
                                         360         51,392.18          1
                                       5.750            300.55         37
                                       5.500            300.55
    MERCED           CA   95340          2            07/30/03         00
    2587826                              05           09/01/03          0
    2587826                              N            08/01/33
    0

    8669912          286/286             F           97,050.00         ZZ
                                         360         96,869.74          4
                                       6.375            605.47         28
                                       6.125            605.47
    SACRAMENTO       CA   95824          2            07/23/03         00
    2449538                              05           09/01/03          0
    2449538                              N            08/01/33
    0

    8669914          286/286             F           84,800.00         ZZ
                                         360         84,707.18          1
                                       5.500            481.49         80
                                       5.250            481.49
    WESTBROOK        ME   04092          2            08/11/03         00
    2512827                              01           10/01/03          0
    2512827                              N            09/01/33
    0

    8669916          286/286             F           95,200.00         ZZ
                                         360         95,120.02          2
                                       6.875            625.40         80
                                       6.625            625.40
1

    REXBURG          ID   83440          1            08/04/03         00
    2465756                              05           10/01/03          0
    2465756                              N            09/01/33
    0

    8669918          286/286             F           62,000.00         ZZ
                                         360         61,932.14          1
                                       5.500            352.03         35
                                       5.250            352.03
    PORT ORCHARD     WA   98366          1            08/12/03         00
    2646028                              05           10/01/03          0
    2646028                              N            09/01/33
    0

    8669920          286/286             F          199,800.00         ZZ
                                         360        199,601.09          3
                                       6.000          1,197.91         90
                                       5.750          1,197.91
    PROVIDENCE       RI   02909          1            08/19/03         12
    2666703                              05           10/01/03         25
    2666703                              N            09/01/33
    0

    8669922          286/286             F          102,750.00         ZZ
                                         360        102,559.15          4
                                       6.375            641.03         29
                                       6.125            641.03
    SACRAMENTO       CA   95824          5            07/23/03         00
    2449561                              05           09/01/03          0
    2449561                              N            08/01/33
    0

    8669928          286/286             F          101,500.00         ZZ
                                         360        101,297.39          1
                                       6.000            608.55         80
                                       5.750            608.55
    FERNLEY          NV   89408          1            07/28/03         00
    2497920                              05           09/01/03          0
    2497920                              N            08/01/33
    0

    8669932          286/286             F           76,700.00         ZZ
                                         360         76,557.54          4
                                       6.375            478.51         22
                                       6.125            478.51
    SACRAMENTO       CA   95824          2            07/23/03         00
    2449584                              05           09/01/03          0
    2449584                              N            08/01/33
    0
1

    8669934          286/286             F          492,000.00         ZZ
                                         360        491,510.21          3
                                       6.000          2,949.79         60
                                       5.750          2,949.79
    REGO PARK        NY   11374          1            08/21/03         00
    2646732                              05           10/01/03          0
    2646732                              O            09/01/33
    0

    8669938          286/286             F          117,450.00         ZZ
                                         360        117,351.32          4
                                       6.875            771.57         90
                                       6.625            771.57
    HOUSTON          TX   77011          1            08/13/03         11
    2675519                              05           10/01/03         25
    2675519                              N            09/01/33
    0

    8669944          286/286             F          106,700.00         ZZ
                                         360        106,588.59          1
                                       5.750            622.68         80
                                       5.500            622.68
    VANCOUVER        WA   98685          2            08/02/03         00
    2594850                              05           10/01/03          0
    2594850                              N            09/01/33
    0

    8669946          286/286             F          153,000.00         ZZ
                                         360        152,797.93          4
                                       6.000            917.32         90
                                       5.750            917.32
    GRETNA           LA   70056          1            08/26/03         14
    2599580                              05           10/01/03         30
    2599580                              N            09/01/33
    0

    8669952          286/286             F          300,450.00         ZZ
                                         360        300,197.58          3
                                       6.875          1,973.75         70
                                       6.625          1,973.75
    EL CAJON         CA   92020          1            07/29/03         00
    2625510                              05           10/01/03          0
    2625510                              N            09/01/33
    0

    8669956          286/286             F           78,400.00         ZZ
                                         360         78,185.60          1
1

                                       5.625            451.32         80
                                       5.375            451.32
    NAPERVILLE       IL   60565          5            07/23/03         00
    2579149                              01           09/01/03          0
    2579149                              O            08/01/33
    0

    8669958          286/286             F          153,000.00         ZZ
                                         360        152,861.68          4
                                       6.500            967.07         90
                                       6.250            967.07
    GRETNA           LA   70056          1            08/26/03         11
    2594926                              05           10/01/03         25
    2594926                              N            09/01/33
    0

    8669962          286/286             F          157,000.00         ZZ
                                         360        156,776.63          1
                                       6.500            992.35         88
                                       6.250            992.35
    WOBURN           MA   01801          2            08/14/03         11
    2546679                              01           10/01/03         25
    2546679                              O            09/01/33
    0

    8669964          286/286             F          230,720.00         ZZ
                                         360        230,321.58          1
                                       6.750          1,496.45         80
                                       6.500          1,496.45
    WASHINGTON       DC   20002          1            07/18/03         00
    2490743                              05           09/01/03          0
    2490743                              N            08/01/33
    0

    8669966          286/286             F          166,400.00         ZZ
                                         360        166,112.65          1
                                       6.750          1,079.27         80
                                       6.500          1,079.27
    ARLINGTON HEIGH  IL   60004          1            07/31/03         00
    2641376                              05           09/01/03          0
    2641376                              N            08/01/33
    0

    8669968          286/286             F          166,500.00         ZZ
                                         360        166,363.52          1
                                       7.000          1,107.73         90
                                       6.750          1,107.73
    LAS VEGAS        NV   89134          1            08/06/03         04
    2678797                              05           10/01/03         25
1

    2678797                              N            09/01/33
    0

    8669970          286/286             F          168,000.00         ZZ
                                         360        167,872.16          2
                                       7.375          1,160.34         80
                                       7.125          1,160.34
    CHICAGO          IL   60644          5            08/21/03         00
    2593871                              05           10/01/03          0
    2593871                              N            09/01/33
    0

    8669972          286/286             F           65,700.00         ZZ
                                         360         65,523.42          1
                                       6.625            420.69         90
                                       6.375            420.69
    VIRGINIA BEACH   VA   23455          1            07/30/03         10
    2592744                              01           09/01/03         25
    2592744                              N            08/01/33
    0

    8669976          286/286             F          116,912.00         ZZ
                                         360        116,561.08          1
                                       6.000            700.95         80
                                       5.750            700.95
    MCCORDSVILLE     IN   46055          1            06/12/03         00
    2358965                              05           08/01/03          0
    2358965                              O            07/01/33
    0

    8669990          286/286             F          116,800.00         ZZ
                                         360        116,680.91          1
                                       5.875            690.92         80
                                       5.625            690.92
    GLEN ALLEN       VA   23060          1            08/07/03         00
    2509153                              05           10/01/03          0
    2509153                              O            09/01/33
    0

    8669996          286/286             F           84,800.00         ZZ
                                         360         84,634.72          1
                                       6.125            515.26         80
                                       5.875            515.26
    RED OAK          TX   75115          1            07/31/03         00
    2690411                              05           09/01/03          0
    2690411                              O            08/01/33
    0

1

    8670052          286/286             F          137,200.00         ZZ
                                         360        136,752.28          1
                                       5.875            811.59         80
                                       5.625            811.59
    RENO             NV   89506          1            07/22/03         00
    2518805                              05           09/01/03          0
    2518805                              O            08/01/33
    0

    8670070          286/286             F          151,900.00         ZZ
                                         360        151,589.50          1
                                       5.875            898.55         80
                                       5.625            898.55
    EUGENE           OR   97404          1            07/30/03         00
    2617068                              05           09/01/03          0
    2617068                              O            08/01/33
    0

    8670076          286/286             F          165,650.00         ZZ
                                         360        165,235.07          1
                                       5.875            979.89         80
                                       5.625            979.89
    WYLIE            TX   75098          1            07/30/03         00
    2670213                              05           09/01/03          0
    2670213                              O            08/01/33
    0

    8670190          286/286             F          283,200.00         ZZ
                                         360        282,674.01          1
                                       6.375          1,766.80         80
                                       6.125          1,766.80
    SIMI VALLEY      CA   93063          1            07/15/03         00
    2540109                              05           09/01/03          0
    2540109                              O            08/01/33
    0

    8670316          286/286             F          169,600.00         ZZ
                                         360        169,236.51          1
                                       5.625            976.32         80
                                       5.375            976.32
    WELCOME          MD   20693          1            07/25/03         00
    2544430                              05           09/01/03          0
    2544430                              O            08/01/33
    0

    8670332          286/286             F          265,984.00         ZZ
                                         360        265,166.45          1
                                       5.875          1,573.40         80
                                       5.625          1,573.40
1

    SACRAMENTO       CA   95835          1            06/18/03         00
    2480704                              05           08/01/03          0
    2480704                              O            07/01/33
    0

    8670428          286/286             F          160,000.00         ZZ
                                         360        159,465.34          1
                                       6.000            959.29         80
                                       5.750            959.29
    STOCKTON         CA   95207          1            06/02/03         00
    2324643                              05           07/01/03          0
    2324643                              O            06/01/33
    0

    8670508          286/286             F          400,000.00         ZZ
                                         360        398,127.80          1
                                       6.375          2,495.48         84
                                       6.125          2,495.48
    DOUGLASVILLE     GA   30135          2            04/29/03         19
    2451913                              05           06/01/03         12
    2451913                              O            05/01/33
    0

    8670524          286/286             F          118,000.00         ZZ
                                         360        117,879.69          1
                                       5.875            698.02         80
                                       5.625            698.02
    LEXINGTON        KY   40505          1            08/04/03         00
    2651376                              05           10/01/03          0
    2651376                              O            09/01/33
    0

    8670654          286/286             F          100,720.00         ZZ
                                         360        100,518.96          1
                                       6.000            603.87         80
                                       5.750            603.87
    PORTLAND         OR   97225          1            07/11/03         00
    2579186                              01           09/01/03          0
    2579186                              O            08/01/33
    0

    8670702          286/286             F           71,920.00         ZZ
                                         360         71,798.80          1
                                       6.875            472.47         80
                                       6.625            472.47
    W MELBOURNE      FL   32904          1            07/24/03         00
    2554695                              03           09/01/03          0
    2554695                              O            08/01/33
    0
1

    8670724          286/286             F          176,000.00         ZZ
                                         360        175,640.24          1
                                       5.875          1,041.11         80
                                       5.625          1,041.11
    WHEELING         IL   60090          1            07/30/03         00
    2634720                              05           09/01/03          0
    2634720                              O            08/01/33
    0

    8670822          286/286             F          634,000.00         ZZ
                                         360        633,426.85          1
                                       6.500          4,007.32         75
                                       6.250          4,007.32
    WELLINGTON       FL   33414          2            08/25/03         00
    2676155                              05           10/01/03          0
    2676155                              O            09/01/33
    0

    8670912          286/286             F           89,200.00         ZZ
                                         360         89,115.36          1
                                       6.250            549.22         80
                                       6.000            549.22
    CHENOA           IL   61726          1            08/01/03         00
    2260451                              05           10/01/03          0
    2260451                              O            09/01/33
    0

    8670932          286/286             F          272,250.00         ZZ
                                         360        271,756.42          1
                                       6.500          1,720.81         80
                                       6.250          1,720.81
    SANFORD          FL   32771          1            07/30/03         00
    1796689                              05           09/01/03          0
    1796689                              O            08/01/33
    0

    8670990          286/286             F          317,600.00         ZZ
                                         360        317,283.82          1
                                       6.000          1,904.18         80
                                       5.750          1,904.18
    ATWATER          CA   95301          1            08/04/03         00
    2574850                              05           10/01/03          0
    2574850                              O            09/01/33
    0

    8671042          286/286             F          612,000.00         ZZ
                                         360        610,651.32          1
1

                                       5.500          3,474.87         80
                                       5.250          3,474.87
    BETHESDA         MD   20814          5            07/23/03         00
    2543168                              05           09/01/03          0
    2543168                              O            08/01/33
    0

    8671152          286/286             F          650,000.00         ZZ
                                         360        649,352.92          1
                                       6.000          3,897.08         69
                                       5.750          3,897.08
    SCOTTSDALE       AZ   85259          2            08/01/03         00
    2647249                              05           10/01/03          0
    2647249                              O            09/01/33
    0

    8671160          286/286             F          111,600.00         ZZ
                                         360        111,366.40          1
                                       5.750            651.27         80
                                       5.500            651.27
    ALBUQUERQUE      NM   87114          1            07/29/03         00
    2664838                              05           09/01/03          0
    2664838                              O            08/01/33
    0

    8671176          286/286             F          143,200.00         ZZ
                                         360        143,009.25          1
                                       6.250            881.71         80
                                       6.000            881.71
    LAUREL SPRINGS   NJ   08021          1            08/15/03         00
    2302387                              05           10/01/03          0
    2302387                              O            09/01/33
    0

    8671336          286/286             F          219,920.00         ZZ
                                         360        219,470.46          1
                                       5.875          1,300.91         80
                                       5.625          1,300.91
    WILLIAMSBURG     VA   23188          1            07/31/03         00
    2558663                              05           09/01/03          0
    2558663                              O            08/01/33
    0

    8671366          286/286             F          123,920.00         ZZ
                                         360        123,390.18          1
                                       6.125            752.96         80
                                       5.875            752.96
    RICHARDSON       TX   75081          1            07/24/03         00
    2679891                              05           09/01/03          0
1

    2679891                              O            08/01/33
    0

    8671436          286/286             F          133,600.00         ZZ
                                         360        133,493.16          1
                                       7.125            900.09         80
                                       6.875            900.09
    EDGEWOOD         KY   41017          1            08/26/03         00
    2706366                              05           10/01/03          0
    2706366                              O            09/01/33
    0

    8671472          286/286             F          123,900.00         ZZ
                                         360        123,646.73          1
                                       5.875            732.92         80
                                       5.625            732.92
    OLATHE           KS   66062          1            07/31/03         00
    2608783                              05           09/01/03          0
    2608783                              O            08/01/33
    0

    8671480          286/286             F          134,400.00         ZZ
                                         360        134,281.42          1
                                       6.625            860.58         80
                                       6.375            860.58
    WINTER SPRINGS   FL   32708          1            08/15/03         00
    2622086                              05           10/01/03          0
    2622086                              O            09/01/33
    0

    8671500          286/286             F          140,000.00         ZZ
                                         360        139,589.68          1
                                       6.125            850.66         80
                                       5.875            850.66
    MANSFIELD        TX   76063          1            06/27/03         00
    2569799                              05           08/01/03          0
    2569799                              O            07/01/33
    0

    8671508          286/286             F          137,600.00         ZZ
                                         360        137,311.97          1
                                       5.750            803.00         80
                                       5.500            803.00
    MESA             AZ   85206          1            07/30/03         00
    2515824                              05           09/01/03          0
    2515824                              O            08/01/33
    0

1

    8671680          286/286             F          138,000.00         ZZ
                                         360        137,872.18          1
                                       6.375            860.95         80
                                       6.125            860.95
    PLANO            TX   75025          1            08/05/03         00
    2635174                              05           10/01/03          0
    2635174                              O            09/01/33
    0

    8671682          286/286             F          430,000.00         ZZ
                                         360        429,591.99          1
                                       6.250          2,647.59         67
                                       6.000          2,647.59
    MAMARONECK       NY   10543          2            08/20/03         00
    2427726                              05           10/01/03          0
    2427726                              O            09/01/33
    0

    8671688          286/286             F          152,400.00         ZZ
                                         360        151,931.56          1
                                       5.875            901.51         80
                                       5.625            901.51
    MCKINNEY         TX   75070          1            06/27/03         00
    2569812                              05           08/01/03          0
    2569812                              O            07/01/33
    0

    8671808          286/286             F          423,000.00         T
                                         360        422,617.60          1
                                       6.500          2,673.65         47
                                       6.250          2,673.65
    PLACIDA          FL   33946          2            08/29/03         00
    1260738                              05           10/01/03          0
    1260738                              O            09/01/33
    0

    8672012          286/286             F          192,000.00         ZZ
                                         360        191,598.12          1
                                       5.750          1,120.46         80
                                       5.500          1,120.46
    ELIZABETH        CO   80107          1            07/30/03         00
    2576489                              05           09/01/03          0
    2576489                              O            08/01/33
    0

    8672014          286/286             F          228,000.00         ZZ
                                         360        227,586.64          3
                                       6.500          1,441.12         80
                                       6.250          1,441.12
1

    SAN PEDRO        CA   90731          1            07/23/03         00
    2640131                              05           09/01/03          0
    2640131                              N            08/01/33
    0

    8672030          286/286             F          154,204.00         ZZ
                                         360        153,752.06          1
                                       6.125            936.96         80
                                       5.875            936.96
    RALEIGH          NC   27604          1            06/24/03         00
    2465153                              05           08/01/03          0
    2465153                              O            07/01/33
    0

    8672068          286/286             F          600,000.00         ZZ
                                         360        598,963.91          1
                                       6.750          3,891.59         75
                                       6.500          3,891.59
    WESTON           FL   33326          1            07/25/03         00
    2630480                              05           09/01/03          0
    2630480                              O            08/01/33
    0

    8672076          286/286             F          435,000.00         ZZ
                                         360        431,156.08          1
                                       6.375          2,713.84         41
                                       6.125          2,713.84
    CHEVY CHASE      MD   20815          2            08/13/03         00
    2311610                              05           10/01/03          0
    2311610                              N            09/01/33
    0

    8672098          286/286             F          151,100.00         ZZ
                                         360        150,791.13          1
                                       5.875            893.82         80
                                       5.625            893.82
    COVINGTON        GA   30016          1            07/25/03         00
    2620254                              05           09/01/03          0
    2620254                              O            08/01/33
    0

    8672578          E77/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.875          2,259.84         80
                                       6.625          2,259.84
    ARNOLD           MD   21012          1            09/10/03         00
    0436585111                           05           11/01/03          0
    1010003651                           O            10/01/33
    0
1

    8674174          E22/G02             F          109,600.00         ZZ
                                         360        109,600.00          1
                                       6.625            701.78         80
                                       6.375            701.78
    MAPLE FALLS      WA   98266          1            09/08/03         00
    0418455705                           03           11/01/03          0
    0418455705                           O            10/01/33
    0

    8674196          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.500          2,654.69         62
                                       6.250          2,654.69
    OAKLAND          CA   94605          1            09/11/03         00
    0418462081                           05           11/01/03          0
    0418462081                           O            10/01/33
    0

    8675526          A06/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.250            837.38         80
                                       6.000            837.38
    MILFORD          MI   48381          2            08/27/03         00
    0436588941                           05           11/01/03          0
    20312755                             O            10/01/33
    0

    8676792          964/G02             F          800,000.00         ZZ
                                         360        799,124.35          1
                                       5.500          4,542.32         72
                                       5.250          4,542.32
    MENLO PARK       CA   94025          2            07/29/03         00
    0436591911                           05           10/01/03          0
    467679                               O            09/01/33
    0

    8676942          964/G02             F          170,800.00         ZZ
                                         360        170,442.50          1
                                       5.750            996.74         57
                                       5.500            996.74
    BUFFALO GROVE    IL   60089          2            07/29/03         00
    0436588925                           09           09/01/03          0
    424229                               O            08/01/33
    0

    8678704          E22/G02             F          442,400.00         ZZ
                                         360        442,400.00          1
1

                                       6.375          2,760.00         80
                                       6.125          2,760.00
    ALBUQUERQUE      NM   87111          2            09/12/03         00
    0418422838                           05           11/01/03          0
    0418422838                           O            10/01/33
    0

    8678928          E22/G02             F           84,500.00         ZZ
                                         360         84,500.00          1
                                       6.250            520.28         70
                                       6.000            520.28
    GRAND RAPIDS     MI   49506          2            09/12/03         00
    0418193660                           05           11/01/03          0
    0418193660                           O            10/01/33
    0

    8679088          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.625          3,741.77         67
                                       5.375          3,741.77
    SAN JOSE         CA   95125          2            09/04/03         00
    0417849759                           05           11/01/03          0
    0417849759                           O            10/01/33
    0

    8679702          806/G02             F          140,900.00         ZZ
                                         360        140,775.69          1
                                       6.625            902.20         80
                                       6.375            902.20
    TOLLESON         AZ   85353          1            08/28/03         00
    0436633523                           03           10/01/03          0
    1150013273                           O            09/01/33
    0

    8680334          313/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.750            700.49         79
                                       6.500            700.49
    CHANDLER         AZ   85226          2            09/12/03         00
    0436604979                           05           11/01/03          0
    0009885088                           N            10/01/33
    0

    8681066          E22/G02             F          506,300.00         ZZ
                                         360        506,300.00          1
                                       6.000          3,035.52         80
                                       5.750          3,035.52
    THOUSAND OAKS    CA   91320          1            09/10/03         00
    0418262325                           03           11/01/03          0
1

    0418262325                           O            10/01/33
    0

    8681250          E22/G02             F           78,750.00         ZZ
                                         360         78,750.00          1
                                       7.125            530.55         75
                                       6.875            530.55
    PEYTON           CO   80831          1            09/18/03         00
    0418455481                           05           11/01/03          0
    0418455481                           N            10/01/33
    0

    8681294          E22/G02             F           95,920.00         ZZ
                                         360         95,920.00          1
                                       6.750            622.14         80
                                       6.500            622.14
    OLIVE BRANCH     MS   38654          1            09/18/03         00
    0418526703                           05           11/01/03          0
    0418526703                           O            10/01/33
    0

    8684222          E82/G02             F           87,900.00         ZZ
                                         360         87,900.00          1
                                       5.750            512.96         68
                                       5.500            512.96
    FRESNO           CA   93726          2            09/12/03         00
    0400857462                           05           11/01/03          0
    0400857462                           O            10/01/33
    0

    8684238          E82/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       5.875          1,419.69         61
                                       5.625          1,419.69
    COSTA MESA       CA   92627          2            09/12/03         00
    0400876140                           03           11/01/03          0
    0400876140                           O            10/01/33
    0

    8684496          E22/G02             F          141,600.00         ZZ
                                         240        141,600.00          1
                                       6.000          1,014.47         80
                                       5.750          1,014.47
    FAIRFAX          VT   05454          5            09/15/03         00
    0418388260                           05           11/01/03          0
    0418388260                           O            10/01/23
    0
1

   TOTAL NUMBER OF LOANS   :        900

   TOTAL ORIGINAL BALANCE  :   158,456,147.00

   TOTAL PRINCIPAL BALANCE :   158,185,483.10

   TOTAL ORIGINAL P+I      :       981,551.21

   TOTAL CURRENT P+I       :       981,551.21

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

  RUN ON     : 10/29/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.34.25           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 CONFORMING                      CUTOFF : 10/01/03
  POOL       : 0004753
             :
             :
  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
  -----------------------------------------------------------------------

      8429214                              .2500
      254,158.83                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8436414                              .2500
      139,700.53                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8457493                              .2500
      277,343.70                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8495208                              .2500
      166,674.55                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8500332                              .2500
      103,402.89                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8502770                              .2500
      291,902.10                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8514658                              .2500
      238,722.57                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8521774                              .2500
      196,597.32                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8534694                              .2500
      172,094.09                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8534746                              .2500
      237,524.96                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8534916                              .2500
      232,046.89                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8541544                              .2500
      199,413.82                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8541950                              .2500
      107,576.89                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8542476                              .2500
      295,319.47                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8542500                              .2500
      195,111.81                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8542766                              .2500
      313,453.45                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8543478                              .2500
      298,906.31                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8545110                              .2500
      276,034.07                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8551304                              .2500
      174,712.27                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8552508                              .2500
      244,462.45                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8552592                              .2500
      289,348.62                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8552698                              .2500
      145,308.37                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8555454                              .2500
      146,549.32                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8556238                              .2500
      186,638.12                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8556356                              .2500
      239,265.29                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8556564                              .2500
       82,938.15                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8556610                              .2500
      218,358.16                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8556766                              .2500
      191,623.10                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8556928                              .2500
      198,289.26                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8560056                              .2500
      184,331.14                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700
1

      8564972                              .2500
      120,392.48                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8565120                              .2500
      151,857.46                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8565198                              .2500
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      8768328                              .2500
      219,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950
1

      8768382                              .2500
      145,400.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8768890                              .2500
      101,400.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8768934                              .2500
      150,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8769490                              .2500
      264,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8770382                              .2500
      100,300.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8771184                              .2500
      133,200.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8772208                              .2500
      128,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8773018                              .2500
      188,287.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450
1

      8774638                              .2500
      160,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8803697                              .2500
      155,177.27                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8836845                              .2500
      113,350.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            5.7500                        1.5450

      8838407                              .2500
      166,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8839457                              .2500
      123,885.15                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8839487                              .2500
      228,598.14                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8840041                              .2500
      161,853.55                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8840193                              .2500
      254,775.02                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450
1

      8840797                              .2500
      204,076.72                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8843581                              .2500
      217,816.86                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8845185                              .2500
      204,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8851843                              .2500
      183,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8852479                              .2500
      200,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8853145                              .2500
      105,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8854407                              .2500
      250,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950
1

      8854455                              .2500
      315,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

  TOTAL NUMBER OF LOANS:     1078
  TOTAL BALANCE........:        191,072,999.40

  RUN ON     : 10/29/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.34.25            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 CONF  FIXED SUMMARY REPORT      CUTOFF : 10/01/03
  POOL       : 0004753
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        6.4705            5.0000      7.8750
  RFC NET RATE                          6.2205            4.7500      7.6250
  NET MTG RATE(INVSTR RATE)             6.1544            4.7200      7.5450
  POST STRIP RATE                       5.6926            4.7200      5.7500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0661             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .4617             .0000      1.7950

  TOTAL NUMBER OF LOANS:  1078
  TOTAL BALANCE........:     191,072,999.40

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 10/29/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.34.25          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 CONFORMING                      CUTOFF : 10/01/03
  POOL       : 0004753
             :
             :
  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 #
  ______________________________________________________________________________

    8429214          U05/G02             F          255,000.00         TX
                                         360        254,158.83          1
                                       5.500          1,447.86         77
                                       5.250          1,447.86
    SAN ANTONIO      TX   78248          2            06/20/03         00
    0436586697                           03           08/01/03          0
    3368573                              O            07/01/33
    0

    8436414          601/G02             F          140,250.00         ZZ
                                         360        139,700.53          1
                                       6.125            852.18         85
                                       5.875            852.18
    BAKER            LA   70714          1            05/30/03         10
    0436111330                           05           07/01/03         12
    62924477                             O            06/01/33
    0

    8457493          286/286             F          280,000.00         ZZ
                                         360        277,343.70          1
                                       6.375          1,746.84         80
                                       6.125          1,746.84
    PAUMA VALLEY     CA   92061          5            11/15/02         00
    1729346                              05           01/01/03          0
    1729346                              O            12/01/32
    0

    8495208          E22/G02             F          167,000.00         ZZ
                                         360        166,674.55          1
                                       6.125          1,014.71        100
                                       5.875          1,014.71
    COVENTRY         CT   06238          2            07/18/03         04
    0417087269                           05           09/01/03         35
1

    0417087269                           O            08/01/33
    0

    8500332          G34/G02             F          103,600.00         ZZ
                                         360        103,402.89          1
                                       6.250            637.88         80
                                       6.000            637.88
    CEDAR PARK       TX   78613          5            07/08/03         00
    0436682389                           05           09/01/03          0
    47005766                             O            08/01/33
    0

    8502770          E22/G02             F          292,500.00         ZZ
                                         360        291,902.10          1
                                       5.875          1,730.25         90
                                       5.625          1,730.25
    FONTANA          CA   92336          1            07/21/03         01
    0417985579                           05           09/01/03         25
    0417985579                           O            08/01/33
    0

    8514658          952/G02             F          239,200.00         ZZ
                                         360        238,722.57          1
                                       6.000          1,434.12         80
                                       5.750          1,434.12
    DELRAY BEACH     FL   33445          1            08/01/03         00
    0436431787                           05           09/01/03          0
    01                                   O            08/01/33
    0

    8521774          E82/G02             F          197,000.00         ZZ
                                         360        196,597.32          1
                                       5.875          1,165.33         68
                                       5.625          1,165.33
    DIX HILLS        NY   11746          2            07/30/03         00
    0400864484                           05           09/01/03          0
    0400864484                           O            08/01/33
    0

    8534694          964/G02             F          172,500.00         ZZ
                                         360        172,094.09          1
                                       5.125            939.24         75
                                       4.875            939.24
    ROSEVILLE        CA   95678          1            07/21/03         00
    0436293724                           05           09/01/03          0
    481279                               O            08/01/33
    0

1

    8534746          964/G02             F          238,000.00         T
                                         360        237,524.96          1
                                       6.000          1,426.93         60
                                       5.750          1,426.93
    SANTA CRUZ       CA   95060          2            07/07/03         00
    0436292890                           03           09/01/03          0
    415859                               O            08/01/33
    0

    8534916          964/G02             F          232,500.00         ZZ
                                         360        232,046.89          1
                                       6.125          1,412.70         75
                                       5.875          1,412.70
    SAN LUIS OBISPO  CA   93401          5            07/18/03         00
    0436319925                           01           09/01/03          0
    461673                               N            08/01/33
    0

    8541544          286/286             F          200,000.00         ZZ
                                         360        199,413.82          2
                                       6.125          1,215.23         37
                                       5.875          1,215.23
    LONG BEACH       CA   90814          5            05/29/03         00
    2358098                              05           08/01/03          0
    2358098                              N            07/01/33
    0

    8541950          286/286             F          108,000.00         ZZ
                                         360        107,576.89          1
                                       6.125            656.22         62
                                       5.875            656.22
    INDIO            CA   92201          5            05/09/03         00
    2312520                              03           07/01/03          0
    2312520                              N            06/01/33
    0

    8542476          964/G02             F          296,000.00         ZZ
                                         360        295,319.47          1
                                       5.250          1,634.52         59
                                       5.000          1,634.52
    DALY CITY        CA   94015          2            07/24/03         00
    0436291272                           05           09/01/03          0
    465056                               O            08/01/33
    0

    8542500          286/286             F          196,000.00         ZZ
                                         360        195,111.81          2
                                       6.125          1,190.92         53
                                       5.875          1,190.92
1

    TEMPLE CITY      CA   91780          2            05/13/03         00
    2237387                              05           07/01/03          0
    2237387                              N            06/01/33
    0

    8542766          286/286             F          315,000.00         ZZ
                                         360        313,453.45          1
                                       6.125          1,913.98         63
                                       5.875          1,913.98
    FORT MYERS BEAC  FL   33931          1            04/16/03         00
    2211220                              05           06/01/03          0
    2211220                              N            05/01/33
    0

    8543478          286/286             F          300,000.00         ZZ
                                         360        298,906.31          1
                                       6.500          1,896.21         60
                                       6.250          1,896.21
    LEESBURG         VA   20175          5            05/29/03         00
    2324116                              05           07/01/03          0
    2324116                              N            06/01/33
    0

    8545110          196/G02             F          276,500.00         ZZ
                                         360        276,034.07          3
                                       6.875          1,816.41         70
                                       6.625          1,816.41
    BROOKLYN         NY   11206          5            07/22/03         00
    0436382790                           05           09/01/03          0
    1622712                              N            08/01/33
    0

    8551304          N67/G01             F          175,000.00         ZZ
                                         180        174,712.27          2
                                       7.000          1,164.28         70
                                       6.750          1,164.28
    CHICAGO          IL   60615          1            07/14/03         00
    0436351076                           05           09/01/03          0
    3281000132                           N            08/01/18
    0

    8552508          964/G02             F          245,000.00         ZZ
                                         360        244,462.45          1
                                       5.500          1,391.08         70
                                       5.250          1,391.08
    EL DORADO        CA   95623          5            07/21/03         00
    0436330500                           03           09/01/03          0
    466237                               O            08/01/33
    0
1

    8552592          964/G02             F          290,000.00         ZZ
                                         360        289,348.62          1
                                       5.375          1,623.92         66
                                       5.125          1,623.92
    SAN LUIS OBISPO  CA   93405          5            07/21/03         00
    0436347397                           05           09/01/03          0
    493127                               O            08/01/33
    0

    8552698          964/G02             F          146,000.00         T
                                         240        145,308.37          1
                                       5.250            983.81         43
                                       5.000            983.81
    LA QUINTA        CA   92253          2            07/23/03         00
    0436326433                           03           09/01/03          0
    468900                               O            08/01/23
    0

    8555454          U05/G02             F          146,950.00         ZZ
                                         360        146,549.32          1
                                       6.500            928.82         92
                                       6.250            928.82
    BERTRAM          TX   78605          2            07/01/03         10
    0436742704                           05           08/01/03         30
    3337677                              O            07/01/33
    0

    8556238          286/286             F          187,200.00         ZZ
                                         360        186,638.12          1
                                       6.000          1,122.36         80
                                       5.750          1,122.36
    ALBUQUERQUE      NM   87109          2            06/19/03         00
    2493854                              05           08/01/03          0
    2493854                              O            07/01/33
    0

    8556356          286/286             F          240,000.00         ZZ
                                         360        239,265.29          2
                                       6.500          1,516.97         66
                                       6.250          1,516.97
    SACRAMENTO       CA   95819          5            06/23/03         00
    2459613                              05           08/01/03          0
    2459613                              O            07/01/33
    0

    8556564          286/286             F           83,200.00         ZZ
                                         360         82,938.15          1
1

                                       5.750            485.54         80
                                       5.500            485.54
    DALLAS           TX   75228          5            06/10/03         00
    2399038                              05           07/01/03          0
    2399038                              N            06/01/33
    0

    8556610          286/286             F          219,000.00         ZZ
                                         360        218,358.16          1
                                       6.125          1,330.67         38
                                       5.875          1,330.67
    SANTA CRUZ       CA   95062          2            06/17/03         00
    2387034                              05           08/01/03          0
    2387034                              N            07/01/33
    0

    8556766          286/286             F          192,200.00         ZZ
                                         360        191,623.10          1
                                       6.000          1,152.34         90
                                       5.750          1,152.34
    DALLAS           TX   75243          2            06/11/03         11
    2321814                              05           08/01/03         25
    2321814                              O            07/01/33
    0

    8556928          286/286             F          200,100.00         ZZ
                                         360        198,289.26          1
                                       6.125          1,215.83         90
                                       5.875          1,215.83
    CLERMONT         FL   34711          1            12/30/02         12
    1916111                              03           02/01/03         25
    1916111                              O            01/01/33
    0

    8560056          Y50/G02             F          184,650.00         ZZ
                                         360        184,331.14          1
                                       6.750          1,197.64         90
                                       6.500          1,197.64
    TUCSON           AZ   85711          1            07/23/03         01
    0436547707                           05           09/01/03         25
    30031015                             N            08/01/33
    0

    8564972          286/286             F          121,500.00         ZZ
                                         360        120,392.48          1
                                       6.125            738.25         90
                                       5.875            738.25
    PHILADELPHIA     PA   19154          1            05/29/03         10
    2109358                              05           07/01/03         25
1

    2109358                              O            06/01/33
    0

    8565120          286/286             F          152,900.00         ZZ
                                         240        151,857.46          1
                                       5.625          1,062.61         70
                                       5.375          1,062.61
    YORK             PA   17406          5            06/19/03         00
    2459600                              05           08/01/03          0
    2459600                              O            07/01/23
    0

    8565198          286/286             F          123,600.00         ZZ
                                         360        123,104.10          1
                                       6.000            741.05         80
                                       5.750            741.05
    HOUSTON          TX   77096          1            06/05/03         00
    2388067                              05           07/01/03          0
    2388067                              N            06/01/33
    0

    8565212          286/286             F          412,500.00         ZZ
                                         360        411,428.52          3
                                       6.750          2,675.47         75
                                       6.500          2,675.47
    CHICAGO          IL   60659          5            05/31/03         00
    2478650                              05           08/01/03          0
    2478650                              O            07/01/33
    0

    8565260          286/286             F          139,400.00         ZZ
                                         360        138,914.55          1
                                       5.875            824.61         90
                                       5.625            824.61
    SURPRISE         AZ   85379          1            07/07/03         21
    2511056                              05           09/01/03         25
    2511056                              N            08/01/33
    0

    8565364          286/286             F          229,000.00         ZZ
                                         360        228,344.73          1
                                       6.250          1,410.00         70
                                       6.000          1,410.00
    EAST ELMHURST    NY   11369          5            06/11/03         00
    2359935                              05           08/01/03          0
    2359935                              O            07/01/33
    0

1

    8565378          286/286             F           88,000.00         ZZ
                                         360         87,771.41          2
                                       6.750            570.77         80
                                       6.500            570.77
    HUDSON           NY   12534          1            07/03/03         00
    2455668                              05           08/01/03          0
    2455668                              N            07/01/33
    0

    8565632          286/286             F          179,500.00         ZZ
                                         360        178,916.26          4
                                       6.500          1,134.57         80
                                       6.250          1,134.57
    MESA             AZ   85204          2            06/05/03         00
    2500110                              05           08/01/03          0
    2500110                              N            07/01/33
    0

    8565824          286/286             F          175,000.00         ZZ
                                         360        174,486.43          1
                                       6.125          1,063.32         67
                                       5.875          1,063.32
    HUNTINGTON BEAC  CA   92649          5            05/30/03         00
    2340149                              01           08/01/03          0
    2340149                              O            07/01/33
    0

    8566056          286/286             F          312,000.00         ZZ
                                         360        310,718.22          1
                                       5.875          1,845.60         66
                                       5.625          1,845.60
    CARLSBAD         CA   92008          2            05/19/03         00
    2343225                              05           07/01/03          0
    2343225                              N            06/01/33
    0

    8566082          286/286             F          152,600.00         ZZ
                                         360        152,119.71          1
                                       5.750            890.54         70
                                       5.500            890.54
    LAKE ELSINORE    CA   92530          2            06/06/03         00
    2327195                              05           08/01/03          0
    2327195                              O            07/01/33
    0

    8566136          286/286             F          122,500.00         ZZ
                                         360        122,020.05          1
                                       6.125            744.33         77
                                       5.875            744.33
1

    CHANDLER         AZ   85226          5            05/15/03         00
    2353668                              05           07/01/03          0
    2353668                              O            06/01/33
    0

    8566320          286/286             F          205,000.00         ZZ
                                         360        204,384.69          1
                                       6.000          1,229.08         76
                                       5.750          1,229.08
    PHOENIX          AZ   85018          5            06/23/03         00
    2478721                              05           08/01/03          0
    2478721                              O            07/01/33
    0

    8566352          286/286             F          115,400.00         ZZ
                                         360        115,195.80          4
                                       6.625            738.92         90
                                       6.375            738.92
    BLOOMINGTON      IL   61701          1            07/01/03         04
    2558652                              05           09/01/03         25
    2558652                              N            08/01/33
    0

    8566440          286/286             F          299,000.00         ZZ
                                         360        297,904.33          1
                                       6.000          1,792.66         74
                                       5.750          1,792.66
    AUBURN           CA   95602          5            06/16/03         00
    2506032                              05           08/01/03          0
    2506032                              O            07/01/33
    0

    8566508          286/286             F          145,000.00         ZZ
                                         360        144,585.07          1
                                       6.250            892.80         69
                                       6.000            892.80
    SCOTTSDALE       AZ   85259          5            06/19/03         00
    2354013                              05           08/01/03          0
    2354013                              N            07/01/33
    0

    8566532          286/286             F          259,000.00         ZZ
                                         360        257,906.21          1
                                       6.125          1,573.71         84
                                       5.875          1,573.71
    SYLMAR           CA   91342          5            05/09/03         12
    2236383                              05           07/01/03         12
    2236383                              O            06/01/33
    0
1

    8566650          286/286             F          206,100.00         ZZ
                                         360        205,311.66          4
                                       6.250          1,269.00         90
                                       6.000          1,269.00
    PHOENIX          AZ   85031          1            05/28/03         12
    2374143                              05           07/01/03         25
    2374143                              N            06/01/33
    0

    8566674          286/286             F          142,500.00         ZZ
                                         360        142,235.32          1
                                       6.375            889.02         45
                                       6.125            889.02
    EL PASO          TX   79932          2            06/30/03         00
    2474982                              05           09/01/03          0
    2474982                              O            08/01/33
    0

    8566746          286/286             F          169,000.00         ZZ
                                         360        168,429.31          1
                                       5.375            946.36         71
                                       5.125            946.36
    EWA BEACH        HI   96706          2            06/11/03         00
    2473496                              05           08/01/03          0
    2473496                              O            07/01/33
    0

    8566754          286/286             F           63,000.00         ZZ
                                         360         62,836.35          3
                                       6.750            408.62         90
                                       6.500            408.62
    CINCINNATI       OH   45205          1            06/30/03         12
    2485203                              05           08/01/03         25
    2485203                              N            07/01/33
    0

    8566886          286/286             F          101,000.00         ZZ
                                         360        100,565.02          1
                                       5.625            581.42         78
                                       5.375            581.42
    ATHENS           GA   30606          2            06/02/03         00
    2375213                              05           07/01/03          0
    2375213                              O            06/01/33
    0

    8566948          286/286             F          193,500.00         ZZ
                                         360        192,704.65          1
1

                                       5.500          1,098.68         88
                                       5.250          1,098.68
    WALLACE          NC   28466          5            06/20/03         11
    2483433                              05           08/01/03         25
    2483433                              O            07/01/33
    0

    8566988          286/286             F          223,000.00         ZZ
                                         360        222,264.37          1
                                       5.500          1,266.17         70
                                       5.250          1,266.17
    ORLANDO          FL   32819          2            06/20/03         00
    2512764                              05           08/01/03          0
    2512764                              O            07/01/33
    0

    8567062          286/286             F          155,250.00         ZZ
                                         360        154,748.37          4
                                       6.750          1,006.95         90
                                       6.500          1,006.95
    EAST ORANGE      NJ   07017          1            07/10/03         11
    2369595                              05           09/01/03         25
    2369595                              N            08/01/33
    0

    8567104          286/286             F          128,000.00         ZZ
                                         360        127,606.58          1
                                       5.875            757.17         80
                                       5.625            757.17
    VISTA            CA   92083          1            06/11/03         00
    2472640                              01           08/01/03          0
    2472640                              N            07/01/33
    0

    8567242          286/286             F          251,000.00         ZZ
                                         360        249,919.07          1
                                       5.625          1,444.90         80
                                       5.375          1,444.90
    TYBEE ISLAND     GA   31328          2            05/19/03         00
    2331222                              05           07/01/03          0
    2331222                              O            06/01/33
    0

    8567346          286/286             F          254,700.00         ZZ
                                         360        254,191.61          3
                                       6.000          1,527.06         90
                                       5.750          1,527.06
    PROVIDENCE       RI   02808          1            07/14/03         11
    2478080                              05           09/01/03         25
1

    2478080                              N            08/01/33
    0

    8567356          286/286             F          302,000.00         ZZ
                                         360        300,699.43          1
                                       5.625          1,738.49         73
                                       5.375          1,738.49
    CORAL SPRINGS    FL   33071          2            05/23/03         00
    2345198                              05           07/01/03          0
    2345198                              O            06/01/33
    0

    8567366          286/286             F          247,250.00         ZZ
                                         240        245,061.57          1
                                       5.875          1,753.60         52
                                       5.625          1,753.60
    EATONONTON       GA   30124          2            05/28/03         00
    1939311                              05           07/01/03          0
    1939311                              O            06/01/23
    0

    8567566          964/G02             F          242,000.00         ZZ
                                         360        241,481.36          1
                                       5.625          1,393.09         71
                                       5.375          1,393.09
    LARKSPUR         CO   80118          2            07/25/03         00
    0436320857                           05           09/01/03          0
    463418                               O            08/01/33
    0

    8576010          964/G02             F          159,900.00         ZZ
                                         360        159,580.84          1
                                       6.000            958.68         80
                                       5.750            958.68
    VANCOUVER        WA   98663          1            07/29/03         00
    0436328181                           05           09/01/03          0
    489819                               O            08/01/33
    0

    8576324          U05/G02             F          125,000.00         ZZ
                                         360        124,878.51          1
                                       6.125            759.51         44
                                       5.875            759.51
    OAKLAND          CA   94608          1            08/04/03         00
    0436341846                           05           10/01/03          0
    3392833                              O            09/01/33
    0

1

    8586142          964/G02             F          192,500.00         ZZ
                                         360        192,097.07          1
                                       5.750          1,123.38         69
                                       5.500          1,123.38
    LOMPOC           CA   93436          1            07/24/03         00
    0436385314                           05           09/01/03          0
    477199                               O            08/01/33
    0

    8586150          964/G02             F          320,000.00         ZZ
                                         360        319,615.50          1
                                       5.000          1,717.83         50
                                       4.750          1,717.83
    POWAY            CA   92064          5            08/01/03         00
    0436389043                           05           10/01/03          0
    481088                               O            09/01/33
    0

    8586250          964/G02             F          215,000.00         ZZ
                                         360        214,528.26          1
                                       5.500          1,220.75         44
                                       5.250          1,220.75
    SONOMA           CA   95476          2            07/24/03         00
    0436382741                           03           09/01/03          0
    446237                               O            08/01/33
    0

    8586258          964/G02             F          303,500.00         ZZ
                                         360        302,894.21          1
                                       6.000          1,819.64         69
                                       5.750          1,819.64
    TRUCKEE          CA   96161          5            07/25/03         00
    0436403653                           03           09/01/03          0
    483947                               O            08/01/33
    0

    8586844          E82/G02             F          148,000.00         ZZ
                                         360        147,852.67          1
                                       6.000            887.33         80
                                       5.750            887.33
    SILT             CO   81652          2            08/15/03         00
    0400871711                           05           10/01/03          0
    0400871711                           O            09/01/33
    0

    8602634          E82/G02             F          154,000.00         ZZ
                                         360        153,842.99          1
                                       5.875            910.97         49
                                       5.625            910.97
1

    HOLMES           NY   12531          2            08/19/03         00
    0400880159                           05           10/01/03          0
    0400880159                           O            09/01/33
    0

    8604018          069/G02             F          288,000.00         ZZ
                                         360        287,465.08          1
                                       6.375          1,796.75         80
                                       6.125          1,796.75
    LOS ANGELES      CA   91343          5            07/23/03         00
    0436427041                           05           09/01/03          0
    88483029                             O            08/01/33
    0

    8605892          W93/G02             F          125,000.00         ZZ
                                         360        124,872.55          1
                                       5.875            739.43         63
                                       5.625            739.43
    CHINO HILLS      CA   91709          5            08/01/03         00
    0436479372                           05           10/01/03          0
    03447619                             O            09/01/33
    0

    8605984          W93/G02             F          184,000.00         ZZ
                                         360        183,816.82          2
                                       6.000          1,103.18         80
                                       5.750          1,103.18
    LOS ANGELES      CA   90047          2            07/31/03         00
    0436439061                           05           10/01/03          0
    67487088                             O            09/01/33
    0

    8607476          E82/G02             F          134,500.00         ZZ
                                         360        134,369.27          1
                                       6.125            817.24         49
                                       5.875            817.24
    HUNTINGTON       NY   11746          2            08/22/03         00
    0400887410                           05           10/01/03          0
    0400887410                           O            09/01/33
    0

    8607532          E22/G02             F          280,000.00         TX
                                         360        279,700.66          1
                                       5.625          1,611.84         51
                                       5.375          1,611.84
    SAN ANTONIO      TX   78212          5            08/11/03         00
    0416470094                           05           10/01/03          0
    0416470094                           O            09/01/33
    0
1

    8610736          X31/G02             F          113,600.00         ZZ
                                         360        113,504.56          1
                                       6.875            746.27         80
                                       6.625            746.27
    LAS VEGAS        NV   89142          1            08/15/03         00
    0436627871                           05           10/01/03          0
    72000505                             O            09/01/33
    0

    8611290          E22/G02             F          114,000.00         ZZ
                                         360        113,822.97          1
                                       6.875            748.90         98
                                       6.625            748.90
    MILLSTADT        IL   62260          1            08/26/03         04
    0418118972                           05           10/01/03         35
    0418118972                           O            09/01/33
    0

    8613988          964/G02             F          153,750.00         ZZ
                                         360        153,593.24          1
                                       5.875            909.49         75
                                       5.625            909.49
    HAWAIIAN GARDEN  CA   90716          5            08/06/03         00
    0436453336                           05           10/01/03          0
    447093                               O            09/01/33
    0

    8614450          E22/G02             F          144,400.00         ZZ
                                         360        144,278.68          1
                                       6.875            948.61         95
                                       6.625            948.61
    MEMPHIS          TN   38125          1            08/27/03         04
    0418190542                           05           10/01/03         35
    0418190542                           O            09/01/33
    0

    8615408          Q87/G02             F          119,500.00         ZZ
                                         360        119,398.91          1
                                       6.840            782.24         69
                                       6.590            782.24
    CARROLLTON       GA   30112          5            08/22/03         00
    0436456719                           05           10/01/03          0
    WYGE02                               O            09/01/33
    0

    8616790          E22/G02             F          129,000.00         ZZ
                                         360        128,891.62          1
1

                                       6.875            847.44         73
                                       6.625            847.44
    FRESNO           CA   93722          5            08/19/03         00
    0418074910                           05           10/01/03          0
    0418074910                           O            09/01/33
    0

    8617578          L14/G02             F          119,000.00         ZZ
                                         360        118,778.97          1
                                       6.375            742.41         85
                                       6.125            742.41
    NASHVILLE        TN   37217          1            07/31/03         12
    0436453823                           03           09/01/03         12
    202421377                            O            08/01/33
    0

    8619666          S27/G02             F          216,000.00         ZZ
                                         360        215,839.69          4
                                       7.500          1,510.31         90
                                       7.250          1,510.31
    KISSIMMEE        FL   34743          1            08/22/03         01
    0436536809                           05           10/01/03         25
    1980000903                           N            09/01/33
    0

    8620320          L14/G02             F          108,800.00         ZZ
                                         360        108,582.82          1
                                       6.000            652.32         85
                                       5.750            652.32
    ALBUQUERQUE      NM   87114          1            07/25/03         12
    0436461164                           05           09/01/03         12
    219303875                            O            08/01/33
    0

    8620406          L14/G02             F          256,000.00         ZZ
                                         360        255,438.28          1
                                       5.500          1,453.55         80
                                       5.250          1,453.55
    SCOTTSDALE       AZ   85259          1            07/18/03         00
    0436463822                           03           09/01/03          0
    202124161                            O            08/01/33
    0

    8621486          E22/G02             F          184,000.00         ZZ
                                         360        183,829.58          4
                                       6.375          1,147.92         80
                                       6.125          1,147.92
    WINSTED          CT   06098          1            08/29/03         00
    0417987583                           05           10/01/03          0
1

    0417987583                           N            09/01/33
    0

    8622202          E22/G02             F          132,000.00         ZZ
                                         360        131,883.54          1
                                       6.625            845.21         80
                                       6.375            845.21
    MILTON           FL   32571          5            08/25/03         00
    0418191904                           05           10/01/03          0
    0418191904                           O            09/01/33
    0

    8623376          144/144             F          141,750.00         ZZ
                                         360        141,460.26          1
                                       5.875            838.50         90
                                       5.625            838.50
    HIGHLAND         NY   12528          1            07/29/03         04
    160733618000000                      05           09/01/03         25
    02LASHINSKYR                         O            08/01/33
    0

    8626488          K15/G02             F          110,000.00         ZZ
                                         360        109,914.19          1
                                       7.250            750.39         85
                                       7.000            750.39
    NEWBURY          VT   05051          5            08/13/03         41
    0436476659                           05           10/01/03         12
    013405516356                         O            09/01/33
    0

    8627452          E82/G02             F          167,500.00         ZZ
                                         360        167,500.00          1
                                       6.375          1,044.98         61
                                       6.125          1,044.98
    REISTERSTOWN     MD   21136          2            08/27/03         00
    0400883799                           05           11/01/03          0
    0400883799                           O            10/01/33
    0

    8627574          Q31/G02             F          151,000.00         ZZ
                                         360        151,000.00          1
                                       6.375            942.05         89
                                       6.125            942.05
    ORLANDO          FL   32835          2            08/29/03         10
    0436496541                           03           11/01/03         25
    SD3531                               O            10/01/33
    0

1

    8627990          E22/G02             F          227,100.00         TX
                                         360        227,100.00          1
                                       6.125          1,379.88         79
                                       5.875          1,379.88
    HOUSTON          TX   77025          5            08/26/03         00
    0417927894                           05           11/01/03          0
    0417927894                           O            10/01/33
    0

    8629212          477/G02             F          175,300.00         ZZ
                                         360        175,125.49          1
                                       6.000          1,051.01         74
                                       5.750          1,051.01
    PORTLAND         OR   97229          5            08/04/03         00
    0436475461                           01           10/01/03          0
    226482                               O            09/01/33
    0

    8629570          L20/G02             F          143,500.00         ZZ
                                         360        143,500.00          1
                                       6.750            930.74         70
                                       6.500            930.74
    RENO             NV   89503          5            09/02/03         00
    0436618870                           05           11/01/03          0
    1141090214                           N            10/01/33
    0

    8630076          H58/G02             F          206,392.00         ZZ
                                         360        206,205.42          1
                                       6.500          1,304.54         80
                                       6.250          1,304.54
    STOCKTON         CA   95212          1            08/26/03         00
    0436664593                           05           10/01/03          0
    173206                               O            09/01/33
    0

    8633336          X91/G02             F          109,000.00         ZZ
                                         360        108,910.65          1
                                       7.000            725.18         50
                                       6.750            725.18
    LAHAINA          HI   96761          1            08/22/03         00
    0436552699                           01           10/01/03          0
    807953                               N            09/01/33
    0

    8634066          Q30/G02             F          175,750.00         ZZ
                                         360        175,605.65          1
                                       6.990          1,168.09         95
                                       6.740          1,168.09
1

    DANBURY          CT   06810          1            08/20/03         01
    0436562797                           05           10/01/03         30
    21025088                             O            09/01/33
    0

    8636168          E22/G02             F          165,000.00         ZZ
                                         360        164,850.84          1
                                       6.500          1,042.91         34
                                       6.250          1,042.91
    PLEASANT HILL    CA   94523          5            08/22/03         00
    0418180238                           05           10/01/03          0
    0418180238                           O            09/01/33
    0

    8636248          E82/G02             F          139,450.00         ZZ
                                         360        139,450.00          1
                                       5.875            824.90         69
                                       5.625            824.90
    MIAMI            FL   33186          2            09/03/03         00
    0400880647                           03           11/01/03          0
    0400880647                           O            10/01/33
    0

    8640732          E22/G02             F          304,000.00         ZZ
                                         360        304,000.00          3
                                       7.500          2,125.61         95
                                       7.250          2,125.61
    AURORA           CO   80010          1            09/05/03         10
    0418197927                           05           11/01/03         30
    0418197927                           O            10/01/33
    0

    8640850          E22/G02             F          238,500.00         ZZ
                                         360        238,331.67          1
                                       7.750          1,708.64         90
                                       7.500          1,708.64
    RICHMOND         CA   94801          5            08/25/03         11
    0418307401                           05           10/01/03         25
    0418307401                           O            09/01/33
    0

    8641004          E22/G02             F          157,400.00         ZZ
                                         360        157,400.00          1
                                       7.000          1,047.19         90
                                       6.750          1,047.19
    HOUSTON          TX   77025          1            09/05/03         01
    0418415402                           05           11/01/03         25
    0418415402                           O            10/01/33
    0
1

    8641046          X89/G02             F          218,000.00         ZZ
                                         360        217,807.66          1
                                       6.625          1,395.88         73
                                       6.375          1,395.88
    WEST COVINA      CA   91791          5            08/23/03         00
    0436541411                           05           10/01/03          0
    2013534                              O            09/01/33
    0

    8643726          B23/G02             F          178,500.00         ZZ
                                         360        178,367.53          4
                                       7.500          1,248.10         70
                                       7.250          1,248.10
    LOS ANGELES      CA   90011          1            08/20/03         00
    0436611131                           05           10/01/03          0
    80001861                             N            09/01/33
    0

    8644662          E22/G02             F          159,000.00         ZZ
                                         360        159,000.00          1
                                       6.625          1,018.09         43
                                       6.375          1,018.09
    PLACENTIA        CA   92870          5            08/27/03         00
    0417952405                           05           11/01/03          0
    0417952405                           O            10/01/33
    0

    8644876          E22/G02             F          135,200.00         ZZ
                                         360        135,200.00          1
                                       6.250            832.45         80
                                       6.000            832.45
    LAS VEGAS        NV   89119          1            08/28/03         00
    0418095048                           05           11/01/03          0
    0418095048                           O            10/01/33
    0

    8650766          N67/G02             F          300,000.00         ZZ
                                         360        299,793.54          1
                                       7.875          2,175.21         80
                                       7.625          2,175.21
    BURBANK          CA   91506          1            08/18/03         00
    0436565618                           05           10/01/03          0
    1781007215                           O            09/01/33
    0

    8650890          N67/G02             F          130,000.00         ZZ
                                         360        129,905.91          2
1

                                       7.625            920.13         57
                                       7.375            920.13
    WILMINGTON       NC   28401          1            08/28/03         00
    0436565006                           05           10/01/03          0
    3254007623                           O            09/01/33
    0

    8651518          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.44         43
                                       5.875          2,430.44
    PRINCEVILLE      HI   96722          2            08/26/03         00
    0417639663                           20           11/01/03          0
    0417639663                           N            10/01/33
    0

    8651638          E22/G02             F          281,000.00         ZZ
                                         360        281,000.00          1
                                       6.000          1,684.74         56
                                       5.750          1,684.74
    OXNARD           CA   93035          2            09/02/03         00
    0418108080                           05           11/01/03          0
    0418108080                           N            10/01/33
    0

    8651782          E22/G02             F          197,500.00         ZZ
                                         360        197,500.00          1
                                       6.375          1,232.14         78
                                       6.125          1,232.14
    INGLEWOOD        CA   90303          2            08/28/03         00
    0418345492                           05           11/01/03          0
    0418345492                           O            10/01/33
    0

    8652016          A50/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       6.875            827.73         90
                                       6.625            827.73
    WARNER ROBINS    GA   31088          2            09/02/03         11
    0436516397                           05           11/01/03         25
    1078393                              O            10/01/33
    0

    8652144          P27/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       7.375          1,229.40         90
                                       7.125          1,229.40
    EAST HAMPTON     CT   06424          5            09/02/03         01
    0436529523                           05           11/01/03         25
1

    2105882393                           O            10/01/33
    0

    8652416          U97/G02             F          286,000.00         ZZ
                                         360        285,735.11          1
                                       6.375          1,784.27         75
                                       6.125          1,784.27
    HULL             MA   02045          5            08/30/03         00
    0436547582                           05           10/01/03          0
    8384862                              O            09/01/33
    0

    8653786          952/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       6.625          1,075.72         60
                                       6.375          1,075.72
    EAST BRUNSWICK   NJ   08816          5            09/04/03         00
    0436582894                           05           11/01/03          0
    00620647                             O            10/01/33
    0

    8654102          U05/G02             F          149,240.00         ZZ
                                         360        149,117.67          1
                                       7.000            992.90         52
                                       6.750            992.90
    SACRAMENTO       CA   95828          1            08/21/03         00
    0436615496                           05           10/01/03          0
    3406783                              O            09/01/33
    0

    8654556          N47/G02             F          215,000.00         ZZ
                                         360        215,000.00          1
                                       6.750          1,394.49         58
                                       6.500          1,394.49
    WINNETKA         CA   91324          5            09/04/03         00
    0436590277                           05           11/01/03          0
    30508672                             N            10/01/33
    0

    8654722          E22/G02             F          177,000.00         TX
                                         360        177,000.00          1
                                       6.000          1,061.20         74
                                       5.750          1,061.20
    AUSTIN           TX   78734          5            09/04/03         00
    0417432176                           05           11/01/03          0
    0417432176                           O            10/01/33
    0

1

    8654852          E22/G02             F          288,500.00         ZZ
                                         360        288,500.00          1
                                       7.000          1,919.40         95
                                       6.750          1,919.40
    PUEBLO           CO   81005          2            09/05/03         01
    0417987724                           05           11/01/03         30
    0417987724                           O            10/01/33
    0

    8654986          E22/G02             F          201,600.00         ZZ
                                         360        201,600.00          4
                                       6.875          1,324.37         90
                                       6.625          1,324.37
    GRAIN VALLEY     MO   64029          1            09/09/03         01
    0418178158                           05           11/01/03         25
    0418178158                           N            10/01/33
    0

    8655050          E22/G02             F          250,320.00         TX
                                         360        250,320.00          1
                                       6.875          1,644.42         80
                                       6.625          1,644.42
    TRINIDAD         TX   75163          5            09/05/03         00
    0418219457                           05           11/01/03          0
    0418219457                           O            10/01/33
    0

    8655170          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          2
                                       6.750            713.46         48
                                       6.500            713.46
    DRAIN            OR   97435          5            09/03/03         00
    0418288510                           05           11/01/03          0
    0418288510                           O            10/01/33
    0

    8656270          K15/G02             F          272,000.00         ZZ
                                         360        271,765.81          1
                                       6.750          1,764.19         80
                                       6.500          1,764.19
    CHARLTON         MA   01507          5            08/26/03         00
    0436548382                           05           10/01/03          0
    037805512778                         O            09/01/33
    0

    8659020          U05/G02             F          240,000.00         T
                                         360        239,808.08          1
                                       7.125          1,616.92         78
                                       6.875          1,616.92
1

    PORT CHARLOTTE   FL   33952          1            08/20/03         00
    0436592414                           05           10/01/03          0
    3407033                              O            09/01/33
    0

    8659230          U05/G02             F          212,000.00         ZZ
                                         360        211,808.35          1
                                       6.500          1,339.98         80
                                       6.250          1,339.98
    LOMBARD          IL   60148          2            08/16/03         00
    0436598791                           01           10/01/03          0
    3410821                              O            09/01/33
    0

    8660838          E22/G02             F          265,500.00         ZZ
                                         360        265,500.00          3
                                       7.500          1,856.41         90
                                       7.250          1,856.41
    HAVERHILL        MA   01830          1            09/11/03         01
    0418202792                           05           11/01/03         25
    0418202792                           N            10/01/33
    0

    8661284          E22/G02             F          171,000.00         ZZ
                                         360        170,829.77          1
                                       6.000          1,025.23         75
                                       5.750          1,025.23
    LAURENS          SC   29360          5            09/04/03         00
    0417568029                           03           10/01/03          0
    0417568029                           O            09/01/33
    0

    8661660          A06/G02             F          222,320.00         T
                                         360        222,163.09          1
                                       7.750          1,592.73         79
                                       7.500          1,592.73
    CELEBRATION      FL   34747          1            08/21/03         00
    0436569818                           03           10/01/03          0
    1                                    O            09/01/33
    0

    8662088          408/G02             F          179,500.00         ZZ
                                         360        179,359.97          1
                                       7.250          1,224.51         95
                                       7.000          1,224.51
    INDEPENDENCE     MO   64056          1            08/29/03         10
    0436629034                           03           10/01/03         35
    703039105                            O            09/01/33
    0
1

    8662610          U42/G02             F          128,000.00         TX
                                         360        128,000.00          1
                                       7.000            851.59         74
                                       6.750            851.59
    ARLINGTON        TX   76016          5            09/02/03         00
    0436613582                           05           11/01/03          0
    33300949                             O            10/01/33
    0

    8662936          N47/G02             F          292,500.00         ZZ
                                         360        292,222.47          1
                                       6.250          1,800.97         75
                                       6.000          1,800.97
    EL SOBRANTE      CA   94803          5            08/22/03         00
    0436589956                           05           10/01/03          0
    20509468                             O            09/01/33
    0

    8663534          E82/G02             F          133,600.00         ZZ
                                         360        133,600.00          1
                                       5.875            790.29         80
                                       5.625            790.29
    HOOVER           AL   35226          2            09/06/03         00
    0400878963                           05           11/01/03          0
    0400878963                           O            10/01/33
    0

    8663722          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.750            713.46         63
                                       6.500            713.46
    CHESTERFIELD     VA   23838          1            09/12/03         00
    0418222451                           05           11/01/03          0
    0418222451                           O            10/01/33
    0

    8664336          Y50/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
                                       7.875            783.07         90
                                       7.625            783.07
    TUCSON           AZ   85716          1            09/04/03         12
    0436580450                           05           11/01/03         25
    B30031074                            N            10/01/33
    0

    8664664          Y50/G02             F          126,900.00         ZZ
                                         360        126,900.00          3
1

                                       7.875            920.11         90
                                       7.625            920.11
    TUCSON           AZ   85716          1            09/03/03         14
    0436541957                           05           11/01/03         25
    B30031073                            N            10/01/33
    0

    8666462          B28/G02             F          142,500.00         ZZ
                                         360        142,500.00          2
                                       7.500            996.39         58
                                       7.250            996.39
    DENVER           CO   80223          5            09/08/03         00
    0436613301                           05           11/01/03          0
    19702376                             O            10/01/33
    0

    8666634          E57/G02             F          125,000.00         ZZ
                                         360        124,902.49          1
                                       7.250            852.72         72
                                       7.000            852.72
    RIALTO           CA   92377          5            08/28/03         00
    0436597140                           05           10/01/03          0
    06017904                             N            09/01/33
    0

    8666708          U05/G02             F          292,000.00         T
                                         360        291,702.29          1
                                       5.875          1,727.29         80
                                       5.625          1,727.29
    SALEM            OR   97304          1            08/25/03         00
    0436589303                           05           10/01/03          0
    3391247                              O            09/01/33
    0

    8667072          K15/G02             F          369,700.00         ZZ
                                         360        369,365.78          2
                                       6.500          2,336.76         76
                                       6.250          2,336.76
    ROXBURY          MA   02120          5            08/26/03         00
    0436583710                           05           10/01/03          0
    024005520600                         O            09/01/33
    0

    8667596          E22/G02             F          162,500.00         ZZ
                                         360        162,500.00          1
                                       6.500          1,027.11         83
                                       6.250          1,027.11
    BEL AIR          MD   21015          5            09/09/03         10
    0418310058                           05           11/01/03         12
1

    0418310058                           O            10/01/33
    0

    8667684          E22/G02             F          122,320.00         ZZ
                                         360        122,320.00          1
                                       7.625            865.77         80
                                       7.375            865.77
    STUART           FL   34996          1            09/15/03         00
    0418335329                           05           11/01/03          0
    0418335329                           N            10/01/33
    0

    8667846          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.750          1,608.52         80
                                       6.500          1,608.52
    CONCORD          CA   94519          2            09/05/03         00
    0418419719                           05           11/01/03          0
    0418419719                           O            10/01/33
    0

    8668180          E22/G02             F          279,000.00         ZZ
                                         360        279,000.00          3
                                       7.375          1,926.98         90
                                       7.125          1,926.98
    SPARKS           NV   89431          1            09/05/03         01
    0417552205                           05           11/01/03         25
    0417552205                           N            10/01/33
    0

    8668198          E22/G02             F          120,800.00         ZZ
                                         360        120,800.00          1
                                       6.625            773.50         80
                                       6.375            773.50
    KALAMAZOO        MI   49008          5            09/10/03         00
    0417729993                           05           11/01/03          0
    0417729993                           O            10/01/33
    0

    8668572          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
                                       6.875            945.98         80
                                       6.625            945.98
    RIO RANCHO       NM   87124          2            09/12/03         00
    0418232922                           05           11/01/03          0
    0418232922                           N            10/01/33
    0

1

    8669420          F61/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.625            990.91         80
                                       7.375            990.91
    UNIVERSITY PLAC  WA   98466          1            09/09/03         00
    0436553986                           01           11/01/03          0
    030346L                              O            10/01/33
    0

    8669828          286/286             F          101,600.00         ZZ
                                         360        101,516.72          1
                                       7.000            675.95         80
                                       6.750            675.95
    PHOENIX          AZ   85037          2            08/11/03         00
    2673899                              05           10/01/03          0
    2673899                              N            09/01/33
    0

    8669834          286/286             F          292,292.00         ZZ
                                         360        291,749.10          1
                                       6.375          1,823.53         80
                                       6.125          1,823.53
    SAN JOSE         CA   95112          1            07/22/03         00
    2625390                              05           09/01/03          0
    2625390                              N            08/01/33
    0

    8669844          286/286             F          190,000.00         ZZ
                                         360        189,547.89          1
                                       6.000          1,139.15         89
                                       5.750          1,139.15
    MORRISON         CO   80465          2            07/10/03         11
    2567890                              05           09/01/03         25
    2567890                              O            08/01/33
    0

    8669856          286/286             F          118,400.00         ZZ
                                         360        118,295.54          1
                                       6.625            758.13         80
                                       6.375            758.13
    FREEHOLD         NJ   07728          5            08/22/03         00
    2643191                              05           10/01/03          0
    2643191                              N            09/01/33
    0

    8669866          286/286             F          123,210.00         ZZ
                                         360        122,969.87          1
                                       6.125            748.64         90
                                       5.875            748.64
1

    TEMPE            AZ   85282          1            07/25/03         10
    2653202                              05           09/01/03         25
    2653202                              N            08/01/33
    0

    8669868          286/286             F          101,600.00         ZZ
                                         360        101,411.28          4
                                       6.375            633.86         80
                                       6.125            633.86
    DALLAS           TX   75223          1            08/12/03         00
    2674071                              05           10/01/03          0
    2674071                              O            09/01/33
    0

    8669888          286/286             F          224,050.00         ZZ
                                         360        224,050.00          1
                                       5.875          1,325.35         90
                                       5.625          1,325.35
    ALDIE            VA   20152          1            09/11/03         12
    2559637                              05           11/01/03         25
    2559637                              N            10/01/33
    0

    8669910          286/286             F          223,000.00         ZZ
                                         360        222,544.17          1
                                       5.875          1,319.13         80
                                       5.625          1,319.13
    DANBURY          CT   06810          2            07/23/03         00
    2453846                              05           09/01/03          0
    2453846                              O            08/01/33
    0

    8669924          286/286             F          229,150.00         ZZ
                                         360        228,670.35          1
                                       5.750          1,337.26         95
                                       5.500          1,337.26
    INDIAN TRAIL     NC   28079          1            07/29/03         21
    2648320                              05           09/01/03         30
    2648320                              O            08/01/33
    0

    8669930          286/286             F           87,500.00         ZZ
                                         360         87,408.64          1
                                       5.750            510.63         79
                                       5.500            510.63
    VANCOUVER        WA   98685          2            08/02/03         00
    2594813                              05           10/01/03          0
    2594813                              N            09/01/33
    0
1

    8669936          286/286             F          170,000.00         ZZ
                                         360        169,860.65          1
                                       7.000          1,131.02         78
                                       6.750          1,131.02
    SAN DIEGO        CA   92122          5            08/13/03         00
    2647542                              01           10/01/03          0
    2647542                              O            09/01/33
    0

    8669948          286/286             F          127,100.00         ZZ
                                         360        126,840.18          1
                                       5.875            751.85         80
                                       5.625            751.85
    COLUMBUS         OH   43240          1            07/25/03         00
    2061375                              05           09/01/03          0
    2061375                              O            08/01/33
    0

    8669960          286/286             F          202,500.00         ZZ
                                         360        202,325.64          1
                                       6.750          1,313.42         75
                                       6.500          1,313.42
    PALATINE         IL   60067          5            08/20/03         00
    2621971                              05           10/01/03          0
    2621971                              N            09/01/33
    0

    8669974          286/286             F          176,468.00         ZZ
                                         360        176,077.83          1
                                       6.125          1,072.24         86
                                       5.875          1,072.24
    O'FALLON         MO   63366          1            07/14/03         10
    2406050                              05           09/01/03         25
    2406050                              O            08/01/33
    0

    8669980          286/286             F          206,250.00         ZZ
                                         360        206,072.42          1
                                       6.750          1,337.74         62
                                       6.500          1,337.74
    ALBUQUERQUE      NM   87107          5            08/06/03         00
    2445198                              05           10/01/03          0
    2445198                              N            09/01/33
    0

    8669986          286/286             F          121,500.00         ZZ
                                         360        121,392.80          1
1

                                       6.625            777.98         90
                                       6.375            777.98
    CHANDLER         AZ   85224          1            08/22/03         14
    2529960                              05           10/01/03         25
    2529960                              N            09/01/33
    0

    8670000          286/286             F          254,000.00         ZZ
                                         360        253,195.56          1
                                       5.750          1,482.28         80
                                       5.500          1,482.28
    COON RAPIDS      MN   55448          5            06/25/03         00
    2473248                              05           08/01/03          0
    2473248                              O            07/01/33
    0

    8670002          286/286             F          180,000.00         ZZ
                                         360        179,413.73          1
                                       5.875          1,064.77         54
                                       5.625          1,064.77
    ARLINGTON        VA   22204          1            07/29/03         00
    2661721                              03           09/01/03          0
    2661721                              N            08/01/33
    0

    8670006          286/286             F          143,200.00         ZZ
                                         360        142,738.57          1
                                       5.625            824.35         80
                                       5.375            824.35
    BOULDER          CO   80303          1            06/25/03         00
    2591489                              01           08/01/03          0
    2591489                              N            07/01/33
    0

    8670010          286/286             F          250,000.00         ZZ
                                         360        249,738.98          1
                                       5.750          1,458.94         47
                                       5.500          1,458.94
    GAITHERSBURG     MD   20878          5            08/15/03         00
    2602568                              05           10/01/03          0
    2602568                              O            09/01/33
    0

    8670012          286/286             F          235,000.00         ZZ
                                         360        234,476.21          1
                                       6.000          1,408.95         80
                                       5.750          1,408.95
    STOCKTON         CA   95212          5            08/05/03         00
    2633480                              05           09/01/03          0
1

    2633480                              O            08/01/33
    0

    8670020          286/286             F          207,000.00         ZZ
                                         360        206,651.18          3
                                       6.875          1,359.85         90
                                       6.625          1,359.85
    PATERSON         NJ   07501          1            07/30/03         11
    2454490                              05           09/01/03         25
    2454490                              O            08/01/33
    0

    8670026          286/286             F          227,000.00         ZZ
                                         360        226,535.97          1
                                       5.875          1,342.80         70
                                       5.625          1,342.80
    WHITSETT         NC   27377          1            07/29/03         00
    2347525                              05           09/01/03          0
    2347525                              O            08/01/33
    0

    8670028          286/286             F          173,000.00         ZZ
                                         360        172,543.95          1
                                       5.875          1,023.37         69
                                       5.625          1,023.37
    ROSEVILLE        CA   95747          2            07/29/03         00
    2627268                              05           09/01/03          0
    2627268                              N            08/01/33
    0

    8670032          286/286             F          129,000.00         ZZ
                                         360        128,877.59          4
                                       6.250            794.28         75
                                       6.000            794.28
    GILBERTVILLE     MA   01031          5            08/14/03         00
    2728109                              05           10/01/03          0
    2728109                              O            09/01/33
    0

    8670036          286/286             F          255,000.00         ZZ
                                         360        254,453.48          1
                                       5.625          1,467.93         66
                                       5.375          1,467.93
    SAN LEANDRO      CA   94578          5            07/17/03         00
    2567835                              05           09/01/03          0
    2567835                              O            08/01/33
    0

1

    8670044          286/286             F          201,600.00         ZZ
                                         360        201,384.47          1
                                       5.625          1,160.53         69
                                       5.375          1,160.53
    ELK GROVE        CA   95758          1            08/08/03         00
    2468049                              05           10/01/03          0
    2468049                              O            09/01/33
    0

    8670046          286/286             F          204,000.00         ZZ
                                         360        203,583.00          1
                                       5.875          1,206.74         80
                                       5.625          1,206.74
    PHOENIX          AZ   85022          5            07/23/03         00
    2640165                              05           09/01/03          0
    2640165                              O            08/01/33
    0

    8670048          286/286             F          248,000.00         ZZ
                                         360        247,480.88          1
                                       5.750          1,447.27         80
                                       5.500          1,447.27
    LONG BRANCH      NJ   07740          5            07/31/03         00
    2489500                              01           09/01/03          0
    2489500                              O            08/01/33
    0

    8670054          286/286             F          148,000.00         ZZ
                                         360        147,539.99          1
                                       6.000            887.34         80
                                       5.750            887.34
    TEMPERANCE       MI   48182          5            07/23/03         00
    2397148                              05           09/01/03          0
    2397148                              O            08/01/33
    0

    8670060          286/286             F          266,000.00         ZZ
                                         360        265,364.56          1
                                       5.875          1,573.50         95
                                       5.625          1,573.50
    SKOKIE           IL   60077          2            07/22/03         11
    2601197                              05           09/01/03         30
    2601197                              O            08/01/33
    0

    8670062          286/286             F          180,000.00         ZZ
                                         360        179,657.51          1
                                       6.250          1,108.30         66
                                       6.000          1,108.30
1

    HOLLYWOOD        FL   33021          5            07/25/03         00
    2596040                              05           09/01/03          0
    2596040                              O            08/01/33
    0

    8670064          286/286             F          230,000.00         ZZ
                                         360        228,529.34          1
                                       5.750          1,342.22         68
                                       5.500          1,342.22
    OAKLAND          CA   94610          5            04/15/03         00
    2190405                              06           06/01/03          0
    2190405                              N            05/01/33
    0

    8670066          286/286             F          220,500.00         ZZ
                                         360        219,923.00          1
                                       6.000          1,322.01         90
                                       5.750          1,322.01
    GRAYSLAKE        IL   60030          2            07/18/03         12
    2541472                              05           09/01/03         25
    2541472                              O            08/01/33
    0

    8670068          286/286             F           71,100.00         ZZ
                                         360         70,980.18          3
                                       6.875            467.08         90
                                       6.625            467.08
    RACINE           WI   53403          2            07/29/03         12
    2418130                              05           09/01/03         25
    2418130                              N            08/01/33
    0

    8670078          286/286             F          129,370.00         ZZ
                                         360        129,228.40          1
                                       5.500            734.55         85
                                       5.250            734.55
    BLACKLICK        OH   43004          1            08/01/03         12
    2669347                              05           10/01/03         25
    2669347                              O            09/01/33
    0

    8670080          286/286             F          105,000.00         ZZ
                                         360        103,580.30          1
                                       5.750            612.76         49
                                       5.500            612.76
    SOUTHFIELD       MI   48076          2            07/25/03         00
    2551966                              05           09/01/03          0
    2551966                              O            08/01/33
    0
1

    8670082          286/286             F          161,600.00         ZZ
                                         360        161,431.27          1
                                       5.750            943.06         80
                                       5.500            943.06
    BEAVERTON        OR   97008          5            08/19/03         00
    2473501                              05           10/01/03          0
    2473501                              O            09/01/33
    0

    8670086          286/286             F          226,400.00         ZZ
                                         360        225,937.21          1
                                       5.875          1,339.25         80
                                       5.625          1,339.25
    HAMPSTEAD        MD   21074          5            07/23/03         00
    2475723                              05           09/01/03          0
    2475723                              O            08/01/33
    0

    8670088          286/286             F          157,000.00         ZZ
                                         360        156,665.36          1
                                       6.375            979.48         74
                                       6.125            979.48
    MESA             AZ   85202          2            07/23/03         00
    2684622                              05           09/01/03          0
    2684622                              N            08/01/33
    0

    8670090          286/286             F          144,800.00         ZZ
                                         360        144,375.63          1
                                       6.125            879.82         80
                                       5.875            879.82
    TONEY            AL   35773          2            06/20/03         00
    2467271                              05           08/01/03          0
    2467271                              O            07/01/33
    0

    8670092          286/286             F          300,000.00         ZZ
                                         360        299,386.76          1
                                       5.875          1,774.62         78
                                       5.625          1,774.62
    POWAY            CA   92064          1            07/17/03         00
    2593135                              05           09/01/03          0
    2593135                              N            08/01/33
    0

    8670104          286/286             F          125,100.00         ZZ
                                         360        124,992.29          4
1

                                       6.750            811.40         90
                                       6.500            811.40
    CLOVIS           NM   88101          1            08/11/03         10
    2685592                              05           10/01/03         25
    2685592                              N            09/01/33
    0

    8670108          286/286             F          102,000.00         ZZ
                                         360        101,823.85          2
                                       6.250            628.04         65
                                       6.000            628.04
    PORTLAND         OR   97220          5            08/12/03         00
    2547940                              05           10/01/03          0
    2547940                              N            09/01/33
    0

    8670116          286/286             F          227,200.00         ZZ
                                         360        226,957.10          1
                                       5.625          1,307.90         80
                                       5.375          1,307.90
    SHELBY TWP       MI   48316          1            08/11/03         00
    2626156                              05           10/01/03          0
    2626156                              O            09/01/33
    0

    8670120          286/286             F          112,600.00         ZZ
                                         360        112,375.24          1
                                       6.000            675.10         89
                                       5.750            675.10
    SUNSET BEACH     NC   28468          1            07/22/03         12
    2690234                              05           09/01/03         25
    2690234                              O            08/01/33
    0

    8670122          286/286             F           80,000.00         ZZ
                                         360         79,836.46          1
                                       5.875            473.24         73
                                       5.625            473.24
    SAUK RAPIDS      MN   56379          5            07/30/03         00
    2653693                              01           09/01/03          0
    2653693                              O            08/01/33
    0

    8670126          286/286             F          182,000.00         ZZ
                                         360        181,770.79          1
                                       5.500          1,033.38         88
                                       5.250          1,033.38
    SANTA FE         NM   87508          5            08/14/03         10
    2663522                              05           10/01/03         25
1

    2663522                              O            09/01/33
    0

    8670128          286/286             F          170,950.00         ZZ
                                         360        170,689.01          1
                                       7.375          1,180.71         95
                                       7.125          1,180.71
    ARLINGTON        WA   98223          1            07/30/03         11
    2589171                              05           09/01/03         30
    2589171                              O            08/01/33
    0

    8670134          286/286             F          122,400.00         ZZ
                                         360        122,188.63          4
                                       6.750            793.89         90
                                       6.500            793.89
    STEWARTSVILLE    NJ   08886          1            08/01/03         21
    2484066                              05           09/01/03         25
    2484066                              N            08/01/33
    0

    8670136          286/286             F          248,000.00         ZZ
                                         360        247,747.15          1
                                       5.875          1,467.02         80
                                       5.625          1,467.02
    CHICAGO          IL   60634          5            08/08/03         00
    2615358                              05           10/01/03          0
    2615358                              O            09/01/33
    0

    8670138          286/286             F          169,000.00         ZZ
                                         360        168,839.64          3
                                       6.250          1,040.57         65
                                       6.000          1,040.57
    STOCKTON         CA   95204          5            08/15/03         00
    2662962                              05           10/01/03          0
    2662962                              N            09/01/33
    0

    8670142          286/286             F          147,200.00         ZZ
                                         360        147,041.48          1
                                       5.875            870.75         80
                                       5.625            870.75
    KINGSBURG        CA   93631          2            08/07/03         00
    2611536                              05           10/01/03          0
    2611536                              O            09/01/33
    0

1

    8670144          286/286             F          224,500.00         ZZ
                                         360        224,051.88          1
                                       6.000          1,346.00         90
                                       5.750          1,346.00
    CLARSVILLE       MD   21029          1            07/30/03         12
    2653941                              01           09/01/03         25
    2653941                              N            08/01/33
    0

    8670148          286/286             F          252,000.00         ZZ
                                         360        251,472.52          1
                                       5.750          1,470.61         80
                                       5.500          1,470.61
    SILVER SPRING    MD   20904          5            07/23/03         00
    2607385                              05           09/01/03          0
    2607385                              O            08/01/33
    0

    8670160          286/286             F          160,000.00         ZZ
                                         360        159,836.86          1
                                       5.875            946.47         54
                                       5.625            946.47
    GARDEN GROVE     CA   92843          5            08/15/03         00
    2656947                              05           10/01/03          0
    2656947                              N            09/01/33
    0

    8670162          286/286             F          145,500.00         ZZ
                                         360        145,202.58          1
                                       5.875            860.69         86
                                       5.625            860.69
    SURPRISE         AZ   85374          2            07/25/03         21
    2607266                              03           09/01/03         25
    2607266                              O            08/01/33
    0

    8670164          286/286             F          210,600.00         ZZ
                                         360        209,832.23          2
                                       6.500          1,331.14         90
                                       6.250          1,331.14
    JERSEY CITY      NJ   07305          2            05/23/03         11
    2392923                              05           07/01/03         25
    2392923                              N            06/01/33
    0

    8670166          286/286             F          156,650.00         ZZ
                                         360        156,121.03          1
                                       5.375            877.20         95
                                       5.125            877.20
1

    LAS VEGAS        NV   84556          1            06/20/03         10
    2431078                              05           08/01/03         30
    2431078                              O            07/01/33
    0

    8670182          286/286             F          195,300.00         ZZ
                                         360        195,147.64          4
                                       7.250          1,332.30         90
                                       7.000          1,332.30
    SAN BERNARDINO   CA   92410          1            08/07/03         12
    2656090                              05           10/01/03         30
    2656090                              O            09/01/33
    0

    8670188          286/286             F          124,300.00         ZZ
                                         360        124,063.50          1
                                       6.250            765.34         89
                                       6.000            765.34
    BEAVERCREEK      OH   45440          2            07/30/03         11
    2456120                              05           09/01/03         25
    2456120                              N            08/01/33
    0

    8670192          286/286             F          290,400.00         ZZ
                                         360        290,143.78          1
                                       6.625          1,859.47         80
                                       6.375          1,859.47
    GARDEN GROVE     CA   92841          1            08/01/03         00
    2629877                              05           10/01/03          0
    2629877                              N            09/01/33
    0

    8670196          286/286             F          115,000.00         ZZ
                                         360        114,888.22          1
                                       6.125            698.76         35
                                       5.875            698.76
    HICKORY CORNERS  MI   49060          2            08/05/03         00
    2457307                              05           10/01/03          0
    2457307                              O            09/01/33
    0

    8670204          286/286             F          121,000.00         ZZ
                                         360        120,876.63          1
                                       5.875            715.77         78
                                       5.625            715.77
    SOLON            OH   44139          5            08/12/03         00
    2635542                              05           10/01/03          0
    2635542                              O            09/01/33
    0
1

    8670206          286/286             F          255,000.00         ZZ
                                         360        254,740.01          1
                                       5.875          1,508.43         79
                                       5.625          1,508.43
    BROOKLYN         NY   11211          1            08/21/03         00
    2649582                              06           10/01/03          0
    2649582                              O            09/01/33
    0

    8670210          286/286             F          184,000.00         ZZ
                                         360        183,623.88          4
                                       5.875          1,088.43         80
                                       5.625          1,088.43
    RIO RANCHO       NM   87124          2            07/28/03         00
    2492575                              05           09/01/03          0
    2492575                              N            08/01/33
    0

    8670214          286/286             F          318,750.00         ZZ
                                         360        318,082.81          1
                                       5.750          1,860.14         48
                                       5.500          1,860.14
    ELLICOTT CITY    MD   21042          2            07/28/03         00
    2581015                              05           09/01/03          0
    2581015                              N            08/01/33
    0

    8670220          286/286             F          219,000.00         ZZ
                                         360        218,583.30          1
                                       6.250          1,348.43         80
                                       6.000          1,348.43
    TEMECULA         CA   92592          2            07/22/03         00
    2032960                              05           09/01/03          0
    2032960                              N            08/01/33
    0

    8670224          286/286             F          220,000.00         ZZ
                                         360        219,581.42          1
                                       6.250          1,354.58         80
                                       6.000          1,354.58
    TEMECULA         CA   92592          2            07/22/03         00
    2033499                              05           09/01/03          0
    2033499                              N            08/01/33
    0

    8670226          286/286             F          116,000.00         ZZ
                                         360        115,711.77          1
1

                                       5.625            667.77         80
                                       5.375            667.77
    CASTLE ROCK      WA   98611          5            07/21/03         00
    2396603                              05           09/01/03          0
    2396603                              O            08/01/33
    0

    8670230          286/286             F          185,250.00         ZZ
                                         360        184,570.59          1
                                       5.875          1,095.83         95
                                       5.625          1,095.83
    RICHMOND         VA   23060          1            07/31/03         11
    2634959                              05           09/01/03         30
    2634959                              O            08/01/33
    0

    8670232          286/286             F          197,000.00         ZZ
                                         360        196,567.75          1
                                       5.500          1,118.55         78
                                       5.250          1,118.55
    ELK GROVE        CA   95758          2            07/21/03         00
    2597768                              05           09/01/03          0
    2597768                              N            08/01/33
    0

    8670238          286/286             F          268,000.00         ZZ
                                         360        267,726.76          1
                                       5.875          1,585.33         80
                                       5.625          1,585.33
    ETNA             WY   83118          5            08/08/03         00
    2480361                              05           10/01/03          0
    2480361                              O            09/01/33
    0

    8670240          286/286             F          125,600.00         ZZ
                                         360        125,366.70          1
                                       6.375            783.59         80
                                       6.125            783.59
    OAK LAWN         IL   60453          1            07/23/03         00
    2577842                              05           09/01/03          0
    2577842                              N            08/01/33
    0

    8670250          286/286             F          106,500.00         ZZ
                                         360        106,282.30          1
                                       5.875            629.99         42
                                       5.625            629.99
    ROCKVILLE        MD   20852          2            07/30/03         00
    2623867                              01           09/01/03          0
1

    2623867                              N            08/01/33
    0

    8670252          286/286             F          175,500.00         ZZ
                                         360        174,017.37          1
                                       5.875          1,038.15         90
                                       5.625          1,038.15
    BLOOMFIELD       NM   87413          2            07/25/03         12
    2639344                              05           09/01/03         30
    2639344                              O            08/01/33
    0

    8670256          286/286             F          285,600.00         ZZ
                                         360        285,056.61          1
                                       6.250          1,758.49         80
                                       6.000          1,758.49
    OCEANSIDE        CA   92056          5            07/16/03         00
    2562320                              05           09/01/03          0
    2562320                              O            08/01/33
    0

    8670260          286/286             F          184,500.00         ZZ
                                         360        184,329.12          4
                                       6.375          1,151.04         90
                                       6.125          1,151.04
    AUSTIN           TX   78744          1            08/14/03         11
    2662854                              05           10/01/03         25
    2662854                              N            09/01/33
    0

    8670264          286/286             F          125,000.00         ZZ
                                         360        124,881.39          1
                                       6.250            769.65         39
                                       6.000            769.65
    GLOUCESTER       MA   01930          2            08/11/03         00
    2561720                              05           10/01/03          0
    2561720                              O            09/01/33
    0

    8670266          286/286             F          108,000.00         ZZ
                                         360        107,902.37          4
                                       6.500            682.64         90
                                       6.250            682.64
    EL PASO          TX   79924          1            08/15/03         12
    2690586                              05           10/01/03         25
    2690586                              O            09/01/33
    0

1

    8670272          286/286             F          184,500.00         ZZ
                                         360        184,131.72          1
                                       6.000          1,106.18         90
                                       5.750          1,106.18
    ROCKVILLE        MD   20851          1            07/31/03         11
    2652066                              05           09/01/03         25
    2652066                              N            08/01/33
    0

    8670286          286/286             F          210,000.00         ZZ
                                         360        209,570.74          4
                                       5.875          1,242.23         75
                                       5.625          1,242.23
    PHOENIX          AZ   85032          2            07/18/03         00
    2578440                              05           09/01/03          0
    2578440                              O            08/01/33
    0

    8670296          286/286             F          132,000.00         ZZ
                                         360        131,723.70          1
                                       5.750            770.32         80
                                       5.500            770.32
    GLEN BURNIE      MD   21060          2            07/30/03         00
    2615142                              05           09/01/03          0
    2615142                              O            08/01/33
    0

    8670298          286/286             F          187,500.00         ZZ
                                         360        187,143.26          4
                                       6.250          1,154.47         75
                                       6.000          1,154.47
    PHOENIX          AZ   85032          2            07/18/03         00
    2578448                              05           09/01/03          0
    2578448                              N            08/01/33
    0

    8670300          286/286             F          113,580.00         ZZ
                                         360        113,419.14          1
                                       7.750            813.71         80
                                       7.500            813.71
    CANTON           MI   48187          1            07/30/03         00
    2336313                              01           09/01/03          0
    2336313                              N            08/01/33
    0

    8670304          286/286             F          120,000.00         ZZ
                                         360        119,754.70          1
                                       5.875            709.85         80
                                       5.625            709.85
1

    DESERT HOT SPRI  CA   92241          5            07/14/03         00
    2494316                              05           09/01/03          0
    2494316                              O            08/01/33
    0

    8670306          286/286             F          154,400.00         ZZ
                                         360        153,712.00          1
                                       5.750            901.04         80
                                       5.500            901.04
    PROVO            UT   84601          2            07/03/03         00
    2531876                              05           09/01/03          0
    2531876                              O            08/01/33
    0

    8670308          286/286             F          240,000.00         ZZ
                                         360        239,584.31          1
                                       6.750          1,556.64         89
                                       6.500          1,556.64
    CHICAGO          IL   60612          2            07/25/03         12
    2451273                              01           09/01/03         25
    2451273                              N            08/01/33
    0

    8670312          286/286             F          131,263.00         ZZ
                                         360        131,001.00          1
                                       6.000            786.99         90
                                       5.750            786.99
    PHOENIX          AZ   85041          1            07/29/03         10
    2669484                              05           09/01/03         25
    2669484                              N            08/01/33
    0

    8670314          286/286             F          108,600.00         ZZ
                                         360        108,378.00          1
                                       5.875            642.42         80
                                       5.625            642.42
    MECHANICSVILLE   VA   23111          1            07/30/03         00
    2363166                              05           09/01/03          0
    2363166                              N            08/01/33
    0

    8670320          286/286             F          110,000.00         ZZ
                                         360        109,795.69          1
                                       6.375            686.26         80
                                       6.125            686.26
    LEHIGH ACRES     FL   33972          1            07/31/03         00
    2634568                              05           09/01/03          0
    2634568                              O            08/01/33
    0
1

    8670322          286/286             F          102,200.00         ZZ
                                         360        102,088.13          1
                                       5.500            580.29         44
                                       5.250            580.29
    ALBUQUERQUE      NM   87107          2            08/12/03         00
    2669225                              05           10/01/03          0
    2669225                              O            09/01/33
    0

    8670324          286/286             F          108,750.00         ZZ
                                         360        108,649.27          1
                                       6.375            678.46         75
                                       6.125            678.46
    BAKERSFIELD      CA   93306          5            07/30/03         00
    2595129                              05           10/01/03          0
    2595129                              N            09/01/33
    0

    8670326          286/286             F          105,000.00         ZZ
                                         360        104,911.78          1
                                       6.875            689.78         90
                                       6.625            689.78
    PORT ST LUCIE    FL   34983          1            08/20/03         21
    2681259                              05           10/01/03         25
    2681259                              O            09/01/33
    0

    8670328          286/286             F          375,000.00         ZZ
                                         360        374,286.51          2
                                       6.250          2,308.94         78
                                       6.000          2,308.94
    HYDE PARK        MA   02136          2            07/28/03         00
    2036608                              05           09/01/03          0
    2036608                              O            08/01/33
    0

    8670330          286/286             F          107,325.00         ZZ
                                         360        107,212.95          1
                                       5.750            626.32         75
                                       5.500            626.32
    TULSA            OK   74104          5            08/18/03         00
    2555485                              05           10/01/03          0
    2555485                              N            09/01/33
    0

    8670336          286/286             F          221,600.00         ZZ
                                         360        221,413.82          1
1

                                       6.875          1,455.76         75
                                       6.625          1,455.76
    FREMONT          CA   94536          1            08/15/03         00
    2516549                              01           10/01/03          0
    2516549                              N            09/01/33
    0

    8670338          286/286             F          280,000.00         ZZ
                                         360        279,441.11          3
                                       6.000          1,678.75         80
                                       5.750          1,678.75
    BROCKTON         MA   02301          5            07/28/03         00
    2606746                              05           09/01/03          0
    2606746                              O            08/01/33
    0

    8670342          286/286             F          175,655.00         ZZ
                                         360        175,521.34          3
                                       7.375          1,213.21         95
                                       7.125          1,213.21
    WHIITING-ROBERT  IN   46394          1            08/08/03         19
    2649671                              05           10/01/03         30
    2649671                              O            09/01/33
    0

    8670344          286/286             F          243,000.00         ZZ
                                         360        241,663.94          1
                                       6.500          1,535.93         79
                                       6.250          1,535.93
    BOLINGBROOK      IL   60490          2            02/28/03         00
    2568790                              05           05/01/03          0
    2568790                              O            04/01/33
    0

    8670348          286/286             F          189,000.00         ZZ
                                         360        188,432.69          4
                                       6.000          1,133.16         90
                                       5.750          1,133.16
    MESA             AZ   85204          1            06/13/03         12
    2467442                              05           08/01/03         25
    2467442                              N            07/01/33
    0

    8670350          286/286             F          132,500.00         ZZ
                                         360        132,399.17          1
                                       7.375            915.15         95
                                       7.125            915.15
    RIVERTON         UT   84065          1            08/11/03         14
    2632863                              05           10/01/03         30
1

    2632863                              O            09/01/33
    0

    8670352          286/286             F          151,000.00         ZZ
                                         360        150,691.33          1
                                       5.875            893.23         69
                                       5.625            893.23
    OAK FOREST       IL   60452          2            07/28/03         00
    2437361                              05           09/01/03          0
    2437361                              O            08/01/33
    0

    8670354          286/286             F          120,000.00         ZZ
                                         360        119,639.79          1
                                       6.000            719.47         75
                                       5.750            719.47
    SCOTTSDALE       AZ   85257          5            06/05/03         00
    2224905                              05           08/01/03          0
    2224905                              O            07/01/33
    0

    8670356          286/286             F          189,000.00         ZZ
                                         360        188,432.69          4
                                       6.000          1,133.16         90
                                       5.750          1,133.16
    MESA             AZ   85204          1            06/13/03         12
    2467473                              05           08/01/03         25
    2467473                              N            07/01/33
    0

    8670358          286/286             F          115,200.00         ZZ
                                         360        115,100.81          1
                                       6.750            747.19         90
                                       6.500            747.19
    ALBUQUERQUE      NM   87120          5            08/05/03         04
    2679300                              05           10/01/03         30
    2679300                              O            09/01/33
    0

    8670362          286/286             F          146,250.00         ZZ
                                         360        145,997.45          2
                                       6.750            948.58         90
                                       6.500            948.58
    RENO             NV   89502          1            07/22/03         14
    2652753                              05           09/01/03         25
    2652753                              N            08/01/33
    0

1

    8670368          286/286             F          197,000.00         ZZ
                                         360        196,799.15          1
                                       5.875          1,165.33         73
                                       5.625          1,165.33
    LOCKPORT         IL   60441          2            08/18/03         00
    2553103                              05           10/01/03          0
    2553103                              O            09/01/33
    0

    8670374          286/286             F          214,000.00         ZZ
                                         360        213,792.00          1
                                       6.125          1,300.29         72
                                       5.875          1,300.29
    OAK LAWN         IL   60453          5            07/31/03         00
    2629020                              05           10/01/03          0
    2629020                              O            09/01/33
    0

    8670380          286/286             F          267,300.00         ZZ
                                         360        266,719.46          3
                                       5.625          1,538.73         90
                                       5.375          1,538.73
    MANCHESTER       NH   03103          1            07/22/03         11
    2599021                              05           09/01/03         25
    2599021                              N            08/01/33
    0

    8670384          286/286             F          200,000.00         ZZ
                                         360        199,796.09          2
                                       5.875          1,183.08         45
                                       5.625          1,183.08
    SALINAS          CA   93907          5            08/01/03         00
    2604825                              05           10/01/03          0
    2604825                              O            09/01/33
    0

    8670388          286/286             F          120,000.00         ZZ
                                         360        119,736.70          1
                                       5.500            681.35         49
                                       5.250            681.35
    MT PLEASANT      SC   29464          5            07/02/03         00
    2486673                              05           09/01/03          0
    2486673                              O            08/01/33
    0

    8670398          286/286             F          233,300.00         ZZ
                                         360        233,094.16          1
                                       6.625          1,493.85         90
                                       6.375          1,493.85
1

    CERES            CA   95307          1            08/12/03         11
    2592818                              05           10/01/03         25
    2592818                              O            09/01/33
    0

    8670414          286/286             F          116,800.00         ZZ
                                         360        116,612.46          1
                                       7.125            786.91         80
                                       6.875            786.91
    GLENVIEW         IL   60025          1            07/31/03         00
    2653043                              01           09/01/03          0
    2653043                              O            08/01/33
    0

    8670420          286/286             F          107,350.00         ZZ
                                         360        107,122.72          1
                                       6.375            669.73         95
                                       6.125            669.73
    TULSA            OK   74146          5            07/24/03         14
    2539873                              05           09/01/03         30
    2539873                              O            08/01/33
    0

    8670422          286/286             F           61,000.00         ZZ
                                         360         60,892.06          1
                                       6.625            390.59         88
                                       6.375            390.59
    FT WAYNE         IN   46805          2            07/30/03         12
    2639732                              05           09/01/03         25
    2639732                              N            08/01/33
    0

    8670426          286/286             F          204,000.00         ZZ
                                         360        203,552.40          1
                                       5.500          1,158.29         80
                                       5.250          1,158.29
    LONG BEACH       CA   90805          5            07/18/03         00
    2631523                              05           09/01/03          0
    2631523                              N            08/01/33
    0

    8670430          286/286             F          184,000.00         ZZ
                                         360        183,614.86          1
                                       5.750          1,073.78         80
                                       5.500          1,073.78
    SANTA FE         NM   87505          5            07/25/03         00
    2605747                              05           09/01/03          0
    2605747                              O            08/01/33
    0
1

    8670438          286/286             F          247,500.00         ZZ
                                         360        247,500.00          1
                                       7.125          1,667.46         90
                                       6.875          1,667.46
    ST CHARLES       IL   60175          1            08/26/03         14
    2682851                              05           11/01/03         25
    2682851                              N            10/01/33
    0

    8670444          286/286             F          125,800.00         T
                                         360        125,680.63          1
                                       6.250            774.58         80
                                       6.000            774.58
    GILBERT          AZ   85236          1            08/12/03         00
    2694894                              05           10/01/03          0
    2694894                              O            09/01/33
    0

    8670448          286/286             F          138,750.00         ZZ
                                         360        138,611.87          1
                                       6.000            831.88         75
                                       5.750            831.88
    STOCKTON         CA   95203          5            08/08/03         00
    2550081                              05           10/01/03          0
    2550081                              N            09/01/33
    0

    8670456          286/286             F          187,500.00         T
                                         360        186,937.22          1
                                       6.000          1,124.16         75
                                       5.750          1,124.16
    KAILUA KONA      HI   96740          5            06/13/03         00
    2539876                              05           08/01/03          0
    2539876                              O            07/01/33
    0

    8670462          286/286             F          172,000.00         ZZ
                                         360        171,639.98          1
                                       5.750          1,003.75         64
                                       5.500          1,003.75
    STOCKTON         CA   95207          1            07/30/03         00
    2631651                              05           09/01/03          0
    2631651                              O            08/01/33
    0

    8670472          286/286             F          133,500.00         ZZ
                                         360        133,220.57          1
1

                                       5.750            779.07         84
                                       5.500            779.07
    OLNEY            MD   20832          2            07/25/03         11
    2544996                              03           09/01/03         12
    2544996                              O            08/01/33
    0

    8670474          286/286             F          300,300.00         ZZ
                                         360        299,671.44          2
                                       5.750          1,752.47         67
                                       5.500          1,752.47
    CANTON           MA   02021          5            07/17/03         00
    2514630                              05           09/01/03          0
    2514630                              O            08/01/33
    0

    8670482          286/286             F          158,400.00         ZZ
                                         360        158,266.92          2
                                       6.875          1,040.58         90
                                       6.625          1,040.58
    DALLAS           TX   75208          1            08/07/03         14
    2679618                              05           10/01/03         25
    2679618                              N            09/01/33
    0

    8670488          286/286             F          120,600.00         ZZ
                                         360        120,467.99          1
                                       5.500            684.76         70
                                       5.250            684.76
    COLUMBUS         OH   43240          1            08/18/03         00
    2639505                              01           10/01/03          0
    2639505                              O            09/01/33
    0

    8670490          286/286             F          103,900.00         ZZ
                                         360        103,647.51          1
                                       6.125            631.31         80
                                       5.875            631.31
    BLUE RIDGE SUMM  PA   17214          5            07/15/03         00
    2340029                              05           09/01/03          0
    2340029                              O            08/01/33
    0

    8670494          286/286             F          140,000.00         ZZ
                                         360        139,720.56          1
                                       6.000            839.38         80
                                       5.750            839.38
    STREAMWOOD       IL   60107          5            07/15/03         00
    2669057                              05           09/01/03          0
1

    2669057                              O            08/01/33
    0

    8670500          286/286             F          180,000.00         ZZ
                                         360        179,848.77          1
                                       6.875          1,182.48         80
                                       6.625          1,182.48
    SAINT PAUL       MN   55119          1            08/13/03         00
    2733946                              05           10/01/03          0
    2733946                              N            09/01/33
    0

    8670504          286/286             F          396,000.00         ZZ
                                         360        395,698.67          2
                                       7.375          2,735.08         80
                                       7.125          2,735.08
    FLUSHING         NY   11358          1            08/22/03         00
    2357212                              05           10/01/03          0
    2357212                              O            09/01/33
    0

    8670506          286/286             F          219,000.00         ZZ
                                         360        218,479.25          1
                                       5.875          1,295.47         90
                                       5.625          1,295.47
    OAKDALE          CA   95361          1            07/01/03         10
    2049870                              05           09/01/03         25
    2049870                              N            08/01/33
    0

    8670514          286/286             F          194,400.00         ZZ
                                         360        194,228.48          1
                                       6.625          1,244.77         90
                                       6.375          1,244.77
    OLDSMAR          FL   34677          1            08/25/03         21
    2756530                              05           10/01/03         25
    2756530                              N            09/01/33
    0

    8670522          286/286             F          152,100.00         ZZ
                                         360        151,674.45          1
                                       5.875            899.73         90
                                       5.625            899.73
    GEORGETOWN       TX   78628          1            07/28/03         14
    2618542                              05           09/01/03         25
    2618542                              N            08/01/33
    0

1

    8670528          286/286             F          300,000.00         ZZ
                                         360        299,701.34          1
                                       6.000          1,798.66         71
                                       5.750          1,798.66
    WOLCOTT          CT   06716          2            08/12/03         00
    2371547                              05           10/01/03          0
    2371547                              O            09/01/33
    0

    8670544          286/286             F          210,500.00         ZZ
                                         360        209,569.66          1
                                       5.875          1,245.19         87
                                       5.625          1,245.19
    OAKDALE          CA   95361          1            06/17/03         10
    2402926                              05           08/01/03         25
    2402926                              N            07/01/33
    0

    8670546          286/286             F          320,000.00         ZZ
                                         360        319,433.78          1
                                       6.625          2,049.00         79
                                       6.375          2,049.00
    VENTURA          CA   93003          5            07/15/03         00
    2507319                              05           09/01/03          0
    2507319                              O            08/01/33
    0

    8670550          286/286             F          252,000.00         ZZ
                                         360        251,472.52          1
                                       5.750          1,470.61         90
                                       5.500          1,470.61
    WOODBRIDGE       VA   22192          1            07/25/03         11
    2593618                              03           09/01/03         25
    2593618                              N            08/01/33
    0

    8670556          286/286             F          130,080.00         ZZ
                                         360        129,832.50          1
                                       6.250            800.93         80
                                       6.000            800.93
    TAYLORS FALLS    MN   55084          1            07/31/03         00
    2680786                              05           09/01/03          0
    2680786                              O            08/01/33
    0

    8670560          286/286             F          150,000.00         ZZ
                                         360        149,693.38          1
                                       5.875            887.31         75
                                       5.625            887.31
1

    MORENO VALLEY    CA   92553          5            07/15/03         00
    2576843                              05           09/01/03          0
    2576843                              N            08/01/33
    0

    8670568          286/286             F          135,200.00         ZZ
                                         360        134,856.47          1
                                       6.625            865.71         95
                                       6.375            865.71
    CHAMBERSBURG     PA   17201          1            07/30/03         11
    2245730                              05           09/01/03         30
    2245730                              O            08/01/33
    0

    8670574          286/286             F          195,000.00         ZZ
                                         360        194,832.11          1
                                       6.750          1,264.77         75
                                       6.500          1,264.77
    SAN PEDRO AREA   CA   90731          1            07/30/03         00
    2640304                              05           10/01/03          0
    2640304                              N            09/01/33
    0

    8670578          286/286             F          224,000.00         ZZ
                                         330        223,789.91          4
                                       7.375          1,586.76         80
                                       7.125          1,586.76
    REDDING          CA   96003          1            08/14/03         00
    2698864                              05           10/01/03          0
    2698864                              N            03/01/31
    0

    8670582          286/286             F          191,700.00         ZZ
                                         360        191,325.99          1
                                       6.125          1,164.79         48
                                       5.875          1,164.79
    RAMONA           CA   92065          2            07/25/03         00
    2333379                              05           09/01/03          0
    2333379                              O            08/01/33
    0

    8670594          286/286             F          131,120.00         ZZ
                                         360        131,020.22          1
                                       7.375            905.62         80
                                       7.125            905.62
    HYATTSVILLE      MD   20783          1            08/15/03         00
    2677255                              05           10/01/03          0
    2677255                              N            09/01/33
    0
1

    8670598          286/286             F          119,200.00         ZZ
                                         360        118,967.69          1
                                       6.125            724.28         80
                                       5.875            724.28
    FT COLLINS       CO   80525          1            07/31/03         00
    2673358                              01           09/01/03          0
    2673358                              N            08/01/33
    0

    8670604          286/286             F          160,500.00         T
                                         360        160,380.89          1
                                       7.500          1,122.24         90
                                       7.250          1,122.24
    CHICAGO          IL   60618          1            08/15/03         12
    2632845                              01           10/01/03         25
    2632845                              O            09/01/33
    0

    8670618          286/286             F          125,500.00         ZZ
                                         360        125,365.83          1
                                       5.625            722.45         74
                                       5.375            722.45
    BANNING          CA   92220          2            08/13/03         00
    2587088                              05           10/01/03          0
    2587088                              O            09/01/33
    0

    8670626          286/286             F          140,000.00         ZZ
                                         360        139,713.82          1
                                       5.875            828.16         80
                                       5.625            828.16
    SOUTH JORDAN     UT   84095          1            07/28/03         00
    2621222                              03           09/01/03          0
    2621222                              N            08/01/33
    0

    8670634          286/286             F          167,675.00         ZZ
                                         360        167,093.79          1
                                       6.000          1,005.30         95
                                       5.750          1,005.30
    RAINIER          OR   97048          2            07/22/03         11
    2571393                              05           09/01/03         30
    2571393                              O            08/01/33
    0

    8670636          286/286             F          184,000.00         ZZ
                                         360        183,606.23          4
1

                                       6.125          1,118.01         80
                                       5.875          1,118.01
    PHILADELPHIA     PA   19119          2            07/23/03         00
    2402580                              05           09/01/03          0
    2402580                              O            08/01/33
    0

    8670638          286/286             F          160,000.00         ZZ
                                         360        159,855.36          1
                                       6.500          1,011.31         40
                                       6.250          1,011.31
    COROLLA          NC   27927          2            08/08/03         00
    2518960                              05           10/01/03          0
    2518960                              N            09/01/33
    0

    8670644          286/286             F          187,000.00         ZZ
                                         360        186,821.30          1
                                       6.750          1,212.88         78
                                       6.500          1,212.88
    SPRINGFIELD      MN   56087          2            08/01/03         00
    2512710                              05           10/01/03          0
    2512710                              O            09/01/33
    0

    8670660          286/286             F          145,000.00         ZZ
                                         360        144,806.29          1
                                       5.750            846.19         46
                                       5.500            846.19
    ATCO             NJ   08004          1            08/15/03         00
    2631087                              05           10/01/03          0
    2631087                              O            09/01/33
    0

    8670663          286/286             F          131,900.00         ZZ
                                         360        131,177.91          2
                                       7.000            877.54         80
                                       6.750            877.54
    HILLSBORO        OR   97123          1            03/17/03         00
    2118745                              05           05/01/03          0
    2118745                              N            04/01/33
    0

    8670668          286/286             F          220,000.00         ZZ
                                         360        219,819.66          1
                                       7.000          1,463.67         80
                                       6.750          1,463.67
    LINCOLN          CA   95648          1            08/12/03         00
    2685783                              05           10/01/03          0
1

    2685783                              N            09/01/33
    0

    8670672          286/286             F          161,500.00         ZZ
                                         360        161,380.14          4
                                       7.500          1,129.24         95
                                       7.250          1,129.24
    MIAMI            FL   33170          1            08/04/03         21
    2583555                              05           10/01/03         30
    2583555                              O            09/01/33
    0

    8670682          286/286             F          299,700.00         ZZ
                                         360        299,477.58          4
                                       7.500          2,095.55         90
                                       7.250          2,095.55
    ANCHORAGE        AK   99517          1            08/13/03         04
    2428873                              05           10/01/03         25
    2428873                              N            09/01/33
    0

    8670686          286/286             F          107,800.00         ZZ
                                         360        107,594.89          2
                                       6.250            663.75         90
                                       6.000            663.75
    OAKWOOD          OH   45419          1            07/31/03         12
    2435934                              05           09/01/03         25
    2435934                              N            08/01/33
    0

    8670694          286/286             F          121,000.00         ZZ
                                         360        120,900.81          4
                                       7.000            805.02         77
                                       6.750            805.02
    GREENFIELD       IN   46140          2            08/15/03         00
    2609792                              05           10/01/03          0
    2609792                              N            09/01/33
    0

    8670706          286/286             F          229,500.00         ZZ
                                         360        229,333.89          3
                                       7.625          1,624.39         90
                                       7.375          1,624.39
    NEW BEDFORD      MA   02740          1            08/15/03         14
    2631455                              05           10/01/03         25
    2631455                              N            09/01/33
    0

1

    8670720          286/286             F           58,500.00         ZZ
                                         360         58,391.33          1
                                       6.375            364.97         90
                                       6.125            364.97
    CAPITOL HEIGHTS  MD   20743          1            07/10/03         11
    2440770                              05           09/01/03         25
    2440770                              N            08/01/33
    0

    8670732          286/286             F          265,050.00         ZZ
                                         360        264,481.95          1
                                       5.625          1,525.78         95
                                       5.375          1,525.78
    EDMOND           OK   73034          5            07/21/03         04
    2602310                              05           09/01/03         30
    2602310                              O            08/01/33
    0

    8670734          286/286             F          134,500.00         ZZ
                                         360        134,169.55          1
                                       5.750            784.91         77
                                       5.500            784.91
    RISING SUN       MD   21911          5            07/25/03         00
    2493085                              05           09/01/03          0
    2493085                              O            08/01/33
    0

    8670736          286/286             F          163,000.00         ZZ
                                         360        162,674.65          1
                                       6.000            977.27         73
                                       5.750            977.27
    CARROLLTON       TX   75006          2            07/23/03         00
    2555298                              05           09/01/03          0
    2555298                              N            08/01/33
    0

    8670738          286/286             F          107,000.00         ZZ
                                         360        106,890.90          1
                                       5.875            632.95         80
                                       5.625            632.95
    ALBUQUERQUE      NM   87110          5            08/13/03         00
    2655395                              05           10/01/03          0
    2655395                              O            09/01/33
    0

    8670740          286/286             F          109,968.00         T
                                         360        109,763.75          1
                                       6.375            686.06         80
                                       6.125            686.06
1

    LOS BANOS        CA   93635          1            07/21/03         00
    2498074                              05           09/01/03          0
    2498074                              O            08/01/33
    0

    8670768          286/286             F          167,400.00         ZZ
                                         360        166,932.38          3
                                       6.375          1,044.36         90
                                       6.125          1,044.36
    NEW HAVEN        CT   06511          1            06/27/03         21
    2474657                              05           08/01/03         25
    2474657                              N            07/01/33
    0

    8670772          286/286             F          199,400.00         ZZ
                                         360        198,510.60          1
                                       6.625          1,276.78         95
                                       6.375          1,276.78
    GULF BREEZE      FL   32563          1            04/28/03         19
    2451659                              05           06/01/03         30
    2451659                              O            05/01/33
    0

    8670774          286/286             F          128,250.00         ZZ
                                         360        128,149.94          1
                                       7.250            874.90         95
                                       7.000            874.90
    SANDIA PARK      NM   87047          1            08/26/03         04
    2756525                              05           10/01/03         30
    2756525                              O            09/01/33
    0

    8670780          286/286             F          154,000.00         ZZ
                                         360        153,685.21          1
                                       5.875            910.97         87
                                       5.625            910.97
    HEPHZIBAH        GA   30815          2            07/30/03         11
    2578493                              05           09/01/03         25
    2578493                              O            08/01/33
    0

    8670782          286/286             F          104,000.00         T
                                         360        103,820.40          1
                                       6.750            674.55         68
                                       6.500            674.55
    WINTERGREEN      VA   22958          5            07/22/03         00
    2495433                              01           09/01/03          0
    2495433                              O            08/01/33
    0
1

    8670796          286/286             F          196,000.00         ZZ
                                         360        195,608.78          1
                                       6.000          1,175.12         70
                                       5.750          1,175.12
    ELKHART          IN   46514          5            07/24/03         00
    2553584                              05           09/01/03          0
    2553584                              O            08/01/33
    0

    8670804          286/286             F          156,000.00         ZZ
                                         360        155,887.09          1
                                       7.625          1,104.16         80
                                       7.375          1,104.16
    MIAMI            FL   33125          1            08/15/03         00
    2689857                              05           10/01/03          0
    2689857                              N            09/01/33
    0

    8670812          286/286             F          168,000.00         ZZ
                                         360        167,824.59          1
                                       5.750            980.41         70
                                       5.500            980.41
    CARVER           MA   02330          5            08/15/03         00
    2588245                              05           10/01/03          0
    2588245                              O            09/01/33
    0

    8670832          286/286             F          259,000.00         ZZ
                                         360        258,552.76          1
                                       6.750          1,679.87         90
                                       6.500          1,679.87
    VERNON HILLS     IL   60061          1            08/01/03         19
    2644831                              03           09/01/03         25
    2644831                              O            08/01/33
    0

    8670834          286/286             F          135,750.00         ZZ
                                         360        135,638.72          1
                                       7.000            903.15         75
                                       6.750            903.15
    GUADALUPE        CA   93434          5            07/30/03         00
    2674056                              05           10/01/03          0
    2674056                              N            09/01/33
    0

    8670840          286/286             F          144,000.00         ZZ
                                         360        143,869.82          4
1

                                       6.500            910.18         78
                                       6.250            910.18
    LEROY            IL   61752          2            08/20/03         00
    2642778                              05           10/01/03          0
    2642778                              N            09/01/33
    0

    8670844          286/286             F          226,000.00         ZZ
                                         360        225,559.56          1
                                       6.125          1,373.20         79
                                       5.875          1,373.20
    WEST COVINA      CA   91792          2            07/30/03         00
    2471448                              05           09/01/03          0
    2471448                              O            08/01/33
    0

    8670848          286/286             F          104,750.00         ZZ
                                         360        104,535.88          1
                                       5.875            619.64         64
                                       5.625            619.64
    BALTIMORE        MD   21230          2            07/31/03         00
    2553207                              05           09/01/03          0
    2553207                              N            08/01/33
    0

    8670850          286/286             F          157,500.00         ZZ
                                         360        157,178.04          1
                                       5.875            931.68         90
                                       5.625            931.68
    LAS VEGAS        NV   89121          5            07/28/03         12
    2632755                              05           09/01/03         25
    2632755                              O            08/01/33
    0

    8670854          286/286             F          340,000.00         ZZ
                                         360        339,728.10          2
                                       7.125          2,290.65         80
                                       6.875          2,290.65
    SAN DIEGO        CA   92104          5            08/15/03         00
    2705519                              05           10/01/03          0
    2705519                              O            09/01/33
    0

    8670860          286/286             F          104,850.00         ZZ
                                         360        104,485.82          1
                                       6.750            680.06         90
                                       6.500            680.06
    WOODS CROSS      UT   84087          1            07/31/03         14
    2657674                              05           09/01/03         25
1

    2657674                              N            08/01/33
    0

    8670864          286/286             F          225,000.00         ZZ
                                         360        224,791.60          1
                                       6.375          1,403.71         75
                                       6.125          1,403.71
    WASHINGTON       DC   20011          5            08/07/03         00
    2627945                              05           10/01/03          0
    2627945                              O            09/01/33
    0

    8670866          286/286             F          260,000.00         ZZ
                                         360        259,741.16          3
                                       6.000          1,558.84         80
                                       5.750          1,558.84
    PORTLAND         ME   04103          2            08/12/03         00
    2586133                              05           10/01/03          0
    2586133                              N            09/01/33
    0

    8670868          286/286             F          204,750.00         ZZ
                                         360        204,560.35          1
                                       6.375          1,277.38         65
                                       6.125          1,277.38
    KEENESBURG       CO   80643          2            07/28/03         00
    2611338                              05           10/01/03          0
    2611338                              O            09/01/33
    0

    8670870          286/286             F          108,800.00         ZZ
                                         360        108,686.40          1
                                       5.750            634.93         66
                                       5.500            634.93
    BALTIMORE        MD   21230          2            08/01/03         00
    2553217                              05           10/01/03          0
    2553217                              N            09/01/33
    0

    8670874          286/286             F          125,500.00         T
                                         360        125,156.59          1
                                       5.875            742.38         39
                                       5.625            742.38
    PINE CITY        MN   55063          2            07/11/03         00
    2591239                              05           09/01/03          0
    2591239                              O            08/01/33
    0

1

    8670880          286/286             F          115,800.00         ZZ
                                         360        115,600.03          1
                                       6.750            751.08         90
                                       6.500            751.08
    ALBUQUERQUE      NM   87112          2            07/25/03         04
    2656011                              05           09/01/03         25
    2656011                              O            08/01/33
    0

    8670884          286/286             F          130,500.00         ZZ
                                         360        130,387.63          4
                                       6.750            846.43         90
                                       6.500            846.43
    LANESBORO        MA   01237          1            08/07/03         10
    2470171                              05           10/01/03         25
    2470171                              N            09/01/33
    0

    8670886          286/286             F          108,000.00         ZZ
                                         360        107,923.77          3
                                       7.750            773.73         90
                                       7.500            773.73
    ALBUQUERQUE      NM   87108          1            08/14/03         21
    2702357                              05           10/01/03         25
    2702357                              N            09/01/33
    0

    8670890          286/286             F          118,500.00         ZZ
                                         360        118,127.03          1
                                       5.750            691.54         87
                                       5.500            691.54
    NORTH CANTON     OH   44720          2            06/25/03         12
    2577346                              05           08/01/03         12
    2577346                              O            07/01/33
    0

    8670896          286/286             F          127,500.00         ZZ
                                         360        127,220.23          1
                                       5.500            723.94         75
                                       5.250            723.94
    MERCED           CA   95348          5            07/31/03         00
    2542769                              05           09/01/03          0
    2542769                              N            08/01/33
    0

    8670898          286/286             F          122,250.00         ZZ
                                         360        122,017.39          2
                                       6.250            752.72         75
                                       6.000            752.72
1

    OKLAHOMA CITY    OK   73120          5            07/25/03         00
    2436966                              05           09/01/03          0
    2436966                              N            08/01/33
    0

    8670910          286/286             F          138,750.00         ZZ
                                         360        138,445.56          1
                                       5.500            787.81         75
                                       5.250            787.81
    ATWATER          CA   95301          5            07/31/03         00
    2542775                              05           09/01/03          0
    2542775                              N            08/01/33
    0

    8670914          286/286             F          127,000.00         ZZ
                                         360        126,740.39          1
                                       5.875            751.26         58
                                       5.625            751.26
    PLANTATION       FL   33322          5            07/25/03         00
    2560923                              05           09/01/03          0
    2560923                              O            08/01/33
    0

    8670918          286/286             F          211,000.00         ZZ
                                         360        210,784.88          1
                                       5.875          1,248.15         46
                                       5.625          1,248.15
    STONEHAM         MA   02180          5            08/13/03         00
    2661120                              05           10/01/03          0
    2661120                              O            09/01/33
    0

    8670926          286/286             F           54,900.00         ZZ
                                         360         54,785.05          1
                                       6.500            347.01         80
                                       6.250            347.01
    PEORIA           IL   61606          5            07/22/03         00
    2509747                              05           09/01/03          0
    2509747                              N            08/01/33
    0

    8670930          286/286             F          121,000.00         ZZ
                                         360        120,764.18          1
                                       6.125            735.21         74
                                       5.875            735.21
    LEES SUMMIT      MO   64064          2            07/25/03         00
    2417425                              05           09/01/03          0
    2417425                              O            08/01/33
    0
1

    8670938          286/286             F          110,500.00         ZZ
                                         360        110,284.65          1
                                       6.125            671.41         70
                                       5.875            671.41
    PASADENA         MD   21122          5            07/23/03         00
    2445699                              03           09/01/03          0
    2445699                              O            08/01/33
    0

    8670944          286/286             F          142,200.00         ZZ
                                         360        142,061.78          4
                                       6.500            898.81         90
                                       6.250            898.81
    PHOENIX          AZ   85021          1            08/07/03         12
    2709096                              05           10/01/03         25
    2709096                              N            09/01/33
    0

    8670948          286/286             F          211,500.00         ZZ
                                         360        211,134.77          4
                                       6.750          1,371.79         90
                                       6.500          1,371.79
    LAUDERHILL       FL   33313          1            07/25/03         04
    2635509                              05           09/01/03         25
    2635509                              N            08/01/33
    0

    8670950          286/286             F          132,000.00         ZZ
                                         360        131,552.57          1
                                       6.875            867.15         80
                                       6.625            867.15
    PARKER           CO   80138          1            05/22/03         00
    2318265                              05           07/01/03          0
    2318265                              N            06/01/33
    0

    8670958          286/286             F          269,200.00         ZZ
                                         360        268,968.22          1
                                       6.750          1,746.03         80
                                       6.500          1,746.03
    GARBERVILLE      CA   95542          5            08/08/03         00
    2578472                              05           10/01/03          0
    2578472                              O            09/01/33
    0

    8670964          286/286             F          154,850.00         ZZ
                                         360        154,716.67          1
1

                                       6.750          1,004.36         95
                                       6.500          1,004.36
    BALLWIN          MO   63021          1            08/11/03         11
    2685254                              05           10/01/03         30
    2685254                              O            09/01/33
    0

    8670970          286/286             F          176,800.00         ZZ
                                         360        176,471.61          1
                                       6.375          1,103.01         80
                                       6.125          1,103.01
    THE COLONY       TX   75056          2            07/25/03         00
    2542762                              05           09/01/03          0
    2542762                              O            08/01/33
    0

    8670972          286/286             F          196,000.00         ZZ
                                         360        195,618.02          1
                                       6.125          1,190.92         69
                                       5.875          1,190.92
    FRANKLIN         NC   28734          5            07/09/03         00
    2375687                              05           09/01/03          0
    2375687                              O            08/01/33
    0

    8670980          286/286             F          258,000.00         ZZ
                                         360        257,743.15          1
                                       6.000          1,546.85         59
                                       5.750          1,546.85
    WASHINGTON       DC   20010          5            08/19/03         00
    2587371                              05           10/01/03          0
    2587371                              N            09/01/33
    0

    8670984          286/286             F          122,850.00         ZZ
                                         360        122,754.16          3
                                       7.250            838.06         90
                                       7.000            838.06
    PHOENIX          AZ   85016          1            08/06/03         10
    2689288                              05           10/01/03         25
    2689288                              N            09/01/33
    0

    8670986          286/286             F          229,500.00         ZZ
                                         360        228,996.43          1
                                       5.500          1,303.08         90
                                       5.250          1,303.08
    FAIRFAX          VA   22032          1            07/29/03         11
    2593431                              03           09/01/03         25
1

    2593431                              N            08/01/33
    0

    8670994          286/286             F           32,300.00         ZZ
                                         360         32,166.91          1
                                       5.750            188.50         54
                                       5.500            188.50
    RENO             NV   89502          2            07/07/03         00
    2202834                              01           09/01/03          0
    2202834                              N            08/01/33
    0

    8670996          286/286             F          210,400.00         T
                                         360        210,185.48          1
                                       5.875          1,244.60         80
                                       5.625          1,244.60
    NEW YORK         NY   10019          1            08/05/03         10
    2345626                              06           10/01/03         25
    2345626                              O            09/01/33
    0

    8671002          286/286             F          176,000.00         ZZ
                                         360        175,833.00          2
                                       6.250          1,083.67         80
                                       6.000          1,083.67
    BAYONNE          NJ   07002          1            08/25/03         00
    2667364                              05           10/01/03          0
    2667364                              O            09/01/33
    0

    8671006          286/286             F          122,850.00         ZZ
                                         360        122,754.16          3
                                       7.250            838.06         90
                                       7.000            838.06
    PHOENIX          AZ   85016          1            08/06/03         10
    2689571                              05           10/01/03         25
    2689571                              N            09/01/33
    0

    8671010          286/286             F          170,000.00         ZZ
                                         360        169,830.76          1
                                       6.000          1,019.24         80
                                       5.750          1,019.24
    MERCED           CA   95348          1            07/29/03         00
    2064619                              05           10/01/03          0
    2064619                              N            09/01/33
    0

1

    8671020          286/286             F           63,810.00         ZZ
                                         360         63,714.99          2
                                       7.500            446.17         90
                                       7.250            446.17
    MESA             AZ   85208          1            07/30/03         12
    2710133                              05           09/01/03         25
    2710133                              N            08/01/33
    0

    8671030          286/286             F          202,400.00         ZZ
                                         360        201,976.33          1
                                       5.750          1,181.16         80
                                       5.500          1,181.16
    MILFORD          CT   06460          1            07/31/03         00
    2623029                              05           09/01/03          0
    2623029                              O            08/01/33
    0

    8671036          286/286             F          322,050.00         ZZ
                                         360        321,546.02          1
                                       7.250          2,196.95         95
                                       7.000          2,196.95
    SAN DIEGO        CA   92114          1            07/24/03         14
    2649490                              05           09/01/03         30
    2649490                              O            08/01/33
    0

    8671044          286/286             F          220,875.00         ZZ
                                         360        220,693.95          1
                                       7.000          1,469.49         95
                                       6.750          1,469.49
    DENVER           CO   80222          1            08/08/03         12
    2688951                              05           10/01/03         30
    2688951                              O            09/01/33
    0

    8671056          286/286             F          234,000.00         ZZ
                                         360        233,528.83          2
                                       6.875          1,537.22         90
                                       6.625          1,537.22
    NEW BRUNSWICK    NJ   08901          1            07/30/03         12
    2636607                              05           09/01/03         25
    2636607                              N            08/01/33
    0

    8671058          286/286             F          220,500.00         ZZ
                                         360        220,338.01          4
                                       7.625          1,560.69         90
                                       7.375          1,560.69
1

    HOUSTON          TX   77011          1            08/08/03         11
    2696716                              05           10/01/03         25
    2696716                              O            09/01/33
    0

    8671066          286/286             F          220,500.00         ZZ
                                         360        220,056.01          1
                                       6.875          1,448.53         90
                                       6.625          1,448.53
    FRANKLIN TWP     NJ   08873          1            07/30/03         12
    2656967                              05           09/01/03         25
    2656967                              N            08/01/33
    0

    8671068          286/286             F          198,000.00         ZZ
                                         360        197,829.52          1
                                       6.750          1,284.23         90
                                       6.500          1,284.23
    HIALEAH          FL   33013          1            08/08/03         21
    2640710                              05           10/01/03         25
    2640710                              O            09/01/33
    0

    8671076          286/286             F          142,200.00         ZZ
                                         360        142,040.28          1
                                       5.375            796.28         90
                                       5.125            796.28
    OWINGS MILL      MD   21117          1            08/04/03         11
    2614875                              03           10/01/03         25
    2614875                              N            09/01/33
    0

    8671078          286/286             F          142,000.00         ZZ
                                         360        141,729.82          1
                                       6.250            874.32         59
                                       6.000            874.32
    MIAMI            FL   33155          5            07/30/03         00
    2568563                              05           09/01/03          0
    2568563                              O            08/01/33
    0

    8671086          286/286             F          120,000.00         ZZ
                                         360        119,886.13          1
                                       6.250            738.87         54
                                       6.000            738.87
    LOMBARD          IL   60148          5            08/08/03         00
    2613574                              05           10/01/03          0
    2613574                              O            09/01/33
    0
1

    8671088          286/286             F          139,750.00         ZZ
                                         360        139,431.23          1
                                       6.125            849.14         65
                                       5.875            849.14
    SACRAMENTO       CA   95821          2            07/16/03         00
    2404730                              05           09/01/03          0
    2404730                              O            08/01/33
    0

    8671090          286/286             F          191,250.00         ZZ
                                         360        190,935.53          1
                                       7.000          1,272.40         75
                                       6.750          1,272.40
    SANTA ANA        CA   92707          5            07/25/03         00
    2681045                              05           09/01/03          0
    2681045                              O            08/01/33
    0

    8671094          286/286             F          170,900.00         ZZ
                                         360        170,582.12          4
                                       6.375          1,066.20         90
                                       6.125          1,066.20
    MESA             AZ   81052          1            07/07/03         12
    2503997                              03           09/01/03         25
    2503997                              N            08/01/33
    0

    8671096          286/286             F          172,000.00         ZZ
                                         360        171,824.63          1
                                       5.875          1,017.45         38
                                       5.625          1,017.45
    MCHENRY          IL   60050          2            08/08/03         00
    2532962                              05           10/01/03          0
    2532962                              O            09/01/33
    0

    8671098          286/286             F          108,000.00         ZZ
                                         360        107,889.88          1
                                       5.875            638.87         80
                                       5.625            638.87
    EL MIRAGE        AZ   85335          2            08/07/03         00
    2648628                              05           10/01/03          0
    2648628                              N            09/01/33
    0

    8671102          286/286             F          234,000.00         ZZ
                                         360        233,668.61          3
1

                                       7.750          1,676.41         90
                                       7.500          1,676.41
    CRANSTON         RI   02910          1            07/31/03         12
    2680329                              05           09/01/03         25
    2680329                              N            08/01/33
    0

    8671106          286/286             F          124,500.00         ZZ
                                         360        124,387.45          1
                                       6.500            786.93         72
                                       6.250            786.93
    MIAMI            FL   33173          2            08/05/03         00
    2670623                              03           10/01/03          0
    2670623                              O            09/01/33
    0

    8671110          286/286             F          218,000.00         ZZ
                                         360        216,903.99          1
                                       6.000          1,307.02         70
                                       5.750          1,307.02
    CHICAGO          IL   60618          5            04/30/03         00
    2300347                              05           06/01/03          0
    2300347                              O            05/01/33
    0

    8671114          286/286             F          136,000.00         ZZ
                                         360        135,358.31          1
                                       7.125            916.26         80
                                       6.875            916.26
    LAS VEGAS        NV   89147          1            07/22/03         00
    2625872                              05           09/01/03          0
    2625872                              N            08/01/33
    0

    8671118          286/286             F          129,600.00         ZZ
                                         360        129,201.63          1
                                       5.875            766.64         80
                                       5.625            766.64
    IRVING           TX   75061          2            06/23/03         00
    2533051                              05           08/01/03          0
    2533051                              O            07/01/33
    0

    8671120          286/286             F           80,000.00         ZZ
                                         360         79,931.12          1
                                       6.750            518.88         30
                                       6.500            518.88
    CARRIZOZO        NM   88301          5            08/15/03         00
    2737326                              05           10/01/03          0
1

    2737326                              O            09/01/33
    0

    8671124          286/286             F          123,500.00         ZZ
                                         360        123,276.09          1
                                       6.500            780.61         94
                                       6.250            780.61
    PHOENIX          AZ   85027          2            07/07/03         11
    2548750                              05           09/01/03         35
    2548750                              O            08/01/33
    0

    8671128          286/286             F          264,500.00         ZZ
                                         360        263,959.34          1
                                       5.875          1,564.62         42
                                       5.625          1,564.62
    BIRMINGHAM       MI   48009          2            07/21/03         00
    2635481                              05           09/01/03          0
    2635481                              N            08/01/33
    0

    8671134          286/286             F          240,000.00         ZZ
                                         360        239,509.40          1
                                       5.875          1,419.70         80
                                       5.625          1,419.70
    FARMINGTON       UT   84025          5            07/17/03         00
    2643288                              05           09/01/03          0
    2643288                              O            08/01/33
    0

    8671146          286/286             F           55,850.00         ZZ
                                         360         55,795.71          1
                                       6.125            339.36         36
                                       5.875            339.36
    TUCKER           GA   30084          2            08/08/03         00
    2341114                              05           10/01/03          0
    2341114                              N            09/01/33
    0

    8671156          286/286             F          270,000.00         ZZ
                                         360        269,461.08          1
                                       6.000          1,618.79         90
                                       5.750          1,618.79
    MAKAWAO          HI   96768          1            07/24/03         12
    2546359                              05           09/01/03         25
    2546359                              O            08/01/33
    0

1

    8671164          286/286             F          385,000.00         ZZ
                                         360        384,634.69          3
                                       6.250          2,370.52         50
                                       6.000          2,370.52
    SEATTLE          WA   98112          5            08/13/03         00
    2605783                              05           10/01/03          0
    2605783                              N            09/01/33
    0

    8671168          286/286             F          226,000.00         ZZ
                                         360        225,795.69          1
                                       6.500          1,428.48         41
                                       6.250          1,428.48
    KIHEI            HI   96753          2            08/04/03         00
    2690449                              05           10/01/03          0
    2690449                              O            09/01/33
    0

    8671170          286/286             F          151,200.00         ZZ
                                         360        151,045.84          1
                                       5.875            894.41         90
                                       5.625            894.41
    WOODSTOCK        IL   60098          1            08/01/03         14
    2635964                              03           10/01/03         25
    2635964                              O            09/01/33
    0

    8671178          286/286             F          135,000.00         ZZ
                                         360        134,862.36          4
                                       5.875            798.58         90
                                       5.625            798.58
    FORT WORTH       TX   76111          1            08/18/03         04
    2594145                              05           10/01/03         25
    2594145                              N            09/01/33
    0

    8671182          286/286             F          156,000.00         ZZ
                                         360        155,287.18          1
                                       6.500            986.03         80
                                       6.250            986.03
    STICKNEY         IL   60402          5            04/23/03         00
    2319503                              05           06/01/03          0
    2319503                              O            05/01/33
    0

    8671194          286/286             F          147,250.00         ZZ
                                         360        147,129.30          1
                                       7.000            979.66         95
                                       6.750            979.66
1

    PHOENIX          AZ   85024          2            08/18/03         12
    2734518                              05           10/01/03         30
    2734518                              O            09/01/33
    0

    8671196          286/286             F          249,600.00         ZZ
                                         360        249,368.82          1
                                       6.375          1,557.18         80
                                       6.125          1,557.18
    NILES            IL   60714          2            08/15/03         00
    2648308                              05           10/01/03          0
    2648308                              O            09/01/33
    0

    8671200          286/286             F          180,000.00         ZZ
                                         360        179,616.23          4
                                       6.125          1,093.70         90
                                       5.875          1,093.70
    SPRINGFIELD      MA   01105          2            08/01/03         12
    2543830                              05           09/01/03         25
    2543830                              N            08/01/33
    0

    8671208          286/286             F          136,500.00         ZZ
                                         360        136,252.53          3
                                       6.500            862.78         65
                                       6.250            862.78
    WOONSOCKET       RI   02895          5            07/18/03         00
    2367663                              05           09/01/03          0
    2367663                              N            08/01/33
    0

    8671212          286/286             F          156,000.00         ZZ
                                         360        155,878.30          1
                                       7.250          1,064.20         80
                                       7.000          1,064.20
    AURORA           CO   80013          2            08/07/03         00
    2569147                              05           10/01/03          0
    2569147                              N            09/01/33
    0

    8671220          286/286             F          164,500.00         ZZ
                                         360        164,351.28          3
                                       6.500          1,039.76         70
                                       6.250          1,039.76
    PROVIDENCE       RI   02904          2            08/08/03         00
    2367955                              05           10/01/03          0
    2367955                              N            09/01/33
    0
1

    8671226          286/286             F           63,000.00         ZZ
                                         360         62,949.61          1
                                       7.125            424.45         90
                                       6.875            424.45
    CHESAPEAKE       VA   23321          1            08/22/03         11
    2683773                              05           10/01/03         25
    2683773                              N            09/01/33
    0

    8671236          286/286             F          130,000.00         ZZ
                                         360        129,882.48          3
                                       6.500            821.69         65
                                       6.250            821.69
    PROVIDENCE       RI   02908          5            08/08/03         00
    2371880                              05           10/01/03          0
    2371880                              N            09/01/33
    0

    8671240          286/286             F          101,600.00         T
                                         360        101,287.10          1
                                       5.750            592.92         75
                                       5.500            592.92
    OVERGAARD        AZ   85933          2            08/04/03         00
    2635382                              05           09/01/03          0
    2635382                              O            08/01/33
    0

    8671288          286/286             F          161,500.00         ZZ
                                         360        161,200.04          1
                                       6.375          1,007.55         90
                                       6.125          1,007.55
    HOOKSETT         NH   03106          5            07/25/03         11
    2390145                              01           09/01/03         25
    2390145                              O            08/01/33
    0

    8671290          286/286             F          292,500.00         ZZ
                                         360        292,007.11          2
                                       6.875          1,921.52         90
                                       6.625          1,921.52
    BRIDGEPORT       CT   06604          1            08/01/03         11
    2660458                              05           09/01/03         25
    2660458                              O            08/01/33
    0

    8671292          286/286             F          197,500.00         ZZ
                                         360        197,141.93          1
1

                                       6.500          1,248.34         90
                                       6.250          1,248.34
    HAMILTON         OH   45013          1            07/29/03         11
    2549131                              05           09/01/03         25
    2549131                              O            08/01/33
    0

    8671296          286/286             F          252,850.00         ZZ
                                         360        252,491.93          2
                                       7.750          1,811.45         90
                                       7.500          1,811.45
    TOWNSEND         MA   01469          1            07/31/03         12
    2679623                              05           09/01/03         25
    2679623                              O            08/01/33
    0

    8671304          286/286             F          118,710.00         ZZ
                                         360        118,602.68          1
                                       6.500            750.33         90
                                       6.250            750.33
    MINNEAPOLIS      MN   55411          1            08/12/03         11
    2611135                              05           10/01/03         25
    2611135                              N            09/01/33
    0

    8671308          286/286             F          153,600.00         ZZ
                                         360        153,278.49          1
                                       5.750            896.37         80
                                       5.500            896.37
    LAS CRUCES       NM   88012          2            07/18/03         00
    2624601                              05           09/01/03          0
    2624601                              O            08/01/33
    0

    8671310          286/286             F          143,900.00         ZZ
                                         360        143,626.21          2
                                       6.250            886.02         90
                                       6.000            886.02
    MEDINA           OH   44256          1            07/23/03         10
    2587557                              05           09/01/03         25
    2587557                              N            08/01/33
    0

    8671322          286/286             F          116,550.00         ZZ
                                         360        116,338.69          1
                                       6.500            736.68         90
                                       6.250            736.68
    MINNEAPOLIS      MN   55411          1            07/31/03         11
    2611285                              05           09/01/03         25
1

    2611285                              N            08/01/33
    0

    8671326          286/286             F           91,000.00         ZZ
                                         360         90,923.54          1
                                       6.875            597.81         70
                                       6.625            597.81
    ALEXANDRIA       VA   22304          5            08/22/03         00
    2402134                              01           10/01/03          0
    2402134                              N            09/01/33
    0

    8671332          286/286             F          144,000.00         ZZ
                                         360        143,562.65          1
                                       5.750            840.35         80
                                       5.500            840.35
    WARE             MA   01082          2            08/12/03         00
    2543728                              05           10/01/03          0
    2543728                              O            09/01/33
    0

    8671350          286/286             F          106,400.00         ZZ
                                         360        106,192.64          1
                                       6.125            646.50         80
                                       5.875            646.50
    STONE PARK       IL   60165          1            07/28/03         00
    2288942                              05           09/01/03          0
    2288942                              O            08/01/33
    0

    8671360          286/286             F          120,000.00         ZZ
                                         360        119,797.78          1
                                       6.875            788.32         80
                                       6.625            788.32
    MINNEAPOLIS      MN   55407          1            07/24/03         00
    2664886                              05           09/01/03          0
    2664886                              N            08/01/33
    0

    8671364          286/286             F          279,000.00         ZZ
                                         360        277,880.64          1
                                       6.000          1,672.75         77
                                       5.750          1,672.75
    CHICAGO          IL   60618          5            05/07/03         00
    2360725                              05           07/01/03          0
    2360725                              O            06/01/33
    0

1

    8671378          286/286             F          128,250.00         ZZ
                                         360        127,987.84          1
                                       5.875            758.65         75
                                       5.625            758.65
    TIPP CITY        OH   45371          5            07/18/03         00
    2527881                              05           09/01/03          0
    2527881                              N            08/01/33
    0

    8671380          286/286             F          258,000.00         ZZ
                                         360        257,520.81          1
                                       6.375          1,609.59         90
                                       6.125          1,609.59
    CLARKSVILLE      MD   21029          1            07/30/03         12
    2066059                              01           09/01/03         25
    2066059                              N            08/01/33
    0

    8671388          286/286             F          184,000.00         ZZ
                                         360        183,825.41          1
                                       6.250          1,132.92         80
                                       6.000          1,132.92
    ORLANDO          FL   32819          1            08/11/03         00
    2680887                              05           10/01/03          0
    2680887                              O            09/01/33
    0

    8671394          286/286             F           33,600.00         ZZ
                                         360         33,466.51          1
                                       7.750            240.72         70
                                       7.500            240.72
    LAUDERHILL       FL   33319          1            08/07/03         00
    2685330                              06           10/01/03          0
    2685330                              N            09/01/33
    0

    8671398          286/286             F          185,000.00         ZZ
                                         360        184,603.51          1
                                       5.625          1,064.97         48
                                       5.375          1,064.97
    BURKE            VA   22015          5            07/23/03         00
    2470619                              05           09/01/03          0
    2470619                              O            08/01/33
    0

    8671408          286/286             F          237,000.00         ZZ
                                         360        236,478.71          1
                                       6.125          1,440.04         83
                                       5.875          1,440.04
1

    BARTLETT         IL   60103          1            07/31/03         11
    2614475                              05           09/01/03         12
    2614475                              O            08/01/33
    0

    8671410          286/286             F          186,000.00         ZZ
                                         360        185,654.54          1
                                       6.375          1,160.40         79
                                       6.125          1,160.40
    DILLON           CO   80435          5            07/29/03         00
    2395416                              05           09/01/03          0
    2395416                              O            08/01/33
    0

    8671412          286/286             F          168,650.00         ZZ
                                         360        168,473.91          1
                                       5.750            984.20         57
                                       5.500            984.20
    MIAMI SPRINGS    FL   33166          2            08/04/03         00
    2491848                              05           10/01/03          0
    2491848                              O            09/01/33
    0

    8671426          286/286             F          168,550.00         ZZ
                                         360        168,213.56          3
                                       6.000          1,010.55         90
                                       5.750          1,010.55
    PHILADELPHIA     PA   19119          1            07/31/03         12
    2657097                              05           09/01/03         25
    2657097                              N            08/01/33
    0

    8671432          286/286             F          125,100.00         ZZ
                                         360        124,311.38          2
                                       6.625            801.03         90
                                       6.375            801.03
    BRIDGEPORT       CT   06608          1            08/05/03         04
    2490638                              05           09/01/03         25
    2490638                              N            08/01/33
    0

    8671438          286/286             F          197,000.00         ZZ
                                         360        196,821.90          2
                                       6.500          1,245.18         72
                                       6.250          1,245.18
    GLOCESTER        RI   02857          5            08/11/03         00
    2628088                              05           10/01/03          0
    2628088                              O            09/01/33
    0
1

    8671440          286/286             F          197,000.00         ZZ
                                         360        196,794.32          1
                                       5.750          1,149.64         55
                                       5.500          1,149.64
    PERKASIE         PA   18944          5            08/07/03         00
    2602760                              05           10/01/03          0
    2602760                              O            09/01/33
    0

    8671450          286/286             F          109,250.00         ZZ
                                         360        109,042.12          1
                                       6.250            672.68         95
                                       6.000            672.68
    DAYTONA BEACH    FL   32114          2            07/31/03         11
    2633301                              05           09/01/03         30
    2633301                              O            08/01/33
    0

    8671454          286/286             F          220,000.00         ZZ
                                         360        219,470.30          1
                                       5.750          1,283.87         80
                                       5.500          1,283.87
    HARWOOD HEIGHTS  IL   60706          2            08/04/03         00
    2620886                              05           10/01/03          0
    2620886                              O            09/01/33
    0

    8671456          738/G02             F          104,700.00         ZZ
                                         360        104,700.00          1
                                       7.625            741.07         80
                                       7.375            741.07
    MELBOURNE        FL   32934          1            09/11/03         00
    0436572770                           05           11/01/03          0
    41390715                             N            10/01/33
    0

    8671476          286/286             F          200,000.00         ZZ
                                         360        199,766.28          1
                                       6.875          1,313.86         45
                                       6.625          1,313.86
    MANHEIM          PA   17329          5            08/04/03         00
    2306641                              05           10/01/03          0
    2306641                              O            09/01/33
    0

    8671486          286/286             F          150,400.00         ZZ
                                         360        150,120.64          1
1

                                       6.375            938.31         80
                                       6.125            938.31
    ST CHARLES       IL   60174          1            07/25/03         00
    2607229                              05           09/01/03          0
    2607229                              O            08/01/33
    0

    8671492          286/286             F           82,400.00         ZZ
                                         360         82,343.29          1
                                       7.875            597.46         66
                                       7.625            597.46
    WEST PALM BEACH  FL   33407          1            08/01/03         00
    2634225                              05           10/01/03          0
    2634225                              N            09/01/33
    0

    8671494          286/286             F          245,000.00         ZZ
                                         360        244,444.57          2
                                       5.500          1,391.09         77
                                       5.250          1,391.09
    NATIONAL CITY    CA   91950          5            07/23/03         00
    2531323                              05           09/01/03          0
    2531323                              O            08/01/33
    0

    8671496          286/286             F          112,000.00         ZZ
                                         360        111,885.80          1
                                       5.875            662.53         80
                                       5.625            662.53
    ELGIN            IL   60123          1            08/05/03         00
    2516699                              05           10/01/03          0
    2516699                              N            09/01/33
    0

    8671506          286/286             F           73,500.00         ZZ
                                         360         73,366.74          1
                                       6.500            464.58         80
                                       6.250            464.58
    PANAMA CITY      FL   32404          5            07/23/03         00
    2570532                              05           09/01/03          0
    2570532                              N            08/01/33
    0

    8671510          286/286             F          150,000.00         ZZ
                                         360        149,861.07          1
                                       6.375            935.81         60
                                       6.125            935.81
    ST PARIS         OH   43072          2            08/04/03         00
    1989997                              05           10/01/03          0
1

    1989997                              O            09/01/33
    0

    8671526          286/286             F           48,000.00         ZZ
                                         360         47,862.66          1
                                       6.250            295.55         75
                                       6.000            295.55
    LANSING          MI   48906          5            06/06/03         00
    2505173                              05           08/01/03          0
    2505173                              N            07/01/33
    0

    8671530          286/286             F          284,000.00         ZZ
                                         360        283,717.27          3
                                       6.000          1,702.73         80
                                       5.750          1,702.73
    LOWELL           MA   01850          2            08/20/03         00
    2563149                              05           10/01/03          0
    2563149                              N            09/01/33
    0

    8671532          286/286             F          237,000.00         ZZ
                                         360        236,780.48          3
                                       6.375          1,478.58         88
                                       6.125          1,478.58
    CLINTON          OH   44216          2            08/08/03         12
    2611002                              05           10/01/03         25
    2611002                              N            09/01/33
    0

    8671536          286/286             F          276,000.00         ZZ
                                         360        275,034.84          1
                                       5.875          1,632.65         63
                                       5.625          1,632.65
    ALEXANDRIA       VA   22304          2            08/04/03         00
    2602790                              03           09/01/03          0
    2602790                              N            08/01/33
    0

    8671538          286/286             F          139,500.00         ZZ
                                         360        139,240.90          3
                                       6.375            870.30         90
                                       6.125            870.30
    BRISTOL          CT   06010          1            07/18/03         21
    2492535                              05           09/01/03         25
    2492535                              N            08/01/33
    0

1

    8671542          286/286             F           60,000.00         T
                                         360         59,832.40          1
                                       6.375            374.33         59
                                       6.125            374.33
    COPPER HARBOR    MI   49918          5            06/06/03         00
    2526990                              05           08/01/03          0
    2526990                              O            07/01/33
    0

    8671548          286/286             F          117,000.00         ZZ
                                         360        116,563.07          1
                                       6.375            729.93         90
                                       6.125            729.93
    DENTON           TX   76207          2            07/11/03         11
    2513656                              05           09/01/03         25
    2513656                              O            08/01/33
    0

    8671554          286/286             F          200,000.00         ZZ
                                         360        199,810.23          1
                                       6.250          1,231.44         72
                                       6.000          1,231.44
    CHICAGO          IL   60640          2            08/12/03         00
    2574440                              01           10/01/03          0
    2574440                              O            09/01/33
    0

    8671556          286/286             F          150,000.00         ZZ
                                         360        149,870.85          2
                                       6.750            972.90         60
                                       6.500            972.90
    FOREST PARK      IL   60130          5            08/07/03         00
    2429134                              05           10/01/03          0
    2429134                              N            09/01/33
    0

    8671558          286/286             F          104,000.00         ZZ
                                         360        103,901.32          2
                                       6.250            640.35         68
                                       6.000            640.35
    ROYAL OAK        MI   48067          2            08/20/03         00
    2017060                              05           10/01/03          0
    2017060                              N            09/01/33
    0

    8671560          286/286             F          170,300.00         ZZ
                                         360        170,130.46          1
                                       6.000          1,021.04         58
                                       5.750          1,021.04
1

    PIERCE           CO   80650          2            08/01/03         00
    2624317                              05           09/01/03          0
    2624317                              O            08/01/33
    0

    8671562          286/286             F          126,000.00         ZZ
                                         360        125,886.09          3
                                       6.500            796.41         90
                                       6.250            796.41
    CLAREMONT        NH   03743          1            08/22/03         12
    2635138                              05           10/01/03         25
    2635138                              N            09/01/33
    0

    8671564          286/286             F          224,910.00         ZZ
                                         360        224,680.25          1
                                       6.750          1,458.77         90
                                       6.500          1,458.77
    WASHINGTON       DC   20002          1            08/22/03         11
    2672039                              05           10/01/03         25
    2672039                              N            09/01/33
    0

    8671568          286/286             F          103,500.00         ZZ
                                         360        103,307.75          3
                                       6.375            645.71         90
                                       6.125            645.71
    WATERBURY        CT   06706          1            08/01/03         12
    2587671                              05           09/01/03         25
    2587671                              N            08/01/33
    0

    8671584          286/286             F          285,000.00         ZZ
                                         360        284,188.74          1
                                       5.625          1,640.63         80
                                       5.375          1,640.63
    DECATUR          GA   30033          5            07/15/03         00
    2491266                              05           09/01/03          0
    2491266                              O            08/01/33
    0

    8671586          286/286             F          144,800.00         ZZ
                                         360        144,510.98          2
                                       6.000            868.15         80
                                       5.750            868.15
    OLATHE           KS   66061          2            07/21/03         00
    2589780                              05           09/01/03          0
    2589780                              N            08/01/33
    0
1

    8671590          286/286             F          176,000.00         ZZ
                                         360        175,648.70          1
                                       6.000          1,055.21         80
                                       5.750          1,055.21
    SOUTH ELGIN      IL   60177          5            07/01/03         00
    2400491                              05           09/01/03          0
    2400491                              O            08/01/33
    0

    8671594          286/286             F          186,000.00         ZZ
                                         360        185,814.83          1
                                       6.000          1,115.17         62
                                       5.750          1,115.17
    VIRGINIA CITY    MT   59755          5            08/06/03         00
    2510648                              05           10/01/03          0
    2510648                              O            09/01/33
    0

    8671596          286/286             F          144,800.00         ZZ
                                         360        144,510.98          2
                                       6.000            868.15         80
                                       5.750            868.15
    OLATHE           KS   66061          2            07/21/03         00
    2589791                              05           09/01/03          0
    2589791                              N            08/01/33
    0

    8671602          286/286             F          157,040.00         ZZ
                                         360        156,726.54          1
                                       6.000            941.53         80
                                       5.750            941.53
    FARMINGTON       MN   55024          1            07/29/03         00
    2696961                              05           09/01/03          0
    2696961                              N            08/01/33
    0

    8671604          286/286             F          144,800.00         ZZ
                                         360        144,510.98          2
                                       6.000            868.15         80
                                       5.750            868.15
    OLATHE           KS   66061          2            07/21/03         00
    2589801                              05           09/01/03          0
    2589801                              N            08/01/33
    0

    8671612          286/286             F          149,500.00         ZZ
                                         360        149,164.21          1
1

                                       5.375            837.16         80
                                       5.125            837.16
    ORLANDO          FL   32832          1            07/29/03         00
    2547396                              05           09/01/03          0
    2547396                              O            08/01/33
    0

    8671622          286/286             F          194,034.00         ZZ
                                         360        193,608.25          1
                                       5.500          1,101.71         75
                                       5.250          1,101.71
    LANCASTER        CA   93536          2            07/29/03         00
    2392085                              05           09/01/03          0
    2392085                              O            08/01/33
    0

    8671624          286/286             F          252,000.00         ZZ
                                         360        251,323.98          4
                                       5.625          1,450.66         90
                                       5.375          1,450.66
    KEANSBURG        NJ   07734          1            07/28/03         12
    2586597                              05           09/01/03         25
    2586597                              O            08/01/33
    0

    8671628          286/286             F          144,800.00         ZZ
                                         360        144,510.98          2
                                       6.000            868.15         80
                                       5.750            868.15
    OLATHE           KS   66061          2            07/21/03         00
    2589814                              05           09/01/03          0
    2589814                              N            08/01/33
    0

    8671632          286/286             F          181,000.00         ZZ
                                         360        180,630.03          1
                                       5.875          1,070.69         70
                                       5.625          1,070.69
    EAST LANSING     MI   48823          1            07/25/03         00
    2369604                              05           09/01/03          0
    2369604                              O            08/01/33
    0

    8671640          286/286             F          234,000.00         ZZ
                                         360        233,798.53          1
                                       6.750          1,517.72         90
                                       6.500          1,517.72
    BEALETON         VA   22712          1            08/29/03         11
    2740490                              05           10/01/03         25
1

    2740490                              O            09/01/33
    0

    8671642          286/286             F          144,800.00         ZZ
                                         360        144,510.98          2
                                       6.000            868.15         80
                                       5.750            868.15
    OLATHE           KS   66062          2            07/21/03         00
    2589819                              05           09/01/03          0
    2589819                              N            08/01/33
    0

    8671652          286/286             F          120,000.00         ZZ
                                         360        119,754.70          3
                                       5.875            709.85         67
                                       5.625            709.85
    GREELEY          CO   80631          2            07/21/03         00
    2541705                              05           09/01/03          0
    2541705                              N            08/01/33
    0

    8671656          286/286             F          123,900.00         ZZ
                                         360        123,793.32          4
                                       6.750            803.62         70
                                       6.500            803.62
    JOLIET           IL   60435          5            08/20/03         00
    2514309                              05           10/01/03          0
    2514309                              N            09/01/33
    0

    8671658          286/286             F          135,200.00         ZZ
                                         360        134,954.88          1
                                       6.500            854.56         80
                                       6.250            854.56
    CINCINNATI       OH   45208          1            07/31/03         00
    2658016                              05           09/01/03          0
    2658016                              N            08/01/33
    0

    8671670          286/286             F           92,500.00         ZZ
                                         360         92,401.10          1
                                       5.625            532.49         69
                                       5.375            532.49
    AUSTIN           TX   78705          2            08/01/03         00
    2565571                              01           10/01/03          0
    2565571                              N            09/01/33
    0

1

    8671690          286/286             F          223,500.00         ZZ
                                         360        223,292.99          1
                                       6.375          1,394.35         75
                                       6.125          1,394.35
    COMMERCE CITY    CO   80022          5            08/12/03         00
    2584323                              05           10/01/03          0
    2584323                              N            09/01/33
    0

    8671728          286/286             F          262,400.00         ZZ
                                         360        262,138.77          3
                                       6.000          1,573.23         80
                                       5.750          1,573.23
    BALTIMORE        MD   21230          1            08/15/03         00
    2622017                              05           10/01/03          0
    2622017                              N            09/01/33
    0

    8671730          286/286             F          262,515.00         ZZ
                                         360        262,259.85          1
                                       6.125          1,595.07         75
                                       5.875          1,595.07
    RIVERDALE        GA   30274          5            08/20/03         00
    2564528                              05           10/01/03          0
    2564528                              N            09/01/33
    0

    8671938          286/286             F          262,515.00         ZZ
                                         360        262,259.85          1
                                       6.125          1,595.07         75
                                       5.875          1,595.07
    RIVERDALE        GA   30274          5            08/20/03         00
    2573585                              05           10/01/03          0
    2573585                              N            09/01/33
    0

    8671940          286/286             F           84,000.00         ZZ
                                         360         83,580.32          1
                                       6.375            524.05         80
                                       6.125            524.05
    LANSING          MI   48917          1            06/03/03         00
    2478745                              05           08/01/03          0
    2478745                              N            07/01/33
    0

    8671942          286/286             F          148,000.00         ZZ
                                         360        147,866.20          1
                                       6.500            935.47         78
                                       6.250            935.47
1

    DELIGHT          AR   71940          2            08/07/03         00
    2589703                              05           10/01/03          0
    2589703                              O            09/01/33
    0

    8671952          286/286             F          270,750.00         ZZ
                                         360        269,839.61          1
                                       5.875          1,601.59         95
                                       5.625          1,601.59
    ALBUQUERQUE      NM   87120          1            07/24/03         12
    2648651                              05           09/01/03         35
    2648651                              O            08/01/33
    0

    8671954          286/286             F          262,150.00         ZZ
                                         360        261,882.72          1
                                       5.875          1,550.72         75
                                       5.625          1,550.72
    RIVERDALE        GA   30274          2            08/20/03         00
    2573871                              05           10/01/03          0
    2573871                              N            09/01/33
    0

    8671956          286/286             F          125,000.00         ZZ
                                         360        124,773.37          1
                                       6.500            790.09         95
                                       6.250            790.09
    KNOXVILLE        TN   37922          5            07/18/03         12
    2494650                              05           09/01/03         30
    2494650                              O            08/01/33
    0

    8671970          286/286             F          168,600.00         ZZ
                                         360        168,428.10          1
                                       5.875            997.34         75
                                       5.625            997.34
    HYANNIS          MA   02601          1            08/18/03         00
    2329682                              01           10/01/03          0
    2329682                              O            09/01/33
    0

    8671972          286/286             F          132,000.00         ZZ
                                         360        131,868.59          1
                                       6.000            791.41         80
                                       5.750            791.41
    GILBERT          AZ   85234          1            08/08/03         00
    2629942                              03           10/01/03          0
    2629942                              N            09/01/33
    0
1

    8671974          286/286             F          262,500.00         ZZ
                                         360        262,232.37          1
                                       5.875          1,552.79         75
                                       5.625          1,552.79
    RIVERDALE        GA   30274          2            08/20/03         00
    2574183                              05           10/01/03          0
    2574183                              N            09/01/33
    0

    8671984          286/286             F          226,400.00         ZZ
                                         360        225,969.24          1
                                       6.250          1,393.99         80
                                       6.000          1,393.99
    SHELTON          CT   06484          5            07/17/03         00
    2568595                              01           09/01/03          0
    2568595                              N            08/01/33
    0

    8671990          286/286             F          108,000.00         ZZ
                                         360        107,899.97          1
                                       6.375            673.78         80
                                       6.125            673.78
    GRIFFITH         IN   46319          5            08/04/03         00
    2704728                              05           10/01/03          0
    2704728                              O            09/01/33
    0

    8672006          286/286             F          132,500.00         ZZ
                                         360        132,247.89          1
                                       6.250            815.83         72
                                       6.000            815.83
    STERLING         VA   20164          5            07/29/03         00
    2571445                              03           09/01/03          0
    2571445                              N            08/01/33
    0

    8672018          286/286             F          108,000.00         ZZ
                                         360        107,894.85          2
                                       6.125            656.22         90
                                       5.875            656.22
    NORFOLK          VA   23502          1            08/18/03         11
    2666519                              05           10/01/03         25
    2666519                              N            09/01/33
    0

    8672028          286/286             F          127,200.00         ZZ
                                         360        127,070.31          1
1

                                       5.875            752.44         80
                                       5.625            752.44
    TAOS             NM   87571          1            08/07/03         00
    2663439                              05           10/01/03          0
    2663439                              O            09/01/33
    0

    8672032          286/286             F          243,000.00         ZZ
                                         360        242,479.20          1
                                       5.625          1,398.85         72
                                       5.375          1,398.85
    SOUTH ELGIN      IL   60177          2            07/31/03         00
    2603088                              05           09/01/03          0
    2603088                              O            08/01/33
    0

    8672040          286/286             F          105,000.00         ZZ
                                         360        104,823.06          2
                                       6.875            689.78         37
                                       6.625            689.78
    MINNEAPOLIS      MN   55413          5            07/24/03         00
    2566290                              05           09/01/03          0
    2566290                              N            08/01/33
    0

    8672056          286/286             F          106,400.00         ZZ
                                         360        106,123.62          1
                                       6.750            690.11         80
                                       6.500            690.11
    MULBERRY         FL   33860          1            07/02/03         00
    2483848                              05           08/01/03          0
    2483848                              O            07/01/33
    0

    8672074          286/286             F           84,000.00         ZZ
                                         360         83,914.35          1
                                       5.875            496.90         60
                                       5.625            496.90
    MIAMI            FL   33177          5            08/13/03         00
    2513043                              05           10/01/03          0
    2513043                              N            09/01/33
    0

    8672084          286/286             F          295,000.00         ZZ
                                         360        294,752.15          1
                                       6.875          1,937.95         68
                                       6.625          1,937.95
    YONKERS          NY   10705          2            08/01/03         00
    2060240                              05           10/01/03          0
1

    2060240                              O            09/01/33
    0

    8672112          286/286             F          135,000.00         ZZ
                                         360        134,852.23          1
                                       5.500            766.52         77
                                       5.250            766.52
    HUDSON           FL   34669          2            08/13/03         00
    2618469                              05           10/01/03          0
    2618469                              O            09/01/33
    0

    8672114          286/286             F          131,000.00         ZZ
                                         360        130,732.21          1
                                       5.875            774.92         87
                                       5.625            774.92
    OMAHA            NE   68116          2            07/25/03         14
    2630674                              05           09/01/03         25
    2630674                              O            08/01/33
    0

    8672172          Q57/G02             F          322,400.00         ZZ
                                         360        322,400.00          1
                                       6.750          2,091.08         80
                                       6.500          2,091.08
    DOWNERS GROVE    IL   60516          1            09/05/03         00
    0436614382                           05           11/01/03          0
    36002211                             O            10/01/33
    0

    8672320          Q57/G02             F          190,000.00         ZZ
                                         360        189,819.72          2
                                       6.250          1,169.86         76
                                       6.000          1,169.86
    WASHINGTON       DC   20003          5            08/13/03         00
    0436623524                           05           10/01/03          0
    54600005                             O            09/01/33
    0

    8672366          883/G02             F          199,875.00         ZZ
                                         360        199,875.00          1
                                       6.625          1,279.82         80
                                       6.375          1,279.82
    COLUMBUS         GA   31909          5            09/04/03         00
    0436594956                           01           11/01/03          0
    05022483                             O            10/01/33
    0

1

    8672372          825/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.500          2,039.68         75
                                       6.250          2,039.68
    BRECKENRIDGE     CO   80424          5            09/05/03         00
    0436599633                           05           11/01/03          0
    CASTORR3213                          O            10/01/33
    0

    8672514          K15/G02             F          152,000.00         ZZ
                                         360        151,859.22          1
                                       6.375            948.28         51
                                       6.125            948.28
    LACONIA          NH   03246          5            08/26/03         00
    0436584940                           05           10/01/03          0
    033605520696                         O            09/01/33
    0

    8672968          168/168             F          216,000.00         ZZ
                                         360        215,784.97          1
                                       6.000          1,295.03         90
                                       5.750          1,295.03
    STATEN ISLAND    NY   10314          1            08/13/03         14
    0359595375                           05           10/01/03         25
    0359595375                           O            09/01/33
    0

    8673360          U05/G02             F          404,000.00         ZZ
                                         360        403,643.56          2
                                       6.625          2,586.86         80
                                       6.375          2,586.86
    OAKLAND          CA   94609          1            08/26/03         00
    0436591523                           05           10/01/03          0
    3399488                              O            09/01/33
    0

    8673362          U05/G02             F          178,000.00         ZZ
                                         360        177,857.66          1
                                       7.125          1,199.22         66
                                       6.875          1,199.22
    SAN DIEGO        CA   92102          2            08/20/03         00
    0436610026                           05           10/01/03          0
    3409084                              O            09/01/33
    0

    8673366          U05/G02             F          280,000.00         ZZ
                                         360        279,776.09          1
                                       7.125          1,886.41         70
                                       6.875          1,886.41
1

    CAMARILLO        CA   93010          5            08/25/03         00
    0436600456                           05           10/01/03          0
    3415346                              O            09/01/33
    0

    8673382          U05/G02             F          138,600.00         ZZ
                                         360        138,477.72          1
                                       6.625            887.47         90
                                       6.375            887.47
    COOPER CITY      FL   33330          1            08/27/03         14
    0436590939                           05           10/01/03         25
    3408956                              O            09/01/33
    0

    8673396          U05/G02             F          148,000.00         ZZ
                                         360        147,881.65          1
                                       7.125            997.10         80
                                       6.875            997.10
    LOXAHATCHEE      FL   33470          5            08/19/03         00
    0436594790                           05           10/01/03          0
    3407076                              O            09/01/33
    0

    8673452          U05/G02             F          156,800.00         ZZ
                                         360        156,661.66          1
                                       6.625          1,004.01         66
                                       6.375          1,004.01
    VAN NUYS AREA    CA   91402          5            08/15/03         00
    0436599872                           05           10/01/03          0
    3403646                              O            09/01/33
    0

    8673458          K15/G02             F          202,000.00         ZZ
                                         360        202,000.00          1
                                       6.625          1,293.43         80
                                       6.375          1,293.43
    PLYMOUTH         MA   02360          5            09/10/03         00
    0436599609                           05           11/01/03          0
    024005521397                         O            10/01/33
    0

    8673460          U05/G02             F          138,500.00         ZZ
                                         360        138,383.64          1
                                       6.875            909.85         50
                                       6.625            909.85
    GRANTS PASS      OR   97527          1            08/26/03         00
    0436590210                           05           10/01/03          0
    3403786                              N            09/01/33
    0
1

    8673468          U05/G02             F          167,700.00         ZZ
                                         360        167,555.61          1
                                       6.750          1,087.70         90
                                       6.500          1,087.70
    BOURBONNAIS      IL   60914          1            08/26/03         14
    0436610133                           05           10/01/03         25
    3398877                              O            09/01/33
    0

    8673480          U05/G02             F          249,900.00         ZZ
                                         360        249,674.09          1
                                       6.500          1,579.54         90
                                       6.250          1,579.54
    PICO RIVERA      CA   90660          1            08/15/03         04
    0436593701                           05           10/01/03         25
    3397895                              O            09/01/33
    0

    8673490          U05/G02             F          191,250.00         ZZ
                                         360        191,097.06          1
                                       7.125          1,288.49         85
                                       6.875          1,288.49
    BOZEMAN          MT   59715          1            08/21/03         10
    0436593362                           05           10/01/03         12
    3411891                              O            09/01/33
    0

    8673498          U05/G02             F          110,250.00         ZZ
                                         360        110,150.34          1
                                       6.500            696.85         75
                                       6.250            696.85
    NEWARK           DE   19713          5            08/20/03         00
    0436600274                           05           10/01/03          0
    3407534                              O            09/01/33
    0

    8673500          U05/G02             F          129,500.00         ZZ
                                         360        129,377.13          1
                                       6.250            797.35         86
                                       6.000            797.35
    DALLAS           TX   75243          2            08/15/03         10
    0436603773                           05           10/01/03         25
    3384463                              O            09/01/33
    0

    8673518          U05/G02             F          124,200.00         ZZ
                                         360        124,095.65          1
1

                                       6.875            815.91         90
                                       6.625            815.91
    FORT LAUDERDALE  FL   33309          1            08/29/03         10
    0436610034                           05           10/01/03         25
    3401893                              O            09/01/33
    0

    8673534          U05/G02             F          138,750.00         ZZ
                                         360        138,630.54          1
                                       6.750            899.93         75
                                       6.500            899.93
    ASHLAND          OR   97520          5            08/11/03         00
    0436600720                           05           10/01/03          0
    3397321                              N            09/01/33
    0

    8673536          U05/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.750            882.09         80
                                       6.500            882.09
    PEMBROKE PINES   FL   33026          1            09/02/03         00
    0436609721                           05           11/01/03          0
    3415032                              O            10/01/33
    0

    8673544          U05/G02             F          273,600.00         ZZ
                                         360        273,386.57          1
                                       7.250          1,866.43         80
                                       7.000          1,866.43
    SAN MARCOS       CA   92069          1            08/20/03         00
    0436593750                           05           10/01/03          0
    3407683                              N            09/01/33
    0

    8673546          U05/G02             F          135,000.00         ZZ
                                         360        134,883.77          1
                                       6.750            875.61         80
                                       6.500            875.61
    COMMERCE CITY    CO   80022          2            08/22/03         00
    0436592471                           05           10/01/03          0
    3403648                              N            09/01/33
    0

    8673602          U05/G02             F          206,250.00         ZZ
                                         360        206,058.97          1
                                       6.375          1,286.73         75
                                       6.125          1,286.73
    ASHLAND          OR   97520          5            08/08/03         00
    0436600795                           05           10/01/03          0
1

    3397337                              O            09/01/33
    0

    8673606          U05/G02             F          185,250.00         ZZ
                                         360        185,090.50          1
                                       6.750          1,201.53         75
                                       6.500          1,201.53
    ASHLAND          OR   97520          5            08/11/03         00
    0436600845                           05           10/01/03          0
    3397357                              N            09/01/33
    0

    8673608          U05/G02             F          390,000.00         ZZ
                                         360        389,672.36          2
                                       6.875          2,562.02         75
                                       6.625          2,562.02
    FULLERTON        CA   92835          1            08/15/03         00
    0436598767                           05           10/01/03          0
    3407191                              N            09/01/33
    0

    8673614          U05/G02             F          118,000.00         ZZ
                                         360        117,893.33          2
                                       6.500            745.84         74
                                       6.250            745.84
    LOS ANGELES      CA   90058          2            08/15/03         00
    0436590665                           05           10/01/03          0
    3383590                              O            09/01/33
    0

    8673628          U05/G02             F          176,000.00         ZZ
                                         360        175,844.72          1
                                       6.625          1,126.95         79
                                       6.375          1,126.95
    VISTA            CA   92084          5            08/20/03         00
    0436590640                           05           10/01/03          0
    3385115                              O            09/01/33
    0

    8673900          E22/G02             F          252,000.00         ZZ
                                         360        252,000.00          4
                                       6.500          1,592.81         80
                                       6.250          1,592.81
    FONTANA          CA   92335          5            09/02/03         00
    0418394052                           05           11/01/03          0
    0418394052                           O            10/01/33
    0

1

    8673906          E22/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       7.000            981.99         90
                                       6.750            981.99
    CHARLOTTE        NC   28210          2            09/09/03         04
    0418404034                           05           11/01/03         25
    0418404034                           O            10/01/33
    0

    8673912          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.250          1,064.19         95
                                       7.000          1,064.19
    SACRAMENTO       CA   95815          5            09/04/03         01
    0418408266                           05           11/01/03         30
    0418408266                           O            10/01/33
    0

    8673976          E22/G02             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       7.250            985.74         90
                                       7.000            985.74
    ASHEVILLE        NC   28801          1            09/16/03         01
    0418528782                           05           11/01/03         25
    0418528782                           O            10/01/33
    0

    8674014          E22/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.750          2,075.51         75
                                       6.500          2,075.51
    SAN JOSE         CA   95122          2            09/05/03         00
    0417792876                           05           11/01/03          0
    0417792876                           O            10/01/33
    0

    8674018          E22/G02             F          115,000.00         TX
                                         360        115,000.00          1
                                       6.625            736.36         70
                                       6.375            736.36
    CONROE           TX   77302          5            09/10/03         00
    0417819687                           03           11/01/03          0
    0417819687                           O            10/01/33
    0

    8674024          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.500            707.92         80
                                       6.250            707.92
1

    KING             NC   27021          5            09/11/03         00
    0417906534                           05           11/01/03          0
    0417906534                           O            10/01/33
    0

    8674026          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.375          1,023.15         88
                                       6.125          1,023.15
    VIRGINIA BCH     VA   23464          5            09/11/03         04
    0417844024                           05           11/01/03         25
    0417844024                           O            10/01/33
    0

    8674116          E22/G02             F          106,400.00         ZZ
                                         360        106,400.00          1
                                       7.375            734.88         80
                                       7.125            734.88
    HARVEST          AL   35749          5            09/11/03         00
    0418387593                           05           11/01/03          0
    0418387593                           O            10/01/33
    0

    8674176          E82/G02             F          227,200.00         ZZ
                                         360        227,200.00          1
                                       5.875          1,343.97         64
                                       5.625          1,343.97
    CRANSTON         RI   02921          2            09/05/03         00
    0400881553                           05           11/01/03          0
    0400881553                           O            10/01/33
    0

    8674182          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.875          1,235.03         80
                                       6.625          1,235.03
    ALLEN            TX   75002          1            09/15/03         00
    0418459764                           03           11/01/03          0
    0418459764                           N            10/01/33
    0

    8674184          E82/G02             F          152,000.00         T
                                         360        152,000.00          1
                                       6.250            935.89         46
                                       6.000            935.89
    CULLOWHEE        NC   28723          2            09/16/03         00
    0400883757                           05           11/01/03          0
    0400883757                           O            10/01/33
    0
1

    8674208          E22/G02             F          109,250.00         ZZ
                                         360        109,250.00          1
                                       7.125            736.04         95
                                       6.875            736.04
    CLARKSVILLE      TN   37043          2            09/11/03         01
    0417954690                           05           11/01/03         30
    0417954690                           O            10/01/33
    0

    8674224          E22/G02             F          232,500.00         ZZ
                                         360        232,500.00          1
                                       6.625          1,488.72         80
                                       6.375          1,488.72
    WELLINGTON       CO   80549          5            09/11/03         00
    0418054219                           05           11/01/03          0
    0418054219                           O            10/01/33
    0

    8674290          E22/G02             F          145,460.00         T
                                         360        145,460.00          1
                                       6.875            955.57         80
                                       6.625            955.57
    PORT ST LUCIE    FL   33487          1            09/16/03         00
    0418148862                           05           11/01/03          0
    0418148862                           O            10/01/33
    0

    8674306          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          3
                                       6.875          1,418.97         90
                                       6.625          1,418.97
    PROVIDENCE       RI   02904          1            09/16/03         01
    0418177929                           05           11/01/03         25
    0418177929                           N            10/01/33
    0

    8674410          T63/G02             F          109,800.00         ZZ
                                         360        109,800.00          1
                                       7.875            796.13         90
                                       7.625            796.13
    RUSSELLVILLE     TN   37860          5            09/11/03         11
    0436593289                           05           11/01/03         25
    10993033                             O            10/01/33
    0

    8675146          M07/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
1

                                       7.000            851.59         78
                                       6.750            851.59
    PHELAN           CA   92371          5            09/10/03         00
    0436595136                           05           11/01/03          0
    02308378                             O            10/01/33
    0

    8675566          X52/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
                                       7.000          1,270.73         56
                                       6.750          1,270.73
    BIG PINE KEY     FL   33043          5            09/08/03         00
    0436595268                           05           11/01/03          0
    03081400                             O            10/01/33
    0

    8676202          B43/G02             F          100,750.00         ZZ
                                         360        100,750.00          1
                                       6.500            636.81         65
                                       6.250            636.81
    CHAPPELL         NE   69129          5            09/15/03         00
    0436586614                           05           11/01/03          0
    776048                               O            10/01/33
    0

    8676372          U05/G02             F          225,000.00         TX
                                         360        224,786.51          1
                                       6.250          1,385.36         79
                                       6.000          1,385.36
    MISSION          TX   78572          5            08/20/03         00
    0436697767                           03           10/01/03          0
    3396901                              O            09/01/33
    0

    8676430          U05/G02             F          168,750.00         TX
                                         360        168,750.00          1
                                       5.875            998.22         75
                                       5.625            998.22
    PLANO            TX   75094          5            09/08/03         00
    0436597587                           05           11/01/03          0
    3415838                              O            10/01/33
    0

    8676570          U05/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
                                       7.500            755.15         90
                                       7.250            755.15
    DAYTON           KY   41074          1            09/08/03         10
    0436630412                           05           11/01/03         25
1

    3414400                              N            10/01/33
    0

    8676586          X67/G02             F          200,000.00         ZZ
                                         360        199,662.98          1
                                       6.875          1,313.86         77
                                       6.625          1,313.86
    WHITTIER         CA   90605          5            08/15/03         00
    0436715031                           05           10/01/03          0
    423482                               O            09/01/33
    0

    8676590          F89/G02             F          135,000.00         ZZ
                                         360        134,899.81          1
                                       7.500            943.94         90
                                       7.250            943.94
    QUARTZ HILL      CA   93536          1            08/26/03         11
    0436581045                           05           10/01/03         25
    34121                                N            09/01/33
    0

    8676758          U05/G02             F          218,000.00         TX
                                         360        218,000.00          1
                                       7.000          1,450.36         52
                                       6.750          1,450.36
    AUSTIN           TX   78746          5            09/05/03         00
    0436597389                           05           11/01/03          0
    3409444                              O            10/01/33
    0

    8676814          W45/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.750          1,167.48         79
                                       6.500          1,167.48
    YUCAIPA          CA   92399          1            09/05/03         00
    0436585020                           05           11/01/03          0
    0308212151                           O            10/01/33
    0

    8676826          964/G02             F          224,000.00         ZZ
                                         360        223,519.94          1
                                       5.625          1,289.47         80
                                       5.375          1,289.47
    GRASS VALLEY     CA   95945          1            07/16/03         00
    0436591879                           05           09/01/03          0
    486226                               O            08/01/33
    0

1

    8678568          E82/G02             F          112,700.00         ZZ
                                         360        112,700.00          2
                                       6.500            712.34         83
                                       6.250            712.34
    LOUISVILLE       KY   40216          2            09/15/03         04
    0400883690                           05           11/01/03         12
    0400883690                           O            10/01/33
    0

    8678748          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.500          1,422.15         75
                                       6.250          1,422.15
    BIRMINGHAM       AL   35209          5            09/12/03         00
    0418292157                           05           11/01/03          0
    0418292157                           O            10/01/33
    0

    8678808          E22/G02             F          153,850.00         ZZ
                                         360        153,850.00          1
                                       6.750            997.87         85
                                       6.500            997.87
    YORKTOWN         VA   23692          5            09/12/03         01
    0418457842                           05           11/01/03         12
    0418457842                           O            10/01/33
    0

    8678812          E22/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       7.000          1,836.23         80
                                       6.750          1,836.23
    PAPILLION        NE   68046          5            09/12/03         00
    0418459269                           05           11/01/03          0
    0418459269                           O            10/01/33
    0

    8678824          E22/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.000          1,408.94         33
                                       5.750          1,408.94
    SAN FRANCISCO    CA   94122          5            09/11/03         00
    0418466454                           07           11/01/03          0
    0418466454                           O            10/01/33
    0

    8678850          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       7.750            730.74         78
                                       7.500            730.74
1

    BRANDON          MS   39042          2            09/12/03         00
    0418478905                           05           11/01/03          0
    0418478905                           N            10/01/33
    0

    8678910          E22/G02             F          140,700.00         ZZ
                                         360        140,700.00          1
                                       6.625            900.92         77
                                       6.375            900.92
    LARAMIE          WY   82070          5            09/12/03         00
    0418155511                           05           11/01/03          0
    0418155511                           O            10/01/33
    0

    8678920          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.250          1,662.44         78
                                       6.000          1,662.44
    NORTH BABYLON    NY   11703          5            09/12/03         00
    0418178745                           05           11/01/03          0
    0418178745                           O            10/01/33
    0

    8678938          E22/G02             F          229,333.00         ZZ
                                         360        229,333.00          1
                                       6.875          1,506.55         77
                                       6.625          1,506.55
    HARRISON         NJ   07029          2            09/12/03         00
    0418208781                           05           11/01/03          0
    0418208781                           O            10/01/33
    0

    8678948          E22/G02             F          174,250.00         ZZ
                                         360        174,250.00          1
                                       6.125          1,058.76         85
                                       5.875          1,058.76
    LINCOLN          NE   68507          2            09/12/03         01
    0418215075                           05           11/01/03         20
    0418215075                           O            10/01/33
    0

    8678994          E22/G02             F          136,400.00         ZZ
                                         360        136,400.00          1
                                       6.250            839.84         85
                                       6.000            839.84
    COLORADO SPRING  CO   80920          5            09/12/03         01
    0418344982                           03           11/01/03         12
    0418344982                           O            10/01/33
    0
1

    8679014          E22/G02             F          200,800.00         ZZ
                                         360        200,182.80          1
                                       5.875          1,187.81         80
                                       5.625          1,187.81
    FORSYTH          MO   65653          5            06/06/03         00
    0417244159                           05           08/01/03          0
    0417244159                           O            07/01/33
    0

    8679028          E22/G02             F          122,400.00         TX
                                         360        122,400.00          1
                                       5.875            724.04         77
                                       5.625            724.04
    LUBBOCK          TX   79424          5            09/10/03         00
    0417547007                           05           11/01/03          0
    0417547007                           O            10/01/33
    0

    8679066          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.750            681.03         68
                                       6.500            681.03
    HUDSON           FL   34669          5            09/12/03         00
    0418008371                           05           11/01/03          0
    0418008371                           O            10/01/33
    0

    8679134          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.000            743.44         80
                                       5.750            743.44
    CHARLOTTE        NC   28203          5            09/12/03         00
    0418044699                           05           11/01/03          0
    0418044699                           O            10/01/33
    0

    8679566          T23/G02             F          123,750.00         ZZ
                                         360        123,750.00          1
                                       6.750            802.64         75
                                       6.500            802.64
    REYNOLDSBURG     OH   43068          5            09/15/03         00
    0436581300                           05           11/01/03          0
    6854                                 N            10/01/33
    0

    8679576          T23/G02             F          118,500.00         ZZ
                                         360        118,500.00          1
1

                                       6.750            768.59         75
                                       6.500            768.59
    REYNOLDSBURG     OH   43068          5            09/15/03         00
    0436591317                           05           11/01/03          0
    6852                                 N            10/01/33
    0

    8679578          T23/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.500            758.48         80
                                       6.250            758.48
    REYNOLDSBURG     OH   43068          2            09/15/03         00
    0436600514                           05           11/01/03          0
    6853                                 N            10/01/33
    0

    8679584          L20/G02             F          175,950.00         ZZ
                                         360        175,950.00          4
                                       7.000          1,170.60         90
                                       6.750          1,170.60
    SALT LAKE CITY   UT   84102          1            09/16/03         14
    0436603500                           05           11/01/03         25
    1031010423                           N            10/01/33
    0

    8679608          T23/G02             F          104,500.00         ZZ
                                         360        104,500.00          1
                                       6.625            669.12         95
                                       6.375            669.12
    FOMBELL          PA   16123          5            09/16/03         10
    0436589618                           05           11/01/03         30
    6869                                 O            10/01/33
    0

    8679648          N74/G02             F          122,740.00         ZZ
                                         360        122,629.04          1
                                       6.500            775.80         85
                                       6.250            775.80
    KERNERSVILLE     NC   27284          2            09/05/03         10
    0436593784                           05           10/10/03         12
    0033317010                           O            09/10/33
    0

    8679660          P34/G02             F          147,000.00         ZZ
                                         360        146,863.85          1
                                       6.375            917.09         80
                                       6.125            917.09
    HAMILTON         NJ   08610          5            08/26/03         00
    0436621601                           05           10/01/03          0
1

    16537                                O            09/01/33
    0

    8679694          T23/G02             F          149,000.00         ZZ
                                         360        149,000.00          1
                                       7.250          1,016.44         94
                                       7.000          1,016.44
    EAST STROUDSBUR  PA   18301          2            09/12/03         10
    0436600266                           03           11/01/03         30
    6855                                 O            10/01/33
    0

    8679780          T23/G02             F          115,500.00         ZZ
                                         360        115,500.00          1
                                       6.500            730.04         75
                                       6.250            730.04
    REYNOLDSBURG     OH   43068          2            09/15/03         00
    0436581649                           05           11/01/03          0
    1                                    N            10/01/33
    0

    8679802          B23/G02             F          169,600.00         ZZ
                                         360        169,600.00          2
                                       7.000          1,128.35         80
                                       6.750          1,128.35
    LOS ANGELES      CA   90063          5            09/05/03         00
    0436610968                           05           11/01/03          0
    80002700                             N            10/01/33
    0

    8679824          U96/G02             F          120,000.00         T
                                         360        120,000.00          1
                                       7.125            808.46         73
                                       6.875            808.46
    WEED             CA   96094          1            09/09/03         00
    0436581987                           03           11/01/03          0
    030800001                            O            10/01/33
    0

    8679830          W30/G02             F          256,500.00         ZZ
                                         360        256,500.00          4
                                       7.875          1,859.80         90
                                       7.625          1,859.80
    NEW HAVEN        CT   06511          1            09/15/03         10
    0436605711                           05           11/01/03         25
    03080672                             N            10/01/33
    0

1

    8679846          P48/G02             F          161,500.00         ZZ
                                         360        161,500.00          1
                                       6.750          1,047.49         77
                                       6.500          1,047.49
    LAKEVILLE        MN   55044          5            09/15/03         00
    0436598189                           05           11/01/03          0
    13251052                             O            10/01/33
    0

    8680288          K15/G02             F          182,000.00         ZZ
                                         360        182,000.00          1
                                       6.500          1,150.36         79
                                       6.250          1,150.36
    AFTON            WY   83110          5            09/12/03         00
    0436596951                           05           11/01/03          0
    023305512920                         O            10/01/33
    0

    8680338          K15/G02             F          110,100.00         ZZ
                                         360        110,007.50          1
                                       6.875            723.28         63
                                       6.625            723.28
    SACO             ME   04072          5            08/26/03         00
    0436599245                           05           10/01/03          0
    007805519207                         O            09/01/33
    0

    8680368          U05/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
                                       7.500            755.15         90
                                       7.250            755.15
    DAYTON           KY   41074          1            09/08/03         14
    0436630511                           05           11/01/03         25
    3414378                              N            10/01/33
    0

    8680378          H58/G02             F          319,500.00         ZZ
                                         360        319,500.00          1
                                       7.250          2,179.55         90
                                       7.000          2,179.55
    OCEANSIDE        CA   92054          1            09/03/03         01
    0436588917                           01           11/01/03         25
    0000188816                           O            10/01/33
    0

    8680488          U05/G02             F          193,500.00         ZZ
                                         360        193,500.00          3
                                       7.000          1,287.36         90
                                       6.750          1,287.36
1

    PITTSBURGH       PA   15213          1            09/12/03         10
    0436675177                           05           11/01/03         25
    3417592                              N            10/01/33
    0

    8681062          E22/G02             F          167,000.00         ZZ
                                         360        167,000.00          4
                                       7.000          1,111.06         79
                                       6.750          1,111.06
    BLUE SPRINGS     MO   64014          2            09/18/03         00
    0418260469                           05           11/01/03          0
    0418260469                           N            10/01/33
    0

    8681172          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.875            683.21         80
                                       6.625            683.21
    ST JOSEPH        MI   49085          1            09/18/03         00
    0418374625                           05           11/01/03          0
    0418374625                           N            10/01/33
    0

    8681186          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.500            834.33         57
                                       6.250            834.33
    BOYNTON BEACH    FL   33437          1            09/18/03         00
    0418390076                           03           11/01/03          0
    0418390076                           O            10/01/33
    0

    8681192          E22/G02             F          109,400.00         ZZ
                                         360        109,400.00          1
                                       7.250            746.30         90
                                       7.000            746.30
    UPPER DEERFIELD  NJ   08302          1            09/18/03         01
    0418395281                           05           11/01/03         25
    0418395281                           N            10/01/33
    0

    8681244          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.375            948.28         80
                                       6.125            948.28
    REEDSPORT        OR   97467          5            09/11/03         00
    0418445177                           05           11/01/03          0
    0418445177                           O            10/01/33
    0
1

    8681256          E22/G02             F          204,250.00         ZZ
                                         360        204,250.00          1
                                       7.125          1,376.07         95
                                       6.875          1,376.07
    FONTANA          CA   92337          5            09/04/03         11
    0418461760                           05           11/01/03         30
    0418461760                           O            10/01/33
    0

    8681306          E22/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.625          2,066.28         53
                                       6.375          2,066.28
    SAN FRANCISCO    CA   94122          2            09/11/03         00
    0417629243                           05           11/01/03          0
    0417629243                           O            10/01/33
    0

    8681312          E22/G02             F          283,000.00         ZZ
                                         360        283,000.00          1
                                       6.375          1,765.55         54
                                       6.125          1,765.55
    DALY CITY        CA   94015          2            09/09/03         00
    0417759180                           05           11/01/03          0
    0417759180                           O            10/01/33
    0

    8681324          E22/G02             F          259,650.00         ZZ
                                         360        259,650.00          1
                                       6.250          1,598.71         90
                                       6.000          1,598.71
    LOS ANGELES      CA   91343          5            09/04/03         04
    0417924453                           01           11/01/03         25
    0417924453                           O            10/01/33
    0

    8681378          E22/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
                                       5.875            705.11         80
                                       5.625            705.11
    YUMA             AZ   85364          5            09/08/03         00
    0418067039                           05           11/01/03          0
    0418067039                           O            10/01/33
    0

    8681384          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
1

                                       6.375          1,597.11         79
                                       6.125          1,597.11
    CARSON           CA   90745          5            09/08/03         00
    0418127023                           05           11/01/03          0
    0418127023                           O            10/01/33
    0

    8681400          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.250          1,108.29         32
                                       6.000          1,108.29
    CRESTON          CA   93432          1            09/08/03         00
    0418170189                           05           11/01/03          0
    0418170189                           O            10/01/33
    0

    8681850          P44/G02             F          147,250.00         ZZ
                                         360        147,250.00          1
                                       7.000            979.66         95
                                       6.750            979.66
    SWANZEY          NH   03446          5            09/09/03         10
    0436595375                           05           11/01/03         30
    001505540                            O            10/01/33
    0

    8681874          S27/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       7.250            736.76         80
                                       7.000            736.76
    STOCKBRIDGE      GA   30281          1            09/05/03         00
    0436605893                           03           11/01/03          0
    1900006475                           N            10/01/33
    0

    8682074          N74/G02             F          159,000.00         ZZ
                                         360        158,845.46          4
                                       6.125            966.10         49
                                       5.875            966.10
    LONG BEACH       CA   90813          2            09/03/03         00
    0436590517                           05           10/03/03          0
    4400001008                           N            09/03/33
    0

    8682130          144/144             F          250,000.00         ZZ
                                         360        249,751.12          1
                                       6.000          1,498.88         62
                                       5.750          1,498.88
    HURLEY           NY   12443          2            08/15/03         00
    1                                    05           10/01/03          0
1

    1                                    O            09/01/33
    0

    8682932          X67/G02             F          261,900.00         ZZ
                                         360        261,700.71          3
                                       7.375          1,808.88         90
                                       7.125          1,808.88
    DORCHESTER       MA   02121          1            08/15/03         11
    0436611115                           05           10/01/03         25
    0000424842                           N            09/01/33
    0

    8683060          W08/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       7.250            989.16         78
                                       7.000            989.16
    MIAMI            FL   33196          5            09/15/03         00
    0436608210                           09           11/01/03          0
    033974MG                             O            10/01/33
    0

    8683084          B28/G02             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       6.625          2,036.19         80
                                       6.375          2,036.19
    DENVER           CO   80206          1            09/15/03         00
    0436592489                           05           11/01/03          0
    19702461                             O            10/01/33
    0

    8683546          X67/G02             F          109,000.00         ZZ
                                         360        109,000.00          1
                                       6.750            706.97         59
                                       6.500            706.97
    COMMERCE         CA   90040          2            09/03/03         00
    0436594196                           05           11/01/03          0
    0000422605                           O            10/01/33
    0

    8683556          L21/G02             F          213,000.00         ZZ
                                         360        213,000.00          1
                                       6.250          1,311.48         45
                                       6.000          1,311.48
    ALEXANDRIA       VA   22308          5            09/10/03         00
    0436609507                           05           11/01/03          0
    70303355                             O            10/01/33
    0

1

    8683614          W68/G02             F          118,275.00         ZZ
                                         360        118,189.40          1
                                       7.625            837.14         95
                                       7.375            837.14
    SAN ANTONIO      TX   78250          1            08/28/03         04
    0436597918                           05           10/01/03         30
    3080748                              N            09/01/33
    0

    8683644          X92/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.875            683.21         79
                                       6.625            683.21
    THOMSON          GA   30824          5            09/03/03         00
    0436614689                           05           11/01/03          0
    20308081                             O            10/01/33
    0

    8683700          K15/G02             F          223,600.00         ZZ
                                         360        223,600.00          1
                                       6.625          1,431.74         63
                                       6.375          1,431.74
    SOUTH FORK       CO   81154          5            09/12/03         00
    0436601256                           05           11/01/03          0
    023405512843                         O            10/01/33
    0

    8683730          A52/G02             F          229,500.00         ZZ
                                         360        229,500.00          4
                                       7.750          1,644.17         90
                                       7.500          1,644.17
    MACON            GA   31204          2            09/11/03         11
    0436590749                           05           11/01/03         25
    26653                                N            10/01/33
    0

    8683818          U05/G02             F          207,200.00         ZZ
                                         360        207,200.00          1
                                       6.375          1,292.66         80
                                       6.125          1,292.66
    WEST SACRAMENTO  CA   95691          1            09/08/03         00
    0436697577                           05           11/01/03          0
    3420431                              O            10/01/33
    0

    8684094          B28/G02             F          156,400.00         ZZ
                                         360        156,400.00          1
                                       7.250          1,066.92         85
                                       7.000          1,066.92
1

    SPOKANE          WA   99202          5            09/12/03         01
    0436592638                           05           11/01/03         12
    04701626                             O            10/01/33
    0

    8684224          E82/G02             F          153,900.00         ZZ
                                         360        153,900.00          1
                                       6.625            985.44         31
                                       6.375            985.44
    ROCKVILLE CENTE  NY   11570          2            09/18/03         00
    0400895314                           05           11/01/03          0
    0400895314                           O            10/01/33
    0

    8684228          E82/G02             F          139,800.00         ZZ
                                         360        139,800.00          1
                                       6.625            895.15         51
                                       6.375            895.15
    CLOVIS           CA   93611          2            09/17/03         00
    0400879631                           05           11/01/03          0
    0400879631                           N            10/01/33
    0

    8684234          E82/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       5.750            688.62         72
                                       5.500            688.62
    PLANO            TX   75093          2            09/16/03         00
    0400864393                           03           11/01/03          0
    0400864393                           O            10/01/33
    0

    8684252          E82/G02             F          129,350.00         ZZ
                                         360        129,350.00          4
                                       6.875            849.74         88
                                       6.625            849.74
    PLAINFIELD       CT   06374          2            09/17/03         04
    0400885554                           05           11/01/03         25
    0400885554                           N            10/01/33
    0

    8684370          E22/G02             F          193,500.00         ZZ
                                         240        193,500.00          1
                                       6.500          1,442.68         90
                                       6.250          1,442.68
    GRADY            AL   36036          2            09/17/03         11
    0418101853                           05           11/01/03         25
    0418101853                           O            10/01/23
    0
1

    8684444          E22/G02             F          218,000.00         ZZ
                                         360        217,539.32          1
                                       5.875          1,289.55         77
                                       5.625          1,289.55
    BRANSON          MO   65616          5            07/02/03         00
    0417049061                           05           09/01/03          0
    0417049061                           O            08/01/33
    0

    8684486          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.750            830.21         80
                                       6.500            830.21
    GARDNERVILLE     NV   89410          5            09/12/03         00
    0418381943                           05           11/01/03          0
    0418381943                           O            10/01/33
    0

    8684490          E22/G02             F          153,000.00         T
                                         360        153,000.00          1
                                       6.500            967.06         80
                                       6.250            967.06
    GARDNERVILLE     NV   89410          1            09/10/03         00
    0418385225                           03           11/01/03          0
    0418385225                           O            10/01/33
    0

    8684610          E22/G02             F          295,600.00         ZZ
                                         360        295,600.00          2
                                       6.750          1,917.26         80
                                       6.500          1,917.26
    SAN LEANDRO      CA   94577          1            09/17/03         00
    0418586608                           05           11/01/03          0
    0418586608                           N            10/01/33
    0

    8684630          Q30/G02             F          106,500.00         T
                                         360        106,500.00          1
                                       7.375            735.57         63
                                       7.125            735.57
    PORT CHARLOTTE   FL   33948          5            09/15/03         00
    0436624142                           05           11/01/03          0
    21023261                             O            10/01/33
    0

    8684640          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
1

                                       6.875            867.15         80
                                       6.625            867.15
    TWP. OF MONROE   NJ   08094          1            09/19/03         00
    0418290870                           05           11/01/03          0
    0418290870                           O            10/01/33
    0

    8684744          E22/G02             F          140,800.00         ZZ
                                         360        140,800.00          1
                                       6.625            901.56         80
                                       6.375            901.56
    NEPTUNE          NJ   07753          5            09/15/03         00
    0418194403                           05           11/01/03          0
    0418194403                           O            10/01/33
    0

    8684848          E22/G02             F          170,050.00         ZZ
                                         360        170,050.00          3
                                       7.375          1,174.49         95
                                       7.125          1,174.49
    PORTLAND         OR   97217          1            09/15/03         04
    0418454658                           05           11/01/03         30
    0418454658                           O            10/01/33
    0

    8684880          E22/G02             F          195,600.00         ZZ
                                         360        195,600.00          1
                                       6.625          1,252.45         80
                                       6.375          1,252.45
    HOLLYWOOD        FL   33021          1            09/19/03         00
    0418469177                           05           11/01/03          0
    0418469177                           O            10/01/33
    0

    8684904          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.625            800.39         63
                                       6.375            800.39
    GRAND JUNCTION   CO   81504          5            09/15/03         00
    0417720455                           05           11/01/03          0
    0417720455                           O            10/01/33
    0

    8684940          E22/G02             F          255,000.00         ZZ
                                         360        255,000.00          2
                                       6.625          1,632.79         59
                                       6.375          1,632.79
    IMPERIAL BEACH   CA   91932          5            09/11/03         00
    0418038691                           05           11/01/03          0
1

    0418038691                           N            10/01/33
    0

    8685564          S27/G02             F          111,200.00         ZZ
                                         360        111,200.00          1
                                       7.250            758.59         80
                                       7.000            758.59
    WINSTON SALEM    NC   27106          2            09/10/03         00
    0436605521                           05           11/01/03          0
    1900006150                           N            10/01/33
    0

    8685596          S27/G02             F          104,800.00         ZZ
                                         360        104,800.00          1
                                       7.250            714.93         80
                                       7.000            714.93
    WINSTON SALEM    NC   27106          2            09/10/03         00
    0436653091                           05           11/01/03          0
    1900006149                           N            10/01/33
    0

    8685790          S27/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.250            791.33         80
                                       7.000            791.33
    WINSTON SALEM    NC   27106          2            09/10/03         00
    0436605489                           05           11/01/03          0
    1900006130                           N            10/01/33
    0

    8686034          253/253             F          121,500.00         ZZ
                                         360        121,379.04          1
                                       6.000            728.46         90
                                       5.750            728.46
    BALTIMORE        MD   21236          1            08/29/03         14
    491689                               05           10/01/03         25
    491689                               O            09/01/33
    0

    8686754          420/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
                                       6.000          1,528.85         64
                                       5.750          1,528.85
    PETALUMA         CA   94952          5            09/03/03         00
    0436640239                           05           11/01/03          0
    73004387                             N            10/01/33
    0

1

    8686814          M96/G02             F          193,000.00         ZZ
                                         360        193,000.00          1
                                       6.875          1,267.87         67
                                       6.625          1,267.87
    ADA              MI   49301          2            09/16/03         00
    0436617005                           05           11/01/03          0
    14508200304936                       O            10/01/33
    0

    8687690          Q31/G02             F          161,600.00         T
                                         360        161,600.00          1
                                       6.875          1,061.60         80
                                       6.625          1,061.60
    TUCSON           AZ   85715          1            09/22/03         00
    0436619258                           03           11/01/03          0
    HS901638                             O            10/01/33
    0

    8687772          E82/G02             F          158,900.00         ZZ
                                         360        158,900.00          1
                                       5.750            927.30         58
                                       5.500            927.30
    TAKOMA PARK      MD   20912          2            09/11/03         00
    0400871257                           05           11/01/03          0
    0400871257                           O            10/01/33
    0

    8687792          967/G02             F          112,410.00         ZZ
                                         360        112,410.00          2
                                       7.625            795.63         90
                                       7.375            795.63
    BREMERTON        WA   98310          1            09/08/03         12
    0436598981                           05           11/01/03         25
    6956791                              N            10/01/33
    0

    8687832          M27/G02             F          101,600.00         ZZ
                                         360        101,600.00          1
                                       7.000            675.95         80
                                       6.750            675.95
    BURGAW           NC   28425          1            09/11/03         00
    0436599518                           05           11/01/03          0
    0100156118                           O            10/01/33
    0

    8687866          X67/G02             F          196,700.00         ZZ
                                         360        196,530.65          1
                                       6.750          1,275.79         70
                                       6.500          1,275.79
1

    NORTH HOLLYWOOD  CA   91601          5            08/22/03         00
    0436601090                           05           10/01/03          0
    423485                               O            09/01/33
    0

    8687872          N74/G02             F          247,500.00         ZZ
                                         360        247,500.00          1
                                       6.625          1,584.77         90
                                       6.375          1,584.77
    WOODBRIDGE       VA   22191          5            09/10/03         10
    0436604367                           05           11/01/03         25
    0033330010                           O            10/01/33
    0

    8688576          F89/G02             F          140,600.00         ZZ
                                         360        140,600.00          1
                                       7.375            971.09         95
                                       7.125            971.09
    LAS VEGAS        NV   89103          1            09/02/03         04
    0436603815                           05           11/01/03         30
    21034986                             O            10/01/33
    0

    8688580          U85/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.625          1,024.50         80
                                       6.375          1,024.50
    HALES CORNERS    WI   53130          5            09/19/03         00
    0436604193                           05           11/01/03          0
    TQS507                               O            10/01/33
    0

    8689170          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       6.625            832.40         75
                                       6.375            832.40
    SAINT LOUIS      MO   63122          5            09/17/03         00
    0418027231                           05           11/01/03          0
    0418027231                           O            10/01/33
    0

    8689188          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       6.875            729.19        100
                                       6.625            729.19
    ANGOLA           IN   46703          1            09/22/03         01
    0418098778                           05           11/01/03         35
    0418098778                           O            10/01/33
    0
1

    8689192          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       6.500            916.50         72
                                       6.250            916.50
    JUPITER          FL   33469          5            09/17/03         00
    0418101069                           05           11/01/03          0
    0418101069                           O            10/01/33
    0

    8689206          E82/G02             F          123,750.00         ZZ
                                         360        123,750.00          1
                                       6.375            772.04         62
                                       6.125            772.04
    AUSTIN           TX   78759          2            09/22/03         00
    0400881637                           01           11/01/03          0
    0400881637                           N            10/01/33
    0

    8689248          E82/G02             F          179,400.00         ZZ
                                         360        179,400.00          1
                                       6.750          1,163.58         74
                                       6.500          1,163.58
    GIG HARBOR       WA   98332          2            09/18/03         00
    0400890612                           05           11/01/03          0
    0400890612                           O            10/01/33
    0

    8689262          E22/G02             F          200,000.00         TX
                                         360        200,000.00          1
                                       6.500          1,264.14         70
                                       6.250          1,264.14
    UNIVERSAL CITY   TX   78148          5            09/16/03         00
    0417743143                           05           11/01/03          0
    0417743143                           O            10/01/33
    0

    8689270          E22/G02             F          193,650.00         ZZ
                                         360        193,650.00          1
                                       6.625          1,239.96         72
                                       6.375          1,239.96
    DALLAS           TX   75219          4            09/16/03         00
    0417806940                           07           11/01/03          0
    0417806940                           O            10/01/33
    0

    8689304          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
1

                                       7.500          1,384.44         95
                                       7.250          1,384.44
    BOTHELL          WA   98021          2            09/08/03         04
    0418156634                           01           11/01/03         30
    0418156634                           O            10/01/33
    0

    8689576          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       6.250          1,576.24         80
                                       6.000          1,576.24
    HOLLIS           NY   11432          5            09/17/03         00
    0418411450                           05           11/01/03          0
    0418411450                           O            10/01/33
    0

    8689604          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.625          1,050.11         77
                                       6.375          1,050.11
    PASADENA         MD   21122          5            09/16/03         00
    0418424438                           05           11/01/03          0
    0418424438                           O            10/01/33
    0

    8689608          E22/G02             F          156,800.00         TX
                                         360        156,800.00          1
                                       7.250          1,069.65         80
                                       7.000          1,069.65
    AUSTIN           TX   78722          5            09/17/03         00
    0418425245                           05           11/01/03          0
    0418425245                           O            10/01/33
    0

    8689654          E22/G02             F          173,400.00         ZZ
                                         360        173,400.00          1
                                       6.875          1,139.11         85
                                       6.625          1,139.11
    FRISCO           TX   75035          1            09/19/03         01
    0418461737                           03           11/01/03         20
    0418461737                           N            10/01/33
    0

    8689684          E22/G02             F          257,000.00         ZZ
                                         360        257,000.00          2
                                       6.375          1,603.35         75
                                       6.125          1,603.35
    CHICAGO          IL   60618          2            09/16/03         00
    0418302188                           05           11/01/03          0
1

    0418302188                           O            10/01/33
    0

    8689738          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       6.750          1,660.41         80
                                       6.500          1,660.41
    MARATHON         FL   33050          5            09/16/03         00
    0418311205                           05           11/01/03          0
    0418311205                           O            10/01/33
    0

    8689782          E22/G02             F          126,400.00         ZZ
                                         360        126,400.00          1
                                       6.500            798.93         80
                                       6.250            798.93
    AUSTIN           TX   78748          5            09/16/03         00
    0418407060                           05           11/01/03          0
    0418407060                           O            10/01/33
    0

    8689862          E22/G02             F          193,500.00         ZZ
                                         360        193,500.00          1
                                       6.625          1,239.00         90
                                       6.375          1,239.00
    MONTEVALLO       AL   35115          5            09/16/03         10
    0418506325                           05           11/01/03         25
    0418506325                           O            10/01/33
    0

    8689900          E22/G02             F          240,000.00         TX
                                         360        240,000.00          1
                                       6.375          1,497.29         70
                                       6.125          1,497.29
    HORSESHOE BAY    TX   78657          5            09/16/03         00
    0418516027                           03           11/01/03          0
    0418516027                           O            10/01/33
    0

    8689952          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       6.500            824.85         90
                                       6.250            824.85
    CLEARWATER       FL   33756          1            09/22/03         01
    0418594834                           05           11/01/03         25
    0418594834                           N            10/01/33
    0

1

    8689954          E22/G02             F          204,300.00         ZZ
                                         360        204,300.00          1
                                       6.375          1,274.57         90
                                       6.125          1,274.57
    BELLEAIR         FL   33756          1            09/22/03         01
    0418609822                           05           11/01/03         25
    0418609822                           N            10/01/33
    0

    8690050          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.875          1,891.95         80
                                       6.625          1,891.95
    LA PLATA         NM   87418          5            09/17/03         00
    0418221651                           05           11/01/03          0
    0418221651                           O            10/01/33
    0

    8690052          E22/G02             F          180,000.00         TX
                                         360        180,000.00          1
                                       6.500          1,137.72         80
                                       6.250          1,137.72
    DALLAS           TX   75204          5            09/17/03         00
    0418224804                           01           11/01/03          0
    0418224804                           O            10/01/33
    0

    8690102          F89/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.500            663.67         43
                                       6.250            663.67
    QUARTZ HILL ARE  CA   93536          1            09/08/03         00
    0436613871                           05           11/01/03          0
    10634843                             O            10/01/33
    0

    8690302          N74/G02             F          147,000.00         ZZ
                                         360        146,876.50          1
                                       6.875            965.69         92
                                       6.625            965.69
    PASADENA         MD   21122          2            09/11/03         10
    0436603831                           01           10/16/03         30
    0033341010                           O            09/16/33
    0

    8690516          K15/G02             F          217,200.00         ZZ
                                         360        217,200.00          2
                                       7.875          1,574.85         90
                                       7.625          1,574.85
1

    WORCESTER        MA   01602          5            09/10/03         27
    0436606032                           05           11/01/03         25
    037605512857                         O            10/01/33
    0

    8690578          U05/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
                                       7.375          1,025.65         90
                                       7.125          1,025.65
    WASHINGTON       DC   20019          1            09/15/03         04
    0436611156                           07           11/01/03         25
    3413124                              N            10/01/33
    0

    8690668          U05/G02             F          153,950.00         ZZ
                                         360        153,950.00          1
                                       6.500            973.07         84
                                       6.250            973.07
    GREENVILLE       TX   75402          2            09/15/03         10
    0436631444                           05           11/01/03         12
    3415159                              O            10/01/33
    0

    8690700          B23/G02             F          259,900.00         ZZ
                                         360        259,900.00          1
                                       7.250          1,772.98         80
                                       7.000          1,772.98
    WEST COVINA      CA   91790          5            09/05/03         00
    0436623482                           05           11/01/03          0
    800002548                            O            10/01/33
    0

    8690736          X67/G02             F          282,000.00         ZZ
                                         360        281,757.20          1
                                       6.750          1,829.05         80
                                       6.500          1,829.05
    PARKLAND         FL   33076          1            08/29/03         00
    0436619811                           03           10/01/03          0
    0000425655                           O            09/01/33
    0

    8690806          K15/G02             F          236,000.00         ZZ
                                         360        235,765.06          1
                                       6.000          1,414.94         89
                                       5.750          1,414.94
    BRONX            NY   10466          5            08/22/03         42
    0436609333                           05           10/01/03         25
    021205518478                         O            09/01/33
    0
1

    8690892          642/G02             F          280,000.00         ZZ
                                         360        280,000.00          2
                                       6.625          1,792.87         80
                                       6.375          1,792.87
    SAN DIEGO        CA   92105          1            09/15/03         00
    0436655633                           05           11/01/03          0
    06165703                             N            10/01/33
    0

    8691232          U28/G02             F          148,400.00         ZZ
                                         360        148,400.00          1
                                       6.625            950.22         77
                                       6.375            950.22
    ORANGE BEACH     AL   36561          2            09/11/03         00
    0436613640                           05           11/01/03          0
    2000023544                           O            10/01/33
    0

    8691288          A35/G02             F          233,550.00         ZZ
                                         360        233,550.00          3
                                       6.500          1,476.19         90
                                       6.250          1,476.19
    PEEKSKILL        NY   10566          1            09/19/03         01
    0436622914                           05           11/01/03         25
    15787                                N            10/01/33
    0

    8691324          K15/G02             F          101,100.00         ZZ
                                         360        101,100.00          1
                                       7.500            706.91         85
                                       7.250            706.91
    SEMINOLE         FL   33772          5            09/03/03         41
    0436610489                           05           11/01/03         12
    009505512794                         O            10/01/33
    0

    8691380          T44/G02             F          108,500.00         ZZ
                                         360        108,500.00          1
                                       7.500            758.65         70
                                       7.250            758.65
    INDIANAPOLIS     IN   46256          1            09/12/03         00
    0436603658                           03           11/01/03          0
    1082985                              O            10/01/33
    0

    8691784          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
1

                                       6.500            948.10         21
                                       6.250            948.10
    PASO ROBLES      CA   93446          1            09/16/03         00
    0418475315                           05           11/01/03          0
    0418475315                           O            10/01/33
    0

    8691852          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.375          1,746.84         80
                                       6.125          1,746.84
    ROCHESTER        MI   48307          1            09/23/03         00
    0418512224                           03           11/01/03          0
    0418512224                           O            10/01/33
    0

    8691860          E22/G02             F          179,775.00         ZZ
                                         360        179,775.00          2
                                       6.875          1,180.99         85
                                       6.625          1,180.99
    GRAND PRAIRIE    TX   75052          1            09/23/03         01
    0418518528                           05           11/01/03         20
    0418518528                           N            10/01/33
    0

    8691940          E22/G02             F          105,300.00         ZZ
                                         360        105,300.00          1
                                       6.750            682.97         65
                                       6.500            682.97
    SACRAMENTO       CA   95815          5            09/16/03         00
    0418539128                           05           11/01/03          0
    0418539128                           N            10/01/33
    0

    8692044          E22/G02             F          219,000.00         ZZ
                                         360        219,000.00          1
                                       6.375          1,366.28         76
                                       6.125          1,366.28
    COOL             CA   95614          5            09/17/03         00
    0416865954                           05           11/01/03          0
    0416865954                           O            10/01/33
    0

    8692100          E22/G02             F          138,550.00         ZZ
                                         360        138,550.00          1
                                       6.000            830.68         85
                                       5.750            830.68
    SACRAMENTO       CA   95821          5            09/11/03         04
    0418081907                           09           11/01/03         12
1

    0418081907                           O            10/01/33
    0

    8692108          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       6.875            972.25         90
                                       6.625            972.25
    ASHVILLE         AL   35953          2            09/18/03         11
    0418107918                           05           11/01/03         25
    0418107918                           O            10/01/33
    0

    8692130          E22/G02             F          215,000.00         ZZ
                                         360        215,000.00          1
                                       6.625          1,376.67         61
                                       6.375          1,376.67
    JORDAN           MN   55352          5            09/18/03         00
    0418170692                           05           11/01/03          0
    0418170692                           O            10/01/33
    0

    8692160          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.500          1,580.17         68
                                       6.250          1,580.17
    TINTON FALLS     NJ   07712          5            09/18/03         00
    0418240115                           05           11/01/03          0
    0418240115                           O            10/01/33
    0

    8692250          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.625          1,600.78         63
                                       6.375          1,600.78
    PLAINVILLE       MA   02762          5            09/18/03         00
    0418343158                           05           11/01/03          0
    0418343158                           O            10/01/33
    0

    8692328          E22/G02             F          117,200.00         ZZ
                                         360        117,200.00          2
                                       6.500            740.78         80
                                       6.250            740.78
    EVERSON          WA   98247          1            09/18/03         00
    0418425229                           05           11/01/03          0
    0418425229                           N            10/01/33
    0

1

    8692486          L76/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       6.500          1,744.51         80
                                       6.250          1,744.51
    MAPLE GROVE      MN   55369          5            09/19/03         00
    0436608194                           05           11/01/03          0
    9508061000                           O            10/01/33
    0

    8692606          K60/G02             F          213,500.00         ZZ
                                         360        213,500.00          1
                                       6.625          1,367.07         70
                                       6.375          1,367.07
    WAPPINGERS FALL  NY   12590          5            09/15/03         00
    0436615975                           05           11/01/03          0
    82798                                O            10/01/33
    0

    8692612          K60/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       6.500          1,415.83         80
                                       6.250          1,415.83
    MOUNT AIRY       MD   21771          5            09/10/03         00
    0436615041                           05           11/01/03          0
    0001060178                           O            10/01/33
    0

    8692840          E82/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.000          1,264.07         40
                                       6.750          1,264.07
    GREENBURGH       NY   10533          2            09/25/03         00
    0400886941                           05           11/01/03          0
    0400886941                           N            10/01/33
    0

    8693546          U85/G02             F          100,750.00         ZZ
                                         360        100,644.81          1
                                       5.750            587.95         62
                                       5.500            587.95
    MILWAUKEE        WI   53221          2            08/12/03         00
    0436641377                           05           10/01/03          0
    TQ318                                O            09/01/33
    0

    8693588          J95/G02             F          163,800.00         ZZ
                                         360        163,523.99          1
                                       6.875          1,076.05         70
                                       6.625          1,076.05
1

    AYER             MA   01432          1            07/28/03         00
    0436616858                           05           09/01/03          0
    44889152                             N            08/01/33
    0

    8693594          J95/G02             F          135,100.00         ZZ
                                         360        134,570.73          1
                                       6.125            820.88         70
                                       5.875            820.88
    BATON ROUGE      LA   70808          5            05/21/03         00
    0436628424                           05           07/01/03          0
    44921021                             O            06/01/33
    0

    8693596          J95/G02             F          192,000.00         ZZ
                                         360        191,676.48          1
                                       6.875          1,261.30         80
                                       6.625          1,261.30
    HOLLIS CENTER    ME   04042          1            07/31/03         00
    0436613574                           05           09/01/03          0
    44922235                             O            08/01/33
    0

    8693598          J95/G02             F          275,200.00         ZZ
                                         360        274,926.03          1
                                       6.000          1,649.97         80
                                       5.750          1,649.97
    SALEM            OR   97306          5            08/07/03         00
    0436617450                           03           10/01/03          0
    44931061                             O            09/01/33
    0

    8693618          J95/G02             F          211,900.00         ZZ
                                         360        211,028.83          1
                                       7.000          1,409.78         69
                                       6.750          1,409.78
    HAMPTON          NH   03842          5            07/25/03         00
    0436631014                           05           09/01/03          0
    42839829                             O            08/01/33
    0

    8693624          J95/G02             F          112,000.00         ZZ
                                         360        111,789.41          1
                                       6.500            707.92         74
                                       6.250            707.92
    MEDFORD          OR   97504          2            07/23/03         00
    0436618607                           05           09/01/03          0
    42923490                             N            08/01/33
    0
1

    8693626          J95/G02             F          350,000.00         ZZ
                                         360        349,134.29          2
                                       7.000          2,328.56         70
                                       6.750          2,328.56
    RED BANK         NJ   07701          5            06/23/03         00
    0436617716                           05           08/01/03          0
    42983098                             O            07/01/33
    0

    8693632          J95/G02             F          120,550.00         ZZ
                                         360        120,315.06          1
                                       6.125            732.48         53
                                       5.875            732.48
    DERRY            NH   03038          5            07/21/03         00
    0436631154                           05           09/01/03          0
    42993113                             O            08/01/33
    0

    8693640          J95/G02             F          212,000.00         ZZ
                                         360        210,575.20          1
                                       6.250          1,305.33         78
                                       6.000          1,305.33
    CENTREVILLE      VA   20121          2            07/18/03         00
    0436630784                           03           09/01/03          0
    43048792                             O            08/01/33
    0

    8693648          J95/G02             F          178,450.00         ZZ
                                         360        178,102.21          2
                                       6.125          1,084.29         68
                                       5.875          1,084.29
    ROSEVILLE        CA   95678          5            07/14/03         00
    0436614150                           05           09/01/03          0
    43221811                             N            08/01/33
    0

    8693652          J95/G02             F          215,580.00         ZZ
                                         360        214,918.58          1
                                       5.750          1,258.07         73
                                       5.500          1,258.07
    GLENDALE         CA   91203          2            07/03/03         00
    0436619266                           01           09/01/03          0
    43283829                             O            08/01/33
    0

    8693656          J95/G02             F          321,000.00         ZZ
                                         360        320,374.41          1
1

                                       6.125          1,950.44         63
                                       5.875          1,950.44
    CARLSBAD         CA   92009          2            07/07/03         00
    0436614051                           03           09/01/03          0
    43330075                             O            08/01/33
    0

    8693670          J95/G02             F          220,000.00         ZZ
                                         360        219,550.29          1
                                       5.875          1,301.39         80
                                       5.625          1,301.39
    COTTONWOOD       AZ   86326          5            07/30/03         00
    0436629752                           05           09/01/03          0
    43476696                             O            08/01/33
    0

    8693676          J95/G02             F          109,200.00         ZZ
                                         360        109,101.28          1
                                       6.500            690.22         70
                                       6.250            690.22
    SPRINGFIELD      VA   22152          5            08/14/03         00
    0436613541                           01           10/01/03          0
    40364507                             O            09/01/33
    0

    8693726          J95/G02             F          164,500.00         ZZ
                                         360        163,595.58          1
                                       6.500          1,039.75         79
                                       6.250          1,039.75
    BOSTIC           NC   28018          2            03/26/03         00
    0436617617                           05           05/01/03          0
    41772278                             O            04/01/33
    0

    8693744          J95/G02             F          118,252.00         ZZ
                                         360        118,021.53          1
                                       6.125            718.52         80
                                       5.875            718.52
    BOISE            ID   83709          1            07/22/03         00
    0436630867                           03           09/01/03          0
    42394858                             O            08/01/33
    0

    8693756          J95/G02             F          109,000.00         ZZ
                                         360        108,787.56          1
                                       6.125            662.30         79
                                       5.875            662.30
    ALBUQUERQUE      NM   87123          2            07/31/03         00
    0436631899                           05           09/01/03          0
1

    42424499                             N            08/01/33
    0

    8693772          J95/G02             F          250,000.00         ZZ
                                         360        249,464.20          1
                                       5.625          1,439.15         69
                                       5.375          1,439.15
    RENO             NV   89509          1            07/31/03         00
    0436621106                           05           09/01/03          0
    42670711                             O            08/01/33
    0

    8693774          J95/G02             F          190,400.00         ZZ
                                         360        190,227.87          1
                                       6.500          1,203.46         80
                                       6.250          1,203.46
    PHOENIX          AZ   85048          1            08/01/03         00
    0436646111                           03           10/01/03          0
    42679688                             O            09/01/33
    0

    8693776          J95/G02             F          260,800.00         ZZ
                                         360        259,871.92          1
                                       6.625          1,669.94         80
                                       6.375          1,669.94
    TUCSON           AZ   85704          1            05/01/03         00
    0436623714                           05           07/01/03          0
    42688606                             O            06/01/33
    0

    8693796          J95/G02             F          241,600.00         ZZ
                                         360        241,094.29          1
                                       5.750          1,409.92         80
                                       5.500          1,409.92
    MOUNT PLEASANT   SC   29464          1            07/10/03         00
    0436619092                           03           09/01/03          0
    43629963                             O            08/01/33
    0

    8693798          J95/G02             F          300,000.00         ZZ
                                         360        299,401.19          4
                                       6.000          1,798.66         63
                                       5.750          1,798.66
    MAMMOTH LAKES    CA   93546          5            07/25/03         00
    0436617781                           05           09/01/03          0
    43638188                             O            08/01/33
    0

1

    8693800          J95/G02             F          151,000.00         ZZ
                                         360        150,683.93          1
                                       5.750            881.20         68
                                       5.500            881.20
    AUBURN           WA   98092          5            07/24/03         00
    0436618888                           05           09/01/03          0
    43641224                             O            08/01/33
    0

    8693802          J95/G02             F          114,000.00         ZZ
                                         360        113,783.10          1
                                       6.250            701.92         65
                                       6.000            701.92
    FARMERS BRANCH   TX   75244          5            07/23/03         00
    0436620124                           05           09/01/03          0
    43540723                             N            08/01/33
    0

    8693806          J95/G02             F          208,500.00         ZZ
                                         360        208,083.82          1
                                       6.000          1,250.07         70
                                       5.750          1,250.07
    ANNAPOLIS        MD   21401          5            07/16/03         00
    0436629794                           05           09/01/03          0
    43658590                             O            08/01/33
    0

    8693814          J95/G02             F          275,000.00         ZZ
                                         360        274,337.38          1
                                       5.875          1,626.73         52
                                       5.625          1,626.73
    OLD BRIDGE       NJ   08857          5            07/23/03         00
    0436631436                           05           09/01/03          0
    43715515                             O            08/01/33
    0

    8693826          J95/G02             F          321,000.00         ZZ
                                         360        320,135.52          1
                                       6.125          1,950.44         65
                                       5.875          1,950.44
    LEDGEWOOD        NJ   07852          2            07/15/03         00
    0436631352                           05           09/01/03          0
    43763200                             O            08/01/33
    0

    8693832          J95/G02             F          180,000.00         ZZ
                                         360        179,632.06          1
                                       5.875          1,064.77         80
                                       5.625          1,064.77
1

    POWHATAN         VA   23139          1            07/28/03         00
    0436615603                           05           09/01/03          0
    43804178                             O            08/01/33
    0

    8693834          J95/G02             F          105,000.00         ZZ
                                         360        104,827.36          1
                                       7.000            698.57         70
                                       6.750            698.57
    DECATUR          GA   30032          5            07/29/03         00
    0436649198                           05           09/01/03          0
    43807346                             N            08/01/33
    0

    8693848          J95/G02             F          129,000.00         ZZ
                                         360        128,748.60          1
                                       6.125            783.82         69
                                       5.875            783.82
    DUDLEY           MA   01571          5            07/25/03         00
    0436618698                           05           09/01/03          0
    43850908                             O            08/01/33
    0

    8693852          J95/G02             F          221,000.00         ZZ
                                         360        220,526.35          1
                                       5.625          1,272.21         63
                                       5.375          1,272.21
    LAGUNA NIGUEL    CA   92677          2            07/21/03         00
    0436614002                           01           09/01/03          0
    43851641                             O            08/01/33
    0

    8693858          J95/G02             F          224,800.00         ZZ
                                         360        224,351.30          1
                                       6.000          1,347.79         80
                                       5.750          1,347.79
    AURORA           CO   80015          5            07/23/03         00
    0436620843                           03           09/01/03          0
    43882695                             O            08/01/33
    0

    8693862          J95/G02             F          175,000.00         ZZ
                                         360        174,580.58          2
                                       6.750          1,135.05         70
                                       6.500          1,135.05
    BELLINGHAM       WA   98226          1            07/14/03         00
    0436646376                           05           09/01/03          0
    43972835                             N            08/01/33
    0
1

    8693866          J95/G02             F          200,000.00         ZZ
                                         360        199,836.06          3
                                       7.000          1,330.61         40
                                       6.750          1,330.61
    CHARLESTOWN      MA   02129          5            08/08/03         00
    0436616981                           05           10/01/03          0
    43874981                             N            09/01/33
    0

    8693870          J95/G02             F          106,000.00         ZZ
                                         360        105,898.41          1
                                       6.250            652.67         42
                                       6.000            652.67
    WALL TWP         NJ   07719          5            08/06/03         00
    0436615405                           05           10/01/03          0
    44020618                             O            09/01/33
    0

    8693878          J95/G02             F          121,000.00         ZZ
                                         360        120,876.63          1
                                       5.875            715.77         70
                                       5.625            715.77
    FLOWERY BRANCH   GA   30542          5            08/06/03         00
    0436615959                           03           10/01/03          0
    44036804                             O            09/01/33
    0

    8693880          J95/G02             F          155,000.00         ZZ
                                         360        154,656.96          1
                                       6.375            967.00         55
                                       6.125            967.00
    NORTH BABYLON    NY   11704          5            07/30/03         00
    0436620363                           05           10/01/03          0
    44039089                             O            09/01/33
    0

    8693898          J95/G02             F          186,500.00         ZZ
                                         360        186,145.16          1
                                       6.250          1,148.31         80
                                       6.000          1,148.31
    BLACK MOUTAIN    NC   28711          2            07/08/03         00
    0436617591                           05           09/01/03          0
    44064525                             O            08/01/33
    0

    8693900          J95/G02             F          124,800.00         ZZ
                                         360        124,562.54          1
1

                                       6.250            768.42         80
                                       6.000            768.42
    LAKE MARY        FL   32746          5            07/24/03         00
    0436628374                           03           09/01/03          0
    44067205                             O            08/01/33
    0

    8693920          J95/G02             F          136,000.00         ZZ
                                         360        135,858.01          1
                                       5.750            793.66         80
                                       5.500            793.66
    COVINGTON        GA   30014          5            08/01/03         00
    0436628556                           05           10/01/03          0
    44105815                             O            09/01/33
    0

    8693932          J95/G02             F          138,000.00         ZZ
                                         360        137,717.90          1
                                       5.875            816.33         66
                                       5.625            816.33
    RANDOLPH         NJ   07869          2            07/23/03         00
    0436616882                           05           09/01/03          0
    44140069                             O            08/01/33
    0

    8693966          J95/G02             F          126,400.00         ZZ
                                         360        126,028.87          1
                                       5.625            727.63         80
                                       5.375            727.63
    CUMMING          GA   30041          1            07/25/03         00
    0436631212                           05           09/01/03          0
    44140796                             O            08/01/33
    0

    8693974          J95/G02             F          111,200.00         ZZ
                                         360        110,967.23          1
                                       5.750            648.94         80
                                       5.500            648.94
    OOLTEWAH         TN   37363          2            07/03/03         00
    0436619555                           05           09/01/03          0
    44156271                             O            08/01/33
    0

    8693998          J95/G02             F          322,000.00         ZZ
                                         360        320,744.62          1
                                       5.750          1,879.10         80
                                       5.500          1,879.10
    BRISTOW          VA   20136          5            06/26/03         00
    0436630396                           03           08/01/03          0
1

    44213866                             O            07/01/33
    0

    8694000          J95/G02             F          161,600.00         ZZ
                                         360        161,261.01          1
                                       5.750            943.06         80
                                       5.500            943.06
    PEORIA           AZ   85382          2            07/28/03         00
    0436621163                           03           09/01/03          0
    44222255                             O            08/01/33
    0

    8694022          J95/G02             F          220,000.00         ZZ
                                         360        219,801.12          1
                                       6.500          1,390.55         80
                                       6.250          1,390.55
    MESA             AZ   85220          1            08/12/03         00
    0436615199                           03           10/01/03          0
    44223832                             N            09/01/33
    0

    8694096          J95/G02             F          110,000.00         ZZ
                                         360        109,800.56          1
                                       6.500            695.28         58
                                       6.250            695.28
    WASHINGTON       DC   20002          5            07/28/03         00
    0436619761                           07           09/01/03          0
    44224384                             O            08/01/33
    0

    8695760          J95/G02             F          267,200.00         ZZ
                                         360        266,921.02          1
                                       5.750          1,559.31         80
                                       5.500          1,559.31
    ATLANTA          GA   30345          5            08/04/03         00
    0436631378                           05           10/01/03          0
    44330520                             O            09/01/33
    0

    8695764          J95/G02             F          287,900.00         ZZ
                                         360        287,652.12          4
                                       6.750          1,867.32         80
                                       6.500          1,867.32
    ATTLEBORO        MA   02703          1            08/08/03         00
    0436614069                           05           10/01/03          0
    44355600                             O            09/01/33
    0

1

    8695782          J95/G02             F          150,000.00         ZZ
                                         360        149,857.67          1
                                       6.250            923.58         43
                                       6.000            923.58
    PARAMUS          NJ   07652          5            08/06/03         00
    0436616304                           05           10/01/03          0
    44380376                             O            09/01/33
    0

    8695786          J95/G02             F          262,500.00         ZZ
                                         360        261,981.99          3
                                       6.875          1,724.44         67
                                       6.625          1,724.44
    LONG BRANCH      NJ   07740          1            07/24/03         00
    0436615785                           05           09/01/03          0
    44392306                             N            08/01/33
    0

    8695796          J95/G02             F          207,850.00         ZZ
                                         360        207,652.78          1
                                       6.250          1,279.77         76
                                       6.000          1,279.77
    RESTON           VA   20191          5            08/04/03         00
    0436616189                           09           10/01/03          0
    44410348                             O            09/01/33
    0

    8695800          J95/G02             F          243,750.00         ZZ
                                         360        243,274.97          1
                                       6.125          1,481.05         75
                                       5.875          1,481.05
    CAPE CORAL       FL   33991          5            07/18/03         00
    0436618631                           05           09/01/03          0
    44410843                             O            08/01/33
    0

    8695808          J95/G02             F          136,000.00         ZZ
                                         360        134,194.59          1
                                       6.750            882.10         78
                                       6.500            882.10
    BOYNTON BEACH    FL   33426          2            12/05/02         00
    0436623706                           05           02/01/03          0
    40119232                             O            01/01/33
    0

    8695816          J95/G02             F          227,900.00         ZZ
                                         360        225,899.68          1
                                       7.750          1,632.71         77
                                       7.500          1,632.71
1

    SYLVANIA         GA   30467          2            08/29/02         00
    0436635890                           05           11/01/02          0
    30301402                             O            10/01/32
    0

    8695820          J95/G02             F          320,000.00         ZZ
                                         360        319,345.88          1
                                       5.875          1,892.93         80
                                       5.625          1,892.93
    VALLEY CENTER    CA   92082          1            07/30/03         00
    0436645949                           05           09/01/03          0
    30482566                             O            08/01/33
    0

    8695822          J95/G02             F          142,400.00         T
                                         360        142,122.48          1
                                       6.125            865.24         80
                                       5.875            865.24
    LAS VEGAS        NV   89113          1            07/18/03         00
    0436630461                           05           09/01/03          0
    44432334                             O            08/01/33
    0

    8695828          J95/G02             F          170,900.00         ZZ
                                         360        170,619.00          1
                                       7.000          1,137.01         90
                                       6.750          1,137.01
    LEWISTOWN        PA   17044          1            08/04/03         10
    0436630982                           05           09/01/03         25
    44450658                             O            08/01/33
    0

    8695842          J95/G02             F          108,000.00         ZZ
                                         360        106,924.87          1
                                       6.250            664.98         80
                                       6.000            664.98
    SPRINGFIELD      OR   97478          1            07/25/03         00
    0436619753                           05           09/01/03          0
    44483196                             O            08/01/33
    0

    8695846          J95/G02             F          172,800.00         ZZ
                                         360        172,446.78          1
                                       5.875          1,022.18         90
                                       5.625          1,022.18
    STEPHENS CITY    VA   22655          1            08/04/03         10
    0436616346                           03           09/01/03         30
    44485670                             O            08/01/33
    0
1

    8695848          J95/G02             F          130,000.00         ZZ
                                         360        129,746.64          1
                                       6.125            789.90         80
                                       5.875            789.90
    OWINGS MILLS     MD   21117          1            07/22/03         00
    0436628523                           09           09/01/03          0
    44486108                             O            08/01/33
    0

    8695862          J95/G02             F          285,600.00         ZZ
                                         360        285,016.19          1
                                       5.875          1,689.44         80
                                       5.625          1,689.44
    PETALUMA         CA   94954          5            07/25/03         00
    0436614408                           05           09/01/03          0
    44509040                             O            08/01/33
    0

    8695872          J95/G02             F          322,700.00         ZZ
                                         360        322,401.11          1
                                       6.375          2,013.23         67
                                       6.125          2,013.23
    WEST LINN        OR   97068          5            08/04/03         00
    0436618920                           05           10/01/03          0
    44522845                             O            09/01/33
    0

    8695918          J95/G02             F          140,000.00         ZZ
                                         360        139,720.54          1
                                       6.000            839.38         70
                                       5.750            839.38
    SACRAMENTO       CA   95842          5            07/31/03         00
    0436613194                           05           09/01/03          0
    44605129                             O            08/01/33
    0

    8695920          J95/G02             F          258,000.00         ZZ
                                         360        257,736.95          1
                                       5.875          1,526.17         67
                                       5.625          1,526.17
    DRIGGS           ID   83422          2            08/01/03         00
    0436630156                           05           10/01/03          0
    44610954                             O            09/01/33
    0

    8695922          J95/G02             F          304,000.00         ZZ
                                         360        303,435.36          1
1

                                       6.375          1,896.57         80
                                       6.125          1,896.57
    APTOS            CA   95003          1            07/17/03         00
    0436630230                           01           09/01/03          0
    44611366                             N            08/01/33
    0

    8695924          J95/G02             F          130,700.00         ZZ
                                         360        130,592.86          1
                                       7.000            869.56         90
                                       6.750            869.56
    WINDERMERE       FL   34786          1            08/08/03         10
    0436615884                           09           10/01/03         25
    44612844                             N            09/01/33
    0

    8695928          J95/G02             F          104,050.00         ZZ
                                         360        103,847.22          1
                                       6.125            632.22         73
                                       5.875            632.22
    BOISE            ID   83703          5            07/18/03         00
    0436629976                           05           09/01/03          0
    44561389                             O            08/01/33
    0

    8695936          J95/G02             F          149,600.00         ZZ
                                         360        149,471.19          1
                                       6.750            970.31         76
                                       6.500            970.31
    LEE              ME   04455          5            08/01/03         00
    0436646103                           05           10/01/03          0
    44636538                             O            09/01/33
    0

    8695954          J95/G02             F          116,800.00         ZZ
                                         360        116,561.24          1
                                       5.875            690.92         80
                                       5.625            690.92
    WOODSTOCK        GA   30188          1            07/25/03         00
    0436619688                           05           09/01/03          0
    44673903                             O            08/01/33
    0

    8695974          J95/G02             F          167,920.00         ZZ
                                         360        167,760.66          1
                                       6.250          1,033.92         80
                                       6.000          1,033.92
    RALEIGH          NC   27613          1            08/08/03         00
    0436619472                           05           10/01/03          0
1

    44707784                             O            09/01/33
    0

    8695978          J95/G02             F          138,400.00         ZZ
                                         360        138,292.03          1
                                       7.250            944.14         80
                                       7.000            944.14
    GLENDALE         AZ   85306          2            08/12/03         00
    0436620785                           05           10/01/03          0
    44672475                             O            09/01/33
    0

    8695984          J95/G02             F          148,000.00         ZZ
                                         360        147,849.10          1
                                       5.875            875.48         80
                                       5.625            875.48
    CHARLOTTESVILLE  VA   22902          1            08/07/03         00
    0436614986                           05           10/01/03          0
    44738466                             O            09/01/33
    0

    8695990          J95/G02             F          130,000.00         ZZ
                                         360        129,388.07          1
                                       6.750            843.18         45
                                       6.500            843.18
    SEBEC            ME   04481          5            08/07/03         00
    0436615991                           05           10/01/03          0
    44741064                             O            09/01/33
    0

    8695996          J95/G02             F          182,000.00         ZZ
                                         360        181,814.44          1
                                       5.875          1,076.60         70
                                       5.625          1,076.60
    MIDDLETOWN       RI   02842          5            08/08/03         00
    0436616940                           05           10/01/03          0
    44747046                             O            09/01/33
    0

    8696014          J95/G02             F          280,000.00         ZZ
                                         360        279,740.66          1
                                       6.375          1,746.84         80
                                       6.125          1,746.84
    SHORELINE        WA   98133          1            08/05/03         00
    0436615314                           05           10/01/03          0
    44776821                             O            09/01/33
    0

1

    8696028          J95/G02             F          105,000.00         ZZ
                                         360        104,897.94          1
                                       6.125            638.00         75
                                       5.875            638.00
    UPPER MARLBORO   MD   20772          1            08/06/03         00
    0436631295                           09           10/01/03          0
    44836492                             O            09/01/33
    0

    8696034          J95/G02             F          112,000.00         ZZ
                                         360        111,903.57          1
                                       6.750            726.43         80
                                       6.500            726.43
    PHOENIX          AZ   85013          1            08/12/03         00
    0436629901                           05           10/01/03          0
    44844017                             O            09/01/33
    0

    8696238          E82/G02             F          227,000.00         ZZ
                                         360        227,000.00          1
                                       5.875          1,342.79         61
                                       5.625          1,342.79
    REVERE           MA   02151          5            09/19/03         00
    0400851838                           05           11/01/03          0
    0400851838                           O            10/01/33
    0

    8696340          E22/G02             F          238,000.00         ZZ
                                         360        238,000.00          1
                                       6.125          1,446.11         77
                                       5.875          1,446.11
    PATCHOGUE        NY   11772          5            09/19/03         00
    0417770948                           05           11/01/03          0
    0417770948                           O            10/01/33
    0

    8696364          E22/G02             F          189,900.00         ZZ
                                         360        189,900.00          1
                                       6.250          1,169.25         90
                                       6.000          1,169.25
    LODI             CA   95240          5            09/17/03         04
    0417954112                           05           11/01/03         30
    0417954112                           O            10/01/33
    0

    8696366          E22/G02             F          102,250.00         ZZ
                                         360        102,250.00          1
                                       6.500            646.29         80
                                       6.250            646.29
1

    PORT SAINT LUCI  FL   34983          2            09/24/03         00
    0417956687                           05           11/01/03          0
    0417956687                           N            10/01/33
    0

    8696402          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.875          1,182.47         23
                                       6.625          1,182.47
    SUISUN           CA   94585          5            09/15/03         00
    0418139705                           05           11/01/03          0
    0418139705                           O            10/01/33
    0

    8696428          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.750          1,608.52         80
                                       6.500          1,608.52
    SIMI VALLEY      CA   93065          1            09/18/03         00
    0418499133                           05           11/01/03          0
    0418499133                           O            10/01/33
    0

    8696544          742/G02             F          186,750.00         ZZ
                                         360        186,750.00          1
                                       6.750          1,211.26         90
                                       6.500          1,211.26
    AMHERST          NY   14051          1            09/10/03         11
    0436608566                           05           11/01/03         25
    6917512                              O            10/01/33
    0

    8696564          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       6.625          1,485.52         70
                                       6.375          1,485.52
    CARSON CITY      NV   89701          5            09/18/03         00
    0418339370                           03           11/01/03          0
    0418339370                           O            10/01/33
    0

    8696580          E22/G02             F          208,000.00         TX
                                         360        208,000.00          1
                                       6.750          1,349.08         72
                                       6.500          1,349.08
    BAY CITY         TX   77414          5            09/19/03         00
    0418365318                           03           11/01/03          0
    0418365318                           O            10/01/33
    0
1

    8696594          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.125            972.18         59
                                       5.875            972.18
    ASHEVILLE        NC   28801          5            09/19/03         00
    0418375861                           05           11/01/03          0
    0418375861                           O            10/01/33
    0

    8696626          E22/G02             F          105,700.00         ZZ
                                         360        105,700.00          4
                                       7.750            757.25         89
                                       7.500            757.25
    CLEVELAND        OH   44105          2            09/24/03         01
    0418404976                           05           11/01/03         25
    0418404976                           N            10/01/33
    0

    8696736          E22/G02             F          143,350.00         ZZ
                                         360        143,350.00          1
                                       6.500            906.07         89
                                       6.250            906.07
    DUNEDIN          FL   34698          1            09/24/03         01
    0418564555                           05           11/01/03         25
    0418564555                           N            10/01/33
    0

    8696808          E22/G02             F          105,200.00         ZZ
                                         360        105,200.00          1
                                       6.625            673.61         80
                                       6.375            673.61
    BOISE            ID   83713          1            09/18/03         00
    0418533717                           03           11/01/03          0
    0418533717                           N            10/01/33
    0

    8696812          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.000            899.33         54
                                       5.750            899.33
    DENVILLE         NJ   07834          5            09/19/03         00
    0418542205                           05           11/01/03          0
    0418542205                           O            10/01/33
    0

    8696834          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
1

                                       6.500            733.20         80
                                       6.250            733.20
    SPRINGFIELD      OH   45503          1            09/24/03         00
    0418563599                           05           11/01/03          0
    0418563599                           O            10/01/33
    0

    8697340          H49/G02             F          148,500.00         ZZ
                                         360        148,389.80          1
                                       7.500          1,038.33         90
                                       7.250          1,038.33
    OAK LAWN         IL   60453          1            08/29/03         01
    0436631733                           05           10/01/03         25
    524150                               N            09/01/33
    0

    8697370          642/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       6.875            952.55         39
                                       6.625            952.55
    FLORAL PARK      NY   11004          5            09/24/03         00
    0436627616                           05           11/01/03          0
    08109803                             N            10/01/33
    0

    8697490          K15/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       6.500            802.73         70
                                       6.250            802.73
    STERLING HEIGHT  MI   48312          1            09/12/03         00
    0436612139                           05           11/01/03          0
    035205520097                         O            10/01/33
    0

    8697784          X67/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       6.250            898.95         56
                                       6.000            898.95
    LONG BEACH       CA   90806          5            09/10/03         00
    0436642409                           05           11/01/03          0
    0000421592                           O            10/01/33
    0

    8697898          313/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       7.625            987.38         90
                                       7.375            987.38
    MIAMI            FL   33175          1            09/15/03         12
    0436623169                           01           11/01/03         25
1

    0009864778                           O            10/01/33
    0

    8697902          P44/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.625          1,600.78         66
                                       6.375          1,600.78
    BREWSTER         MA   02631          5            09/16/03         00
    0436611388                           05           11/01/03          0
    1                                    O            10/01/33
    0

    8697926          P44/G02             F          292,400.00         ZZ
                                         360        292,400.00          1
                                       7.625          2,069.59         90
                                       7.375          2,069.59
    LITCHFIELD       NH   03052          1            09/22/03         27
    0436612246                           05           11/01/03         30
    0309150000                           O            10/01/33
    0

    8697930          P44/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       6.375            717.45         48
                                       6.125            717.45
    EAST FALMOUNTH   MA   02536          5            09/16/03         00
    0436611511                           05           11/01/03          0
    1                                    O            10/01/33
    0

    8698050          R80/G02             F          184,500.00         ZZ
                                         360        184,500.00          4
                                       7.500          1,290.05         90
                                       7.250          1,290.05
    MESA             AZ   85210          1            09/22/03         01
    0436614911                           05           11/01/03         25
    31811                                N            10/01/33
    0

    8698096          477/G02             F          302,400.00         ZZ
                                         360        302,113.07          1
                                       6.250          1,861.93         70
                                       6.000          1,861.93
    BOULDER CREEK    CA   95006          2            08/07/03         00
    0436613350                           03           10/01/03          0
    264050                               O            09/01/33
    0

1

    8698104          950/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       6.875            729.19         74
                                       6.625            729.19
    TONASKET         WA   98855          5            09/01/03         00
    0436615660                           05           11/01/03          0
    EG308274                             O            10/01/33
    0

    8698334          U05/G02             F          232,000.00         TX
                                         360        232,000.00          1
                                       6.500          1,466.40         80
                                       6.250          1,466.40
    RICHARDSON       TX   75082          5            09/18/03         00
    0436619019                           03           11/01/03          0
    3420735                              O            10/01/33
    0

    8698376          W35/G02             F          112,500.00         ZZ
                                         360        112,405.02          1
                                       6.850            737.17         75
                                       6.600            737.17
    EDINBURGH        IN   46124          5            09/09/03         00
    0436614655                           05           10/15/03          0
    24793                                O            09/15/33
    0

    8698384          T79/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       6.625            736.36         70
                                       6.375            736.36
    KANSAS CITY      MO   64155          5            09/22/03         00
    0436623185                           05           11/01/03          0
    1150309063                           O            10/01/33
    0

    8698422          Q31/G02             F          121,200.00         ZZ
                                         360        121,200.00          1
                                       6.750            786.11         83
                                       6.500            786.11
    TAVARES          FL   32778          2            09/20/03         10
    0436622591                           05           11/01/03         12
    SD848988                             O            10/01/33
    0

    8698434          P27/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
                                       6.625            727.39         85
                                       6.375            727.39
1

    ORLANDO          FL   32807          5            09/17/03         01
    0436621999                           05           11/01/03         25
    2106128008                           O            10/01/33
    0

    8698436          Q31/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.500            809.05         80
                                       6.250            809.05
    SAN DIEGO        CA   92128          1            09/23/03         00
    0436618441                           01           11/01/03          0
    900227                               O            10/01/33
    0

    8698528          H81/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       5.875            946.46         79
                                       5.625            946.46
    COTTAGE GROVE    MN   55016          5            09/16/03         00
    0436623821                           05           11/01/03          0
    WH20186                              O            10/01/33
    0

    8699562          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.625          2,561.24         34
                                       6.375          2,561.24
    WAIPAKI          HI   96722          1            09/19/03         00
    0418094348                           29           11/01/03          0
    0418094348                           N            10/01/33
    0

    8699612          E82/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       5.875            780.83         79
                                       5.625            780.83
    BARRE TOWN       VT   05641          2            09/23/03         00
    0400881579                           05           11/01/03          0
    0400881579                           O            10/01/33
    0

    8699638          E82/G02             F          180,700.00         ZZ
                                         360        180,700.00          2
                                       7.125          1,217.41         90
                                       6.875          1,217.41
    OVERLAND PARK    KS   66210          2            09/16/03         04
    0400891883                           05           11/01/03         25
    0400891883                           O            10/01/33
    0
1

    8699748          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.500          1,991.01         90
                                       6.250          1,991.01
    CHICAGO          IL   60630          1            09/25/03         01
    0418370102                           05           11/01/03         25
    0418370102                           O            10/01/33
    0

    8699806          E22/G02             F          212,500.00         ZZ
                                         360        212,500.00          1
                                       6.875          1,395.97        100
                                       6.625          1,395.97
    LITTLETON        CO   80128          1            09/25/03         01
    0418436994                           05           11/01/03         35
    0418436994                           O            10/01/33
    0

    8699814          E22/G02             F          181,600.00         ZZ
                                         360        181,600.00          1
                                       6.500          1,147.84         80
                                       6.250          1,147.84
    PHIL CAMPBELL    AL   35581          5            09/18/03         00
    0418464053                           05           11/01/03          0
    0418464053                           O            10/01/33
    0

    8699972          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.625            704.34         56
                                       6.375            704.34
    CENTENNIAL       CO   80122          1            09/25/03         00
    0418635751                           09           11/01/03          0
    0418635751                           N            10/01/33
    0

    8700366          742/G02             F          352,000.00         ZZ
                                         360        352,000.00          4
                                       7.625          2,491.43         80
                                       7.375          2,491.43
    WEST CHESTER     PA   19382          1            09/19/03         00
    0436711410                           05           11/01/03          0
    10042885                             N            10/01/33
    0

    8700462          E82/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
1

                                       5.875            769.00         80
                                       5.625            769.00
    LEWISTON         ME   04240          2            09/18/03         00
    0400875662                           05           11/01/03          0
    0400875662                           O            10/01/33
    0

    8700624          X21/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.750          1,349.09         75
                                       6.500          1,349.09
    SILVER SPRING    MD   20905          5            09/16/03         00
    0436617971                           05           11/01/03          0
    710196                               O            10/01/33
    0

    8701142          U05/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.750            908.04         66
                                       6.500            908.04
    GERBER           CA   96035          5            09/10/03         00
    0436623136                           05           11/01/03          0
    3410967                              O            10/01/33
    0

    8701156          R84/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.500            948.10         89
                                       6.250            948.10
    HENDERSON        NV   89012          1            09/24/03         10
    0436642474                           05           11/01/03         25
    LVW6887                              O            10/01/33
    0

    8701228          A35/G02             F          293,000.00         ZZ
                                         360        292,415.18          1
                                       6.000          1,756.68         74
                                       5.750          1,756.68
    MANORVILLE       NY   11949          5            07/28/03         00
    0436616106                           05           09/01/03          0
    LG15544                              O            08/01/33
    0

    8701254          S43/G02             F          103,050.00         ZZ
                                         360        103,050.00          1
                                       6.750            668.38         90
                                       6.500            668.38
    ALBUQUERQUE      NM   87114          1            09/23/03         04
    0436620389                           05           11/01/03         25
1

    037043                               N            10/01/33
    0

    8701282          721/G02             F          131,200.00         ZZ
                                         360        131,200.00          4
                                       6.625            840.09         80
                                       6.375            840.09
    MARRION          IA   52302          2            09/05/03         00
    0436668651                           05           11/01/03          0
    7891425530                           N            10/01/33
    0

    8701292          U05/G02             F          212,000.00         ZZ
                                         360        212,000.00          2
                                       6.375          1,322.60         48
                                       6.125          1,322.60
    WOODLAND HILLS   CA   91364          2            09/11/03         00
    0436681001                           05           11/01/03          0
    3417242                              O            10/01/33
    0

    8701304          E47/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.625          1,019.22         77
                                       7.375          1,019.22
    ALEXANDRIA       VA   22304          1            09/12/03         00
    0436628275                           01           11/01/03          0
    7351010119                           N            10/01/33
    0

    8701346          E47/G02             F          113,900.00         ZZ
                                         360        113,813.33          1
                                       7.375            786.68         84
                                       7.125            786.68
    LOUISVILLE       KY   40206          5            08/27/03         11
    0436628325                           05           10/01/03         12
    7323510381                           O            09/01/33
    0

    8701350          758/G02             F          114,200.00         ZZ
                                         360        114,200.00          1
                                       6.750            740.70         90
                                       6.500            740.70
    HOUSTON          TX   77084          1            09/03/03         11
    0436621841                           05           11/01/03         25
    303660                               O            10/01/33
    0

1

    8701420          N74/G02             F          109,250.00         ZZ
                                         360        109,151.24          1
                                       6.500            690.53         95
                                       6.250            690.53
    GREENSBORO       NC   27455          2            09/10/03         10
    0436629091                           03           10/15/03         30
    0033335010                           O            09/15/33
    0

    8701472          F36/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
                                       6.750            963.17         90
                                       6.500            963.17
    PORT ORCHARD     WA   98367          1            09/15/03         14
    0436631980                           05           11/01/03         25
    06506980                             O            10/01/33
    0

    8701628          825/G02             F          257,250.00         T
                                         360        257,250.00          1
                                       6.750          1,668.52         75
                                       6.500          1,668.52
    BRECKENRIDGE     CO   80424          1            09/23/03         00
    0436618987                           01           11/01/03          0
    34403                                O            10/01/33
    0

    8704906          E82/G02             F          251,000.00         ZZ
                                         360        251,000.00          1
                                       6.250          1,545.45         69
                                       6.000          1,545.45
    ANTIOCH          CA   94509          2            09/23/03         00
    0400881835                           05           11/01/03          0
    0400881835                           O            10/01/33
    0

    8704908          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          2
                                       6.250          1,477.72         74
                                       6.000          1,477.72
    LONG BEACH       CA   90805          5            09/17/03         00
    0417596640                           05           11/01/03          0
    0417596640                           O            10/01/33
    0

    8704910          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.375            698.73         70
                                       6.125            698.73
1

    LEHI             UT   84043          2            09/12/03         00
    0417639853                           05           11/01/03          0
    0417639853                           O            10/01/33
    0

    8704918          E22/G02             F          193,500.00         ZZ
                                         360        193,500.00          3
                                       6.500          1,223.05         90
                                       6.250          1,223.05
    COVENTRY         RI   02816          1            09/26/03         10
    0417666179                           05           11/01/03         25
    0417666179                           O            10/01/33
    0

    8704952          E82/G02             F          193,300.00         ZZ
                                         360        193,300.00          1
                                       6.125          1,174.51         80
                                       5.875          1,174.51
    VAL VERDE        CA   91384          5            09/22/03         00
    0400882890                           05           11/01/03          0
    0400882890                           O            10/01/33
    0

    8705050          E82/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.750          1,193.42         89
                                       6.500          1,193.42
    STUART           FL   34997          5            09/22/03         10
    0400890604                           03           11/01/03         25
    0400890604                           O            10/01/33
    0

    8705064          E82/G02             F          105,550.00         ZZ
                                         360        105,550.00          1
                                       6.375            658.49         69
                                       6.125            658.49
    TEMPE            AZ   85282          2            09/25/03         00
    0400880639                           05           11/01/03          0
    0400880639                           N            10/01/33
    0

    8705068          E82/G02             F          116,550.00         ZZ
                                         360        116,550.00          1
                                       6.250            717.62         53
                                       6.000            717.62
    WOODLAND         CA   95695          2            09/18/03         00
    0400885547                           05           11/01/03          0
    0400885547                           O            10/01/33
    0
1

    8705076          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.500          1,991.01         72
                                       6.250          1,991.01
    LOS ANGELES      CA   90039          5            09/17/03         00
    0418097887                           05           11/01/03          0
    0418097887                           O            10/01/33
    0

    8705090          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.250            738.86         59
                                       6.000            738.86
    BEACON FALLS     CT   06403          5            09/22/03         00
    0418120838                           05           11/01/03          0
    0418120838                           O            10/01/33
    0

    8705158          E22/G02             F          158,650.00         ZZ
                                         360        158,650.00          1
                                       6.750          1,029.00         95
                                       6.500          1,029.00
    DEARBORN         MI   48124          1            09/26/03         04
    0418200754                           05           11/01/03         30
    0418200754                           O            10/01/33
    0

    8705166          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
                                       6.500            682.63         80
                                       6.250            682.63
    SPRINGFIELD      OR   97477          1            09/17/03         00
    0418204814                           05           11/01/03          0
    0418204814                           N            10/01/33
    0

    8705180          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          4
                                       7.500          1,258.59         90
                                       7.250          1,258.59
    HARVEY           LA   70058          1            09/26/03         01
    0418215067                           05           11/01/03         25
    0418215067                           N            10/01/33
    0

    8705214          E22/G02             F          149,960.00         T
                                         360        149,960.00          1
1

                                       6.500            947.85         80
                                       6.250            947.85
    GRANTS PASS      OR   97527          1            09/18/03         00
    0418242749                           05           11/01/03          0
    0418242749                           O            10/01/33
    0

    8705314          E22/G02             F          172,300.00         ZZ
                                         360        172,300.00          1
                                       6.500          1,089.05         79
                                       6.250          1,089.05
    YOUNGSVILLE      LA   70592          2            09/22/03         00
    0418282950                           05           11/01/03          0
    0418282950                           O            10/01/33
    0

    8705348          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.750          1,816.07         79
                                       6.500          1,816.07
    SAN DIEGO        CA   92126          5            09/13/03         00
    0418290508                           05           11/01/03          0
    0418290508                           O            10/01/33
    0

    8705422          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.625            768.37         80
                                       6.375            768.37
    DAYTON           NV   89403          1            09/23/03         00
    0418320388                           05           11/01/03          0
    0418320388                           N            10/01/33
    0

    8705660          E22/G02             F          158,650.00         ZZ
                                         240        158,650.00          1
                                       6.500          1,182.85         95
                                       6.250          1,182.85
    BESSEMER         AL   35023          1            09/26/03         11
    0418393682                           05           11/01/03         30
    0418393682                           O            10/01/23
    0

    8705828          E22/G02             F          104,600.00         ZZ
                                         360        104,600.00          1
                                       7.000            695.91         80
                                       6.750            695.91
    RICHARDSON       TX   75081          1            09/26/03         00
    0418428603                           05           11/01/03          0
1

    0418428603                           N            10/01/33
    0

    8705870          E22/G02             F          169,000.00         ZZ
                                         360        169,000.00          1
                                       6.500          1,068.19         80
                                       6.250          1,068.19
    MARION           IL   62959          2            09/22/03         00
    0418445813                           05           11/01/03          0
    0418445813                           O            10/01/33
    0

    8706128          E22/G02             F          170,000.00         TX
                                         360        170,000.00          1
                                       7.000          1,131.01         66
                                       6.750          1,131.01
    AUSTIN           TX   78731          5            09/22/03         00
    0418496063                           05           11/01/03          0
    0418496063                           O            10/01/33
    0

    8706154          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.625          1,792.87         80
                                       6.375          1,792.87
    LA HABRA         CA   90631          5            09/17/03         00
    0418500294                           05           11/01/03          0
    0418500294                           O            10/01/33
    0

    8706634          E22/G02             F          105,300.00         ZZ
                                         360        105,300.00          4
                                       7.875            763.50         90
                                       7.625            763.50
    EAST CLEVELAND   OH   44112          1            09/26/03         04
    0418592762                           05           11/01/03         25
    0418592762                           N            10/01/33
    0

    8706650          E22/G02             F          137,700.00         ZZ
                                         360        137,700.00          1
                                       6.500            870.36         90
                                       6.250            870.36
    DUNEDIN          FL   34698          1            09/26/03         01
    0418594826                           05           11/01/03         25
    0418594826                           N            10/01/33
    0

1

    8707664          944/G02             F          145,800.00         ZZ
                                         360        145,800.00          1
                                       5.750            850.85         63
                                       5.500            850.85
    PRESCOTT         AZ   86303          2            09/16/03         00
    0436630487                           05           11/01/03          0
    W01706691                            N            10/01/33
    0

    8708796          K15/G02             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       5.875          1,496.59         73
                                       5.625          1,496.59
    ABINGTON         MA   02351          1            09/10/03         00
    0436629059                           05           11/01/03          0
    024005518421                         O            10/01/33
    0

    8709110          X82/G02             F          292,500.00         ZZ
                                         360        292,288.29          1
                                       7.625          2,070.30         90
                                       7.375          2,070.30
    HERNDON          VA   20170          1            08/28/03         12
    0436622682                           05           10/01/03         25
    870403                               O            09/01/33
    0

    8709186          L20/G02             F          121,800.00         ZZ
                                         360        121,800.00          1
                                       6.625            779.90         93
                                       6.375            779.90
    SUSANVILLE       CA   96130          5            09/22/03         14
    0436666952                           05           11/01/03         30
    1141130054                           O            10/01/33
    0

    8709372          K15/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.500          1,011.31         80
                                       6.250          1,011.31
    SCARBOROUGH      ME   04074          5            09/10/03         00
    0436623599                           05           11/01/03          0
    007705521009                         O            10/01/33
    0

    8709430          S98/G02             F          119,000.00         ZZ
                                         360        119,000.00          1
                                       7.875            862.84         70
                                       7.625            862.84
1

    INDIANAPOLIS     IN   46228          1            09/19/03         00
    0436680854                           05           11/01/03          0
    23080386                             N            10/01/33
    0

    8709460          975/G02             F          278,500.00         ZZ
                                         360        278,500.00          2
                                       6.875          1,829.55         53
                                       6.625          1,829.55
    ANAHEIM          CA   92805          5            09/08/03         00
    0436628333                           05           11/01/03          0
    2034836                              O            10/01/33
    0

    8709472          T44/G02             F          149,000.00         ZZ
                                         360        149,000.00          1
                                       7.000            991.30         85
                                       6.750            991.30
    KENNEWICK        WA   99337          2            09/04/03         01
    0436634190                           05           11/01/03         12
    1087278                              O            10/01/33
    0

    8709512          U81/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       6.750            653.79         90
                                       6.500            653.79
    SAVANNAH         GA   31419          1            09/26/03         04
    0436623615                           05           11/01/03         25
    1800006713                           O            10/01/33
    0

    8709762          588/G02             F          189,600.00         ZZ
                                         360        189,600.00          1
                                       6.125          1,152.03         80
                                       5.875          1,152.03
    UNION TOWNSHIP   NJ   07083          1            09/22/03         00
    0436629109                           05           11/01/03          0
    00011039376                          O            10/01/33
    0

    8709812          E40/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.750          1,037.76         70
                                       6.500          1,037.76
    NORTH ANDOVER    MA   01845          1            09/12/03         00
    0436633176                           01           11/01/03          0
    200301843                            O            10/01/33
    0
1

    8709948          P09/G02             F          217,000.00         ZZ
                                         360        217,000.00          1
                                       6.250          1,336.11         49
                                       6.000          1,336.11
    WASHINGTON       DC   20010          5            09/25/03         00
    0436642136                           07           11/01/03          0
    3002260860                           O            10/01/33
    0

    8710268          E22/G02             F          112,410.00         ZZ
                                         360        112,410.00          1
                                       7.125            757.33         90
                                       6.875            757.33
    HENDERSON        MI   48841          1            09/29/03         04
    0418342226                           05           11/01/03         25
    0418342226                           O            10/01/33
    0

    8710274          E82/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.625            720.35         90
                                       6.375            720.35
    KINGMAN          AZ   86401          2            09/25/03         04
    0400897070                           05           11/01/03         25
    0400897070                           O            10/01/33
    0

    8710316          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.500          1,454.37         80
                                       7.250          1,454.37
    SANTA FE         NM   87507          5            09/24/03         00
    0418352209                           05           11/01/03          0
    0418352209                           O            10/01/33
    0

    8710320          E22/G02             F          185,400.00         ZZ
                                         360        185,400.00          1
                                       6.875          1,217.95         90
                                       6.625          1,217.95
    SEDALIA          MO   65301          5            09/24/03         01
    0418353140                           05           11/01/03         25
    0418353140                           O            10/01/33
    0

    8710378          E22/G02             F          161,000.00         ZZ
                                         360        161,000.00          1
1

                                       7.375          1,111.99         77
                                       7.125          1,111.99
    MOUNT PROSPECT   IL   60056          2            09/24/03         00
    0418444535                           01           11/01/03          0
    0418444535                           O            10/01/33
    0

    8710426          E22/G02             F          322,500.00         ZZ
                                         360        322,500.00          1
                                       6.500          2,038.42         79
                                       6.250          2,038.42
    SAN JOSE         CA   95132          1            09/22/03         00
    0418509196                           05           11/01/03          0
    0418509196                           O            10/01/33
    0

    8710432          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       6.875          1,129.92         80
                                       6.625          1,129.92
    RIVERSIDE        CA   92505          5            09/19/03         00
    0418511879                           05           11/01/03          0
    0418511879                           O            10/01/33
    0

    8710492          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.500            910.18         80
                                       6.250            910.18
    WARWICK          NY   10990          5            09/23/03         00
    0418550596                           05           11/01/03          0
    0418550596                           O            10/01/33
    0

    8710520          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.500          1,264.14         80
                                       6.250          1,264.14
    MANCHESTER TWP.  NJ   08759          5            09/23/03         00
    0417890894                           05           11/01/03          0
    0417890894                           O            10/01/33
    0

    8710542          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          2
                                       6.750            972.90         70
                                       6.500            972.90
    ANACORTES        WA   98221          2            09/17/03         00
    0418081501                           05           11/01/03          0
1

    0418081501                           N            10/01/33
    0

    8710554          E22/G02             F          264,000.00         TX
                                         360        264,000.00          1
                                       6.000          1,582.81         79
                                       5.750          1,582.81
    EL PASO          TX   79936          5            09/24/03         00
    0418267696                           05           11/01/03          0
    0418267696                           O            10/01/33
    0

    8710620          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       7.000          1,164.28         72
                                       6.750          1,164.28
    CANDLER          NC   28715          2            09/24/03         00
    0418426953                           05           11/01/03          0
    0418426953                           O            10/01/33
    0

    8710764          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.750            700.49         90
                                       6.500            700.49
    FRESNO           CA   93705          1            09/15/03         04
    0418313235                           05           11/01/03         25
    0418313235                           N            10/01/33
    0

    8710796          E22/G02             F          141,000.00         ZZ
                                         360        141,000.00          2
                                       7.125            949.94         75
                                       6.875            949.94
    WASILLA          AK   99654          5            09/22/03         00
    0418341020                           05           11/01/03          0
    0418341020                           N            10/01/33
    0

    8710826          E22/G02             F          169,600.00         ZZ
                                         360        169,600.00          1
                                       6.250          1,044.26         80
                                       6.000          1,044.26
    SHERIDAN         CO   80110          1            09/29/03         00
    0418385035                           05           11/01/03          0
    0418385035                           O            10/01/33
    0

1

    8710856          E22/G02             F          112,000.00         TX
                                         360        112,000.00          1
                                       7.000            745.14         80
                                       6.750            745.14
    PLANO            TX   75093          5            09/23/03         00
    0418457248                           05           11/01/03          0
    0418457248                           O            10/01/33
    0

    8711040          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       6.500            796.41         35
                                       6.250            796.41
    RICHMOND         CA   94805          5            09/16/03         00
    0418566212                           05           11/01/03          0
    0418566212                           O            10/01/33
    0

    8711110          E22/G02             F          101,600.00         ZZ
                                         360        101,600.00          1
                                       6.625            650.56         80
                                       6.375            650.56
    OMAHA            NE   68124          1            09/26/03         00
    0418610986                           05           11/01/03          0
    0418610986                           O            10/01/33
    0

    8711150          E22/G02             F          167,760.00         ZZ
                                         360        167,760.00          1
                                       6.875          1,102.06         90
                                       6.625          1,102.06
    PORT ST LUCIE    FL   34953          1            09/29/03         11
    0418649273                           05           11/01/03         25
    0418649273                           O            10/01/33
    0

    8711174          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.375            698.73         80
                                       6.125            698.73
    GROVER           MO   63040          1            09/29/03         00
    0418657961                           05           11/01/03          0
    0418657961                           N            10/01/33
    0

    8711248          E82/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       6.750            992.36         55
                                       6.500            992.36
1

    WHITTIER         CA   90606          2            09/17/03         00
    0400891792                           05           11/01/03          0
    0400891792                           O            10/01/33
    0

    8711658          950/G02             F          163,500.00         ZZ
                                         360        163,500.00          1
                                       6.750          1,060.46         78
                                       6.500          1,060.46
    CHICO            CA   95928          2            09/10/03         00
    0436632723                           05           11/01/03          0
    AE37003                              O            10/01/33
    0

    8711746          X67/G02             F          194,400.00         ZZ
                                         360        194,400.00          1
                                       7.500          1,359.27         90
                                       7.250          1,359.27
    GALT             CA   95632          5            09/01/03         01
    0436640304                           05           11/01/03         25
    0000424163                           O            10/01/33
    0

    8711770          M37/G02             F          143,373.00         ZZ
                                         360        143,373.00          1
                                       7.000            953.86         88
                                       6.750            953.86
    ALBUQUERQUE      NM   87123          1            09/17/03         04
    0436695019                           03           11/01/03         25
    612322                               O            10/01/33
    0

    8711816          E47/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.500          1,106.12         70
                                       6.250          1,106.12
    BROCKTON         MA   02302          5            09/23/03         00
    0436648935                           05           11/01/03          0
    7359010002                           O            10/01/33
    0

    8711892          E57/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.500          1,678.11         73
                                       7.250          1,678.11
    ANAHEIM          CA   92804          5            09/04/03         00
    0436627343                           05           11/01/03          0
    06019199                             O            10/01/33
    0
1

    8711894          B23/G02             F          216,000.00         ZZ
                                         360        216,000.00          2
                                       7.375          1,491.86         90
                                       7.125          1,491.86
    LOS ANGELES ARE  CA   90001          1            09/15/03         11
    0436645113                           05           11/01/03         25
    80002716                             O            10/01/33
    0

    8711932          H81/G02             F          120,000.00         ZZ
                                         360        120,000.00          2
                                       7.500            839.06         75
                                       7.250            839.06
    CHICAGO          IL   60623          5            09/24/03         00
    0436632178                           05           11/01/03          0
    WH20872                              N            10/01/33
    0

    8711942          X10/G02             F          108,000.00         TX
                                         360        108,000.00          1
                                       7.125            727.62         80
                                       6.875            727.62
    SEABROOK         TX   77586          5            09/25/03         00
    0436701908                           05           11/01/03          0
    60001446                             O            10/01/33
    0

    8711974          K15/G02             F          216,500.00         ZZ
                                         360        216,500.00          1
                                       6.500          1,368.43         85
                                       6.250          1,368.43
    STOCKTON         CA   95206          5            09/09/03         27
    0436630123                           05           11/01/03         12
    4000346498                           O            10/01/33
    0

    8712054          E47/G02             F          171,200.00         ZZ
                                         360        171,200.00          1
                                       7.000          1,139.00         80
                                       6.750          1,139.00
    BRENTWOOD        TN   37027          1            09/16/03         00
    0436644009                           05           11/01/03          0
    7351510047                           O            10/01/33
    0

    8712296          X82/G02             F          140,000.00         ZZ
                                         360        139,682.38          1
1

                                       6.875            919.70         78
                                       6.625            919.70
    RESTON           VA   20191          1            08/21/03         00
    0436635106                           09           10/01/03          0
    870158                               O            09/01/33
    0

    8712616          758/G02             F          156,600.00         ZZ
                                         360        156,600.00          2
                                       7.625          1,108.41         75
                                       7.375          1,108.41
    HOUSTON          TX   77007          5            09/19/03         00
    0436628341                           05           11/01/03          0
    103797                               N            10/01/33
    0

    8713294          E82/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       7.625            987.37         88
                                       7.375            987.37
    PARADISE         TX   76073          2            09/26/03         04
    0400889820                           05           11/01/03         25
    0400889820                           O            10/01/33
    0

    8713932          G51/G02             F          106,200.00         ZZ
                                         360        106,200.00          1
                                       7.500            742.57         90
                                       7.250            742.57
    TAMPA            FL   33615          1            09/26/03         11
    0436636344                           05           11/01/03         25
    14000334                             O            10/01/33
    0

    8714106          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
                                       7.625            764.42         80
                                       7.375            764.42
    LACEY            WA   98503          1            09/26/03         00
    0417952843                           05           11/01/03          0
    0417952843                           N            10/01/33
    0

    8714110          E22/G02             F          355,500.00         ZZ
                                         360        355,500.00          3
                                       6.750          2,305.77         90
                                       6.500          2,305.77
    BAYONNE          NJ   07002          1            09/30/03         10
    0417990991                           05           11/01/03         25
1

    0417990991                           O            10/01/33
    0

    8714154          E22/G02             F          168,750.00         ZZ
                                         360        168,750.00          1
                                       6.875          1,108.57         90
                                       6.625          1,108.57
    CARSON CITY      NV   89706          1            09/18/03         01
    0418135299                           05           11/01/03         25
    0418135299                           O            10/01/33
    0

    8714204          E22/G02             F          202,500.00         ZZ
                                         360        202,500.00          3
                                       7.375          1,398.62         90
                                       7.125          1,398.62
    PROVIDENCE       RI   02907          1            09/30/03         10
    0418240529                           05           11/01/03         25
    0418240529                           N            10/01/33
    0

    8714220          E22/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       6.250          1,200.65         70
                                       6.000          1,200.65
    LEBANON          OR   97355          5            09/22/03         00
    0418262713                           05           11/01/03          0
    0418262713                           O            10/01/33
    0

    8714228          E22/G02             F          236,000.00         ZZ
                                         240        236,000.00          1
                                       6.250          1,724.99         48
                                       6.000          1,724.99
    LOS ANGELES      CA   90041          5            09/15/03         00
    0418269452                           05           11/01/03          0
    0418269452                           O            10/01/23
    0

    8714246          E22/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       6.375          1,472.33         80
                                       6.125          1,472.33
    CLE ELUM         WA   98922          5            09/25/03         00
    0418295689                           05           11/01/03          0
    0418295689                           O            10/01/33
    0

1

    8714258          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          2
                                       6.750            998.84         70
                                       6.500            998.84
    MARYSVILLE       WA   98270          5            09/16/03         00
    0418311148                           05           11/01/03          0
    0418311148                           N            10/01/33
    0

    8714262          E22/G02             F          177,000.00         ZZ
                                         360        177,000.00          1
                                       6.750          1,148.02         90
                                       6.500          1,148.02
    FRESNO           CA   93720          1            09/15/03         04
    0418315099                           05           11/01/03         25
    0418315099                           N            10/01/33
    0

    8714288          E22/G02             F          107,100.00         ZZ
                                         360        107,100.00          1
                                       6.625            685.77         90
                                       6.375            685.77
    HOUSTON          TX   77064          1            09/30/03         01
    0418328332                           03           11/01/03         25
    0418328332                           O            10/01/33
    0

    8714352          E22/G02             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       6.375          1,852.89         90
                                       6.125          1,852.89
    BRANFORD         CT   06405          1            09/30/03         04
    0418363610                           01           11/01/03         25
    0418363610                           O            10/01/33
    0

    8714368          E22/G02             F          286,200.00         ZZ
                                         360        286,200.00          1
                                       6.375          1,785.52         37
                                       6.125          1,785.52
    GOLETA           CA   93117          5            09/22/03         00
    0418373510                           05           11/01/03          0
    0418373510                           O            10/01/33
    0

    8714376          E22/G02             F          105,500.00         ZZ
                                         360        105,500.00          2
                                       6.875            693.06         78
                                       6.625            693.06
1

    JOSHUA           TX   76058          2            09/30/03         00
    0418380473                           05           11/01/03          0
    0418380473                           N            10/01/33
    0

    8714384          E22/G02             F          138,400.00         TX
                                         360        138,400.00          1
                                       6.750            897.66         80
                                       6.500            897.66
    SAN ANTONIO      TX   78247          5            09/25/03         00
    0418385753                           03           11/01/03          0
    0418385753                           O            10/01/33
    0

    8714388          E22/G02             F          172,800.00         ZZ
                                         360        172,800.00          1
                                       7.000          1,149.64         67
                                       6.750          1,149.64
    MARBLE FALLS     TX   78654          5            09/25/03         00
    0418388476                           03           11/01/03          0
    0418388476                           O            10/01/33
    0

    8714414          E22/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       6.750          1,199.91         68
                                       6.500          1,199.91
    LEADVILLE        CO   80461          2            09/30/03         00
    0418399408                           05           11/01/03          0
    0418399408                           O            10/01/33
    0

    8714486          E22/G02             F          175,500.00         ZZ
                                         360        175,500.00          3
                                       7.250          1,197.22         90
                                       7.000          1,197.22
    FRESNO           CA   93727          1            09/16/03         04
    0418436986                           05           11/01/03         25
    0418436986                           N            10/01/33
    0

    8714488          E22/G02             F          186,400.00         TX
                                         360        186,400.00          1
                                       6.250          1,147.70         80
                                       6.000          1,147.70
    WEATHERFORD      TX   76086          5            09/25/03         00
    0418437513                           05           11/01/03          0
    0418437513                           O            10/01/33
    0
1

    8714688          E22/G02             F          141,500.00         ZZ
                                         360        141,500.00          1
                                       7.000            941.40         95
                                       6.750            941.40
    POST FALLS       ID   83854          2            09/16/03         10
    0418503280                           05           11/01/03         30
    0418503280                           O            10/01/33
    0

    8714820          E22/G02             F          216,600.00         ZZ
                                         360        216,600.00          1
                                       6.875          1,422.91         95
                                       6.625          1,422.91
    ORMOND BEACH     FL   32176          1            09/30/03         11
    0418526372                           05           11/01/03         30
    0418526372                           O            10/01/33
    0

    8714852          E22/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
                                       6.250            637.27         90
                                       6.000            637.27
    AFTON            WY   83110          5            09/25/03         01
    0418531380                           05           11/01/03         25
    0418531380                           O            10/01/33
    0

    8714878          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.375            823.51         80
                                       6.125            823.51
    ORLANDO          FL   32809          1            09/30/03         00
    0418535027                           03           11/01/03          0
    0418535027                           O            10/01/33
    0

    8714904          E22/G02             F          101,500.00         ZZ
                                         360        101,500.00          3
                                       6.375            633.23         70
                                       6.125            633.23
    YAKIMA           WA   98902          1            09/18/03         00
    0418540357                           05           11/01/03          0
    0418540357                           N            10/01/33
    0

    8714976          E22/G02             F          141,550.00         ZZ
                                         360        141,550.00          1
1

                                       6.500            894.69         95
                                       6.250            894.69
    NEWTON           NJ   07860          5            09/24/03         04
    0418556593                           05           11/01/03         30
    0418556593                           O            10/01/33
    0

    8714982          E22/G02             F          101,500.00         ZZ
                                         360        101,500.00          3
                                       6.375            633.23         70
                                       6.125            633.23
    YAKIMA           WA   98902          1            09/18/03         00
    0418558516                           05           11/01/03          0
    0418558516                           N            10/01/33
    0

    8714988          E22/G02             F          161,500.00         ZZ
                                         360        161,500.00          2
                                       6.875          1,060.94         72
                                       6.625          1,060.94
    BROCKTON         MA   02301          5            09/25/03         00
    0418562807                           05           11/01/03          0
    0418562807                           O            10/01/33
    0

    8715014          E22/G02             F          101,500.00         ZZ
                                         360        101,500.00          3
                                       6.375            633.23         70
                                       6.125            633.23
    YAKIMA           WA   98902          1            09/18/03         00
    0418572731                           05           11/01/03          0
    0418572731                           N            10/01/33
    0

    8715064          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
                                       6.875          1,011.67         80
                                       6.625          1,011.67
    LAKE WORTH       FL   33460          1            09/30/03         00
    0418587614                           05           11/01/03          0
    0418587614                           O            10/01/33
    0

    8715128          E22/G02             F          245,600.00         ZZ
                                         360        245,600.00          1
                                       6.500          1,552.36         80
                                       6.250          1,552.36
    LAKESIDE         CA   92040          5            09/22/03         00
    0418608287                           05           11/01/03          0
1

    0418608287                           O            10/01/33
    0

    8715196          E22/G02             F          214,000.00         ZZ
                                         360        214,000.00          1
                                       6.750          1,388.00         86
                                       6.500          1,388.00
    BOYNTON BEACH    FL   33437          2            09/29/03         01
    0418652715                           03           11/01/03         25
    0418652715                           O            10/01/33
    0

    8715408          X89/G02             F          114,300.00         ZZ
                                         360        114,300.00          1
                                       7.375            789.45         90
                                       7.125            789.45
    SUNRISE          FL   33313          5            09/22/03         04
    0436624100                           05           11/01/03         25
    2016751                              O            10/01/33
    0

    8716556          676/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.750          2,023.63         80
                                       6.500          2,023.63
    KULA             HI   96790          5            09/04/03         00
    0436632681                           05           11/01/03          0
    6005501740                           O            10/01/33
    0

    8716576          F89/G02             F          139,200.00         ZZ
                                         360        139,088.68          1
                                       7.125            937.82         80
                                       6.875            937.82
    PALMDALE         CA   93550          1            09/23/03         00
    0436646889                           05           10/01/03          0
    10634596                             N            09/01/33
    0

    8716624          R84/G02             F          262,000.00         ZZ
                                         360        262,000.00          1
                                       7.125          1,765.14         90
                                       6.875          1,765.14
    LAS VEGAS        NV   89102          1            09/17/03         10
    0436629893                           05           11/01/03         25
    LVW7047                              O            10/01/33
    0

1

    8716738          U05/G02             F          136,000.00         TX
                                         360        136,000.00          1
                                       6.875            893.42         80
                                       6.625            893.42
    MANOR            TX   78653          5            09/19/03         00
    0436632061                           05           11/01/03          0
    3419085                              O            10/01/33
    0

    8716754          K15/G02             F          176,500.00         ZZ
                                         360        176,336.53          1
                                       6.375          1,101.13         90
                                       6.125          1,101.13
    HOPATCONG        NJ   07843          1            08/29/03         41
    0436647556                           05           10/01/03         25
    203505518860                         O            09/01/33
    0

    8717006          A46/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       7.125            788.25         70
                                       6.875            788.25
    ALBUQUERQUE      NM   87114          1            09/15/03         00
    0436632780                           05           11/01/03          0
    0983198                              O            10/01/33
    0

    8718398          356/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.625          1,440.70         79
                                       6.375          1,440.70
    ATASCADERO       CA   93422          5            09/12/03         00
    0436641807                           05           11/01/03          0
    5018018                              O            10/01/33
    0

    8718628          P01/G02             F          156,275.00         ZZ
                                         360        156,275.00          2
                                       7.250          1,066.07         95
                                       7.000          1,066.07
    ALBANY           NY   12203          1            09/23/03         10
    0436648240                           05           11/01/03         30
    03010293                             O            10/01/33
    0

    8718748          E22/G02             F          161,910.00         ZZ
                                         360        161,910.00          3
                                       7.875          1,173.96         90
                                       7.625          1,173.96
1

    PROVIDENCE       RI   02908          1            10/01/03         10
    0418253829                           05           11/01/03         25
    0418253829                           N            10/01/33
    0

    8718749          E22/G02             F          135,000.00         ZZ
                                         360        134,458.39          1
                                       6.000            809.39        100
                                       5.750            809.39
    MADISON          AL   35757          2            05/14/03         01
    0416692879                           05           07/01/03         35
    0416692879                           O            06/01/33
    0

    8718756          U35/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.250          1,364.35         72
                                       7.000          1,364.35
    BETTENDORF       IA   52722          5            09/26/03         00
    0436641906                           05           11/01/03          0
    13307541                             O            10/01/33
    0

    8718798          E22/G02             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       6.125          1,482.57         49
                                       5.875          1,482.57
    CINCINNATI       OH   45213          5            09/26/03         00
    0418312542                           05           11/01/03          0
    0418312542                           O            10/01/33
    0

    8718986          E22/G02             F          107,500.00         ZZ
                                         360        107,500.00          1
                                       7.000            715.20        100
                                       6.750            715.20
    LAKE WORTH       FL   33460          1            10/01/03         11
    0418488953                           05           11/01/03         35
    0418488953                           O            10/01/33
    0

    8719004          E22/G02             F          143,500.00         ZZ
                                         360        143,500.00          1
                                       6.625            918.85         80
                                       6.375            918.85
    SPARKS           NV   89434          1            09/25/03         00
    0418499463                           05           11/01/03          0
    0418499463                           O            10/01/33
    0
1

    8719006          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          2
                                       6.375          1,871.61         89
                                       6.125          1,871.61
    INGLEWOOD        CA   90302          1            09/25/03         04
    0418499802                           05           11/01/03         25
    0418499802                           O            10/01/33
    0

    8719024          A35/G02             F          265,600.00         ZZ
                                         360        265,600.00          1
                                       6.125          1,613.81         80
                                       5.875          1,613.81
    CORAM            NY   11727          1            09/22/03         00
    0436647424                           05           11/01/03          0
    LG15738                              O            10/01/33
    0

    8719084          E22/G02             F          200,000.00         TX
                                         360        200,000.00          1
                                       6.625          1,280.62         44
                                       6.375          1,280.62
    HOUSTON          TX   77008          5            09/26/03         00
    0418544813                           03           11/01/03          0
    0418544813                           O            10/01/33
    0

    8719094          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.750            875.61         56
                                       6.500            875.61
    SEATTLE          WA   98118          5            09/24/03         00
    0418545752                           05           11/01/03          0
    0418545752                           O            10/01/33
    0

    8719162          E22/G02             F          220,300.00         ZZ
                                         360        220,300.00          1
                                       6.500          1,392.45         79
                                       6.250          1,392.45
    CHAMPLIN         MN   55316          5            09/26/03         00
    0418576856                           05           11/01/03          0
    0418576856                           O            10/01/33
    0

    8719312          E22/G02             F          133,500.00         ZZ
                                         360        133,500.00          1
1

                                       6.375            832.87         51
                                       6.125            832.87
    BOZEMAN          MT   59715          5            09/26/03         00
    0418601357                           05           11/01/03          0
    0418601357                           O            10/01/33
    0

    8719324          E22/G02             F          101,800.00         ZZ
                                         360        101,800.00          1
                                       7.125            685.85         90
                                       6.875            685.85
    NORMAN           OK   73071          1            10/01/03         01
    0418603213                           05           11/01/03         30
    0418603213                           O            10/01/33
    0

    8719374          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       5.875          1,372.37         80
                                       5.625          1,372.37
    SALT LAKE CITY   UT   84108          2            09/26/03         00
    0418630539                           05           11/01/03          0
    0418630539                           N            10/01/33
    0

    8719446          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.375          1,122.97         80
                                       6.125          1,122.97
    ANTHEM           AZ   85086          1            09/30/03         00
    0418692620                           05           11/01/03          0
    0418692620                           O            10/01/33
    0

    8719496          W08/G02             F          125,700.00         ZZ
                                         240        125,700.00          1
                                       6.875            965.14         82
                                       6.625            965.14
    MIAMI            FL   33174          2            09/29/03         11
    0436637326                           07           11/01/03         25
    033622MG                             O            10/01/23
    0

    8719658          K15/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.125            781.51         62
                                       6.875            781.51
    RANCHO CORDOVA   CA   95670          5            09/10/03         00
    0436657290                           05           11/01/03          0
1

    039005513190                         O            10/01/33
    0

    8719932          313/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       6.750          1,076.68         80
                                       6.500          1,076.68
    TEMPE            AZ   85283          2            09/24/03         00
    0436638902                           05           11/01/03          0
    0009534785                           O            10/01/33
    0

    8720108          U05/G02             F          103,200.00         TX
                                         360        103,200.00          1
                                       6.375            643.83         80
                                       6.125            643.83
    GARLAND          TX   75043          5            09/24/03         00
    0436745418                           05           11/01/03          0
    3342364                              O            10/01/33
    0

    8720528          A35/G02             F          220,000.00         ZZ
                                         360        219,770.31          1
                                       5.750          1,283.86         80
                                       5.500          1,283.86
    HUNTINGTON STAT  NY   11746          5            07/31/03         00
    0436645915                           05           10/01/03          0
    15601                                O            09/01/33
    0

    8720582          738/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.625            800.39         42
                                       6.375            800.39
    KEY BISCAYNE     FL   33149          5            09/22/03         00
    0436635585                           01           11/01/03          0
    41275199                             O            10/01/33
    0

    8720972          Y36/G02             F          105,300.00         ZZ
                                         360        105,300.00          1
                                       7.625            745.31         90
                                       7.375            745.31
    PARK CITY        UT   84098          1            09/22/03         12
    0436664429                           01           11/01/03         25
    6600712                              O            10/01/33
    0

1

    8722490          E22/G02             F          142,000.00         ZZ
                                         360        142,000.00          2
                                       7.125            956.68         80
                                       6.875            956.68
    AUSTIN           TX   78729          1            10/02/03         00
    0418531109                           05           11/01/03          0
    0418531109                           N            10/01/33
    0

    8722614          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       6.500            767.96         90
                                       6.250            767.96
    LEESVILLE        SC   29070          1            10/02/03         04
    0418637773                           05           11/01/03         25
    0418637773                           O            10/01/33
    0

    8722856          E22/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       6.250            898.95         60
                                       6.000            898.95
    MEAD             WA   99021          1            09/29/03         00
    0418455598                           05           11/01/03          0
    0418455598                           O            10/01/33
    0

    8722972          N74/G02             F          140,600.00         ZZ
                                         360        140,600.00          1
                                       6.250            865.70         95
                                       6.000            865.70
    FLORENCE         SC   29505          2            09/24/03         10
    0436644652                           05           11/01/03         30
    0033417010                           O            10/01/33
    0

    8724094          313/G02             F          229,500.00         ZZ
                                         360        229,103.69          1
                                       6.750          1,488.54         85
                                       6.500          1,488.54
    DAHLONEGA        GA   30533          5            07/30/03         11
    0436645568                           05           09/01/03         12
    9804642                              O            08/01/33
    0

    8724100          313/G02             F          112,800.00         ZZ
                                         360        112,698.02          1
                                       6.500            712.98         80
                                       6.250            712.98
1

    BUFORD           GA   30518          1            08/21/03         00
    0436648216                           05           10/01/03          0
    9873472                              O            09/01/33
    0

    8724122          313/G02             F          115,600.00         ZZ
                                         360        115,600.00          1
                                       6.625            740.20         76
                                       6.375            740.20
    BETTENDORF       IA   52722          5            09/24/03         00
    0436645469                           05           11/01/03          0
    9872813                              O            10/01/33
    0

    8724130          313/G02             F          210,400.00         ZZ
                                         360        209,768.47          1
                                       6.000          1,261.46         80
                                       5.750          1,261.46
    CAPE CORAL       FL   33904          5            06/18/03         00
    0436647614                           05           08/01/03          0
    9510470                              O            07/01/33
    0

    8724170          313/G02             F          173,000.00         ZZ
                                         360        172,868.36          3
                                       7.375          1,194.87         61
                                       7.125          1,194.87
    FRANKLIN PARK    IL   60131          5            08/19/03         00
    0436664338                           05           10/01/03          0
    9859703                              O            09/01/33
    0

    8724178          313/G02             F          168,000.00         ZZ
                                         360        167,868.94          1
                                       7.250          1,146.06         78
                                       7.000          1,146.06
    INDIANAPOLIS     IN   46220          1            09/08/03         00
    0436645543                           05           10/01/03          0
    9866732                              N            09/01/33
    0

    8724186          313/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.750            700.49         80
                                       6.500            700.49
    KLAMATH FALLS    OR   97603          5            09/09/03         00
    0436664551                           05           11/01/03          0
    9291832                              N            10/01/33
    0
1

    8724278          K60/G02             F          102,600.00         ZZ
                                         360        102,600.00          2
                                       7.250            699.91         95
                                       7.000            699.91
    TORRINGTON       CT   06790          1            09/29/03         04
    0436654610                           05           11/01/03         30
    82191                                O            10/01/33
    0

    8724368          883/G02             F          134,100.00         ZZ
                                         360        134,100.00          1
                                       7.125            903.46         90
                                       6.875            903.46
    LINDEN           VA   22642          1            09/26/03         14
    0436646897                           03           11/01/03         30
    05023432                             O            10/01/33
    0

    8724806          K15/G02             F          249,500.00         ZZ
                                         360        249,500.00          1
                                       6.500          1,577.01         80
                                       6.250          1,577.01
    GLASTONBURY      CT   06033          5            09/18/03         00
    0436662738                           05           11/01/03          0
    037905513447                         O            10/01/33
    0

    8724854          M07/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       6.250            969.75         90
                                       6.000            969.75
    YUCAIPA          CA   92399          1            09/29/03         10
    0436699870                           05           11/01/03         25
    02309228                             O            10/01/33
    0

    8725442          B23/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       6.500          1,466.40         80
                                       6.250          1,466.40
    CORONA           CA   92879          1            09/19/03         00
    0436668180                           05           11/01/03          0
    80003089                             N            10/01/33
    0

    8725472          B23/G02             F          163,000.00         ZZ
                                         360        163,000.00          1
1

                                       6.500          1,030.27         71
                                       6.250          1,030.27
    ONTARIO          CA   91762          5            09/12/03         00
    0436645410                           05           11/01/03          0
    80002533                             O            10/01/33
    0

    8725572          L20/G02             F          142,400.00         ZZ
                                         360        142,400.00          1
                                       6.750            923.60         80
                                       6.500            923.60
    MERIDIAN         ID   83642          1            10/01/03         00
    0436645501                           03           11/01/03          0
    1151080632                           O            10/01/33
    0

    8725706          T63/G02             F          152,950.00         ZZ
                                         360        152,950.00          1
                                       6.490            965.74         95
                                       6.240            965.74
    NOGALES          AZ   85621          5            09/27/03         11
    0436649149                           05           11/01/03         30
    5015814                              O            10/01/33
    0

    8725794          B57/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
                                       7.750            813.84         80
                                       7.500            813.84
    LAS VEGAS        NV   89145          1            09/10/03         00
    0436645873                           05           11/01/03          0
    21005688                             N            10/01/33
    0

    8726698          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       6.375            636.35         72
                                       6.125            636.35
    WINCHESTER       VA   22602          5            09/29/03         00
    0417833951                           05           11/01/03          0
    0417833951                           O            10/01/33
    0

    8726740          E22/G02             F          252,000.00         TX
                                         360        252,000.00          1
                                       5.875          1,490.68         80
                                       5.625          1,490.68
    WIMBERLEY        TX   78676          5            09/29/03         00
    0418118899                           05           11/01/03          0
1

    0418118899                           O            10/01/33
    0

    8726764          B23/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       6.250          1,046.72         66
                                       6.000          1,046.72
    FONTANA          CA   92336          5            09/12/03         00
    0436700843                           05           11/01/03          0
    80002908                             O            10/01/33
    0

    8727002          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.875            709.48         80
                                       6.625            709.48
    ALTOONA          IA   50009          5            09/29/03         00
    0418467221                           05           11/01/03          0
    0418467221                           O            10/01/33
    0

    8727108          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.750            856.15         80
                                       6.500            856.15
    OCEAN SHORES     WA   98569          1            09/29/03         00
    0418498531                           03           11/01/03          0
    0418498531                           N            10/01/33
    0

    8727114          E22/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
                                       7.125          1,007.88         80
                                       6.875          1,007.88
    PETOSKEY         MI   49770          5            09/29/03         00
    0418502985                           05           11/01/03          0
    0418502985                           O            10/01/33
    0

    8727136          T44/G02             F          128,800.00         ZZ
                                         360        128,800.00          1
                                       7.250            878.64         80
                                       7.000            878.64
    EUREKA           CA   95503          1            09/23/03         00
    0436657076                           05           11/01/03          0
    1091366                              N            10/01/33
    0

1

    8727180          E22/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       7.375            739.02         91
                                       7.125            739.02
    SHAWNEE          OK   74804          5            09/29/03         01
    0418554549                           05           11/01/03         30
    0418554549                           O            10/01/33
    0

    8727232          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       6.500            637.12         90
                                       6.250            637.12
    GRANGER          IN   46530          5            09/29/03         04
    0418591111                           05           11/01/03         25
    0418591111                           O            10/01/33
    0

    8727262          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       7.250            767.45         90
                                       7.000            767.45
    SOMERVILLE       TN   38068          5            09/29/03         10
    0418603965                           05           11/01/03         25
    0418603965                           O            10/01/33
    0

    8727324          E22/G02             F          128,500.00         ZZ
                                         360        128,500.00          1
                                       6.750            833.45         90
                                       6.500            833.45
    GROVELAND        FL   34736          2            09/29/03         04
    0418640447                           03           11/01/03         25
    0418640447                           O            10/01/33
    0

    8727830          A46/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.875            867.15         80
                                       6.625            867.15
    ALBUQUERQUE      NM   87108          1            09/25/03         00
    0436654230                           05           11/01/03          0
    0458848                              O            10/01/33
    0

    8728390          G27/G02             F          118,320.00         ZZ
                                         360        118,320.00          1
                                       7.000            787.19         80
                                       6.750            787.19
1

    VISALIA          CA   93277          1            09/30/03         00
    0436683957                           05           11/01/03          0
    20503257                             N            10/01/33
    0

    8729327          U36/G02             F          189,100.00         ZZ
                                         360        188,156.51          1
                                       6.500          1,195.25         95
                                       6.250          1,195.25
    ATLANTA          GA   30324          1            04/25/03         12
    0435894753                           08           06/01/03         30
    280102003                            O            05/01/33
    0

    8730426          952/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         80
                                       6.625          1,970.79
    WALLKILL         NY   12589          5            09/22/03         00
    0436663827                           05           11/01/03          0
    13000                                O            10/01/33
    0

    8731186          P44/G02             F          213,000.00         ZZ
                                         360        213,000.00          1
                                       6.625          1,363.86         75
                                       6.375          1,363.86
    MARSHFIELD       MA   02050          5            09/30/03         00
    0436652176                           05           11/01/03          0
    1                                    N            10/01/33
    0

    8731446          144/144             F          131,000.00         ZZ
                                         360        130,525.32          1
                                       5.750            764.48         57
                                       5.500            764.48
    CORNWALL ON HUD  NY   12520          2            07/09/03         00
    160730663                            05           09/01/03          0
    160730663                            O            08/01/33
    0

    8731526          144/144             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.875          1,576.63         29
                                       6.625          1,576.63
    SAGAPONACK       NY   11962          5            09/18/03         00
    160740456                            05           11/01/03          0
    160740456                            O            10/01/33
    0
1

    8732900          950/G02             F          112,400.00         ZZ
                                         360        112,400.00          1
                                       7.375            776.32         75
                                       7.125            776.32
    ARLINGTON        WA   98223          1            09/23/03         00
    0436654412                           03           11/01/03          0
    EW38454                              O            10/01/33
    0

    8733172          U05/G02             F          162,450.00         ZZ
                                         360        162,450.00          4
                                       7.250          1,108.20         95
                                       7.000          1,108.20
    CINCINNATI       OH   45230          1            09/23/03         10
    0436668123                           05           11/01/03         30
    3419124                              O            10/01/33
    0

    8733702          E22/G02             F          245,000.00         ZZ
                                         360        245,000.00          1
                                       6.000          1,468.90         60
                                       5.750          1,468.90
    SANTA ROSA       CA   95404          5            09/25/03         00
    0418567426                           05           11/01/03          0
    0418567426                           O            10/01/33
    0

    8733798          253/253             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.625            922.05         80
                                       6.375            922.05
    NORTH RICHLAND   TX   76180          2            09/22/03         00
    483074                               05           11/01/03          0
    483074                               O            10/01/33
    0

    8734194          477/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.750            674.54         80
                                       6.500            674.54
    GRESHAM          OR   97030          1            09/24/03         00
    0436692693                           05           11/01/03          0
    258311                               N            10/01/33
    0

    8734202          H78/G02             F          261,000.00         ZZ
                                         360        261,000.00          1
1

                                       7.000          1,736.44         90
                                       6.750          1,736.44
    HUNTSVILLE       AL   35801          1            09/30/03         10
    0436678908                           05           11/01/03         25
    8433981                              O            10/01/33
    0

    8734506          E22/G02             F          202,000.00         ZZ
                                         360        202,000.00          1
                                       6.875          1,327.00         70
                                       6.625          1,327.00
    HEALDSBURG       CA   95448          5            09/24/03         00
    0417797396                           05           11/01/03          0
    0417797396                           N            10/01/33
    0

    8734814          E22/G02             F          173,000.00         ZZ
                                         360        173,000.00          1
                                       7.125          1,165.53         58
                                       6.875          1,165.53
    SEATTLE          WA   98117          2            09/15/03         00
    0418327805                           05           11/01/03          0
    0418327805                           N            10/01/33
    0

    8734870          E22/G02             F          155,000.00         ZZ
                                         360        155,000.00          2
                                       6.750          1,005.33         69
                                       6.500          1,005.33
    WATERFORD        CT   06385          5            10/01/03         00
    0418356002                           05           11/01/03          0
    0418356002                           O            10/01/33
    0

    8735022          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.125          1,158.80         44
                                       6.875          1,158.80
    BELLEVUE         WA   98004          2            09/15/03         00
    0418402103                           05           11/01/03          0
    0418402103                           N            10/01/33
    0

    8735062          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       7.000          1,137.67         57
                                       6.750          1,137.67
    SEATTLE          WA   98101          2            09/17/03         00
    0418427886                           08           11/01/03          0
1

    0418427886                           N            10/01/33
    0

    8735290          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       6.000          1,019.24         80
                                       5.750          1,019.24
    WILMER           AL   36587          2            10/01/03         00
    0418529301                           05           11/01/03          0
    0418529301                           O            10/01/33
    0

    8735302          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.625          1,920.93         55
                                       6.375          1,920.93
    SAN FRANCISCO    CA   94112          5            09/24/03         00
    0418534111                           07           11/01/03          0
    0418534111                           O            10/01/33
    0

    8735344          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.125          1,077.95         77
                                       6.875          1,077.95
    ROCKWALL         TX   75032          5            09/29/03         00
    0418548269                           05           11/01/03          0
    0418548269                           O            10/01/33
    0

    8735418          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.875            788.31         43
                                       6.625            788.31
    WELLINGTON       FL   33414          5            10/01/03         00
    0418587267                           05           11/01/03          0
    0418587267                           O            10/01/33
    0

    8735546          642/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       7.250            907.29         86
                                       7.000            907.29
    LANCASTER        CA   93534          5            09/23/03         11
    0436675425                           05           11/01/03         25
    09112403                             O            10/01/33
    0

1

    8735688          M27/G02             F          265,500.00         ZZ
                                         360        265,500.00          1
                                       6.750          1,722.03         90
                                       6.500          1,722.03
    FRANKLIN         TN   37067          1            09/26/03         01
    0436664049                           03           11/01/03         25
    5000108142                           O            10/01/33
    0

    8736498          N74/G02             F          200,367.00         ZZ
                                         360        200,367.00          1
                                       6.125          1,217.45         75
                                       5.875          1,217.45
    ARNOLD           MO   63010          5            09/25/03         00
    0436672927                           03           11/01/03          0
    0033419010                           O            10/01/33
    0

    8738930          M37/G02             F          142,083.00         ZZ
                                         360        142,083.00          1
                                       7.375            981.33         90
                                       7.125            981.33
    ALBUQUERQUE      NM   87123          1            09/17/03         04
    0436724959                           03           11/01/03         25
    612066                               O            10/01/33
    0

    8741386          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          4
                                       6.875            722.62         80
                                       6.625            722.62
    YAKIMA           WA   98902          1            09/25/03         00
    0418455234                           05           11/01/03          0
    0418455234                           N            10/01/33
    0

    8741420          S27/G02             F          152,800.00         ZZ
                                         360        152,800.00          1
                                       6.875          1,003.79         79
                                       6.625          1,003.79
    WILLOW GROVE     PA   19090          2            09/19/03         00
    0436667679                           05           11/01/03          0
    1130016558                           O            10/01/33
    0

    8741454          E22/G02             F          124,760.00         ZZ
                                         360        124,760.00          1
                                       6.625            798.85         80
                                       6.375            798.85
1

    PROVO            UT   84604          1            09/29/03         00
    0418511606                           01           11/01/03          0
    0418511606                           N            10/01/33
    0

    8741492          K15/G02             F          213,400.00         ZZ
                                         360        213,400.00          1
                                       5.875          1,262.34         75
                                       5.625          1,262.34
    MANCHESTER       NH   03109          2            09/11/03         00
    0436673016                           05           11/01/03          0
    033105521334                         O            10/01/33
    0

    8741510          E22/G02             F          157,250.00         ZZ
                                         360        157,250.00          1
                                       6.875          1,033.02         85
                                       6.625          1,033.02
    FORT LAUDERDALE  FL   33315          5            10/02/03         11
    0418585675                           05           11/01/03         12
    0418585675                           O            10/01/33
    0

    8741548          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          4
                                       6.875            722.62         80
                                       6.625            722.62
    YAKIMA           WA   98902          1            09/25/03         00
    0418605788                           05           11/01/03          0
    0418605788                           N            10/01/33
    0

    8741564          E22/G02             F          269,500.00         ZZ
                                         360        269,500.00          1
                                       5.875          1,594.19         75
                                       5.625          1,594.19
    VAN NUYS(LA)     CA   91405          5            09/25/03         00
    0418741564                           05           11/01/03          0
    0418625380                           O            10/01/33
    0

    8741598          E22/G02             F          229,000.00         ZZ
                                         360        229,000.00          1
                                       6.250          1,409.99         64
                                       6.000          1,409.99
    UNION CITY       CA   94587          2            09/30/03         00
    0418652780                           05           11/01/03          0
    0418652780                           N            10/01/33
    0
1

    8741652          W40/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.875            867.15         80
                                       6.625            867.15
    PHOENIX          AZ   85016          1            09/25/03         00
    0436662035                           05           11/01/03          0
    1000027989                           N            10/01/33
    0

    8741732          253/253             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.500          1,200.93         68
                                       6.250          1,200.93
    INGLEWOOD        CA   90303          5            09/25/03         00
    495830                               05           11/01/03          0
    495830                               O            10/01/33
    0

    8741796          P34/G02             F          290,000.00         ZZ
                                         360        289,744.13          1
                                       6.625          1,856.91         78
                                       6.375          1,856.91
    NORTH SMITHFIEL  RI   02896          5            08/21/03         00
    0436699193                           05           10/01/03          0
    16513                                O            09/01/33
    0

    8742890          N47/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.000          1,934.75         67
                                       5.750          1,934.75
    LOS ANGELES      CA   90732          1            09/26/03         00
    0436696694                           05           11/01/03          0
    30509286                             O            10/01/33
    0

    8743280          Y36/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       7.875            964.34         95
                                       7.625            964.34
    WEST BRANCH      IA   52358          2            09/23/03         01
    0436722664                           05           11/01/03         30
    5800526                              O            10/01/33
    0

    8743692          G27/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
1

                                       6.625          1,536.75         80
                                       6.375          1,536.75
    SIMI VALLEY      CA   93065          5            09/19/03         00
    0436710297                           05           11/01/03          0
    29003043                             O            10/01/33
    0

    8744086          Y50/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       7.250            767.45         75
                                       7.000            767.45
    PHOENIX          AZ   85028          5            09/26/03         00
    0436675482                           05           11/01/03          0
    22033521                             N            10/01/33
    0

    8744100          K15/G02             F          282,200.00         ZZ
                                         360        282,200.00          1
                                       6.750          1,830.34         72
                                       6.500          1,830.34
    EATON            CO   80615          5            09/24/03         00
    0436683486                           05           11/01/03          0
    023305513422                         O            10/01/33
    0

    8744324          E22/G02             F          320,000.00         ZZ
                                         360        320,000.00          3
                                       6.750          2,075.51         70
                                       6.500          2,075.51
    ROSEMEAD         CA   91770          5            09/18/03         00
    0418441739                           05           11/01/03          0
    0418441739                           O            10/01/33
    0

    8744934          E57/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       6.625          1,690.42         80
                                       6.375          1,690.42
    LA MIRADA        CA   90638          5            09/15/03         00
    0436675573                           05           11/01/03          0
    06019277                             O            10/01/33
    0

    8745076          696/G02             F          157,500.00         ZZ
                                         360        157,500.00          3
                                       7.000          1,047.85         90
                                       6.750          1,047.85
    BALTIMORE        MD   21217          1            10/06/03         12
    0436674154                           05           11/01/03         25
1

    32703297                             N            10/01/33
    0

    8745236          E40/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.500          1,258.59         80
                                       7.250          1,258.59
    STONEHAM         MA   02180          1            09/19/03         00
    0436721609                           01           11/01/03          0
    545000294                            N            10/01/33
    0

    8745496          T63/G02             F          226,200.00         ZZ
                                         360        226,200.00          1
                                       6.650          1,452.12         81
                                       6.400          1,452.12
    CHESAPEAKE       VA   23321          5            09/25/03         11
    0436698013                           05           11/01/03         12
    11997680                             O            10/01/33
    0

    8751140          W40/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.875            985.39         72
                                       6.625            985.39
    MILAN            MI   48160          1            09/19/03         00
    0436683288                           05           11/01/03          0
    1000027905                           O            10/01/33
    0

    8751158          T44/G02             F          184,500.00         ZZ
                                         360        184,500.00          3
                                       7.750          1,321.78         90
                                       7.500          1,321.78
    PROVIDENCE       RI   02909          1            09/30/03         01
    0436705370                           05           11/01/03         25
    1093046                              N            10/01/33
    0

    8751968          R80/G02             F          118,125.00         ZZ
                                         360        118,125.00          1
                                       6.625            756.37         90
                                       6.375            756.37
    MESA             AZ   85205          1            10/02/03         04
    0436719819                           03           11/01/03         25
    32241                                N            10/01/33
    0

1

    8752050          952/G02             F          224,500.00         ZZ
                                         360        224,500.00          1
                                       6.000          1,345.99         78
                                       5.750          1,345.99
    MONROE           NY   10950          2            09/29/03         00
    0436680672                           05           11/01/03          0
    03530368                             O            10/01/33
    0

    8753306          950/G02             F          199,400.00         T
                                         360        199,400.00          1
                                       7.000          1,326.61         80
                                       6.750          1,326.61
    REDDING          CA   96002          1            09/03/03         00
    0436703276                           05           11/01/03          0
    A537047                              O            10/01/33
    0

    8753368          642/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       6.500            720.56         80
                                       6.250            720.56
    PHENIX CITY      AL   36869          2            09/24/03         00
    0436695183                           05           11/01/03          0
    05212203                             N            10/01/33
    0

    8753633          E22/G02             F          158,000.00         ZZ
                                         360        157,335.37          1
                                       5.750            922.05         68
                                       5.500            922.05
    FARMINGTON       MN   55024          1            05/30/03         00
    0417091857                           05           07/01/03          0
    0417091857                           O            06/01/33
    0

    8753672          A06/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.375          1,029.39        100
                                       6.125          1,029.39
    MESA             AZ   85208          1            09/30/03         12
    0436709638                           03           11/01/03         35
    03500020324532                       O            10/01/33
    0

    8757676          E22/G02             F          111,100.00         ZZ
                                         360        111,100.00          1
                                       6.750            720.59         57
                                       6.500            720.59
1

    TURLOCK          CA   95380          2            09/17/03         00
    0418127528                           05           11/01/03          0
    0418127528                           N            10/01/33
    0

    8758562          E22/G02             F          193,000.00         ZZ
                                         360        193,000.00          1
                                       6.500          1,219.89         69
                                       6.250          1,219.89
    SAN DIEGO        CA   91911          2            09/29/03         00
    0418603478                           01           11/01/03          0
    0418603478                           O            10/01/33
    0

    8760298          A35/G02             F          305,200.00         ZZ
                                         360        305,200.00          1
                                       6.250          1,879.17         70
                                       6.000          1,879.17
    WEST ISLIP       NY   11795          5            09/15/03         00
    0436699847                           05           11/01/03          0
    FWW5315                              O            10/01/33
    0

    8763628          950/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       6.875            827.73         76
                                       6.625            827.73
    BEND             OR   97702          1            09/26/03         00
    0436713416                           05           11/01/03          0
    YJ39001                              O            10/01/33
    0

    8763876          G34/G02             F          141,000.00         ZZ
                                         360        141,000.00          1
                                       6.875            926.27         38
                                       6.625            926.27
    TRUMBULL         CT   06611          5            09/30/03         00
    0436735211                           05           11/01/03          0
    47010038                             N            10/01/33
    0

    8764022          B28/G02             F          158,400.00         ZZ
                                         360        158,400.00          1
                                       6.750          1,027.38         74
                                       6.500          1,027.38
    DENVER           CO   80222          5            09/25/03         00
    0436720171                           05           11/01/03          0
    01006527                             O            10/01/33
    0
1

    8764086          F62/F62             F          104,000.00         ZZ
                                         240        104,000.00          1
                                       6.375            767.76         78
                                       6.125            767.76
    TAMARAC          FL   33319          5            09/30/03         00
    37554                                09           12/01/03          0
    37554                                O            11/01/23
    0

    8764540          144/144             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.250          1,077.51         31
                                       6.000          1,077.51
    KERHONKSON       NY   12446          5            09/09/03         00
    160739425                            05           11/01/03          0
    160739425                            O            10/01/33
    0

    8764590          144/144             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       5.875          1,360.54         70
                                       5.625          1,360.54
    T/LLOYD CO/ULST  NY   12528          1            09/24/03         00
    160741348                            05           11/01/03          0
    160741348                            O            10/01/33
    0

    8764612          U05/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.125          1,069.39         80
                                       5.875          1,069.39
    LINCOLN          CA   95648          1            09/25/03         00
    0436716559                           05           11/01/03          0
    3403400                              O            10/01/33
    0

    8766476          K15/G02             F          102,400.00         ZZ
                                         360        102,400.00          1
                                       6.625            655.68         80
                                       6.375            655.68
    KNOXVILLE        TN   37918          5            09/26/03         00
    0436730121                           05           11/01/03          0
    003805512178                         O            10/01/33
    0

    8766806          K15/G02             F          129,100.00         ZZ
                                         360        129,100.00          1
1

                                       7.875            936.06         85
                                       7.625            936.06
    WEST BROOKFIELD  MA   01585          5            09/17/03         41
    0436735369                           05           11/01/03         12
    037905513079                         O            10/01/33
    0

    8767878          K15/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
                                       6.750            653.14         95
                                       6.500            653.14
    LISBON FALLS     ME   04252          5            09/19/03         41
    0436743066                           05           11/01/03         30
    007805521415                         O            10/01/33
    0

    8768328          U05/G02             F          219,000.00         ZZ
                                         360        219,000.00          1
                                       6.375          1,366.28         94
                                       6.125          1,366.28
    CINCINNATI       OH   45241          2            09/25/03         10
    0436720718                           05           11/01/03         30
    3427129                              O            10/01/33
    0

    8768382          U05/G02             F          145,400.00         ZZ
                                         360        145,400.00          4
                                       7.125            979.59         90
                                       6.875            979.59
    SAN MARCUS       TX   78666          1            09/25/03         10
    0436727457                           05           11/01/03         25
    3424099                              N            10/01/33
    0

    8768890          K15/G02             F          101,400.00         ZZ
                                         360        101,400.00          1
                                       6.375            632.60         80
                                       6.125            632.60
    VALKARIA         FL   32950          5            09/26/03         00
    0436740724                           05           11/01/03          0
    010405513877                         O            10/01/33
    0

    8768934          F89/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.000            899.33         62
                                       5.750            899.33
    LAKE ELSINORE    CA   92530          1            09/24/03         00
    0436719694                           05           11/01/03          0
1

    11635038                             N            10/01/33
    0

    8769490          A21/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       6.500          1,668.66         80
                                       6.250          1,668.66
    STATEN ISLAND    NY   10314          5            10/01/03         00
    0436741318                           07           11/01/03          0
    0100135507                           O            10/01/33
    0

    8770382          Q73/G02             F          100,300.00         ZZ
                                         360        100,300.00          1
                                       7.000            667.30         85
                                       6.750            667.30
    HATTIESBURG      MS   39401          5            10/03/03         01
    0436730626                           05           11/01/03         12
    3140802                              O            10/01/33
    0

    8771184          P44/G02             F          133,200.00         ZZ
                                         360        133,200.00          1
                                       7.500            931.35         90
                                       7.250            931.35
    NAPLES           FL   34120          1            09/29/03         27
    0436718548                           05           11/01/03         30
    0309250003                           O            10/01/33
    0

    8772208          U05/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.625            819.60         80
                                       6.375            819.60
    MODESTO          CA   95351          5            09/29/03         00
    0436745772                           05           11/01/03          0
    3403079                              O            10/01/33
    0

    8773018          A46/G02             F          188,287.00         ZZ
                                         360        188,287.00          1
                                       6.625          1,205.62         65
                                       6.375          1,205.62
    THE WOODLANDS    TX   77080          2            09/25/03         00
    0436735740                           05           11/01/03          0
    0566083                              O            10/01/33
    0

1

    8774638          738/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.625          1,024.50         64
                                       6.375          1,024.50
    SAN ANTONIO      TX   78258          1            09/18/03         00
    0436728406                           05           11/01/03          0
    41464353                             O            10/01/33
    0

    8803697          E23/G02             F          155,800.00         ZZ
                                         360        155,177.27          1
                                       6.000            934.10         80
                                       5.750            934.10
    BELL             CA   90201          1            05/27/03         00
    0436676647                           05           07/01/03          0
    51030237                             O            06/01/33
    0

    8836845          R68/G02             F          113,350.00         T
                                         360        113,350.00          1
                                       7.625            802.28         80
                                       7.375            802.28
    FORT LAUDERDALE  FL   33315          1            09/11/03         00
    0436600449                           01           11/01/03          0
    20032221                             O            10/01/33
    0

    8838407          L68/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       6.250          1,022.09         80
                                       6.000          1,022.09
    SIERRA VISTA     AZ   85635          5            08/28/03         00
    0436523898                           05           11/01/03          0
    6365334                              O            10/01/33
    0

    8839457          W98/G02             F          124,000.00         ZZ
                                         360        123,885.15          1
                                       6.375            773.60         76
                                       6.125            773.60
    CENTREVILLE      VA   20121          1            08/29/03         00
    0436571525                           01           10/01/03          0
    F0300373                             O            09/01/33
    0

    8839487          W98/G02             F          228,800.00         ZZ
                                         360        228,598.14          1
                                       6.625          1,465.03         80
                                       6.375          1,465.03
1

    MANASSAS         VA   20112          5            08/20/03         00
    0436539258                           05           10/01/03          0
    WB030748                             O            09/01/33
    0

    8840041          E23/G02             F          162,000.00         ZZ
                                         360        161,853.55          1
                                       6.500          1,023.95         90
                                       6.250          1,023.95
    SACREMENTO       CA   95825          1            08/27/03         04
    0436579049                           05           10/01/03         25
    11023484                             O            09/01/33
    0

    8840193          E23/G02             F          255,000.00         ZZ
                                         360        254,775.02          1
                                       6.625          1,632.79         71
                                       6.375          1,632.79
    LAKEWOOD         CA   90715          5            08/27/03         00
    0436578678                           05           10/01/03          0
    51035581                             O            09/01/33
    0

    8840797          W98/G02             F          204,500.00         ZZ
                                         240        204,076.72          1
                                       6.375          1,509.69         70
                                       6.125          1,509.69
    MANASSAS         VA   20111          2            08/29/03         00
    0436588297                           05           10/01/03          0
    L0307043                             O            09/01/23
    0

    8843581          W98/G02             F          218,000.00         ZZ
                                         360        217,816.86          1
                                       6.875          1,432.10         55
                                       6.625          1,432.10
    RESTON           VA   20194          5            08/28/03         00
    0436614267                           09           10/01/03          0
    F0300375                             O            09/01/33
    0

    8845185          E23/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       6.625          1,306.23         80
                                       6.375          1,306.23
    CASTAIC AREA     CA   91384          5            09/08/03         00
    0436639785                           03           11/01/03          0
    51035718                             O            10/01/33
    0
1

    8851843          W98/G02             F          183,000.00         ZZ
                                         360        183,000.00          1
                                       7.000          1,217.50         78
                                       6.750          1,217.50
    WOODBRIDGE       VA   22192          5            09/23/03         00
    0436670145                           09           11/01/03          0
    F0300374                             O            10/01/33
    0

    8852479          E23/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.500          1,264.14         59
                                       6.250          1,264.14
    CHULA VISTA      CA   91913          2            09/22/03         00
    0436677959                           03           11/01/03          0
    11023501                             O            10/01/33
    0

    8853145          E23/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.875            689.78         75
                                       6.625            689.78
    NORTH HIGHLANDS  CA   95660          5            09/17/03         00
    0436693923                           05           11/01/03          0
    64002356                             N            10/01/33
    0

    8854407          E23/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.375          1,559.67         39
                                       6.125          1,559.67
    DANA POINT       CA   92629          5            09/24/03         00
    0436699946                           01           11/01/03          0
    51036151                             O            10/01/33
    0

    8854455          E23/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.500          1,991.01         63
                                       6.250          1,991.01
    HENDERSON        NV   89052          5            09/25/03         00
    0436701957                           03           11/01/03          0
    42002381                             O            10/01/33
    0
1

   TOTAL NUMBER OF LOANS   :      1,078

   TOTAL ORIGINAL BALANCE  :   191,282,357.00

   TOTAL PRINCIPAL BALANCE :   191,072,999.40

   TOTAL ORIGINAL P+I      :     1,207,959.94

   TOTAL CURRENT P+I       :     1,207,959.94

                             ***************************
                             *      END OF REPORT      *
                             ***************************
<PAGE>

  RUN ON     : 10/29/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.35.14           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 NON-CONFORMING                  CUTOFF : 10/01/03
  POOL       : 0004760
             :
             :
  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
  -------------------------------------------------------------------------

      8338843                              .2500
       75,436.63                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8378692                              .2500
      438,318.46                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8387516                              .2500
       63,721.33                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8398572                              .2500
      109,036.12                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8464860                              .2500
       79,985.28                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8502446                              .2500
      501,971.83                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8509564                              .2500
       89,635.36                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8520934                              .2500
       91,833.19                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8522924                              .2500
      131,742.75                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8528046                              .2500
      171,672.75                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8534672                              .2500
      295,319.47                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8534988                              .2500
      250,449.28                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8535274                              .2500
      603,641.10                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8535492                              .2500
      346,290.69                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8535534                              .2500
      399,182.37                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8541974                              .2500
       96,288.26                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8542020                              .2500
       81,321.17                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8542298                              .2500
      137,717.92                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8542628                              .2500
      297,346.15                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8542994                              .2500
       89,820.35                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8543286                              .2500
      261,397.65                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8543630                              .2500
       69,794.84                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1

      8543752                              .2500
       58,633.54                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8543904                              .2500
       74,673.70                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8545032                              .2500
      209,570.75                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8556376                              .2500
      387,775.73                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8556516                              .2500
       49,849.91                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8556598                              .2500
       81,385.88                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8556702                              .2500
      347,952.46                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8556794                              .2500
      463,604.29                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8556994                              .2500
      450,643.33                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8557080                              .2500
      351,016.71                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8564220                              .2500
      349,813.03                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8566312                              .2500
       96,103.14                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8566626                              .2500
       86,692.53                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8566884                              .2500
       74,785.38                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8566934                              .2500
       57,883.88                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8567194                              .2500
       79,754.09                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8569920                              .2500
       74,034.62                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8577846                              .2500
       89,832.85                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8581412                              .2500
      487,490.49                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8586014                              .2500
       99,699.85                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8586230                              .2500
      439,046.59                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8590586                              .2500
      357,628.47                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8591846                              .2500
       77,250.25                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8595382                              .2500
      603,148.96                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8598126                              .2500
       75,655.41                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8599380                              .2500
      439,592.47                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8603094                              .2500
      323,734.41                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8609400                              .2500
      199,340.20                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8610242                              .2500
      329,701.67                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8610632                              .2500
       75,446.71                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.7500                        1.6700

      8614516                              .2500
      165,446.62                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8616260                              .2500
      505,781.12                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950
1

      8616994                              .2500
      493,122.25                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8619502                              .2500
       68,943.44                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8620942                              .2500
       76,322.11                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8622706                              .2500
       88,930.57                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            5.7500                        1.1700

      8625507                              .2500
       51,532.84                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8627836                              .2500
      175,799.79                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8629646                              .2500
      175,828.94                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8630276                              .2500
       57,450.50                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700
1

      8631008                              .2500
       97,917.67                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8631058                              .2500
       75,942.17                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            5.7500                        1.2950

      8631118                              .2500
       42,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8631234                              .2500
       68,800.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8633140                              .2500
      352,100.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8634328                              .2500
       53,162.44                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.7500                        1.6700

      8636208                              .2500
      199,719.18                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8636412                              .2500
       91,920.79                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700
1

      8637098                              .2500
       83,122.94                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8638232                              .2500
      214,600.68                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8638464                              .2500
       81,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8641228                              .2500
       79,925.90                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8641366                              .2500
       99,915.99                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8641428                              .2500
      389,647.43                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8642898                              .2500
       84,525.36                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8643320                              .2500
      648,671.34                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000
1

      8643350                              .2500
      554,291.06                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8643398                              .2500
      493,476.53                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8644406                              .2500
       80,690.07                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8644732                              .2500
      494,613.86                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            5.7500                        1.1700

      8644756                              .2500
      366,947.02                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8645022                              .2500
       94,450.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8645092                              .2500
       88,200.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.7500                        1.6700

      8645244                              .2500
      372,000.00                          .0800
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            5.4700                         .0000
            5.4700                         .0000

      8787961                              .2500
       86,950.48                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8791313                              .2500
       75,702.28                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8825345                              .2500
      463,117.18                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700
1

      8828809                              .2500
      287,425.15                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8837463                              .2500
       89,918.64                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8840221                              .2500
       81,600.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8842667                              .2500
      202,500.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8843131                              .2500
       66,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8844525                              .2500
      516,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8849315                              .2500
      650,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8850341                              .2500
      202,500.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700
1

      8850937                              .2500
      350,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8851823                              .2500
      512,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8853141                              .2500
       83,100.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

  TOTAL NUMBER OF LOANS:      737
  TOTAL BALANCE........:        126,112,976.93

  RUN ON     : 10/29/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.35.14            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 NON   FIXED SUMMARY REPORT      CUTOFF : 10/01/03
  POOL       : 0004760
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        6.3342            5.2500      8.0000
  RFC NET RATE                          6.0842            5.0000      7.7500
  NET MTG RATE(INVSTR RATE)             6.0214            4.9700      7.6700
  POST STRIP RATE                       5.6559            4.9700      5.7500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0628             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3655             .0000      1.9200

  TOTAL NUMBER OF LOANS:   737
  TOTAL BALANCE........:     126,112,976.93

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 10/29/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.35.14          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS19 NON-CONFORMING                  CUTOFF : 10/01/03
  POOL       : 0004760
             :
             :
  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 #
  ______________________________________________________________________________

    8338843          E22/G02             F           76,000.00         ZZ
                                         360         75,436.63          1
                                       6.500            480.37         80
                                       6.250            480.37
    EASLEY           SC   29642          1            01/07/03         00
    0415556620                           05           03/01/03          0
    0415556620                           N            02/01/33
    0

    8378692          U42/G02             F          440,000.00         TX
                                         360        438,318.46          1
                                       6.250          2,709.16         80
                                       6.000          2,709.16
    ARLINGTON        TX   76012          5            05/21/03         00
    0436736284                           05           07/01/03          0
    24301147                             O            06/01/33
    0

    8387516          286/286             F           64,000.00         ZZ
                                         360         63,721.33          1
                                       6.750            415.11         80
                                       6.500            415.11
    STONE MOUNTAIN   GA   30083          5            04/24/03         00
    2217625                              05           06/01/03          0
    2217625                              N            05/01/33
    0

    8398572          E22/G02             F          109,349.00         ZZ
                                         360        109,036.12          3
                                       6.250            673.28         85
                                       6.000            673.28
    RUTLAND          VT   05701          1            06/23/03         10
    0417218591                           05           08/01/03         20
1

    0417218591                           N            07/01/33
    0

    8464860          964/G02             F           80,250.00         ZZ
                                         360         79,985.28          1
                                       5.500            455.65         75
                                       5.250            455.65
    TUCSON           AZ   85746          5            06/13/03         00
    0436263784                           03           08/01/03          0
    444209                               O            07/01/33
    0

    8502446          E22/G02             F          503,000.00         ZZ
                                         360        501,971.83          1
                                       5.875          2,975.43         73
                                       5.625          2,975.43
    R. SANTA MARGAR  CA   92697          2            07/21/03         00
    0417519287                           03           09/01/03          0
    0417519287                           O            08/01/33
    0

    8509564          286/286             F           90,000.00         ZZ
                                         360         89,635.36          1
                                       6.375            561.49         72
                                       6.125            561.49
    FORT LAUDERDALE  FL   33311          1            05/15/03         00
    2325780                              05           07/01/03          0
    2325780                              N            06/01/33
    0

    8520934          313/G02             F           92,000.00         ZZ
                                         360         91,833.19          1
                                       6.500            581.51         80
                                       6.250            581.51
    NAMPA            ID   83867          1            07/01/03         00
    0436286140                           09           09/01/03          0
    9716069                              N            08/01/33
    0

    8522924          R55/G02             F          132,000.00         ZZ
                                         360        131,742.75          1
                                       6.125            802.05         80
                                       5.875            802.05
    YPSILANTI        MI   48198          1            07/29/03         00
    0436271852                           07           09/01/03          0
    100094600002186                      O            08/01/33
    0

1

    8528046          B49/G02             F          172,000.00         ZZ
                                         360        171,672.75          1
                                       6.250          1,059.03         80
                                       6.000          1,059.03
    DENVER           CO   80231          2            07/25/03         00
    0436294201                           09           09/01/03          0
    000333681202                         O            08/01/33
    0

    8534672          964/G02             F          296,000.00         ZZ
                                         360        295,319.47          1
                                       5.250          1,634.52         60
                                       5.000          1,634.52
    ATASCADERO       CA   93422          5            07/15/03         00
    0436318836                           05           09/01/03          0
    473514                               O            08/01/33
    0

    8534988          964/G02             F          251,000.00         ZZ
                                         360        250,449.28          1
                                       5.500          1,425.15         44
                                       5.250          1,425.15
    SEBASTOPOL       CA   95472          2            07/11/03         00
    0436320881                           05           09/01/03          0
    446027                               O            08/01/33
    0

    8535274          964/G02             F          605,000.00         ZZ
                                         360        603,641.10          1
                                       5.375          3,387.83         69
                                       5.125          3,387.83
    SEATTLE          WA   98105          5            07/16/03         00
    0436289334                           05           09/01/03          0
    458877                               O            08/01/33
    0

    8535492          964/G02             F          347,000.00         ZZ
                                         360        346,290.69          1
                                       5.875          2,052.64         74
                                       5.625          2,052.64
    APTOS            CA   95003          2            07/24/03         00
    0436342646                           09           09/01/03          0
    435043                               N            08/01/33
    0

    8535534          U05/G02             F          400,000.00         ZZ
                                         360        399,182.37          1
                                       5.875          2,366.15         72
                                       5.625          2,366.15
1

    LAKE WORTH       FL   33467          5            07/21/03         00
    0436619241                           03           09/01/03          0
    3374820                              O            08/01/33
    0

    8541974          964/G02             F           96,500.00         ZZ
                                         360         96,288.26          1
                                       5.500            547.92         70
                                       5.250            547.92
    LAS VEGAS        NV   89122          2            07/25/03         00
    0436444210                           05           09/01/03          0
    461314                               N            08/01/33
    0

    8542020          964/G02             F           81,500.00         ZZ
                                         360         81,321.17          1
                                       5.500            462.75         63
                                       5.250            462.75
    LAS VEGAS        NV   89110          2            07/25/03         00
    0436318323                           05           09/01/03          0
    461406                               N            08/01/33
    0

    8542298          964/G02             F          138,000.00         ZZ
                                         360        137,717.92          1
                                       5.875            816.32         73
                                       5.625            816.32
    DENVER           CO   80204          2            07/23/03         00
    0436324610                           05           09/01/03          0
    461751                               O            08/01/33
    0

    8542628          964/G02             F          298,000.00         ZZ
                                         360        297,346.15          1
                                       5.500          1,692.01         49
                                       5.250          1,692.01
    SAN FRANCISCO    CA   94110          2            07/25/03         00
    0436292866                           05           09/01/03          0
    471943                               O            08/01/33
    0

    8542994          964/G02             F           90,000.00         T
                                         360         89,820.35          1
                                       6.000            539.60         61
                                       5.750            539.60
    PRESCOTT VALLEY  AZ   86314          1            07/25/03         00
    0436318968                           05           09/01/03          0
    489441                               O            08/01/33
    0
1

    8543286          964/G02             F          262,000.00         ZZ
                                         360        261,397.65          1
                                       5.250          1,446.77         66
                                       5.000          1,446.77
    SEDONA           AZ   86336          2            07/24/03         00
    0436333363                           03           09/01/03          0
    468906                               O            08/01/33
    0

    8543630          286/286             F           70,000.00         ZZ
                                         360         69,794.84          1
                                       6.125            425.33         47
                                       5.875            425.33
    BERLIN HEIGHTS   OH   44814          1            06/09/03         00
    2327872                              05           08/01/03          0
    2327872                              N            07/01/33
    0

    8543752          286/286             F           59,000.00         ZZ
                                         360         58,633.54          1
                                       6.125            358.50         68
                                       5.875            358.50
    GULFPORT         FL   33707          2            05/15/03         00
    1998941                              05           07/01/03          0
    1998941                              N            06/01/33
    0

    8543904          286/286             F           75,000.00         ZZ
                                         360         74,673.70          1
                                       6.000            449.67         60
                                       5.750            449.67
    LOUISVILLE       KY   40219          5            05/22/03         00
    2302037                              05           07/01/03          0
    2302037                              N            06/01/33
    0

    8545032          196/G02             F          210,000.00         ZZ
                                         360        209,570.75          1
                                       5.875          1,242.23         59
                                       5.625          1,242.23
    NORTH HILLS      CA   91343          1            07/15/03         00
    0436366645                           05           09/01/03          0
    1682694                              N            08/01/33
    0

    8556376          286/286             F          389,000.00         ZZ
                                         360        387,775.73          1
1

                                       5.750          2,270.10         73
                                       5.500          2,270.10
    CANYON LAKE      CA   92587          2            06/12/03         00
    2430694                              03           08/01/03          0
    2430694                              O            07/01/33
    0

    8556516          286/286             F           50,000.00         ZZ
                                         360         49,849.91          1
                                       6.000            299.78         67
                                       5.750            299.78
    RUSSELLVILLE     AR   72802          2            06/10/03         00
    2365806                              05           08/01/03          0
    2365806                              O            07/01/33
    0

    8556598          286/286             F           81,650.00         ZZ
                                         360         81,385.88          1
                                       6.125            496.12         90
                                       5.875            496.12
    EL PASO          TX   79912          2            06/11/03         12
    2394503                              05           08/01/03         25
    2394503                              O            07/01/33
    0

    8556702          286/286             F          349,000.00         ZZ
                                         360        347,952.46          1
                                       6.000          2,092.44         78
                                       5.750          2,092.44
    COTUIT           MA   02635          2            06/16/03         00
    2454003                              05           08/01/03          0
    2454003                              O            07/01/33
    0

    8556794          286/286             F          465,000.00         ZZ
                                         360        463,604.29          1
                                       6.000          2,787.92         75
                                       5.750          2,787.92
    DALLAS           TX   75230          1            06/25/03         00
    2579473                              05           09/01/03          0
    2579473                              O            08/01/33
    0

    8556994          286/286             F          452,000.00         ZZ
                                         360        450,643.33          1
                                       6.000          2,709.97         80
                                       5.750          2,709.97
    NAPA             CA   94558          2            06/11/03         00
    2246989                              05           08/01/03          0
1

    2246989                              O            07/01/33
    0

    8557080          286/286             F          352,000.00         ZZ
                                         360        351,016.71          1
                                       6.375          2,196.03         80
                                       6.125          2,196.03
    OAKLAND          CA   94602          5            05/30/03         00
    2387216                              05           08/01/03          0
    2387216                              O            07/01/33
    0

    8564220          R55/G02             F          350,100.00         ZZ
                                         360        349,813.03          1
                                       7.000          2,329.22         90
                                       6.750          2,329.22
    CAVE CREEK       AZ   85331          1            08/06/03         10
    0436379341                           03           10/01/03         25
    100094600226151                      O            09/01/33
    0

    8566312          286/286             F           96,300.00         ZZ
                                         360         96,103.14          1
                                       5.875            569.66         90
                                       5.625            569.66
    SUN CITY WEST    AZ   85375          1            07/09/03         11
    2570822                              05           09/01/03         25
    2570822                              N            08/01/33
    0

    8566626          286/286             F           86,850.00         ZZ
                                         360         86,692.53          3
                                       6.500            548.96         90
                                       6.250            548.96
    IDAHO FALLS      ID   83402          1            07/02/03         14
    2354156                              05           09/01/03         25
    2354156                              N            08/01/33
    0

    8566884          286/286             F           75,000.00         ZZ
                                         360         74,785.38          1
                                       6.250            461.79         75
                                       6.000            461.79
    RIO RICO         AZ   85648          5            06/30/03         00
    2569512                              05           08/01/03          0
    2569512                              N            07/01/33
    0

1

    8566934          286/286             F           58,050.00         ZZ
                                         360         57,883.88          3
                                       6.250            357.43         90
                                       6.000            357.43
    CLEVELAND        OH   44109          1            06/27/03         10
    2432979                              05           08/01/03         25
    2432979                              N            07/01/33
    0

    8567194          286/286             F           80,000.00         ZZ
                                         360         79,754.09          1
                                       5.875            473.24         80
                                       5.625            473.24
    LITTLE ELM       TX   75068          1            06/20/03         00
    2387027                              05           07/01/03          0
    2387027                              N            06/01/33
    0

    8569920          E82/G02             F           74,100.00         ZZ
                                         360         74,034.62          2
                                       6.625            474.47         60
                                       6.375            474.47
    RICHLAND HILLS   TX   76118          2            08/13/03         00
    0400875753                           05           10/01/03          0
    0400875753                           N            09/01/33
    0

    8577846          Q87/G02             F           90,000.00         ZZ
                                         360         89,832.85          1
                                       6.375            561.48         65
                                       6.125            561.48
    KISSEE MILLS     MO   65680          5            08/13/03         00
    0436462303                           05           09/18/03          0
    CAME02                               O            08/18/33
    0

    8581412          964/G02             F          488,000.00         ZZ
                                         360        487,490.49          1
                                       5.750          2,847.84         80
                                       5.500          2,847.84
    TRABUCO CANYON   CA   92679          5            08/01/03         00
    0436398630                           03           10/01/03          0
    479214                               O            09/01/33
    0

    8586014          144/144             F          100,000.00         ZZ
                                         360         99,699.85          1
                                       6.000            599.55         64
                                       5.750            599.55
1

    MIDDLETOWN       NY   10940          5            06/30/03         00
    160729582000000                      05           08/01/03          0
    160729582                            N            07/01/33
    0

    8586230          964/G02             F          440,000.00         ZZ
                                         360        439,046.59          1
                                       5.750          2,567.72         71
                                       5.500          2,567.72
    LAKEWOOD         WA   98499          2            07/24/03         00
    0436381511                           03           09/01/03          0
    454442                               O            08/01/33
    0

    8590586          G52/G02             F          360,000.00         ZZ
                                         360        357,628.47          1
                                       6.375          2,245.93         80
                                       6.125          2,245.93
    AMARILLO         TX   79118          2            02/03/03         00
    0436389290                           02           04/01/03          0
    9805005168                           O            03/01/33
    0

    8591846          003/G02             F           77,500.00         ZZ
                                         360         77,250.25          1
                                       5.625            446.14         80
                                       5.375            446.14
    CATERSVILLE      GA   30121          1            06/27/03         00
    0436654339                           05           08/01/03          0
    0021246343                           N            07/01/33
    0

    8595382          975/G02             F          603,750.00         ZZ
                                         360        603,148.96          1
                                       6.000          3,619.79         75
                                       5.750          3,619.79
    LOS ANGELES      CA   90068          1            08/04/03         00
    0436489033                           05           10/01/03          0
    2034392                              O            09/01/33
    0

    8598126          003/G02             F           75,900.00         ZZ
                                         360         75,655.41          1
                                       5.625            436.93         80
                                       5.375            436.93
    CARTERSVILLE     GA   30121          1            06/27/03         00
    0436654248                           07           08/01/03          0
    0021246350                           N            07/01/33
    0
1

    8599380          T09/G02             F          440,000.00         ZZ
                                         360        439,592.47          2
                                       6.375          2,745.03         80
                                       6.125          2,745.03
    SAN FRANCISCO    CA   94124          2            08/01/03         00
    0436484570                           05           10/01/03          0
    2003002941                           O            09/01/33
    0

    8603094          X89/G02             F          324,000.00         ZZ
                                         360        323,734.41          1
                                       7.000          2,155.59         80
                                       6.750          2,155.59
    ALISO VIEJO      CA   92656          5            08/09/03         00
    0436599260                           01           10/01/03          0
    2015553                              O            09/01/33
    0

    8609400          S27/G02             F          199,525.00         ZZ
                                         360        199,340.20          1
                                       6.375          1,244.78         73
                                       6.125          1,244.78
    CHARLOTTE        NC   28227          2            08/18/03         00
    0436441653                           03           10/01/03          0
    1900006122                           O            09/01/33
    0

    8610242          X89/G02             F          330,000.00         ZZ
                                         360        329,701.67          1
                                       6.500          2,085.83         66
                                       6.250          2,085.83
    SAN PEDRO        CA   90732          5            08/17/03         00
    0436441372                           05           10/01/03          0
    2016147                              O            09/01/33
    0

    8610632          K15/G02             F           75,500.00         ZZ
                                         360         75,446.71          1
                                       7.750            540.89         88
                                       7.500            540.89
    BALLSTON SPA     NY   12020          5            08/08/03         41
    0436460851                           05           10/01/03         25
    030705519531                         O            09/01/33
    0

    8614516          E22/G02             F          165,600.00         ZZ
                                         360        165,446.62          1
1

                                       6.375          1,033.13         80
                                       6.125          1,033.13
    GRESHAM          OR   97030          1            08/21/03         00
    0418248563                           05           10/01/03          0
    0418248563                           O            09/01/33
    0

    8616260          X89/G02             F          506,250.00         ZZ
                                         360        505,781.12          1
                                       6.375          3,158.35         75
                                       6.125          3,158.35
    LOS ANGELES      CA   90068          1            08/18/03         00
    0436453047                           05           10/01/03          0
    2015642                              O            09/01/33
    0

    8616994          A39/G02             F          493,600.00         ZZ
                                         360        493,122.25          1
                                       6.375          3,079.42         79
                                       6.125          3,079.42
    THOUSAND OAKS    CA   91360          5            08/05/03         00
    0436469316                           03           10/01/03          0
    2301949RFC                           O            09/01/33
    0

    8619502          742/G02             F           69,000.00         ZZ
                                         360         68,943.44          1
                                       7.000            459.06         56
                                       6.750            459.06
    BREWERTON        NY   13029          5            08/19/03         00
    0436710966                           05           10/01/03          0
    6698070                              O            09/01/33
    0

    8620942          E82/G02             F           76,400.00         ZZ
                                         360         76,322.11          1
                                       5.875            451.93         75
                                       5.625            451.93
    ST CHARLES       KY   42453          2            08/25/03         00
    0400880472                           05           10/01/03          0
    0400880472                           O            09/01/33
    0

    8622706          E22/G02             F           89,000.00         ZZ
                                         360         88,930.57          1
                                       7.250            607.14         79
                                       7.000            607.14
    PUEBLO           CO   81004          2            08/29/03         00
    0418289583                           05           10/01/03          0
1

    0418289583                           N            09/01/33
    0

    8625507          286/286             F           51,900.00         ZZ
                                         360         51,532.84          1
                                       6.000            311.17         46
                                       5.750            311.17
    WINTON           CA   95388          2            02/21/03         00
    2041373                              05           04/01/03          0
    2041373                              N            03/01/33
    0

    8627836          E22/G02             F          176,000.00         ZZ
                                         360        175,799.79          1
                                       6.000          1,055.21         80
                                       5.750          1,055.21
    ELK GROVE        CA   95624          1            08/19/03         00
    0418054516                           05           10/01/03          0
    0418054516                           O            09/01/33
    0

    8629646          S11/G02             F          176,000.00         ZZ
                                         360        175,828.94          1
                                       6.125          1,069.39         80
                                       5.875          1,069.39
    LA QUINTA        CA   92253          1            08/04/03         00
    0436522692                           05           10/01/03          0
    10212525                             O            09/01/33
    0

    8630276          T29/G02             F           57,500.00         T
                                         360         57,450.50          1
                                       6.750            372.94         66
                                       6.500            372.94
    PHOENIX          AZ   85022          1            08/21/03         00
    0436534549                           01           10/01/03          0
    1590319                              O            09/01/33
    0

    8631008          E22/G02             F           98,000.00         ZZ
                                         360         97,917.67          1
                                       6.875            643.79         80
                                       6.625            643.79
    CORDOVA          TN   38018          2            08/28/03         00
    0418142444                           05           10/01/03          0
    0418142444                           O            09/01/33
    0

1

    8631058          E22/G02             F           76,000.00         ZZ
                                         360         75,942.17          2
                                       7.375            524.91         80
                                       7.125            524.91
    CHATTANOOGA      TN   37406          5            09/02/03         00
    0418040424                           05           10/01/03          0
    0418040424                           N            09/01/33
    0

    8631118          E22/G02             F           42,000.00         ZZ
                                         360         42,000.00          1
                                       6.875            275.91         15
                                       6.625            275.91
    UKIAH            CA   95482          5            08/26/03         00
    0418048708                           05           11/01/03          0
    0418048708                           O            10/01/33
    0

    8631234          E22/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
                                       6.500            434.86         80
                                       6.250            434.86
    TACOMA           WA   98444          1            08/29/03         00
    0418354890                           05           11/01/03          0
    0418354890                           N            10/01/33
    0

    8633140          A21/A21             F          352,100.00         ZZ
                                         360        352,100.00          1
                                       6.375          2,196.65         65
                                       6.125          2,196.65
    FREEHOLD         NJ   07728          1            09/02/03         00
    0100134575                           05           11/01/03          0
    0100134575                           O            10/01/33
    0

    8634328          408/G02             F           53,200.00         ZZ
                                         360         53,162.44          1
                                       7.750            381.14         80
                                       7.500            381.14
    TUSCUMBIA        AL   35674          1            08/21/03         00
    0436486427                           05           10/01/03          0
    703036964                            N            09/01/33
    0

    8636208          E22/G02             F          200,000.00         ZZ
                                         360        199,719.18          1
                                       6.500          1,264.14         72
                                       6.250          1,264.14
1

    CHINA TOWNSHIP   MI   48054          5            08/29/03         00
    0418196929                           05           10/01/03          0
    0418196929                           O            09/01/33
    0

    8636412          E22/G02             F           92,000.00         ZZ
                                         360         91,920.79          1
                                       6.750            596.71         80
                                       6.500            596.71
    KANSAS CITY      KS   66109          2            08/29/03         00
    0417947751                           05           10/01/03          0
    0417947751                           O            09/01/33
    0

    8637098          U05/G02             F           83,200.00         ZZ
                                         360         83,122.94          1
                                       6.375            519.06         80
                                       6.125            519.06
    BURNSVILLE       NC   28714          1            08/21/03         00
    0436703128                           05           10/01/03          0
    3000312802                           O            09/01/33
    0

    8638232          T08/G02             F          215,000.00         ZZ
                                         360        214,600.68          1
                                       6.375          1,341.32         80
                                       6.125          1,341.32
    ASHBURN          VA   20147          1            07/30/03         00
    0436482087                           05           09/01/03          0
    31200140                             O            08/01/33
    0

    8638464          L76/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       6.375            505.33         90
                                       6.125            505.33
    RACINE           WI   53403          5            09/02/03         11
    0436584460                           05           11/01/03         30
    991888                               O            10/01/33
    0

    8641228          E22/G02             F           80,000.00         ZZ
                                         360         79,925.90          1
                                       6.375            499.10         62
                                       6.125            499.10
    TACOMA           WA   98405          5            08/18/03         00
    0418110508                           05           10/01/03          0
    0418110508                           O            09/01/33
    0
1

    8641366          738/G02             F          100,000.00         ZZ
                                         360         99,915.99          1
                                       6.875            656.93         58
                                       6.625            656.93
    MIAMI            FL   33186          5            08/20/03         00
    0436512198                           09           10/01/03          0
    41341227                             N            09/01/33
    0

    8641428          G27/G02             F          390,000.00         ZZ
                                         360        389,647.43          1
                                       6.500          2,465.07         67
                                       6.250          2,465.07
    ARROYO GRANDE    CA   93420          1            08/14/03         00
    0436609317                           03           10/01/03          0
    20503213                             N            09/01/33
    0

    8642898          U35/G02             F           84,600.00         ZZ
                                         360         84,525.36          1
                                       6.625            541.70         90
                                       6.375            541.70
    FORT WAYNE       IN   46815          1            09/08/03         04
    0436593644                           05           10/01/03         25
    13141373                             O            09/01/33
    0

    8643320          F28/G02             F          650,000.00         T
                                         360        648,671.34          1
                                       5.875          3,845.00         44
                                       5.625          3,845.00
    LONG BEACH       WA   98631          5            07/08/03         00
    0436521272                           05           09/01/03          0
    5146963                              O            08/01/33
    0

    8643350          F28/G02             F          556,000.00         ZZ
                                         360        554,291.06          1
                                       5.875          3,288.95         80
                                       5.625          3,288.95
    FARMINGTON       CT   06032          1            06/27/03         00
    0436521124                           05           08/01/03          0
    5801294                              O            07/01/33
    0

    8643398          F28/G02             F          495,000.00         T
                                         360        493,476.53          1
1

                                       5.875          2,928.11         75
                                       5.625          2,928.11
    BUFFALO          MN   55313          2            06/13/03         00
    0436497358                           05           08/01/03          0
    4023278                              O            07/01/33
    0

    8644406          U35/G02             F           80,750.00         ZZ
                                         360         80,690.07          1
                                       7.500            564.62         95
                                       7.250            564.62
    KINGSBURG        CA   93631          1            08/29/03         04
    0436540439                           05           10/01/03         30
    13085005                             O            09/01/33
    0

    8644732          F28/G02             F          495,000.00         ZZ
                                         360        494,613.86          1
                                       7.250          3,376.77         80
                                       7.000          3,376.77
    VALENCIA         CA   91381          1            08/20/03         00
    0436521298                           03           10/01/03          0
    6623323                              O            09/01/33
    0

    8644756          F28/G02             F          368,000.00         ZZ
                                         360        366,947.02          1
                                       6.250          2,265.84         80
                                       6.000          2,265.84
    MATAWAN          NJ   07747          5            06/27/03         00
    0436521215                           05           08/01/03          0
    5441099                              O            07/01/33
    0

    8645022          E22/G02             F           94,450.00         ZZ
                                         360         94,450.00          1
                                       6.625            604.77         75
                                       6.375            604.77
    MILTON           FL   32570          2            09/02/03         00
    0418204921                           05           11/01/03          0
    0418204921                           O            10/01/33
    0

    8645092          E22/G02             F           88,200.00         ZZ
                                         360         88,200.00          1
                                       7.750            631.88         90
                                       7.500            631.88
    EUFAULA          AL   36027          5            09/02/03         10
    0418230330                           05           11/01/03         25
1

    0418230330                           O            10/01/33
    0

    8645244          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.750          2,412.78         80
                                       6.500          2,412.78
    ANNISTON         AL   36207          1            09/08/03         00
    0418309977                           05           11/01/03          0
    0418309977                           O            10/01/33
    0

    8645258          E22/G02             F           51,500.00         ZZ
                                         360         51,500.00          1
                                       6.875            338.32         76
                                       6.625            338.32
    PUEBLO           CO   81004          2            09/08/03         00
    0418323549                           05           11/01/03          0
    0418323549                           N            10/01/33
    0

    8645512          E22/G02             F           62,100.00         ZZ
                                         360         62,100.00          1
                                       7.375            428.91         90
                                       7.125            428.91
    DETROIT          MI   48227          1            09/08/03         01
    0417510526                           05           11/01/03         25
    0417510526                           N            10/01/33
    0

    8645786          X67/G02             F          607,000.00         ZZ
                                         360        606,477.39          1
                                       6.750          3,936.99         78
                                       6.500          3,936.99
    SAN CLEMENTE     CA   92672          1            08/15/03         00
    0436543367                           05           10/01/03          0
    0000423915                           O            09/01/33
    0

    8651688          E22/G02             F           67,600.00         ZZ
                                         360         67,600.00          1
                                       6.375            421.74         80
                                       6.125            421.74
    GLOUCESTER TWP.  NJ   08012          1            09/09/03         00
    0418164950                           05           11/01/03          0
    0418164950                           N            10/01/33
    0

1

    8653166          964/G02             F          239,000.00         ZZ
                                         360        238,463.18          1
                                       5.375          1,338.33         66
                                       5.125          1,338.33
    HENDERSON        NV   89052          2            07/29/03         00
    0436591978                           03           09/01/03          0
    471792                               O            08/01/33
    0

    8654352          696/G02             F          357,300.00         ZZ
                                         360        356,620.19          1
                                       6.250          2,199.96         80
                                       6.000          2,199.96
    ALDIE            VA   20105          1            07/24/03         00
    0436639512                           03           09/01/03          0
    21403127                             O            08/01/33
    0

    8654836          E22/G02             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       5.875          2,792.06         80
                                       5.625          2,792.06
    SANTA MARIA      CA   93455          5            08/29/03         00
    0417963121                           05           11/01/03          0
    0417963121                           O            10/01/33
    0

    8655042          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       7.500            531.40         80
                                       7.250            531.40
    ORLANDO          FL   32808          2            09/10/03         00
    0418214425                           05           11/01/03          0
    0418214425                           N            10/01/33
    0

    8655188          E22/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.500          2,401.86         80
                                       6.250          2,401.86
    SEATTLE          WA   98103          5            09/03/03         00
    0418300661                           05           11/01/03          0
    0418300661                           O            10/01/33
    0

    8655238          E22/G02             F          353,600.00         ZZ
                                         360        353,600.00          1
                                       6.750          2,293.44         80
                                       6.500          2,293.44
1

    SANTA CLARA      CA   95054          1            09/03/03         00
    0418325304                           09           11/01/03          0
    0418325304                           O            10/01/33
    0

    8657222          144/144             F          100,000.00         ZZ
                                         360         99,706.93          1
                                       6.125            607.61         58
                                       5.875            607.61
    PORT EWEN, T/ES  NY   12466          5            06/26/03         00
    160729335000000                      09           08/01/03          0
    160729335                            O            07/01/33
    0

    8659332          U05/G02             F           92,000.00         ZZ
                                         360         91,920.79          1
                                       6.750            596.71         80
                                       6.500            596.71
    INDIANAPOLIS     IN   46237          2            08/26/03         00
    0436591143                           05           10/01/03          0
    3398285                              N            09/01/33
    0

    8659374          069/G02             F          602,000.00         ZZ
                                         360        602,000.00          1
                                       5.625          3,465.46         75
                                       5.375          3,465.46
    YORBA LINDA      CA   92887          5            08/28/03         00
    0436516207                           03           11/01/03          0
    35188462882                          O            10/01/33
    0

    8659488          W35/G02             F           45,000.00         ZZ
                                         360         44,957.71          1
                                       6.300            278.54         51
                                       6.050            278.54
    CINCINNATI       OH   45231          5            08/20/03         00
    0436528756                           05           10/01/03          0
    22873                                O            09/01/33
    0

    8660864          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.625            717.15         80
                                       6.375            717.15
    VANCOUVER        WA   98684          1            09/08/03         00
    0418225298                           05           11/01/03          0
    0418225298                           O            10/01/33
    0
1

    8661048          E22/G02             F           87,120.00         ZZ
                                         360         87,120.00          1
                                       7.000            579.61         80
                                       6.750            579.61
    DESOTO           TX   75115          1            09/11/03         00
    0418353348                           05           11/01/03          0
    0418353348                           N            10/01/33
    0

    8661152          E22/G02             F          179,900.00         ZZ
                                         360        179,900.00          1
                                       6.875          1,181.81         75
                                       6.625          1,181.81
    DENVER           CO   80211          1            09/11/03         00
    0418419354                           05           11/01/03          0
    0418419354                           N            10/01/33
    0

    8661278          E22/G02             F           86,400.00         TX
                                         360         86,313.99          1
                                       6.000            518.01         80
                                       5.750            518.01
    SCHULENBURG      TX   78956          5            08/18/03         00
    0417490885                           05           10/01/03          0
    0417490885                           O            09/01/33
    0

    8661926          Q73/G02             F           93,100.00         ZZ
                                         360         93,019.85          1
                                       6.750            603.84         95
                                       6.500            603.84
    OCEAN SPRINGS    MS   39564          1            09/05/03         11
    0436537211                           05           10/01/03         30
    3140598                              O            09/01/33
    0

    8663514          E22/G02             F           68,200.00         ZZ
                                         360         68,200.00          1
                                       6.875            448.03         95
                                       6.625            448.03
    PLAINFIELD       NJ   07062          1            09/12/03         01
    0418363289                           01           11/01/03         30
    0418363289                           O            10/01/33
    0

    8663770          E22/G02             F           95,500.00         ZZ
                                         360         95,500.00          1
1

                                       6.625            611.50         56
                                       6.375            611.50
    DENVER           CO   80221          5            09/08/03         00
    0418247664                           05           11/01/03          0
    0418247664                           O            10/01/33
    0

    8663858          E22/G02             F          107,212.00         ZZ
                                         360        107,212.00          1
                                       6.750            695.37         75
                                       6.500            695.37
    BEAVERTON        OR   97007          1            09/05/03         00
    0418297032                           09           11/01/03          0
    0418297032                           N            10/01/33
    0

    8663860          E22/G02             F          105,712.00         ZZ
                                         360        105,712.00          1
                                       6.750            685.65         75
                                       6.500            685.65
    BEAVERTON        OR   97007          1            09/05/03         00
    0418297073                           09           11/01/03          0
    0418297073                           N            10/01/33
    0

    8664054          E22/G02             F           62,629.00         ZZ
                                         360         62,629.00          1
                                       6.750            406.21        100
                                       6.500            406.21
    BROKEN ARROW     OK   74012          1            09/12/03         01
    0418503868                           05           11/01/03         35
    0418503868                           O            10/01/33
    0

    8664066          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       5.875            508.72         80
                                       5.625            508.72
    BRYSON CITY      NC   28713          5            09/08/03         00
    0417780111                           05           11/01/03          0
    0417780111                           O            10/01/33
    0

    8664762          X21/G02             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.375          3,618.45         68
                                       6.125          3,618.45
    BETHESDA         MD   20814          1            09/08/03         00
    0436561609                           05           11/01/03          0
1

    710182                               O            10/01/33
    0

    8666302          738/G02             F           98,400.00         ZZ
                                         360         98,400.00          2
                                       7.375            679.62         80
                                       7.125            679.62
    ELLENWOOD        GA   30294          1            09/04/03         00
    0436547301                           05           11/01/03          0
    41407323                             N            10/01/33
    0

    8666430          E47/G02             F          216,000.00         ZZ
                                         360        215,799.94          1
                                       6.375          1,347.56         80
                                       6.125          1,347.56
    DAVIDSON         NC   28036          1            08/27/03         00
    0436542385                           05           10/01/03          0
    7350511137                           O            09/01/33
    0

    8666746          W40/G02             F           97,750.00         ZZ
                                         360         97,750.00          1
                                       6.250            601.86         85
                                       6.000            601.86
    SPARTA           MI   49345          5            09/08/03         01
    0436559215                           05           11/01/03         12
    1020025872                           O            10/01/33
    0

    8666814          696/G02             F          580,000.00         ZZ
                                         360        578,727.39          1
                                       5.500          3,293.18         78
                                       5.250          3,293.18
    FALLS CHURCH     VA   22046          2            07/18/03         00
    0436538292                           05           09/01/03          0
    23303296                             O            08/01/33
    0

    8667528          E22/G02             F           82,400.00         ZZ
                                         360         82,400.00          1
                                       7.000            548.21         80
                                       6.750            548.21
    HOUSTON          TX   77089          5            09/05/03         00
    0418293270                           09           11/01/03          0
    0418293270                           O            10/01/33
    0

1

    8667790          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.375            552.54         80
                                       7.125            552.54
    CLEVELAND        OH   44105          1            09/15/03         00
    0418388617                           05           11/01/03          0
    0418388617                           N            10/01/33
    0

    8668308          E22/G02             F           96,500.00         ZZ
                                         360         96,500.00          1
                                       6.250            594.17         82
                                       6.000            594.17
    NEW STRAWN       KS   66839          5            09/10/03         01
    0418017414                           05           11/01/03         12
    0418017414                           O            10/01/33
    0

    8668440          E22/G02             F          457,100.00         ZZ
                                         360        457,100.00          1
                                       6.750          2,964.74         70
                                       6.500          2,964.74
    PALO ALTO        CA   94306          1            09/09/03         00
    0418156303                           05           11/01/03          0
    0418156303                           O            10/01/33
    0

    8669028          253/253             F           94,551.00         ZZ
                                         360         94,456.87          1
                                       6.000            566.89         80
                                       5.750            566.89
    INDIANAPOLIS     IN   46234          1            08/26/03         00
    474038                               05           10/01/03          0
    474038                               O            09/01/33
    0

    8669690          N74/G02             F           98,000.00         ZZ
                                         240         98,000.00          1
                                       5.625            681.07         72
                                       5.375            681.07
    DUNDALK          MD   21222          2            08/29/03         00
    0436640338                           05           11/01/03          0
    33262010                             O            10/01/23
    0

    8669816          286/286             F          437,600.00         ZZ
                                         360        437,600.00          3
                                       6.750          2,838.27         80
                                       6.500          2,838.27
1

    WASHINGTON       DC   20001          1            09/05/03         00
    2683434                              05           11/01/03          0
    2683434                              O            10/01/33
    0

    8669830          286/286             F           91,000.00         ZZ
                                         360         90,813.99          2
                                       5.875            538.30         48
                                       5.625            538.30
    DERBY            CT   06418          2            08/01/03         00
    2561376                              05           09/01/03          0
    2561376                              N            08/01/33
    0

    8669896          286/286             F           82,000.00         ZZ
                                         360         81,743.22          1
                                       6.125            498.25         75
                                       5.875            498.25
    ALBUQUERQUE      NM   87107          5            07/31/03         00
    2686626                              05           09/01/03          0
    2686626                              N            08/01/33
    0

    8669902          286/286             F           95,200.00         ZZ
                                         360         94,777.65          1
                                       6.000            570.78         80
                                       5.750            570.78
    ALBUQUERQUE      NM   87112          1            07/23/03         00
    2641169                              05           09/01/03          0
    2641169                              O            08/01/33
    0

    8669978          286/286             F           75,200.00         ZZ
                                         360         75,136.81          1
                                       6.875            494.02         80
                                       6.625            494.02
    LOVES PARK       IL   61111          1            08/14/03         00
    2638471                              05           10/01/03          0
    2638471                              N            09/01/33
    0

    8669982          286/286             F           96,650.00         ZZ
                                         360         96,558.29          1
                                       6.250            595.10         80
                                       6.000            595.10
    FERNLEY          NV   89408          1            08/13/03         00
    2519134                              05           10/01/03          0
    2519134                              N            09/01/33
    0
1

    8669984          286/286             F           56,000.00         ZZ
                                         360         55,944.25          1
                                       6.000            335.75         69
                                       5.750            335.75
    CHAMPAIGN        IL   61821          5            08/13/03         00
    2586577                              05           10/01/03          0
    2586577                              N            09/01/33
    0

    8669992          286/286             F           45,600.00         ZZ
                                         360         45,569.40          2
                                       8.000            334.60         80
                                       7.750            334.60
    INDIANAPOLIS     IN   46205          1            08/07/03         00
    2697826                              05           10/01/03          0
    2697826                              N            09/01/33
    0

    8669994          286/286             F           52,500.00         ZZ
                                         360         52,447.73          1
                                       6.000            314.77         70
                                       5.750            314.77
    CHAMPAIGN        IL   61821          5            08/13/03         00
    2586587                              05           10/01/03          0
    2586587                              N            09/01/33
    0

    8670004          286/286             F           44,000.00         ZZ
                                         360         43,966.04          2
                                       7.500            307.66         80
                                       7.250            307.66
    INDIANAPOLIS     IN   46208          1            08/20/03         00
    2702067                              05           10/01/03          0
    2702067                              N            09/01/33
    0

    8670008          286/286             F           84,000.00         ZZ
                                         360         83,927.67          1
                                       6.750            544.83         75
                                       6.500            544.83
    PORT ORCHARD     WA   98367          5            08/22/03         00
    2489386                              05           10/01/03          0
    2489386                              N            09/01/33
    0

    8670014          286/286             F           91,000.00         ZZ
                                         360         90,929.00          2
1

                                       7.250            620.79         68
                                       7.000            620.79
    YAKIMA           WA   98902          2            08/12/03         00
    2698613                              05           10/01/03          0
    2698613                              N            09/01/33
    0

    8670016          286/286             F           88,000.00         ZZ
                                         360         87,908.12          1
                                       5.750            513.55         80
                                       5.500            513.55
    KINGWOOD         TX   77345          5            08/08/03         00
    2655183                              05           10/01/03          0
    2655183                              N            09/01/33
    0

    8670018          286/286             F           30,350.00         ZZ
                                         360         30,289.41          1
                                       6.000            181.97         90
                                       5.750            181.97
    RICHMOND         VA   23224          1            08/05/03         11
    2581996                              05           09/01/03         25
    2581996                              N            08/01/33
    0

    8670022          286/286             F           76,000.00         ZZ
                                         360         75,932.94          1
                                       6.625            486.64         80
                                       6.375            486.64
    PHOENIX          AZ   85008          5            08/15/03         00
    2333296                              05           10/01/03          0
    2333296                              N            09/01/33
    0

    8670024          286/286             F           91,000.00         ZZ
                                         360         90,929.00          2
                                       7.250            620.79         66
                                       7.000            620.79
    YAKIMA           WA   98902          2            08/12/03         00
    2698620                              05           10/01/03          0
    2698620                              N            09/01/33
    0

    8670030          286/286             F           45,000.00         ZZ
                                         360         44,830.90          1
                                       7.500            314.65         75
                                       7.250            314.65
    PORTSMOUTH       VA   23704          5            04/09/03         00
    1241511                              05           06/01/03          0
1

    1241511                              N            05/01/33
    0

    8670034          286/286             F          584,800.00         ZZ
                                         360        583,604.62          1
                                       5.875          3,459.32         80
                                       5.625          3,459.32
    NEW ALBANY       OH   43054          1            07/15/03         00
    2439096                              05           09/01/03          0
    2439096                              O            08/01/33
    0

    8670038          286/286             F           39,750.00         ZZ
                                         360         39,710.42          1
                                       6.000            238.33         75
                                       5.750            238.33
    KANSAS CITY      KS   66102          2            08/13/03         00
    2617848                              05           10/01/03          0
    2617848                              N            09/01/33
    0

    8670050          286/286             F           76,500.00         ZZ
                                         360         76,423.84          2
                                       6.000            458.66         89
                                       5.750            458.66
    KANSAS CITY      KS   66102          2            08/20/03         11
    2617873                              05           10/01/03         25
    2617873                              N            09/01/33
    0

    8670084          286/286             F           44,550.00         ZZ
                                         360         44,216.93          1
                                       7.500            311.51         90
                                       7.250            311.51
    RENO             NV   89506          1            08/21/03         14
    2621717                              01           10/01/03         25
    2621717                              N            09/01/33
    0

    8670094          286/286             F           85,000.00         ZZ
                                         360         84,919.35          2
                                       6.250            523.36         40
                                       6.000            523.36
    LOUISVILLE       KY   40204          5            08/21/03         00
    2658207                              05           10/01/03          0
    2658207                              N            09/01/33
    0

1

    8670096          286/286             F           48,000.00         ZZ
                                         360         47,958.67          1
                                       6.750            311.33         80
                                       6.500            311.33
    INDIANAPOLIS     IN   46205          2            08/04/03         00
    2645292                              05           10/01/03          0
    2645292                              N            09/01/33
    0

    8670098          286/286             F           85,000.00         ZZ
                                         360         84,842.12          1
                                       6.375            530.29         68
                                       6.125            530.29
    LAS VEGAS        NV   89110          2            07/15/03         00
    2577313                              05           09/01/03          0
    2577313                              O            08/01/33
    0

    8670100          286/286             F           60,900.00         ZZ
                                         360         60,688.47          1
                                       6.750            395.00         70
                                       6.500            395.00
    CHESTERFIELD TW  MI   48047          1            05/29/03         00
    2478900                              05           07/01/03          0
    2478900                              N            06/01/33
    0

    8670106          286/286             F           50,000.00         ZZ
                                         360         49,956.95          1
                                       6.750            324.30         77
                                       6.500            324.30
    INDIANAPOLIS     IN   46201          2            08/04/03         00
    2648414                              05           10/01/03          0
    2648414                              N            09/01/33
    0

    8670110          286/286             F           71,100.00         ZZ
                                         360         71,034.14          1
                                       6.375            443.58         90
                                       6.125            443.58
    CHAMPAIGN        IL   61820          1            08/07/03         14
    2637718                              05           10/01/03         25
    2637718                              N            09/01/33
    0

    8670112          286/286             F           75,000.00         ZZ
                                         360         74,873.62          1
                                       6.875            492.70         72
                                       6.625            492.70
1

    WOOSTER          OH   44691          5            07/24/03         00
    2264598                              05           09/01/03          0
    2264598                              N            08/01/33
    0

    8670114          286/286             F           96,500.00         ZZ
                                         360         96,298.01          4
                                       5.750            563.15         80
                                       5.500            563.15
    VICTORVILLE      CA   92392          2            07/15/03         00
    2295358                              05           09/01/03          0
    2295358                              N            08/01/33
    0

    8670118          286/286             F           48,000.00         ZZ
                                         360         47,958.67          1
                                       6.750            311.33         80
                                       6.500            311.33
    INDIANAPOLIS     IN   46203          2            08/04/03         00
    2648439                              05           10/01/03          0
    2648439                              N            09/01/33
    0

    8670130          286/286             F           69,600.00         ZZ
                                         360         69,457.71          2
                                       5.875            411.72         80
                                       5.625            411.72
    TAMPA            FL   33607          1            07/11/03         00
    2659428                              05           09/01/03          0
    2659428                              O            08/01/33
    0

    8670132          286/286             F           64,000.00         ZZ
                                         360         63,881.13          1
                                       6.375            399.28         80
                                       6.125            399.28
    FORT WORTH       TX   76179          1            07/31/03         00
    2665989                              05           09/01/03          0
    2665989                              N            08/01/33
    0

    8670140          286/286             F          100,000.00         ZZ
                                         360         99,795.58          1
                                       5.875            591.54         67
                                       5.625            591.54
    TAMPA            FL   33624          5            07/11/03         00
    2659425                              05           09/01/03          0
    2659425                              N            08/01/33
    0
1

    8670150          286/286             F           25,600.00         ZZ
                                         360         25,578.49          1
                                       6.875            168.18         80
                                       6.625            168.18
    BETHLEHEM        PA   18015          1            08/20/03         00
    2644206                              05           10/01/03          0
    2644206                              N            09/01/33
    0

    8670156          286/286             F           67,900.00         ZZ
                                         360         67,829.10          1
                                       5.750            396.25         80
                                       5.500            396.25
    DALLAS           TX   75248          2            08/15/03         00
    2625853                              01           10/01/03          0
    2625853                              O            09/01/33
    0

    8670158          286/286             F           60,000.00         ZZ
                                         360         59,943.06          2
                                       6.250            369.44         69
                                       6.000            369.44
    KANSAS CITY      KS   66111          5            08/15/03         00
    2631774                              05           10/01/03          0
    2631774                              N            09/01/33
    0

    8670184          286/286             F           61,000.00         ZZ
                                         360         60,899.69          1
                                       7.000            405.84         80
                                       6.750            405.84
    RIO RANCHO       NM   87144          5            07/31/03         00
    2661035                              05           09/01/03          0
    2661035                              O            08/01/33
    0

    8670186          286/286             F           87,600.00         ZZ
                                         360         87,510.68          1
                                       5.875            518.19         90
                                       5.625            518.19
    SUMMERVILLE      SC   29483          1            08/08/03         12
    2733354                              05           10/01/03         25
    2733354                              N            09/01/33
    0

    8670198          286/286             F           44,900.00         ZZ
                                         360         44,857.45          1
1

                                       6.750            291.23         90
                                       6.500            291.23
    SPRINGFIELD      IL   62703          1            08/15/03         12
    2631344                              05           10/01/03         25
    2631344                              N            09/01/33
    0

    8670200          286/286             F           81,900.00         ZZ
                                         360         81,755.08          1
                                       6.625            524.42         90
                                       6.375            524.42
    INDIANAPOLIS     IN   46227          1            08/04/03         21
    2640052                              05           09/01/03         25
    2640052                              O            08/01/33
    0

    8670202          286/286             F           86,000.00         ZZ
                                         360         85,847.82          1
                                       6.625            550.67         80
                                       6.375            550.67
    NORTH VERNON     IN   47265          5            07/24/03         00
    2645207                              05           09/01/03          0
    2645207                              O            08/01/33
    0

    8670212          286/286             F           90,000.00         ZZ
                                         360         89,908.23          1
                                       5.875            532.39         80
                                       5.625            532.39
    RICHMOND         VA   23233          1            08/04/03         00
    2622868                              05           10/01/03          0
    2622868                              N            09/01/33
    0

    8670218          286/286             F          115,200.00         ZZ
                                         360        114,986.03          1
                                       6.375            718.70         80
                                       6.125            718.70
    OVERLAND PARK    KS   66212          1            07/31/03         00
    2329579                              05           09/01/03          0
    2329579                              O            08/01/33
    0

    8670222          286/286             F           33,600.00         ZZ
                                         360         33,537.57          1
                                       6.375            209.63         80
                                       6.125            209.63
    REISTERSTOWN     MD   21136          1            07/28/03         00
    2642892                              01           09/01/03          0
1

    2642892                              N            08/01/33
    0

    8670228          286/286             F           79,300.00         ZZ
                                         360         79,084.40          1
                                       5.625            456.50         49
                                       5.375            456.50
    AUSTIN           TX   78705          2            08/04/03         00
    2565560                              01           09/01/03          0
    2565560                              N            08/01/33
    0

    8670236          286/286             F           65,600.00         ZZ
                                         360         65,454.88          1
                                       6.250            403.92         80
                                       6.000            403.92
    GREENBELT        MD   20770          1            07/30/03         00
    2617941                              01           09/01/03          0
    2617941                              N            08/01/33
    0

    8670244          286/286             F           76,400.00         ZZ
                                         360         76,268.07          1
                                       6.750            495.53         90
                                       6.500            495.53
    CAMDEN           DE   19934          1            08/01/03         10
    2631976                              05           09/01/03         25
    2631976                              N            08/01/33
    0

    8670246          286/286             F           74,610.00         ZZ
                                         360         74,551.79          1
                                       7.250            508.98         90
                                       7.000            508.98
    PHILADELPHIA     PA   19150          1            08/11/03         10
    2685310                              05           10/01/03         25
    2685310                              N            09/01/33
    0

    8670248          286/286             F           38,250.00         ZZ
                                         360         38,161.29          1
                                       6.250            235.52         75
                                       6.000            235.52
    NEW CASTLE       IN   47362          5            07/23/03         00
    2548644                              05           09/01/03          0
    2548644                              N            08/01/33
    0

1

    8670258          286/286             F           50,000.00         ZZ
                                         360         49,897.79          1
                                       5.875            295.77         34
                                       5.625            295.77
    GLENDALE         AZ   85304          2            07/15/03         00
    2596218                              05           09/01/03          0
    2596218                              N            08/01/33
    0

    8670262          286/286             F           98,400.00         ZZ
                                         360         98,138.10          1
                                       6.625            630.07         80
                                       6.375            630.07
    PLANO            TX   75075          2            06/12/03         00
    2322200                              05           08/01/03          0
    2322200                              N            07/01/33
    0

    8670270          286/286             F          606,100.00         ZZ
                                         360        604,238.62          1
                                       5.375          3,393.99         65
                                       5.125          3,393.99
    CHESTERFIELD     VA   23838          1            07/11/03         00
    2414054                              05           09/01/03          0
    2414054                              O            08/01/33
    0

    8670274          286/286             F           94,500.00         ZZ
                                         360         94,311.37          1
                                       6.000            566.58         90
                                       5.750            566.58
    PHOENIX          AZ   85041          1            07/14/03         12
    2600069                              05           09/01/03         25
    2600069                              N            08/01/33
    0

    8670292          286/286             F           93,200.00         ZZ
                                         360         93,000.25          1
                                       5.625            536.52         80
                                       5.375            536.52
    DALLAS           TX   75206          1            07/11/03         00
    2556973                              01           09/01/03          0
    2556973                              N            08/01/33
    0

    8670310          286/286             F           57,950.00         ZZ
                                         360         57,751.51          1
                                       6.250            356.81         95
                                       6.000            356.81
1

    ANDERSON         IN   46011          1            07/23/03         11
    2570777                              05           09/01/03         30
    2570777                              O            08/01/33
    0

    8670318          286/286             F           38,400.00         ZZ
                                         360         38,330.37          1
                                       6.500            242.72         80
                                       6.250            242.72
    NEW CARLISLE     OH   45344          1            07/28/03         00
    2593612                              05           09/01/03          0
    2593612                              N            08/01/33
    0

    8670334          286/286             F           70,400.00         ZZ
                                         360         70,266.05          1
                                       6.250            433.47         80
                                       6.000            433.47
    GARLAND          TX   75043          1            07/30/03         00
    2612309                              05           09/01/03          0
    2612309                              N            08/01/33
    0

    8670340          286/286             F           89,100.00         ZZ
                                         360         88,891.50          1
                                       5.875            527.07         90
                                       5.625            527.07
    WASHINGTON       DC   20016          1            07/30/03         11
    2636476                              01           09/01/03         25
    2636476                              N            08/01/33
    0

    8670346          286/286             F           42,000.00         ZZ
                                         360         41,912.03          1
                                       6.500            265.47         70
                                       6.250            265.47
    PALMDALE         CA   93550          1            08/14/03         00
    2727759                              01           10/01/03          0
    2727759                              N            09/01/33
    0

    8670360          286/286             F          384,000.00         ZZ
                                         360        383,336.90          4
                                       6.750          2,490.62         80
                                       6.500          2,490.62
    LOS ANGELES      CA   90020          1            07/23/03         00
    2444183                              05           09/01/03          0
    2444183                              O            08/01/33
    0
1

    8670370          286/286             F           62,430.00         ZZ
                                         360         62,373.55          1
                                       6.500            394.61         86
                                       6.250            394.61
    MESQUITE         TX   75149          2            08/07/03         14
    2445938                              05           10/01/03         25
    2445938                              N            09/01/33
    0

    8670406          286/286             F          240,000.00         ZZ
                                         360        239,803.27          1
                                       7.000          1,596.73         80
                                       6.750          1,596.73
    SILVER SPRING    MD   20902          1            08/08/03         00
    2449899                              05           10/01/03          0
    2449899                              O            09/01/33
    0

    8670408          286/286             F           56,700.00         ZZ
                                         360         56,599.67          1
                                       6.625            363.06         90
                                       6.375            363.06
    FT WAYNE         IN   46805          2            07/30/03         21
    2639655                              05           09/01/03         25
    2639655                              N            08/01/33
    0

    8670440          286/286             F           70,200.00         ZZ
                                         360         70,069.61          1
                                       6.375            437.96         90
                                       6.125            437.96
    FT WAYNE         IN   46808          2            07/30/03         11
    2639857                              05           09/01/03         25
    2639857                              N            08/01/33
    0

    8670442          286/286             F           67,500.00         ZZ
                                         360         67,431.18          1
                                       5.875            399.29         75
                                       5.625            399.29
    RENO             NV   89506          5            08/15/03         00
    2603491                              03           10/01/03          0
    2603491                              N            09/01/33
    0

    8670450          286/286             F           55,800.00         ZZ
                                         360         55,701.25          1
1

                                       6.625            357.30         90
                                       6.375            357.30
    FT WAYNE         IN   46806          2            07/30/03         11
    2644108                              05           09/01/03         25
    2644108                              N            08/01/33
    0

    8670454          286/286             F           67,500.00         ZZ
                                         360         67,431.18          1
                                       5.875            399.29         75
                                       5.625            399.29
    RENO             NV   89506          5            08/15/03         00
    2603530                              03           10/01/03          0
    2603530                              N            09/01/33
    0

    8670464          286/286             F           45,000.00         ZZ
                                         360         44,959.31          2
                                       6.500            284.44         71
                                       6.250            284.44
    MILWAUKEE        WI   53215          5            08/11/03         00
    2672753                              05           10/01/03          0
    2672753                              N            09/01/33
    0

    8670468          286/286             F           47,600.00         ZZ
                                         360         47,552.61          1
                                       6.000            285.39         67
                                       5.750            285.39
    RENO             NV   89506          1            08/15/03         00
    2603569                              01           10/01/03          0
    2603569                              N            09/01/33
    0

    8670478          286/286             F           48,600.00         ZZ
                                         360         48,513.99          1
                                       6.625            311.20         90
                                       6.375            311.20
    FORT WAYNE       IN   46808          2            07/30/03         21
    2640593                              05           09/01/03         25
    2640593                              N            08/01/33
    0

    8670492          286/286             F           49,900.00         ZZ
                                         360         49,809.52          1
                                       6.500            315.41         80
                                       6.250            315.41
    PANAMA CITY      FL   32404          5            07/23/03         00
    2570627                              05           09/01/03          0
1

    2570627                              N            08/01/33
    0

    8670516          286/286             F           49,900.00         ZZ
                                         360         49,809.52          1
                                       6.500            315.41         80
                                       6.250            315.41
    PANAMA CITY      FL   32404          5            07/23/03         00
    2570683                              05           09/01/03          0
    2570683                              N            08/01/33
    0

    8670532          286/286             F           49,900.00         ZZ
                                         360         49,809.52          1
                                       6.500            315.41         80
                                       6.250            315.41
    PANAMA CITY      FL   32404          5            07/23/03         00
    2570750                              05           09/01/03          0
    2570750                              N            08/01/33
    0

    8670538          286/286             F          166,000.00         ZZ
                                         360        165,644.24          1
                                       5.625            955.59         80
                                       5.375            955.59
    CHARDON          OH   44024          1            07/28/03         00
    2558642                              05           09/01/03          0
    2558642                              O            08/01/33
    0

    8670542          286/286             F           49,900.00         ZZ
                                         360         49,809.52          1
                                       6.500            315.41         80
                                       6.250            315.41
    PANAMA CITY      FL   32404          5            07/23/03         00
    2570855                              05           09/01/03          0
    2570855                              N            08/01/33
    0

    8670554          286/286             F           73,200.00         ZZ
                                         360         73,067.28          1
                                       6.500            462.68         80
                                       6.250            462.68
    PANAMA CITY      FL   32404          5            07/23/03         00
    2570939                              05           09/01/03          0
    2570939                              N            08/01/33
    0

1

    8670558          286/286             F           97,100.00         ZZ
                                         360         96,998.62          2
                                       5.750            566.65         90
                                       5.500            566.65
    ROGERS           AR   72758          1            08/11/03         14
    2659311                              05           10/01/03         25
    2659311                              N            09/01/33
    0

    8670586          286/286             F           58,800.00         ZZ
                                         360         58,693.39          1
                                       6.500            371.66         80
                                       6.250            371.66
    PANAMA CITY      FL   32404          5            07/23/03         00
    2571072                              05           09/01/03          0
    2571072                              N            08/01/33
    0

    8670590          286/286             F           72,200.00         ZZ
                                         360         72,139.34          1
                                       6.875            474.31         95
                                       6.625            474.31
    ALBUQUERQUE      NM   87107          1            08/15/03         12
    2702795                              05           10/01/03         25
    2702795                              O            09/01/33
    0

    8670592          286/286             F          150,400.00         ZZ
                                         360        150,199.85          1
                                       6.250            926.04         80
                                       6.000            926.04
    PORTLAND         OR   97230          1            08/11/03         00
    2681830                              05           10/01/03          0
    2681830                              O            09/01/33
    0

    8670596          286/286             F           75,000.00         ZZ
                                         360         74,898.84          1
                                       6.500            474.06         49
                                       6.250            474.06
    GREENVILLE       CA   95947          5            08/08/03         00
    2481080                              05           10/01/03          0
    2481080                              O            09/01/33
    0

    8670608          286/286             F           42,000.00         ZZ
                                         360         41,958.18          1
                                       6.000            251.82         53
                                       5.750            251.82
1

    WASHINGTON       DC   20020          5            08/15/03         00
    2642934                              05           10/01/03          0
    2642934                              N            09/01/33
    0

    8670610          286/286             F           89,600.00         ZZ
                                         360         89,416.85          1
                                       5.875            530.02         80
                                       5.625            530.02
    MIAMI LAKES      FL   33014          5            07/28/03         00
    2618318                              03           09/01/03          0
    2618318                              O            08/01/33
    0

    8670628          286/286             F           72,000.00         ZZ
                                         360         71,849.28          1
                                       5.750            420.18         80
                                       5.500            420.18
    MIAMI LAKES      FL   33014          1            08/01/03         00
    2618429                              03           09/01/03          0
    2618429                              N            08/01/33
    0

    8670630          286/286             F           65,700.00         ZZ
                                         360         65,643.43          1
                                       6.750            426.13         90
                                       6.500            426.13
    BOURBONNAIS      IL   60914          1            08/07/03         04
    2356425                              05           10/01/03         25
    2356425                              N            09/01/33
    0

    8670640          286/286             F           50,050.00         ZZ
                                         360         50,002.06          1
                                       6.375            312.25         80
                                       6.125            312.25
    PETERSBURG       VA   23803          1            08/06/03         00
    2693209                              05           10/01/03          0
    2693209                              N            09/01/33
    0

    8670648          286/286             F           38,250.00         ZZ
                                         360         38,191.60          1
                                       7.375            264.19         80
                                       7.125            264.19
    INDIANAPOLIS     IN   46218          2            07/28/03         00
    2606678                              05           09/01/03          0
    2606678                              N            08/01/33
    0
1

    8670658          286/286             F           66,500.00         ZZ
                                         360         66,442.74          1
                                       6.750            431.32         95
                                       6.500            431.32
    ELLWOOD CITY     PA   16117          1            08/06/03         11
    2643719                              05           10/01/03         30
    2643719                              O            09/01/33
    0

    8670674          286/286             F           87,000.00         ZZ
                                         360         86,834.45          1
                                       6.250            535.68         84
                                       6.000            535.68
    ALBUQUERQUE      NM   87121          2            07/24/03         21
    2586291                              05           09/01/03         12
    2586291                              O            08/01/33
    0

    8670676          286/286             F          100,000.00         ZZ
                                         360         99,902.80          1
                                       6.125            607.62         55
                                       5.875            607.62
    WOODRIDGE        IL   60517          1            08/08/03         00
    2662331                              05           10/01/03          0
    2662331                              O            09/01/33
    0

    8670678          286/286             F           99,920.00         ZZ
                                         360         99,705.85          1
                                       5.625            575.20         80
                                       5.375            575.20
    NORFOLK          VA   23503          1            07/31/03         00
    2608306                              01           09/01/03          0
    2608306                              O            08/01/33
    0

    8670688          286/286             F           80,000.00         ZZ
                                         360         79,939.12          1
                                       7.375            552.55         80
                                       7.125            552.55
    DERRY            NH   03038          2            08/14/03         00
    2306656                              01           10/01/03          0
    2306656                              N            09/01/33
    0

    8670690          286/286             F           28,000.00         ZZ
                                         360         27,949.24          1
1

                                       6.500            176.98         66
                                       6.250            176.98
    PHOENIX          AZ   85009          5            07/28/03         00
    2577182                              01           09/01/03          0
    2577182                              N            08/01/33
    0

    8670698          286/286             F           28,000.00         ZZ
                                         360         27,949.16          1
                                       6.500            176.98         66
                                       6.250            176.98
    PHOENIX          AZ   85009          5            07/28/03         00
    2649885                              01           09/01/03          0
    2649885                              N            08/01/33
    0

    8670708          286/286             F          581,000.00         ZZ
                                         360        579,337.53          1
                                       6.250          3,577.32         69
                                       6.000          3,577.32
    SUNBURY          OH   43074          5            06/26/03         00
    2365042                              05           08/01/03          0
    2365042                              O            07/01/33
    0

    8670710          286/286             F           81,800.00         ZZ
                                         360         81,640.58          1
                                       6.125            497.03         59
                                       5.875            497.03
    NEW SMYRNA BEAC  FL   32169          2            07/25/03         00
    2247570                              05           09/01/03          0
    2247570                              O            08/01/33
    0

    8670726          286/286             F           92,000.00         ZZ
                                         360         91,804.58          1
                                       6.375            573.97         80
                                       6.125            573.97
    FREDERICK        MD   21702          1            07/29/03         00
    2427375                              03           09/01/03          0
    2427375                              O            08/01/33
    0

    8670776          286/286             F           84,700.00         ZZ
                                         360         84,619.63          1
                                       6.250            521.52         76
                                       6.000            521.52
    RICHMOND         VA   23228          5            08/15/03         00
    2623393                              05           10/01/03          0
1

    2623393                              N            09/01/33
    0

    8670784          286/286             F           84,000.00         ZZ
                                         360         83,922.19          1
                                       6.375            524.06         37
                                       6.125            524.06
    MALDEN           MA   02148          2            08/21/03         00
    2723632                              01           10/01/03          0
    2723632                              N            09/01/33
    0

    8670790          286/286             F          102,950.00         ZZ
                                         360        102,429.94          1
                                       5.500            584.54         80
                                       5.250            584.54
    BLOOMINGTON      IL   61701          1            08/01/03         00
    2517130                              05           10/01/03          0
    2517130                              O            09/01/33
    0

    8670802          286/286             F           56,500.00         ZZ
                                         360         56,395.06          1
                                       6.375            352.49         54
                                       6.125            352.49
    SILOAM SPRINGS   AR   72761          1            08/01/03         00
    2652984                              05           09/01/03          0
    2652984                              N            08/01/33
    0

    8670818          286/286             F           97,000.00         T
                                         360         96,815.28          1
                                       6.250            597.25         79
                                       6.000            597.25
    PALM SPRINGS     CA   92264          2            07/24/03         10
    2396746                              01           09/01/03         25
    2396746                              O            08/01/33
    0

    8670836          286/286             F           63,750.00         ZZ
                                         360         63,679.47          1
                                       7.375            440.31         75
                                       7.125            440.31
    INIDANAPOLIS     IN   46208          5            08/22/03         00
    2738198                              05           10/01/03          0
    2738198                              N            09/01/33
    0

1

    8670856          286/286             F           78,400.00         ZZ
                                         360         78,143.39          1
                                       6.750            508.51         70
                                       6.500            508.51
    ROYAL OAK        MI   48067          5            06/19/03         00
    2116131                              05           08/01/03          0
    2116131                              N            07/01/33
    0

    8670876          286/286             F           74,100.00         ZZ
                                         360         73,952.09          1
                                       6.000            444.27         62
                                       5.750            444.27
    PLANO            TX   75023          2            07/31/03         00
    2615313                              05           09/01/03          0
    2615313                              N            08/01/33
    0

    8670908          286/286             F           78,800.00         ZZ
                                         360         78,638.91          2
                                       5.875            466.14         63
                                       5.625            466.14
    AUSTIN           TX   78758          2            07/25/03         00
    2613697                              05           09/01/03          0
    2613697                              N            08/01/33
    0

    8670922          286/286             F           88,600.00         ZZ
                                         360         88,418.88          2
                                       5.875            524.11         65
                                       5.625            524.11
    AUSTIN           TX   78753          2            07/25/03         00
    2613709                              05           09/01/03          0
    2613709                              N            08/01/33
    0

    8670924          286/286             F           87,000.00         ZZ
                                         360         86,910.18          1
                                       5.875            514.64         80
                                       5.625            514.64
    MECHANICSVILLE   VA   23111          2            08/22/03         00
    2637739                              05           10/01/03          0
    2637739                              N            09/01/33
    0

    8670942          286/286             F           96,000.00         ZZ
                                         360         95,812.90          1
                                       6.125            583.31         64
                                       5.875            583.31
1

    LANDOVER         MD   20785          2            07/30/03         00
    1424817                              05           09/01/03          0
    1424817                              N            08/01/33
    0

    8670952          286/286             F           72,000.00         ZZ
                                         360         71,926.59          1
                                       5.875            425.91         80
                                       5.625            425.91
    ALEXANDRIA       VA   22310          1            08/15/03         00
    2666812                              01           10/01/03          0
    2666812                              O            09/01/33
    0

    8670962          286/286             F           95,900.00         ZZ
                                         360         95,703.96          2
                                       5.875            567.29         70
                                       5.625            567.29
    AUSTIN           TX   78753          2            07/25/03         00
    2613726                              05           09/01/03          0
    2613726                              N            08/01/33
    0

    8670976          286/286             F           35,800.00         ZZ
                                         360         35,680.01          1
                                       5.750            208.92         60
                                       5.500            208.92
    RENO             NV   89502          2            07/07/03         00
    2202829                              01           09/01/03          0
    2202829                              N            08/01/33
    0

    8670992          286/286             F           35,300.00         ZZ
                                         360         35,178.16          1
                                       5.750            206.01         59
                                       5.500            206.01
    RENO             NV   89502          2            07/07/03         00
    2202831                              01           09/01/03          0
    2202831                              N            08/01/33
    0

    8671014          286/286             F           37,500.00         ZZ
                                         360         37,472.17          1
                                       7.500            262.21         75
                                       7.250            262.21
    BLADENSBURG      MD   20710          1            08/26/03         00
    2731923                              01           10/01/03          0
    2731923                              N            09/01/33
    0
1

    8671016          286/286             F           48,750.00         ZZ
                                         360         48,708.02          1
                                       6.750            316.20         75
                                       6.500            316.20
    HOMESTEAD        FL   33033          5            08/12/03         00
    2647562                              05           10/01/03          0
    2647562                              N            09/01/33
    0

    8671034          286/286             F          100,000.00         ZZ
                                         360         99,809.73          1
                                       6.250            615.72         74
                                       6.000            615.72
    CINCINNATI       OH   45213          5            07/15/03         00
    2610235                              05           09/01/03          0
    2610235                              N            08/01/33
    0

    8671046          286/286             F           95,000.00         ZZ
                                         360         94,931.24          1
                                       7.625            672.41         80
                                       7.375            672.41
    SUNNY ISLES BEA  FL   33160          5            08/08/03         00
    2639299                              06           10/01/03          0
    2639299                              O            09/01/33
    0

    8671050          286/286             F           36,800.00         ZZ
                                         360         36,732.94          1
                                       6.500            232.61         80
                                       6.250            232.61
    HIALEAH          FL   33016          1            07/31/03         00
    2685362                              06           09/01/03          0
    2685362                              N            08/01/33
    0

    8671060          286/286             F           51,800.00         ZZ
                                         360         51,759.59          1
                                       7.250            353.37         70
                                       7.000            353.37
    HIALEAH          FL   33012          5            08/22/03         00
    2647339                              01           10/01/03          0
    2647339                              N            09/01/33
    0

    8671072          286/286             F           60,000.00         ZZ
                                         360         59,949.43          1
1

                                       6.875            394.16         80
                                       6.625            394.16
    HIALEAH GARDENS  FL   33016          1            08/20/03         00
    2745322                              06           10/01/03          0
    2745322                              N            09/01/33
    0

    8671108          286/286             F           71,400.00         ZZ
                                         360         71,349.60          1
                                       7.750            511.52         70
                                       7.500            511.52
    EVANSTON         WY   82930          5            08/08/03         00
    2712113                              05           10/01/03          0
    2712113                              N            09/01/33
    0

    8671130          286/286             F           92,000.00         ZZ
                                         360         91,820.69          1
                                       6.125            559.01         80
                                       5.875            559.01
    TYLER            TX   75703          1            08/01/03         00
    2601311                              01           09/01/03          0
    2601311                              O            08/01/33
    0

    8671132          286/286             F           80,300.00         ZZ
                                         360         80,225.62          1
                                       6.375            500.97         51
                                       6.125            500.97
    VERO BEACH       FL   32960          2            08/18/03         00
    2563189                              05           10/01/03          0
    2563189                              O            09/01/33
    0

    8671184          286/286             F           86,200.00         ZZ
                                         360         85,783.15          1
                                       5.250            476.00         28
                                       5.000            476.00
    SILVER SPRING    MD   20905          2            07/28/03         00
    2614693                              05           09/01/03          0
    2614693                              O            08/01/33
    0

    8671192          286/286             F          100,000.00         ZZ
                                         360         99,913.90          1
                                       6.750            648.60         77
                                       6.500            648.60
    WAUKEGAN         IL   60085          5            08/14/03         00
    2642925                              05           10/01/03          0
1

    2642925                              O            09/01/33
    0

    8671210          286/286             F           47,250.00         ZZ
                                         360         46,965.60          3
                                       5.875            279.51         70
                                       5.625            279.51
    PITTSBURGH       PA   15227          1            07/31/03         00
    2635077                              05           09/01/03          0
    2635077                              N            08/01/33
    0

    8671216          286/286             F           49,500.00         ZZ
                                         360         49,456.32          1
                                       6.625            316.96         90
                                       6.375            316.96
    PORTSMOUTH       VA   23707          1            08/07/03         11
    2615309                              05           10/01/03         25
    2615309                              N            09/01/33
    0

    8671218          286/286             F           61,900.00         ZZ
                                         360         61,841.27          1
                                       6.250            381.13         78
                                       6.000            381.13
    ALEXANDRIA       VA   22304          1            08/11/03         00
    2646526                              01           10/01/03          0
    2646526                              O            09/01/33
    0

    8671230          286/286             F           93,750.00         ZZ
                                         360         93,558.36          1
                                       5.875            554.57         75
                                       5.625            554.57
    HOUSTON          TX   77066          5            07/25/03         00
    2419811                              05           09/01/03          0
    2419811                              N            08/01/33
    0

    8671234          286/286             F           78,750.00         ZZ
                                         360         78,610.65          1
                                       6.625            504.25         75
                                       6.375            504.25
    MILFORD          OH   45150          2            07/18/03         00
    2264121                              05           09/01/03          0
    2264121                              N            08/01/33
    0

1

    8671248          286/286             F           46,400.00         ZZ
                                         360         46,317.89          1
                                       6.625            297.11         80
                                       6.375            297.11
    INDIANAPOLIS     IN   46203          5            07/30/03         00
    2554366                              05           09/01/03          0
    2554366                              N            08/01/33
    0

    8671302          286/286             F           78,500.00         ZZ
                                         360         78,384.18          1
                                       6.625            502.65         78
                                       6.375            502.65
    VIRGINIA BEACH   VA   23462          2            08/12/03         00
    2683428                              05           10/01/03          0
    2683428                              N            09/01/33
    0

    8671334          286/286             F          100,000.00         ZZ
                                         360         99,818.71          1
                                       6.500            632.07         59
                                       6.250            632.07
    NORTH LAUDERDAL  FL   33068          1            07/29/03         00
    2649726                              05           09/01/03          0
    2649726                              O            08/01/33
    0

    8671340          286/286             F           69,650.00         ZZ
                                         360         69,383.57          2
                                       6.250            428.85         70
                                       6.000            428.85
    WILMINGTON       NC   28401          2            05/28/03         00
    2406116                              05           07/01/03          0
    2406116                              N            06/01/33
    0

    8671370          286/286             F          119,831.00         ZZ
                                         360        119,608.43          1
                                       6.375            747.59         80
                                       6.125            747.59
    FORT WORTH       TX   76135          1            07/30/03         00
    2640371                              05           09/01/03          0
    2640371                              O            08/01/33
    0

    8671372          286/286             F           50,000.00         ZZ
                                         360         49,832.92          1
                                       6.000            299.78         60
                                       5.750            299.78
1

    CHICAGO          IL   60626          5            07/21/03         00
    2498057                              01           09/01/03          0
    2498057                              N            08/01/33
    0

    8671384          286/286             F           54,000.00         ZZ
                                         360         53,846.07          1
                                       5.875            319.44         90
                                       5.625            319.44
    MASSILLON        OH   44647          1            07/25/03         11
    2586784                              05           09/01/03         25
    2586784                              N            08/01/33
    0

    8671392          286/286             F           93,750.00         ZZ
                                         360         93,558.36          1
                                       5.875            554.57         75
                                       5.625            554.57
    ALBUQUERQUE      NM   87112          2            07/29/03         00
    2612083                              05           09/01/03          0
    2612083                              O            08/01/33
    0

    8671406          286/286             F           72,000.00         ZZ
                                         360         71,931.68          1
                                       6.250            443.32         80
                                       6.000            443.32
    URBANA           IL   61801          2            08/11/03         00
    2571470                              05           10/01/03          0
    2571470                              N            09/01/33
    0

    8671420          286/286             F           59,600.00         ZZ
                                         360         59,540.66          1
                                       6.000            357.34         76
                                       5.750            357.34
    XENIA            OH   45385          2            08/18/03         00
    2552768                              05           10/01/03          0
    2552768                              N            09/01/33
    0

    8671442          286/286             F           98,000.00         ZZ
                                         360         97,712.78          1
                                       6.125            595.46         80
                                       5.875            595.46
    CHANDLER         AZ   85224          5            06/03/03         00
    2359291                              05           08/01/03          0
    2359291                              N            07/01/33
    0
1

    8671452          286/286             F           72,000.00         ZZ
                                         360         71,945.21          4
                                       7.375            497.29         90
                                       7.125            497.29
    DAYTON           OH   45405          1            08/14/03         11
    2271599                              05           10/01/03         25
    2271599                              N            09/01/33
    0

    8671462          286/286             F           74,500.00         ZZ
                                         360         74,361.61          1
                                       6.375            464.79         76
                                       6.125            464.79
    CHAGRIN FALLS    OH   44023          5            07/24/03         00
    2341034                              05           09/01/03          0
    2341034                              N            08/01/33
    0

    8671464          286/286             F           72,000.00         ZZ
                                         360         71,945.21          4
                                       7.375            497.29         90
                                       7.125            497.29
    DAYTON           OH   45405          1            08/14/03         11
    2271671                              05           10/01/03         25
    2271671                              N            09/01/33
    0

    8671478          286/286             F           72,000.00         ZZ
                                         360         71,945.21          4
                                       7.375            497.29         90
                                       7.125            497.29
    DAYTON           OH   45405          1            08/14/03         12
    2274173                              05           10/01/03         25
    2274173                              N            09/01/33
    0

    8671520          286/286             F           93,540.00         ZZ
                                         360         93,455.44          1
                                       6.500            591.24         90
                                       6.250            591.24
    FT LAUDERDALE    FL   33311          1            08/22/03         10
    2737308                              01           10/01/03         25
    2737308                              O            09/01/33
    0

    8671522          286/286             F          100,000.00         ZZ
                                         360         99,829.04          1
1

                                       5.875            591.54         55
                                       5.625            591.54
    CHESAPEAKE       VA   23322          2            08/07/03         00
    2597972                              05           10/01/03          0
    2597972                              O            09/01/33
    0

    8671544          286/286             F           71,250.00         ZZ
                                         360         71,180.74          1
                                       6.125            432.93         75
                                       5.875            432.93
    FERNDALE         MI   48220          5            08/12/03         00
    2017053                              05           10/01/03          0
    2017053                              N            09/01/33
    0

    8671566          286/286             F           78,750.00         ZZ
                                         360         78,673.45          1
                                       6.125            478.50         75
                                       5.875            478.50
    FERNDALE         MI   48220          5            08/08/03         00
    2017065                              05           10/01/03          0
    2017065                              N            09/01/33
    0

    8671576          286/286             F           75,000.00         ZZ
                                         360         74,928.83          1
                                       6.250            461.79         58
                                       6.000            461.79
    DAYTON           OH   45426          5            08/05/03         00
    2449593                              05           10/01/03          0
    2449593                              N            09/01/33
    0

    8671578          286/286             F           78,000.00         ZZ
                                         360         77,924.19          1
                                       6.125            473.94         70
                                       5.875            473.94
    CENTER LINE      MI   48015          5            08/08/03         00
    2017066                              05           10/01/03          0
    2017066                              N            09/01/33
    0

    8671588          286/286             F           56,250.00         ZZ
                                         360         56,196.62          1
                                       6.250            346.35         75
                                       6.000            346.35
    FERNDALE         MI   48220          2            08/20/03         00
    2017075                              05           10/01/03          0
1

    2017075                              N            09/01/33
    0

    8671608          286/286             F           71,250.00         ZZ
                                         360         71,182.39          1
                                       6.250            438.70         75
                                       6.000            438.70
    OAK PARK         MI   48237          5            08/20/03         00
    2017082                              05           10/01/03          0
    2017082                              N            09/01/33
    0

    8671620          286/286             F           72,000.00         ZZ
                                         360         71,859.68          1
                                       6.125            437.48         43
                                       5.875            437.48
    COVENTRY         RI   02816          2            07/23/03         00
    2559172                              01           09/01/03          0
    2559172                              O            08/01/33
    0

    8671650          286/286             F           59,200.00         ZZ
                                         360         59,042.45          1
                                       6.625            379.06         80
                                       6.375            379.06
    JACKSONVILLE     FL   32206          1            06/30/03         00
    2321477                              05           08/01/03          0
    2321477                              N            07/01/33
    0

    8671664          286/286             F           91,500.00         ZZ
                                         360         91,404.47          1
                                       5.750            533.97         74
                                       5.500            533.97
    DETROIT          MI   48219          5            08/14/03         00
    2645546                              05           10/01/03          0
    2645546                              O            09/01/33
    0

    8671668          286/286             F           68,300.00         ZZ
                                         360         68,173.13          1
                                       6.375            426.11         79
                                       6.125            426.11
    OMAHA            NE   68104          2            07/25/03         00
    2611714                              05           09/01/03          0
    2611714                              O            08/01/33
    0

1

    8671726          286/286             F           47,250.00         ZZ
                                         360         47,208.31          1
                                       6.625            302.55         90
                                       6.375            302.55
    CHESAPEAKE       VA   23321          1            08/07/03         12
    2678462                              05           10/01/03         25
    2678462                              N            09/01/33
    0

    8671886          758/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.375            998.19         80
                                       6.125            998.19
    FORT COLLINS     CO   80526          5            09/08/03         00
    0436605927                           03           11/01/03          0
    761966                               O            10/01/33
    0

    8671928          286/286             F           95,920.00         ZZ
                                         360         95,847.01          4
                                       7.375            662.50         80
                                       7.125            662.50
    MILWAUKEE        WI   53215          1            08/07/03         00
    2680505                              05           10/01/03          0
    2680505                              O            09/01/33
    0

    8671936          286/286             F           72,000.00         ZZ
                                         360         71,928.32          1
                                       6.000            431.68         90
                                       5.750            431.68
    NORFOLK          VA   23509          1            08/01/03         12
    2442676                              05           10/01/03         25
    2442676                              N            09/01/33
    0

    8671976          286/286             F           64,800.00         ZZ
                                         360         64,673.70          2
                                       6.125            393.74         90
                                       5.875            393.74
    PROCTOR          VT   05765          1            07/30/03         12
    2528718                              05           09/01/03         25
    2528718                              N            08/01/33
    0

    8671986          286/286             F           54,750.00         ZZ
                                         360         54,645.83          1
                                       6.250            337.11         75
                                       6.000            337.11
1

    FLORESVILLE      TX   78114          5            07/23/03         00
    2532675                              05           09/01/03          0
    2532675                              N            08/01/33
    0

    8671988          286/286             F           72,500.00         ZZ
                                         360         72,209.19          2
                                       5.875            428.87         66
                                       5.625            428.87
    ORLANDO          FL   32807          2            07/30/03         00
    2562792                              05           09/01/03          0
    2562792                              N            08/01/33
    0

    8671998          286/286             F           56,250.00         ZZ
                                         360         56,142.98          1
                                       6.250            346.34         75
                                       6.000            346.34
    STOCKDALE        TX   78160          5            07/15/03         00
    2532670                              05           09/01/03          0
    2532670                              N            08/01/33
    0

    8672000          286/286             F           72,500.00         ZZ
                                         360         72,209.19          2
                                       5.875            428.87         62
                                       5.625            428.87
    ORLANDO          FL   32807          2            07/30/03         00
    2562799                              05           09/01/03          0
    2562799                              N            08/01/33
    0

    8672038          286/286             F           22,000.00         T
                                         360         21,961.99          1
                                       6.750            142.70         53
                                       6.500            142.70
    CARROLLTON       OH   44615          1            07/31/03         00
    2442751                              05           09/01/03          0
    2442751                              O            08/01/33
    0

    8672046          286/286             F           64,000.00         ZZ
                                         360         63,856.24          1
                                       5.375            358.39         65
                                       5.125            358.39
    ROANOKE          VA   24018          1            07/25/03         00
    2597932                              05           09/01/03          0
    2597932                              N            08/01/33
    0
1

    8672064          286/286             F           78,000.00         ZZ
                                         360         77,858.58          1
                                       6.500            493.02         75
                                       6.250            493.02
    WASHINGTON       DC   20019          5            07/31/03         00
    2626681                              05           09/01/03          0
    2626681                              N            08/01/33
    0

    8672088          286/286             F           96,900.00         ZZ
                                         360         96,828.09          3
                                       7.500            677.54         95
                                       7.250            677.54
    WATERBURY        CT   06071          1            08/15/03         12
    911027                               05           10/01/03         30
    911027                               O            09/01/33
    0

    8672092          286/286             F           67,200.00         ZZ
                                         360         67,144.91          1
                                       7.000            447.09         80
                                       6.750            447.09
    DAYTON           OH   45410          1            08/08/03         00
    2692057                              05           10/01/03          0
    2692057                              N            09/01/33
    0

    8672106          286/286             F           80,500.00         ZZ
                                         360         80,323.35          1
                                       5.500            457.08         71
                                       5.250            457.08
    COLUMBUS         OH   43204          2            08/04/03         00
    2543397                              05           09/01/03          0
    2543397                              N            08/01/33
    0

    8672410          Q57/G02             F          672,000.00         ZZ
                                         360        671,462.61          2
                                       7.125          4,527.39         48
                                       6.875          4,527.39
    VENICE           CA   90291          5            08/27/03         00
    0436622153                           05           10/01/03          0
    10005981                             O            09/01/33
    0

    8672492          K15/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
1

                                       6.500            455.09         27
                                       6.250            455.09
    LATON            CA   93242          5            09/10/03         00
    0436599229                           05           11/01/03          0
    038305513040                         O            10/01/33
    0

    8672498          738/G02             F           82,325.00         ZZ
                                         360         82,325.00          1
                                       7.250            561.60         89
                                       7.000            561.60
    GREENSBORO       NC   27405          1            09/11/03         01
    0436577910                           05           11/01/03         25
    41142798                             O            10/01/33
    0

    8672502          K15/G02             F           85,400.00         ZZ
                                         360         85,400.00          2
                                       6.875            561.02         37
                                       6.625            561.02
    DRACUT           MA   01826          5            09/10/03         00
    0436592984                           05           11/01/03          0
    024505519916                         O            10/01/33
    0

    8673338          U05/G02             F           89,600.00         ZZ
                                         360         89,526.56          1
                                       7.000            596.11         56
                                       6.750            596.11
    CRESTLINE        CA   92325          5            08/07/03         00
    0436590442                           05           10/01/03          0
    3382623                              N            09/01/33
    0

    8673354          U05/G02             F           88,000.00         ZZ
                                         360         87,931.35          1
                                       7.250            600.32         80
                                       7.000            600.32
    HALLANDALE       FL   33009          1            08/21/03         00
    0436596209                           06           10/01/03          0
    3410169                              N            09/01/33
    0

    8673356          U05/G02             F           56,000.00         ZZ
                                         360         55,951.79          1
                                       6.750            363.21         80
                                       6.500            363.21
    SAN ANTONIO      TX   78245          2            08/27/03         00
    0436600878                           05           10/01/03          0
1

    3359132                              N            09/01/33
    0

    8673384          U05/G02             F           63,000.00         ZZ
                                         360         62,949.62          1
                                       7.125            424.44         90
                                       6.875            424.44
    COLUMBUS         OH   43230          2            08/26/03         14
    0436591077                           05           10/01/03         25
    3411650                              O            09/01/33
    0

    8673386          U05/G02             F           57,240.00         ZZ
                                         360         57,240.00          1
                                       6.625            366.51         90
                                       6.375            366.51
    BUSHKILL         PA   18324          1            09/02/03         10
    0436590343                           03           11/01/03         25
    3412309                              O            10/01/33
    0

    8673454          U05/G02             F           68,800.00         ZZ
                                         360         68,740.76          1
                                       6.750            446.24         80
                                       6.500            446.24
    MCMINNVILLE      OR   97128          1            08/26/03         00
    0436591036                           05           10/01/03          0
    3410982                              O            09/01/33
    0

    8673466          U05/G02             F           69,500.00         ZZ
                                         360         69,443.03          1
                                       7.000            462.39         50
                                       6.750            462.39
    DENVER           CO   80221          1            08/21/03         00
    0436592406                           05           10/01/03          0
    3407402                              O            09/01/33
    0

    8673482          U05/G02             F           52,400.00         ZZ
                                         360         52,347.84          1
                                       6.000            314.16         80
                                       5.750            314.16
    CLOVIS           NM   88101          5            08/26/03         00
    0436611651                           05           10/01/03          0
    3391362                              O            09/01/33
    0

1

    8673514          U05/G02             F           89,100.00         ZZ
                                         360         89,019.46          1
                                       6.500            563.17         90
                                       6.250            563.17
    SALEM            OR   97301          1            08/22/03         10
    0436609986                           05           10/01/03         25
    3403189                              O            09/01/33
    0

    8673528          U05/G02             F           75,000.00         ZZ
                                         360         74,940.02          1
                                       7.125            505.29         75
                                       6.875            505.29
    SACRAMENTO       CA   95817          5            08/19/03         00
    0436595847                           05           10/01/03          0
    3376552                              N            09/01/33
    0

    8673826          E22/G02             F           76,800.00         ZZ
                                         360         76,800.00          1
                                       6.875            504.52         80
                                       6.625            504.52
    COLORADO SPRING  CO   80919          1            09/16/03         00
    0418235966                           01           11/01/03          0
    0418235966                           N            10/01/33
    0

    8674084          E22/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       6.875            459.85         39
                                       6.625            459.85
    ST. JOSEPH       MI   49085          5            09/11/03         00
    0418357125                           05           11/01/03          0
    0418357125                           O            10/01/33
    0

    8674108          E22/G02             F           52,800.00         ZZ
                                         360         52,800.00          1
                                       6.750            342.46         80
                                       6.500            342.46
    VIRGINIA BEACH   VA   23452          5            09/12/03         00
    0418378014                           07           11/01/03          0
    0418378014                           N            10/01/33
    0

    8674158          E82/G02             F           69,900.00         ZZ
                                         360         69,900.00          1
                                       6.250            430.39         74
                                       6.000            430.39
1

    MILWAUKEE        WI   53223          2            09/05/03         00
    0400877080                           05           11/01/03          0
    0400877080                           O            10/01/33
    0

    8674170          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.875            394.16         75
                                       6.625            394.16
    CHURUBUSCO       IN   46723          5            09/11/03         00
    0418455028                           05           11/01/03          0
    0418455028                           O            10/01/33
    0

    8674210          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.250            394.06         80
                                       6.000            394.06
    CARROLLTON       TX   75006          5            09/11/03         00
    0417957388                           01           11/01/03          0
    0417957388                           O            10/01/33
    0

    8674248          E22/G02             F           81,600.00         TX
                                         360         81,600.00          1
                                       6.250            502.43         80
                                       6.000            502.43
    THE COLONY       TX   75056          5            09/11/03         00
    0418086054                           05           11/01/03          0
    0418086054                           O            10/01/33
    0

    8674816          P01/G02             F           56,485.00         ZZ
                                         360         56,435.16          1
                                       6.625            361.68         79
                                       6.375            361.68
    UTICA            NY   13501          1            08/25/03         00
    0436585145                           05           10/01/03          0
    03005241                             O            09/01/33
    0

    8676108          X51/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.375          3,743.22         63
                                       6.125          3,743.22
    ROLLING HILLS E  CA   90274          5            09/13/03         00
    0436601157                           03           11/01/03          0
    0030811000                           O            10/01/33
    0
1

    8676784          144/144             F           57,000.00         ZZ
                                         360         56,947.20          1
                                       6.375            355.61         39
                                       6.125            355.61
    KERHONKSON       NY   12446          5            08/12/03         00
    160735670000000                      05           10/01/03          0
    160605279                            O            09/01/33
    0

    8677476          U85/G02             F           25,000.00         ZZ
                                         360         25,000.00          1
                                       7.875            181.27         39
                                       7.625            181.27
    COUNCIL BLUFFS   IA   51501          5            09/12/03         00
    0436590095                           05           11/01/03          0
    TQSHODGE                             O            10/01/33
    0

    8677490          N74/G02             F           91,755.00         ZZ
                                         360         91,686.91          1
                                       7.500            641.56        100
                                       7.250            641.56
    STAUNTON         VA   24401          1            09/10/03         10
    0436595748                           05           10/10/03         35
    0033333010                           O            09/10/33
    0

    8678526          144/144             F          650,000.00         ZZ
                                         360        648,095.02          1
                                       6.125          3,949.47         77
                                       5.875          3,949.47
    NEW PALTZ        NY   12561          5            06/02/03         00
    1                                    05           08/01/03          0
    1                                    O            07/01/33
    0

    8678580          168/168             F           55,350.00         ZZ
                                         360         55,302.34          4
                                       6.750            359.00         90
                                       6.500            359.00
    BUFFALO          NY   14207          1            08/05/03         04
    3545569                              05           10/01/03         25
    0359455697                           N            09/01/33
    0

    8678584          E22/G02             F           93,680.00         ZZ
                                         360         93,680.00          1
1

                                       6.000            561.66         80
                                       5.750            561.66
    BOISE            ID   83713          2            09/03/03         00
    0418356127                           03           11/01/03          0
    0418356127                           N            10/01/33
    0

    8678594          E22/G02             F           74,815.00         ZZ
                                         360         74,815.00          1
                                       6.000            448.55         59
                                       5.750            448.55
    BOISE            ID   83714          2            09/03/03         00
    0418367322                           03           11/01/03          0
    0418367322                           N            10/01/33
    0

    8678732          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.500            537.26         48
                                       6.250            537.26
    TEMPLE TERRACE   FL   33617          5            09/12/03         00
    0418270153                           05           11/01/03          0
    0418270153                           O            10/01/33
    0

    8679056          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.250            492.57         80
                                       6.000            492.57
    HILLSBORO        OH   45133          5            09/05/03         00
    0417990702                           05           11/01/03          0
    0417990702                           O            10/01/33
    0

    8679098          E22/G02             F          208,000.00         ZZ
                                         360        207,782.84          1
                                       5.750          1,213.83         80
                                       5.500          1,213.83
    VALLEJO          CA   94591          5            08/14/03         00
    0417889573                           05           10/01/03          0
    0417889573                           O            09/01/33
    0

    8680370          K15/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       6.500            518.30         33
                                       6.250            518.30
    MARSTONS MILLS   MA   02648          5            09/10/03         00
    0436598486                           05           11/01/03          0
1

    037805512242                         O            10/01/33
    0

    8680422          U05/G02             F           90,000.00         ZZ
                                         360         90,000.00          3
                                       6.875            591.24         90
                                       6.625            591.24
    PITTSBURGH       PA   15218          1            09/09/03         10
    0436611099                           05           11/01/03         25
    3412616                              N            10/01/33
    0

    8680434          R84/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.000            665.30         67
                                       6.750            665.30
    SUSANVILLE       CA   96130          5            09/02/03         00
    0436613897                           05           11/01/03          0
    WA308205                             O            10/01/33
    0

    8680458          H58/G02             F           46,875.00         ZZ
                                         360         46,833.64          1
                                       6.625            300.15         75
                                       6.375            300.15
    FRESNO           CA   93705          1            08/26/03         00
    0436593321                           01           10/01/03          0
    0000174587                           N            09/01/33
    0

    8680460          B23/G02             F           73,000.00         ZZ
                                         360         73,000.00          1
                                       6.500            461.41         35
                                       6.250            461.41
    ONTARIO          CA   91764          5            09/09/03         00
    0436610885                           05           11/01/03          0
    80002274                             O            10/01/33
    0

    8681080          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.875            420.43         80
                                       6.625            420.43
    PENSACOLA        FL   32505          2            09/18/03         00
    0418284378                           05           11/01/03          0
    0418284378                           N            10/01/33
    0

1

    8681148          E22/G02             F           76,025.00         ZZ
                                         360         76,025.00          1
                                       6.000            455.81         54
                                       5.750            455.81
    BOISE            ID   83716          2            09/03/03         00
    0418355673                           03           11/01/03          0
    0418355673                           N            10/01/33
    0

    8681152          E22/G02             F          553,000.00         ZZ
                                         360        553,000.00          1
                                       6.500          3,495.34         70
                                       6.250          3,495.34
    SAN FRANCISCO    CA   94122          1            08/29/03         00
    0418357844                           05           11/01/03          0
    0418357844                           O            10/01/33
    0

    8681166          E22/G02             F           81,550.00         ZZ
                                         360         81,550.00          1
                                       6.000            488.93         61
                                       5.750            488.93
    BOISE            ID   83703          2            09/03/03         00
    0418367363                           05           11/01/03          0
    0418367363                           N            10/01/33
    0

    8681196          E22/G02             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       7.250            577.12         90
                                       7.000            577.12
    EWING TOWNSHIP   NJ   08638          1            09/18/03         04
    0418396016                           05           11/01/03         25
    0418396016                           N            10/01/33
    0

    8681208          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.250            682.18         80
                                       7.000            682.18
    BOYNTON BEACH    FL   33436          1            09/18/03         00
    0418413993                           09           11/01/03          0
    0418413993                           N            10/01/33
    0

    8681234          E22/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       7.375            563.59         80
                                       7.125            563.59
1

    GRAND JUNCTION   CO   81501          1            09/18/03         00
    0418435145                           09           11/01/03          0
    0418435145                           N            10/01/33
    0

    8681236          E22/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       7.375            563.59         80
                                       7.125            563.59
    GRAND JUNCTION   CO   81501          1            09/18/03         00
    0418435210                           09           11/01/03          0
    0418435210                           N            10/01/33
    0

    8681808          975/G02             F          562,250.00         ZZ
                                         360        562,250.00          3
                                       6.875          3,693.58         65
                                       6.625          3,693.58
    SANTA MONICA     CA   90405          5            09/01/03         00
    0436602528                           05           11/01/03          0
    2034170                              O            10/01/33
    0

    8681910          S27/G02             F           68,000.00         ZZ
                                         360         68,000.00          2
                                       6.500            429.81         80
                                       6.250            429.81
    PHILADELPHIA     PA   19135          2            09/12/03         00
    0436595961                           05           11/01/03          0
    1130016268                           N            10/01/33
    0

    8682020          588/G02             F          479,920.00         ZZ
                                         360        479,506.80          1
                                       6.750          3,112.75         80
                                       6.500          3,112.75
    HOLLAND TOWNSHI  NJ   08848          1            08/29/03         00
    0436641229                           05           10/01/03          0
    00010971702                          O            09/01/33
    0

    8682220          601/G02             F          350,900.00         ZZ
                                         360        350,542.24          1
                                       5.875          2,075.71         90
                                       5.625          2,075.71
    LITTLE FALLS     NJ   07424          1            08/15/03         04
    0436588420                           05           10/01/03         25
    82633744                             O            09/01/33
    0
1

    8682224          601/G02             F          448,000.00         ZZ
                                         360        447,509.64          1
                                       5.500          2,543.69         75
                                       5.250          2,543.69
    LAKE ELMO        MN   55042          5            08/14/03         00
    0436598015                           05           10/01/03          0
    82629288                             O            09/01/33
    0

    8682306          601/G02             F          380,000.00         ZZ
                                         360        379,603.25          1
                                       5.750          2,217.58         80
                                       5.500          2,217.58
    GLASTONBURY      CT   06033          5            08/20/03         00
    0436607519                           05           10/01/03          0
    23114416                             O            09/01/33
    0

    8682310          601/G02             F          606,700.00         ZZ
                                         360        606,066.56          1
                                       5.750          3,540.54         74
                                       5.500          3,540.54
    BILLINGS         MT   59106          2            08/08/03         00
    0436593222                           05           10/01/03          0
    82666157                             O            09/01/33
    0

    8682322          601/G02             F          535,000.00         ZZ
                                         300        533,329.60          1
                                       5.500          3,285.37         66
                                       5.250          3,285.37
    MONMOUTH BEACH   NJ   07750          5            07/09/03         00
    0436587398                           05           09/01/03          0
    82494931                             O            08/01/28
    0

    8682334          601/G02             F          483,500.00         ZZ
                                         360        482,970.78          1
                                       5.500          2,745.26         79
                                       5.250          2,745.26
    CEDAR RAPIDS     IA   52403          2            08/25/03         00
    0436592240                           05           10/01/03          0
    82638321                             O            09/01/33
    0

    8682494          Q87/G02             F           75,200.00         TX
                                         360         75,138.36          1
1

                                       7.000            500.31         80
                                       6.750            500.31
    AVERY            TX   75554          5            09/10/03         00
    0436602890                           05           10/15/03          0
    TRLY01                               O            09/15/33
    0

    8682586          W96/G02             F          356,000.00         ZZ
                                         360        355,700.91          1
                                       6.875          2,338.67         80
                                       6.625          2,338.67
    ORLANDO          FL   32819          1            08/29/03         00
    0436583850                           03           10/01/03          0
    23080396                             O            09/01/33
    0

    8682758          W96/G02             F           90,000.00         ZZ
                                         360         89,920.59          1
                                       6.625            576.28         68
                                       6.375            576.28
    ORLANDO          FL   32825          5            08/21/03         00
    0436583991                           05           10/01/03          0
    23060647                             O            09/01/33
    0

    8682862          W96/G02             F           89,733.00         ZZ
                                         360         89,663.00          1
                                       7.250            612.14         80
                                       7.000            612.14
    LADY LAKE        FL   32162          1            08/25/03         00
    0436584585                           03           10/01/03          0
    23080121                             O            09/01/33
    0

    8682934          R80/G02             F           98,400.00         ZZ
                                         360         98,323.24          1
                                       7.250            671.26         80
                                       7.000            671.26
    TEMPE            AZ   85281          1            08/27/03         00
    0436609234                           05           10/01/03          0
    31032A                               N            09/01/33
    0

    8684232          E82/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.875            492.70         95
                                       6.625            492.70
    CONWAY           AR   72032          2            09/15/03         10
    0400889713                           05           11/01/03         30
1

    0400889713                           O            10/01/33
    0

    8684288          E82/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       5.875            591.54         59
                                       5.625            591.54
    CAMPTON          NH   03223          5            09/15/03         00
    0400871869                           05           11/01/03          0
    0400871869                           O            10/01/33
    0

    8684468          E22/G02             F           53,000.00         ZZ
                                         360         53,000.00          2
                                       7.625            375.13         70
                                       7.375            375.13
    OGDEN            UT   84403          5            09/11/03         00
    0418368718                           05           11/01/03          0
    0418368718                           O            10/01/33
    0

    8684578          E22/G02             F          341,050.00         ZZ
                                         360        341,050.00          1
                                       7.500          2,384.67         95
                                       7.250          2,384.67
    LAKEVILLE        MN   55044          1            09/19/03         01
    0418517942                           05           11/01/03         30
    0418517942                           O            10/01/33
    0

    8684584          E22/G02             F          478,000.00         ZZ
                                         360        478,000.00          1
                                       6.750          3,100.30         80
                                       6.500          3,100.30
    GEORGETOWN       CA   95634          1            09/11/03         00
    0418523551                           05           11/01/03          0
    0418523551                           O            10/01/33
    0

    8684642          E22/G02             F          146,400.00         ZZ
                                         360        146,400.00          1
                                       7.375          1,011.15         80
                                       7.125          1,011.15
    PLANO            TX   75024          1            09/19/03         00
    0418291605                           05           11/01/03          0
    0418291605                           O            10/01/33
    0

1

    8684672          E22/G02             F          149,140.00         ZZ
                                         360        149,140.00          1
                                       6.750            967.32         80
                                       6.500            967.32
    SOUTHAVEN        MS   38672          1            09/19/03         00
    0418348512                           03           11/01/03          0
    0418348512                           O            10/01/33
    0

    8684722          E22/G02             F           99,200.00         ZZ
                                         360         99,200.00          1
                                       6.625            635.19         80
                                       6.375            635.19
    SPOKANE          WA   99205          2            09/08/03         00
    0418425971                           05           11/01/03          0
    0418425971                           O            10/01/33
    0

    8684884          E22/G02             F           99,920.00         ZZ
                                         360         99,920.00          1
                                       6.875            656.40         80
                                       6.625            656.40
    MONROEVILL       IN   46773          1            09/19/03         00
    0418473690                           05           11/01/03          0
    0418473690                           O            10/01/33
    0

    8684892          E22/G02             F           74,100.00         ZZ
                                         360         74,100.00          1
                                       6.875            486.78         95
                                       6.625            486.78
    PINE HILL ROAD   NJ   08021          5            09/15/03         01
    0418485496                           01           11/01/03         30
    0418485496                           O            10/01/33
    0

    8684908          E22/G02             F           50,000.00         T
                                         360         50,000.00          1
                                       6.875            328.46         53
                                       6.625            328.46
    CHARLESTON       SC   29407          5            09/19/03         00
    0417786753                           05           11/01/03          0
    0417786753                           O            10/01/33
    0

    8684926          E22/G02             F           98,000.00         ZZ
                                         360         98,000.00          1
                                       6.750            635.63         80
                                       6.500            635.63
1

    EAST TAWAS       MI   48730          5            09/15/03         00
    0417990199                           05           11/01/03          0
    0417990199                           O            10/01/33
    0

    8686372          K15/G02             F           97,000.00         ZZ
                                         360         96,907.96          1
                                       6.250            597.25         46
                                       6.000            597.25
    PORTLAND         ME   04102          5            08/26/03         00
    0436604342                           05           10/01/03          0
    007805519944                         O            09/01/33
    0

    8686464          601/G02             F          501,600.00         ZZ
                                         360        500,525.01          1
                                       5.625          2,887.49         80
                                       5.375          2,887.49
    COLORADO SPRING  CO   80918          2            07/30/03         00
    0436606156                           03           09/01/03          0
    82820150                             O            08/01/33
    0

    8686516          601/G02             F          364,000.00         ZZ
                                         360        363,628.88          1
                                       5.875          2,153.20         74
                                       5.625          2,153.20
    NORTH OAKS       MN   55127          5            08/14/03         00
    0436600217                           05           10/01/03          0
    82708710                             O            09/01/33
    0

    8686596          601/G02             F          560,000.00         ZZ
                                         360        558,827.84          1
                                       5.750          3,268.01         80
                                       5.500          3,268.01
    PASADENA         CA   91106          1            07/24/03         00
    0436595169                           05           09/01/03          0
    82675992                             O            08/01/33
    0

    8686626          601/G02             F          555,000.00         ZZ
                                         360        554,420.55          1
                                       5.750          3,238.83         75
                                       5.500          3,238.83
    SOLON            IA   52333          2            08/19/03         00
    0436599823                           05           10/01/03          0
    82710591                             O            09/01/33
    0
1

    8686650          601/G02             F          375,920.00         ZZ
                                         360        375,151.59          1
                                       5.875          2,223.71         80
                                       5.625          2,223.71
    CHINO HILLS      CA   91709          1            07/24/03         00
    0436600613                           05           09/01/03          0
    82965450                             O            08/01/33
    0

    8687890          T08/G02             F          459,750.00         ZZ
                                         360        458,717.35          1
                                       5.375          2,574.47         59
                                       5.125          2,574.47
    CHESTER          MD   21619          2            07/30/03         00
    0436600894                           05           09/01/03          0
    31230009                             O            08/01/33
    0

    8688608          N74/G02             F          152,800.00         T
                                         360        152,665.18          1
                                       6.625            978.40         80
                                       6.375            978.40
    BANNER ELK       NC   28604          1            09/15/03         00
    0436640478                           03           10/15/03          0
    0033354010                           O            09/15/33
    0

    8688610          F09/G02             F          500,000.00         ZZ
                                         360        497,334.08          1
                                       6.000          2,997.75         79
                                       5.750          2,997.75
    VALLEY VILLAGE   CA   91607          5            04/25/03         00
    0436613533                           05           06/01/03          0
    10303186                             O            05/01/33
    0

    8689208          E82/G02             F           86,900.00         ZZ
                                         360         86,900.00          1
                                       6.750            563.63         65
                                       6.500            563.63
    ALBUQUERQUE      NM   87111          2            09/22/03         00
    0400887360                           05           11/01/03          0
    0400887360                           N            10/01/33
    0

    8689212          E22/G02             F          419,250.00         ZZ
                                         360        419,250.00          1
1

                                       7.125          2,824.56         70
                                       6.875          2,824.56
    BIRMINGHAM       AL   35213          2            09/17/03         00
    0418112645                           05           11/01/03          0
    0418112645                           O            10/01/33
    0

    8689214          E82/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       5.875            771.96         60
                                       5.625            771.96
    RIO RANCHO       NM   87124          2            09/19/03         00
    0400869889                           03           11/01/03          0
    0400869889                           O            10/01/33
    0

    8689228          E82/G02             F           66,500.00         T
                                         360         66,500.00          1
                                       6.125            404.06         57
                                       5.875            404.06
    PAYNE SPRINGS    TX   75147          2            09/19/03         00
    0400881769                           05           11/01/03          0
    0400881769                           O            10/01/33
    0

    8689274          E22/G02             F           86,000.00         TX
                                         360         86,000.00          1
                                       5.875            508.72         52
                                       5.625            508.72
    HOCKLEY          TX   77447          5            09/16/03         00
    0417826146                           05           11/01/03          0
    0417826146                           O            10/01/33
    0

    8689292          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.500            429.81         80
                                       6.250            429.81
    LEEDS            AL   35094          2            09/17/03         00
    0418128872                           05           11/01/03          0
    0418128872                           O            10/01/33
    0

    8689462          E22/G02             F           46,750.00         ZZ
                                         360         46,750.00          1
                                       6.000            280.29         85
                                       5.750            280.29
    OPELOUSAS        LA   70570          5            09/17/03         01
    0418171096                           05           11/01/03         12
1

    0418171096                           O            10/01/33
    0

    8689472          E22/G02             F          429,000.00         ZZ
                                         360        429,000.00          1
                                       5.875          2,537.70         25
                                       5.625          2,537.70
    SAN JOSE         CA   95120          2            09/08/03         00
    0418182002                           05           11/01/03          0
    0418182002                           O            10/01/33
    0

    8689596          E22/G02             F          175,920.00         ZZ
                                         360        175,920.00          1
                                       6.500          1,111.93         80
                                       6.250          1,111.93
    POMPANO BEACH    FL   33068          1            09/22/03         00
    0418421798                           03           11/01/03          0
    0418421798                           O            10/01/33
    0

    8689616          E22/G02             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.500          3,286.75         67
                                       6.250          3,286.75
    SAN FRANCISCO    CA   94122          1            09/09/03         00
    0418429312                           05           11/01/03          0
    0418429312                           O            10/01/33
    0

    8689638          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       6.500            480.37         80
                                       6.250            480.37
    MOORE            OK   73160          5            09/16/03         00
    0418445995                           05           11/01/03          0
    0418445995                           O            10/01/33
    0

    8689744          E22/G02             F          271,000.00         ZZ
                                         360        271,000.00          1
                                       6.750          1,757.70         80
                                       6.500          1,757.70
    SOUTH LAKE TAHO  CA   96150          5            09/12/03         00
    0418327367                           05           11/01/03          0
    0418327367                           O            10/01/33
    0

1

    8689754          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.875            558.39         66
                                       6.625            558.39
    DECATUR          IN   46733          1            09/22/03         00
    0418374450                           05           11/01/03          0
    0418374450                           O            10/01/33
    0

    8689770          E22/G02             F          379,000.00         ZZ
                                         360        379,000.00          1
                                       6.875          2,489.76         80
                                       6.625          2,489.76
    ARDEN            NC   28704          5            09/16/03         00
    0418392494                           05           11/01/03          0
    0418392494                           O            10/01/33
    0

    8689840          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       7.250            627.60         80
                                       7.000            627.60
    RENO             NV   89506          5            09/11/03         00
    0418488284                           09           11/01/03          0
    0418488284                           O            10/01/33
    0

    8689850          E22/G02             F           97,500.00         T
                                         360         97,500.00          1
                                       7.625            690.10         75
                                       7.375            690.10
    AUSTIN           TX   78758          5            09/17/03         00
    0418499273                           05           11/01/03          0
    0418499273                           O            10/01/33
    0

    8689962          E22/G02             F           93,000.00         ZZ
                                         360         93,000.00          1
                                       6.625            595.49         21
                                       6.375            595.49
    SAN JOSE         CA   95125          5            09/09/03         00
    0417919289                           05           11/01/03          0
    0417919289                           O            10/01/33
    0

    8689966          F09/G02             F          558,000.00         ZZ
                                         360        557,553.78          1
                                       7.125          3,759.35         75
                                       6.875          3,759.35
1

    MILL VALLEY      CA   94941          5            08/19/03         00
    0436612196                           05           10/01/03          0
    2000383619                           O            09/01/33
    0

    8689978          420/G02             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       7.250          3,165.30         75
                                       7.000          3,165.30
    SANTA ROSA       CA   95407          5            09/03/03         00
    0436613392                           05           11/01/03          0
    73004654                             O            10/01/33
    0

    8689984          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.500            455.09         90
                                       6.250            455.09
    BAY MINETTE      AL   36507          2            09/11/03         10
    0418012696                           05           11/01/03         25
    0418012696                           O            10/01/33
    0

    8690056          E22/G02             F           59,900.00         ZZ
                                         360         59,900.00          1
                                       7.500            418.83         85
                                       7.250            418.83
    KNOB NOSTER      MO   65336          5            09/16/03         01
    0418226387                           05           11/01/03         12
    0418226387                           O            10/01/33
    0

    8690088          Q31/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.500            568.87         79
                                       6.250            568.87
    HOLTVILLE        CA   92250          5            09/17/03         00
    0436617211                           05           11/01/03          0
    VV90307                              O            10/01/33
    0

    8690112          F09/F09             F          405,000.00         ZZ
                                         360        402,491.98          1
                                       5.875          2,395.73         78
                                       5.625          2,395.73
    CINCINNATI       OH   45226          5            03/24/03         00
    2000236926                           05           05/01/03          0
    2000236926                           O            04/01/33
    0
1

    8690386          P01/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.000            452.41         85
                                       6.750            452.41
    TROY             NY   12180          1            08/13/03         27
    0436608251                           05           11/01/03         12
    03015126                             N            10/01/33
    0

    8690544          U09/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
                                       7.625            484.13         95
                                       7.375            484.13
    QUINCY           MI   49082          1            09/15/03         11
    0436627525                           05           11/01/03         25
    2302138                              O            10/01/33
    0

    8690572          967/G02             F          144,400.00         ZZ
                                         360        144,400.00          1
                                       6.750            936.58         80
                                       6.500            936.58
    EDGEWATER        CO   80214          1            09/17/03         00
    0436628721                           05           11/01/03          0
    6681431                              O            10/01/33
    0

    8691086          F96/G02             F           73,800.00         ZZ
                                         360         73,800.00          1
                                       7.625            522.35         90
                                       7.375            522.35
    TOWN OF PHILLIP  NJ   08865          1            09/04/03         12
    0436620975                           05           11/01/03         25
    SPAR00230                            N            10/01/33
    0

    8691114          F96/G02             F           71,100.00         ZZ
                                         360         71,100.00          1
                                       7.625            503.24         90
                                       7.375            503.24
    TOWN OF PHILLIP  NJ   08865          1            09/04/03         12
    0436649909                           05           11/01/03         25
    SPAR00231                            N            10/01/33
    0

    8691154          K15/G02             F           86,200.00         ZZ
                                         360         86,200.00          1
1

                                       6.875            566.27         85
                                       6.625            566.27
    WINTHROP         IA   50682          5            08/28/03         41
    0436609796                           05           11/01/03         12
    009905512493                         O            10/01/33
    0

    8691166          L21/G02             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       5.500          3,009.29         77
                                       5.250          3,009.29
    SANTA BARBARA    CA   93110          5            09/05/03         00
    0436612972                           03           11/01/03          0
    0307ML0066                           O            10/01/33
    0

    8691386          W40/G02             F           92,750.00         ZZ
                                         360         92,750.00          1
                                       7.500            648.52         95
                                       7.250            648.52
    PHOENIX          AZ   85033          2            09/15/03         04
    0436604557                           05           11/01/03         30
    1000028754                           O            10/01/33
    0

    8691400          714/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.375          2,183.54         77
                                       6.125          2,183.54
    MEQUON           WI   53092          1            09/22/03         00
    0436664841                           05           11/01/03          0
    140850103000                         O            10/01/33
    0

    8691732          E22/G02             F           98,800.00         ZZ
                                         360         98,800.00          1
                                       6.625            632.63         80
                                       6.375            632.63
    KILLEN           AL   35645          1            09/23/03         00
    0418442380                           05           11/01/03          0
    0418442380                           O            10/01/33
    0

    8691750          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.250            545.74         80
                                       7.000            545.74
    HIALEAH          FL   33014          5            09/18/03         00
    0418451423                           01           11/01/03          0
1

    0418451423                           O            10/01/33
    0

    8691824          E22/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
                                       6.875            637.22         58
                                       6.625            637.22
    PLAINFIELD       NJ   07060          5            09/18/03         00
    0418492351                           05           11/01/03          0
    0418492351                           O            10/01/33
    0

    8692004          E22/G02             F           71,000.00         ZZ
                                         360         71,000.00          1
                                       6.250            437.16         79
                                       6.000            437.16
    DURANGO          CO   81301          2            09/18/03         00
    0418548319                           01           11/01/03          0
    0418548319                           O            10/01/33
    0

    8692170          E22/G02             F           92,700.00         ZZ
                                         360         92,700.00          1
                                       7.125            624.54         90
                                       6.875            624.54
    CONCORD          NC   28025          1            09/22/03         04
    0418275277                           03           11/01/03         25
    0418275277                           N            10/01/33
    0

    8692222          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       6.375            311.93         34
                                       6.125            311.93
    MCCALL           ID   83638          5            09/15/03         00
    0418305652                           05           11/01/03          0
    0418305652                           O            10/01/33
    0

    8692270          E22/G02             F          335,920.00         ZZ
                                         360        335,920.00          1
                                       6.625          2,150.93         80
                                       6.375          2,150.93
    OXNARD           CA   93030          1            09/06/03         00
    0418370151                           01           11/01/03          0
    0418370151                           O            10/01/33
    0

1

    8692336          E22/G02             F          372,000.00         TX
                                         360        372,000.00          1
                                       7.250          2,537.70         80
                                       7.000          2,537.70
    HOUSTON          TX   77056          5            09/18/03         00
    0418430740                           03           11/01/03          0
    0418430740                           O            10/01/33
    0

    8692406          E22/G02             F           87,200.00         ZZ
                                         360         87,200.00          1
                                       6.750            565.58         80
                                       6.500            565.58
    WARREN           OH   44484          1            09/23/03         00
    0418243895                           05           11/01/03          0
    0418243895                           O            10/01/33
    0

    8692650          K60/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.250            492.57         61
                                       6.000            492.57
    SHAWNEE          KS   66203          5            09/15/03         00
    0436615017                           05           11/01/03          0
    80718                                O            10/01/33
    0

    8692774          E82/G02             F           76,900.00         ZZ
                                         360         76,900.00          1
                                       5.875            454.89         61
                                       5.625            454.89
    MIAMI            FL   33056          2            09/17/03         00
    0400871380                           05           11/01/03          0
    0400871380                           O            10/01/33
    0

    8692916          S27/G02             F          108,800.00         ZZ
                                         360        108,800.00          1
                                       6.875            714.74         80
                                       6.625            714.74
    WINDER           GA   30680          2            09/12/03         00
    0436633275                           05           11/01/03          0
    1900006462                           O            10/01/33
    0

    8692926          Q57/G02             F           71,000.00         ZZ
                                         360         71,000.00          1
                                       6.875            466.42         45
                                       6.625            466.42
1

    CHICAGO          IL   60623          5            09/09/03         00
    0436610612                           05           11/01/03          0
    36002179                             O            10/01/33
    0

    8693126          883/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.375            449.19         80
                                       6.125            449.19
    SCRANTON         PA   18508          1            09/17/03         00
    0436607857                           05           11/01/03          0
    05022237                             N            10/01/33
    0

    8693134          883/G02             F          444,000.00         ZZ
                                         360        444,000.00          2
                                       6.750          2,879.78         80
                                       6.500          2,879.78
    CHICAGO          IL   60660          1            09/19/03         00
    0436606099                           05           11/01/03          0
    75000288                             O            10/01/33
    0

    8693332          L20/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       7.125            431.18         80
                                       6.875            431.18
    OGDEN            UT   84404          1            09/15/03         00
    0436613632                           05           11/01/03          0
    1061070444                           O            10/01/33
    0

    8693344          J95/G02             F           65,000.00         ZZ
                                         360         64,939.79          1
                                       6.375            405.52         61
                                       6.125            405.52
    GRIFFIN          GA   30223          5            08/18/03         00
    0436615470                           05           10/01/03          0
    44848471                             N            09/01/33
    0

    8693590          J95/G02             F          547,100.00         ZZ
                                         360        546,155.25          1
                                       6.750          3,548.49         80
                                       6.500          3,548.49
    ALEXANDRIA       VA   22310          1            07/31/03         00
    0436630495                           03           09/01/03          0
    44895340                             O            08/01/33
    0
1

    8693592          J95/G02             F           58,000.00         ZZ
                                         360         57,946.25          1
                                       6.750            376.19         60
                                       6.500            376.19
    WEST JORDAN      UT   84084          1            08/06/03         00
    0436616072                           05           10/01/03          0
    44907418                             N            09/01/33
    0

    8693600          J95/G02             F           83,300.00         ZZ
                                         360         83,148.97          1
                                       6.500            526.52         70
                                       6.250            526.52
    AUSTIN           TX   78723          5            07/31/03         00
    0436630206                           05           09/01/03          0
    44939999                             N            08/01/33
    0

    8693606          J95/G02             F           74,400.00         ZZ
                                         360         73,460.74          1
                                       6.375            464.16         80
                                       6.125            464.16
    CHATTANOOGA      TN   37411          1            07/30/03         00
    0436614457                           05           09/01/03          0
    44964807                             O            08/01/33
    0

    8693614          J95/G02             F          155,000.00         ZZ
                                         360        154,712.11          1
                                       6.375            967.00         62
                                       6.125            967.00
    MARLTON          NJ   08053          5            07/23/03         00
    0436619621                           07           09/01/03          0
    42767277                             O            08/01/33
    0

    8693620          J95/G02             F          365,000.00         ZZ
                                         360        364,253.90          1
                                       5.875          2,159.12         57
                                       5.625          2,159.12
    WHITTIER         CA   90603          5            07/16/03         00
    0436614507                           05           09/01/03          0
    42853978                             O            08/01/33
    0

    8693642          J95/G02             F          128,500.00         ZZ
                                         360        128,123.41          1
1

                                       6.125            780.78         87
                                       5.875            780.78
    DANVILLE         PA   17821          2            07/01/03         14
    0436615264                           05           08/01/03         25
    43055763                             O            07/01/33
    0

    8693650          J95/G02             F          397,900.00         ZZ
                                         360        397,047.24          1
                                       5.625          2,290.54         80
                                       5.375          2,290.54
    HAYMARKET        VA   20169          1            07/29/03         00
    0436620959                           03           09/01/03          0
    43263110                             O            08/01/33
    0

    8693660          J95/G02             F          171,150.00         ZZ
                                         360        170,832.10          1
                                       6.375          1,067.76         79
                                       6.125          1,067.76
    GREENBELT        MD   20770          2            07/25/03         00
    0436616361                           09           09/01/03          0
    43369511                             O            08/01/33
    0

    8693688          J95/G02             F          304,000.00         ZZ
                                         360        302,577.11          1
                                       6.375          1,896.57         80
                                       6.125          1,896.57
    OLDBRIDGE        NJ   08857          2            04/14/03         00
    0436619332                           05           06/01/03          0
    41654211                             O            05/01/33
    0

    8693736          J95/G02             F           92,000.00         ZZ
                                         360         91,811.94          1
                                       5.875            544.22         80
                                       5.625            544.22
    HAMILTON         MT   59840          1            07/28/03         00
    0436630941                           05           09/01/03          0
    42196303                             O            08/01/33
    0

    8693746          J95/G02             F          650,000.00         ZZ
                                         360        647,513.65          1
                                       6.250          4,002.17         73
                                       6.000          4,002.17
    SPRINGDALE       AR   72762          5            05/23/03         00
    0436616270                           05           07/01/03          0
1

    42412528                             O            06/01/33
    0

    8693768          J95/G02             F           71,540.00         ZZ
                                         360         71,419.44          1
                                       6.875            469.97         73
                                       6.625            469.97
    EXETER           PA   18643          2            07/22/03         00
    0436615025                           05           09/01/03          0
    42669267                             O            08/01/33
    0

    8693778          J95/G02             F          322,700.00         ZZ
                                         360        322,040.36          1
                                       5.875          1,908.90         67
                                       5.625          1,908.90
    SUMNER           WA   98390          5            07/10/03         00
    0436646350                           05           09/01/03          0
    42707497                             O            08/01/33
    0

    8693782          J95/G02             F           76,900.00         ZZ
                                         360         76,605.84          1
                                       6.250            473.49         90
                                       6.000            473.49
    ALBERTVILLE      AL   35950          5            05/20/03         11
    0436617641                           05           07/01/03         25
    43510437                             O            06/01/33
    0

    8693788          J95/G02             F          441,000.00         ZZ
                                         360        440,180.91          1
                                       6.375          2,751.27         51
                                       6.125          2,751.27
    LEESBURG         VA   20175          2            07/31/03         00
    0436624035                           03           09/01/03          0
    43521665                             O            08/01/33
    0

    8693794          J95/G02             F          322,700.00         ZZ
                                         360        322,006.86          1
                                       6.125          1,960.76         77
                                       5.875          1,960.76
    ANTIOCH          CA   94509          2            07/18/03         00
    0436620033                           03           09/01/03          0
    43622554                             O            08/01/33
    0

1

    8693808          J95/G02             F          536,000.00         ZZ
                                         360        535,004.46          1
                                       6.375          3,343.95         80
                                       6.125          3,343.95
    DAVIDSONVILLE    MD   21035          1            07/24/03         00
    0436620264                           03           09/01/03          0
    43686286                             O            08/01/33
    0

    8693810          J95/G02             F          375,000.00         ZZ
                                         360        374,320.14          1
                                       6.500          2,370.26         50
                                       6.250          2,370.26
    COLLEYVILLE      TX   76034          1            07/21/03         00
    0436615116                           03           09/01/03          0
    43704816                             O            08/01/33
    0

    8693820          J95/G02             F          146,000.00         ZZ
                                         360        145,708.59          1
                                       6.000            875.34         80
                                       5.750            875.34
    HAGERSTOWN       MD   21740          1            07/22/03         00
    0436615751                           05           09/01/03          0
    43730639                             O            08/01/33
    0

    8693824          J95/G02             F          400,000.00         ZZ
                                         360        399,309.26          1
                                       6.750          2,594.40         80
                                       6.500          2,594.40
    ERIE             CO   80516          5            07/23/03         00
    0436614325                           03           09/01/03          0
    43752443                             O            08/01/33
    0

    8693828          J95/G02             F          144,000.00         ZZ
                                         360        143,849.65          1
                                       5.750            840.35         76
                                       5.500            840.35
    TUCSON           AZ   85748          2            08/01/03         00
    0436631394                           03           10/01/03          0
    43776145                             O            09/01/33
    0

    8693844          J95/G02             F           88,300.00         ZZ
                                         360         88,220.17          1
                                       6.500            558.12         59
                                       6.250            558.12
1

    LONG BEACH       MS   39560          5            08/01/03         00
    0436616403                           05           10/01/03          0
    43722636                             N            09/01/33
    0

    8693856          J95/G02             F           56,000.00         T
                                         360         55,488.22          1
                                       6.000            335.75         70
                                       5.750            335.75
    JAMES CREEK      PA   16657          1            08/01/03         00
    0436618672                           05           09/01/03          0
    43883107                             O            08/01/33
    0

    8693872          J95/G02             F           74,500.00         ZZ
                                         360         74,368.18          1
                                       6.625            477.03         50
                                       6.375            477.03
    GOSHEN           IN   46526          1            07/18/03         00
    0436649107                           05           09/01/03          0
    44030013                             O            08/01/33
    0

    8693876          J95/G02             F          360,000.00         ZZ
                                         360        359,674.55          1
                                       6.500          2,275.45         80
                                       6.250          2,275.45
    HENDERSON        NV   89052          1            08/18/03         00
    0436630073                           03           10/01/03          0
    44032258                             O            09/01/33
    0

    8693902          J95/G02             F          144,800.00         ZZ
                                         360        144,652.37          1
                                       5.875            856.55         80
                                       5.625            856.55
    MESA             AZ   85204          2            08/01/03         00
    0436614440                           05           10/01/03          0
    44078251                             O            09/01/33
    0

    8693908          J95/G02             F          191,920.00         ZZ
                                         360        191,715.66          1
                                       6.875          1,260.78         80
                                       6.625          1,260.78
    CROFTON          MD   21114          1            08/07/03         00
    0436630289                           09           10/01/03          0
    44091965                             O            09/01/33
    0
1

    8693910          J95/G02             F          383,000.00         ZZ
                                         360        382,198.32          1
                                       5.750          2,235.09         64
                                       5.500          2,235.09
    WAKE FOREST      NC   27587          1            07/18/03         00
    0436631485                           05           09/01/03          0
    44092435                             O            08/01/33
    0

    8693914          J95/G02             F           92,356.00         ZZ
                                         360         91,987.08          1
                                       5.875            546.33         62
                                       5.625            546.33
    SPOKANE          WA   99203          5            07/16/03         00
    0436619415                           05           09/01/03          0
    44101996                             O            08/01/33
    0

    8693918          J95/G02             F          372,500.00         ZZ
                                         360        371,720.31          1
                                       5.750          2,173.81         78
                                       5.500          2,173.81
    CLARKSBURG       MD   20871          5            07/18/03         00
    0436630586                           03           09/01/03          0
    44104057                             O            08/01/33
    0

    8693922          J95/G02             F          338,300.00         ZZ
                                         360        337,624.76          1
                                       6.000          2,028.28         80
                                       5.750          2,028.28
    SEATTLE          WA   98116          2            07/21/03         00
    0436631477                           05           09/01/03          0
    44109932                             O            08/01/33
    0

    8693926          J95/G02             F          208,750.00         ZZ
                                         360        208,323.29          1
                                       5.875          1,234.84         80
                                       5.625          1,234.84
    MERIDIAN         ID   83642          1            07/30/03         00
    0436619548                           03           09/01/03          0
    44118602                             O            08/01/33
    0

    8693980          J95/G02             F          266,600.00         ZZ
                                         360        265,953.37          1
1

                                       5.750          1,555.81         66
                                       5.500          1,555.81
    NEW GLOUCESTER   ME   04260          2            07/28/03         00
    0436614259                           05           09/01/03          0
    44169175                             O            08/01/33
    0

    8693996          J95/G02             F          479,499.00         ZZ
                                         360        478,541.93          1
                                       6.000          2,874.84         70
                                       5.750          2,874.84
    CHEVY CHASE      MD   20815          1            07/31/03         00
    0436645998                           05           09/01/03          0
    44202836                             O            08/01/33
    0

    8694184          J95/G02             F          144,700.00         ZZ
                                         360        144,404.21          1
                                       5.875            855.96         80
                                       5.625            855.96
    FREDERICKSBURG   VA   22408          1            07/25/03         00
    0436630552                           09           09/01/03          0
    44226868                             O            08/01/33
    0

    8694274          J95/G02             F          328,800.00         ZZ
                                         360        328,245.96          1
                                       6.875          2,159.98         80
                                       6.625          2,159.98
    CAPE CORAL       FL   33904          2            07/07/03         00
    0436665210                           05           09/01/03          0
    44241560                             O            08/01/33
    0

    8694374          J95/G02             F          260,000.00         ZZ
                                         360        259,493.29          1
                                       6.125          1,579.79         80
                                       5.875          1,579.79
    WASHINGTON       DC   20003          1            07/31/03         00
    0436619936                           07           09/01/03          0
    44246072                             O            08/01/33
    0

    8694690          J95/G02             F           77,400.00         ZZ
                                         360         77,322.94          1
                                       6.000            464.06         48
                                       5.750            464.06
    LEESBURG         VA   20175          5            08/07/03         00
    0436646319                           01           10/01/03          0
1

    44241644                             O            09/01/33
    0

    8695036          J95/G02             F           67,600.00         ZZ
                                         360         67,461.82          1
                                       5.875            399.88         41
                                       5.625            399.88
    DINGMANS FERRY   PA   18328          5            07/30/03         00
    0436614291                           05           09/01/03          0
    44298321                             O            08/01/33
    0

    8695140          J95/G02             F          459,900.00         ZZ
                                         360        459,024.97          1
                                       6.250          2,831.69         83
                                       6.000          2,831.69
    NEW MARKET       MD   21774          1            07/31/03         14
    0436620397                           03           09/01/03         12
    44298404                             O            08/01/33
    0

    8695464          J95/G02             F           74,800.00         ZZ
                                         360         74,372.63          1
                                       5.625            430.60         79
                                       5.375            430.60
    BOISE            ID   83703          2            07/24/03         00
    0436646020                           05           09/01/03          0
    44305605                             O            08/01/33
    0

    8695740          J95/G02             F           99,920.00         ZZ
                                         360         99,715.74          1
                                       5.875            591.07         80
                                       5.625            591.07
    GREENVILLE       SC   29605          1            07/21/03         00
    0436619449                           05           09/01/03          0
    44322022                             O            08/01/33
    0

    8695742          J95/G02             F          180,000.00         ZZ
                                         360        179,623.22          1
                                       5.750          1,050.44         80
                                       5.500          1,050.44
    APPLE VALLEY     CA   92307          1            07/10/03         00
    0436631329                           05           09/01/03          0
    44324507                             O            08/01/33
    0

1

    8695746          J95/G02             F           54,000.00         ZZ
                                         360         53,906.74          1
                                       6.750            350.25         80
                                       6.500            350.25
    CALDWELL         ID   83605          1            07/18/03         00
    0436623565                           03           09/01/03          0
    44327930                             N            08/01/33
    0

    8695750          J95/G02             F          128,000.00         ZZ
                                         360        127,738.36          1
                                       5.875            757.17         80
                                       5.625            757.17
    BOISE            ID   83702          1            07/24/03         00
    0436620215                           05           09/01/03          0
    44330728                             O            08/01/33
    0

    8695752          J95/G02             F           62,300.00         ZZ
                                         360         62,197.56          1
                                       7.000            414.49         70
                                       6.750            414.49
    TAMPA            FL   33604          2            07/25/03         00
    0436631196                           05           09/01/03          0
    44331544                             N            08/01/33
    0

    8695754          J95/G02             F          140,800.00         ZZ
                                         360        140,518.96          1
                                       6.000            844.17         80
                                       5.750            844.17
    LAS VEGAS        NV   89123          1            07/10/03         00
    0436631105                           03           09/01/03          0
    44334555                             O            08/01/33
    0

    8695762          J95/G02             F          584,000.00         ZZ
                                         360        582,888.87          1
                                       6.250          3,595.79         80
                                       6.000          3,595.79
    ANNAPOLIS        MD   21401          5            07/15/03         00
    0436620744                           05           09/01/03          0
    44352466                             O            08/01/33
    0

    8695772          J95/G02             F           76,950.00         ZZ
                                         360         76,810.49          1
                                       6.500            486.38         69
                                       6.250            486.38
1

    SPRING           TX   77388          2            08/01/03         00
    0436619068                           03           09/01/03          0
    44366938                             O            08/01/33
    0

    8695780          J95/G02             F          432,050.00         ZZ
                                         360        431,609.50          1
                                       5.875          2,555.74         66
                                       5.625          2,555.74
    SCOTTS VALLEY    CA   95066          2            08/12/03         00
    0436615488                           05           10/01/03          0
    44373363                             N            09/01/33
    0

    8695788          J95/G02             F          241,500.00         ZZ
                                         360        241,253.77          1
                                       5.875          1,428.57         80
                                       5.625          1,428.57
    ALBERTVILLE      MN   55301          2            08/04/03         00
    0436620017                           05           10/01/03          0
    44398493                             O            09/01/33
    0

    8695804          J95/G02             F          434,000.00         ZZ
                                         360        433,213.18          1
                                       6.500          2,743.18         67
                                       6.250          2,743.18
    NEWBERG          OR   97132          5            07/19/03         00
    0436613970                           05           09/01/03          0
    44422129                             O            08/01/33
    0

    8695812          J95/G02             F          400,000.00         ZZ
                                         360        399,273.10          1
                                       6.500          2,528.28         77
                                       6.250          2,528.28
    EAGLE            ID   83616          1            07/22/03         10
    0436623870                           05           09/01/03         17
    40231631                             O            08/01/33
    0

    8695814          J95/G02             F          828,750.00         ZZ
                                         360        827,353.51          1
                                       6.875          5,444.30         65
                                       6.625          5,444.30
    SAN FRANCISCO    CA   94114          1            07/25/03         00
    0436623953                           05           09/01/03          0
    28577997                             O            08/01/33
    0
1

    8695826          J95/G02             F          265,600.00         ZZ
                                         360        265,057.08          1
                                       5.875          1,571.13         80
                                       5.625          1,571.13
    HERNDON          VA   20171          1            07/22/03         00
    0436618961                           09           09/01/03          0
    44433803                             O            08/01/33
    0

    8695836          J95/G02             F          436,000.00         ZZ
                                         360        435,436.13          1
                                       6.250          2,684.53         80
                                       6.000          2,684.53
    RAYNHAM          MA   02767          1            08/06/03         00
    0436618540                           05           10/01/03          0
    44459634                             O            09/01/33
    0

    8695856          J95/G02             F          143,200.00         ZZ
                                         360        142,920.93          1
                                       6.125            870.10         80
                                       5.875            870.10
    CENTREVILLE      VA   20121          1            07/16/03         00
    0436613988                           03           09/01/03          0
    44501633                             O            08/01/33
    0

    8695860          J95/G02             F           92,720.00         ZZ
                                         360         92,530.46          1
                                       5.875            548.48         80
                                       5.625            548.48
    MERIDIAN         ID   83642          1            07/17/03         00
    0436619928                           03           09/01/03          0
    44506541                             O            08/01/33
    0

    8695864          J95/G02             F           80,000.00         ZZ
                                         360         79,922.24          1
                                       6.125            486.09         80
                                       5.875            486.09
    SPOKANE          WA   99223          2            07/29/03         00
    0436646194                           05           10/01/03          0
    44513752                             O            09/01/33
    0

    8695870          J95/G02             F           94,400.00         ZZ
                                         360         94,211.57          1
1

                                       6.000            565.98         80
                                       5.750            565.98
    NEW MARKET       MD   21774          1            08/01/03         00
    0436613780                           01           09/01/03          0
    44522514                             O            08/01/33
    0

    8695892          J95/G02             F           89,600.00         ZZ
                                         360         89,416.85          1
                                       5.875            530.02         80
                                       5.625            530.02
    VIRGINIA BEACH   VA   23462          1            07/31/03         00
    0436619191                           03           09/01/03          0
    44530624                             O            08/01/33
    0

    8695896          J95/G02             F          449,250.00         ZZ
                                         360        448,374.47          1
                                       6.125          2,729.70         75
                                       5.875          2,729.70
    WASHINGTON DC    DC   20003          1            07/11/03         00
    0436630636                           07           09/01/03          0
    44534634                             O            08/01/33
    0

    8695898          J95/G02             F           69,300.00         ZZ
                                         360         69,186.05          1
                                       7.000            461.06         70
                                       6.750            461.06
    BOISE            ID   83705          5            07/29/03         00
    0436630438                           05           09/01/03          0
    44549145                             N            08/01/33
    0

    8695904          J95/G02             F           96,000.00         ZZ
                                         360         95,834.22          1
                                       6.750            622.66         80
                                       6.500            622.66
    BOISE            ID   83703          1            07/22/03         00
    0436613822                           05           09/01/03          0
    44565257                             N            08/01/33
    0

    8695906          J95/G02             F           84,000.00         ZZ
                                         360         83,861.88          1
                                       7.000            558.86         70
                                       6.750            558.86
    ATLANTA          GA   30310          2            07/30/03         00
    0436618763                           05           09/01/03          0
1

    44551265                             N            08/01/33
    0

    8695912          J95/G02             F           75,200.00         ZZ
                                         360         75,042.59          1
                                       5.750            438.85         80
                                       5.500            438.85
    HARRISONBURG     VA   22802          1            08/04/03         00
    0436630826                           03           09/01/03          0
    44584944                             O            08/01/33
    0

    8695930          J95/G02             F          367,619.00         ZZ
                                         360        366,885.23          1
                                       6.000          2,204.07         80
                                       5.750          2,204.07
    ATLANTA          GA   30331          1            07/28/03         00
    0436616395                           03           09/01/03          0
    44578367                             O            08/01/33
    0

    8695932          J95/G02             F          196,000.00         ZZ
                                         360        195,804.88          1
                                       6.000          1,175.12         80
                                       5.750          1,175.12
    PHOENIX          AZ   85024          1            08/04/03         00
    0436619480                           03           10/01/03          0
    44622595                             O            09/01/33
    0

    8695938          J95/G02             F           53,450.00         T
                                         360         53,319.66          1
                                       5.500            303.49         70
                                       5.250            303.49
    MOSCOW           ID   83843          1            07/25/03         00
    0436617336                           01           09/01/03          0
    44639797                             O            08/01/33
    0

    8695940          J95/G02             F           60,000.00         ZZ
                                         360         59,897.83          1
                                       6.375            374.33         24
                                       6.125            374.33
    HENDERSON        NV   89052          1            08/01/03         00
    0436617831                           03           10/01/03          0
    44639821                             O            09/01/33
    0

1

    8695948          J95/G02             F           84,800.00         ZZ
                                         360         84,626.65          1
                                       5.875            501.63         80
                                       5.625            501.63
    SALT LAKE CITY   UT   84111          1            07/21/03         00
    0436629836                           05           09/01/03          0
    44657294                             O            08/01/33
    0

    8695986          J95/G02             F           55,200.00         ZZ
                                         360         55,142.36          1
                                       5.750            322.14         80
                                       5.500            322.14
    COLUMBIA         TN   38401          1            08/11/03         00
    0436628457                           05           10/01/03          0
    44738938                             O            09/01/33
    0

    8695988          J95/G02             F          400,000.00         ZZ
                                         360        399,582.37          1
                                       5.750          2,334.30         73
                                       5.500          2,334.30
    EAST WALPOLE     MA   02032          1            08/13/03         00
    0436630107                           01           10/01/03          0
    44739654                             O            09/01/33
    0

    8696000          J95/G02             F           94,720.00         ZZ
                                         360         94,535.41          1
                                       6.125            575.53         80
                                       5.875            575.53
    BOISE            ID   83706          1            07/25/03         00
    0436646426                           05           09/01/03          0
    44749869                             O            08/01/33
    0

    8696002          J95/G02             F           81,600.00         ZZ
                                         360         81,440.96          1
                                       6.125            495.82         80
                                       5.875            495.82
    SEWELL           NJ   08080          1            07/31/03         00
    0436616049                           01           09/01/03          0
    44748895                             O            08/01/33
    0

    8696004          J95/G02             F          560,000.00         ZZ
                                         360        558,959.88          1
                                       6.375          3,493.68         80
                                       6.125          3,493.68
1

    REHOBOTH BEACH   DE   19971          1            07/30/03         00
    0436630834                           03           09/01/03          0
    44755577                             O            08/01/33
    0

    8696006          J95/G02             F          216,000.00         ZZ
                                         360        215,558.46          1
                                       5.875          1,277.73         80
                                       5.625          1,277.73
    WOODBRIDGE       VA   22192          1            07/25/03         00
    0436630040                           09           09/01/03          0
    44758167                             O            08/01/33
    0

    8696008          J95/G02             F           55,000.00         ZZ
                                         360         54,950.28          1
                                       6.500            347.64         33
                                       6.250            347.64
    SPOKANE          WA   99218          1            08/06/03         00
    0436617856                           05           10/01/03          0
    44760130                             O            09/01/33
    0

    8696016          J95/G02             F          495,800.00         ZZ
                                         360        494,810.37          1
                                       6.000          2,972.58         80
                                       5.750          2,972.58
    GAINESVILLE      VA   20155          1            07/22/03         00
    0436619795                           03           09/01/03          0
    44779288                             O            08/01/33
    0

    8696020          J95/G02             F           90,000.00         ZZ
                                         360         89,836.82          1
                                       6.500            568.87         79
                                       6.250            568.87
    MESA             AZ   85208          1            07/29/03         00
    0436628432                           05           09/01/03          0
    44784098                             O            08/01/33
    0

    8696024          J95/G02             F          100,000.00         ZZ
                                         360         99,313.41          1
                                       6.625            640.32         48
                                       6.375            640.32
    BOYNTON BEACH    FL   33437          1            08/08/03         00
    0436617658                           03           10/01/03          0
    44813582                             O            09/01/33
    0
1

    8696032          J95/G02             F          272,000.00         ZZ
                                         360        271,748.07          1
                                       6.375          1,696.93         80
                                       6.125          1,696.93
    SILVER SPRING    MD   20903          1            08/08/03         00
    0436630263                           05           10/01/03          0
    44841088                             O            09/01/33
    0

    8696320          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       7.750            386.86         90
                                       7.500            386.86
    AUGUSTA          GA   30904          1            09/12/03         10
    0417453289                           05           11/01/03         25
    0417453289                           N            10/01/33
    0

    8696326          E22/G02             F          341,000.00         ZZ
                                         360        341,000.00          1
                                       6.125          2,071.95         77
                                       5.875          2,071.95
    SUN VALLEY(LA)   CA   91352          5            09/09/03         00
    0417482254                           05           11/01/03          0
    0417482254                           O            10/01/33
    0

    8696330          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.000            551.59         80
                                       5.750            551.59
    LEXINGTON        VA   24450          5            09/19/03         00
    0417660214                           05           11/01/03          0
    0417660214                           O            10/01/33
    0

    8696356          E22/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
                                       6.750            512.39         58
                                       6.500            512.39
    MIAMI            FL   33193          2            09/19/03         00
    0417908399                           01           11/01/03          0
    0417908399                           O            10/01/33
    0

    8696426          E22/G02             F          153,600.00         ZZ
                                         360        153,600.00          1
1

                                       6.750            996.25         80
                                       6.500            996.25
    COLORADO SPRING  CO   80917          5            09/19/03         00
    0418498309                           05           11/01/03          0
    0418498309                           O            10/01/33
    0

    8696442          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       7.000            585.47         80
                                       6.750            585.47
    LAKE CHARLES     LA   70605          5            09/19/03         00
    0418189494                           05           11/01/03          0
    0418189494                           O            10/01/33
    0

    8696474          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          3
                                       7.750            483.58         90
                                       7.500            483.58
    EAST CLEVELAND   OH   44112          2            09/24/03         01
    0418266557                           05           11/01/03         25
    0418266557                           N            10/01/33
    0

    8696558          E22/G02             F           92,500.00         ZZ
                                         360         92,500.00          1
                                       6.625            592.29         80
                                       6.375            592.29
    MERIDIAN         ID   83642          2            09/18/03         00
    0418336731                           05           11/01/03          0
    0418336731                           O            10/01/33
    0

    8696570          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.625            576.28         90
                                       6.375            576.28
    TACOMA           WA   98465          1            09/17/03         04
    0418352142                           05           11/01/03         25
    0418352142                           N            10/01/33
    0

    8696584          E22/G02             F          125,600.00         ZZ
                                         360        125,600.00          1
                                       6.500            793.88         80
                                       6.250            793.88
    EAST WENATCHEE   WA   98802          1            09/19/03         00
    0418365912                           05           11/01/03          0
1

    0418365912                           O            10/01/33
    0

    8696716          E22/G02             F          118,100.00         ZZ
                                         360        118,100.00          4
                                       7.375            815.69         75
                                       7.125            815.69
    THONOTOSASSA     FL   33592          2            09/24/03         00
    0418525846                           05           11/01/03          0
    0418525846                           N            10/01/33
    0

    8696768          E22/G02             F           63,900.00         ZZ
                                         360         63,900.00          1
                                       6.875            419.78         90
                                       6.625            419.78
    PORT ORANGE      FL   32114          1            09/24/03         04
    0418636742                           09           11/01/03         25
    0418636742                           O            10/01/33
    0

    8696910          W68/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       7.875            551.05         80
                                       7.625            551.05
    SAN ANTONIO      TX   78239          1            09/08/03         00
    0436613236                           05           11/01/03          0
    3072379                              N            10/01/33
    0

    8697026          Q14/G02             F          164,800.00         ZZ
                                         360        164,800.00          1
                                       6.625          1,055.23         80
                                       6.375          1,055.23
    PHOENIX          AZ   85044          1            09/17/03         00
    0436614754                           03           11/01/03          0
    0000315292                           O            10/01/33
    0

    8697606          H49/G02             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       5.875          3,312.61         74
                                       5.625          3,312.61
    SCOTTSDALE       AZ   85262          1            09/03/03         00
    0436612444                           03           11/01/03          0
    368069                               O            10/01/33
    0

1

    8697656          K60/G02             F           78,375.00         ZZ
                                         360         78,375.00          2
                                       7.875            568.27         95
                                       7.625            568.27
    TAMPA            FL   33612          1            09/17/03         04
    0436627640                           05           11/01/03         35
    81559                                O            10/01/33
    0

    8697888          B76/G02             F           43,500.00         ZZ
                                         360         43,500.00          3
                                       7.625            307.90         75
                                       7.375            307.90
    MUSKEGON         MI   49444          1            09/19/03         00
    0436615553                           05           11/01/03          0
    0004869293                           N            10/01/33
    0

    8698012          M27/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.500          2,039.68         66
                                       6.250          2,039.68
    CHAPEL HILL      NC   27517          2            09/11/03         00
    0436628465                           03           11/01/03          0
    600963521                            O            10/01/33
    0

    8698018          R84/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.250            492.57         80
                                       6.000            492.57
    SPOKANE          WA   99206          2            09/15/03         00
    0436630933                           05           11/01/03          0
    WA305616                             N            10/01/33
    0

    8698042          H93/G02             F           41,250.00         ZZ
                                         360         41,250.00          1
                                       7.000            274.44         75
                                       6.750            274.44
    KANSAS CITY      MO   64130          1            09/22/03         00
    0436615074                           05           11/01/03          0
    2003001300                           N            10/01/33
    0

    8698182          M27/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
                                       6.250            561.53         80
                                       6.000            561.53
1

    RALEIGH          NC   27616          1            09/22/03         00
    0436631428                           05           11/01/03          0
    0100180008                           O            10/01/33
    0

    8698254          N74/G02             F           73,800.00         ZZ
                                         360         73,800.00          1
                                       6.750            478.67         90
                                       6.500            478.67
    DUNDALK          MD   21222          2            09/18/03         01
    0436611909                           07           11/01/03         25
    0033379010                           N            10/01/33
    0

    8698282          U35/G02             F           74,700.00         ZZ
                                         360         74,700.00          2
                                       7.625            528.72         90
                                       7.375            528.72
    RACINE           WI   53404          1            09/24/03         04
    0436651343                           05           11/01/03         25
    13347643                             N            10/01/33
    0

    8698328          E47/G02             F           93,750.00         ZZ
                                         360         93,750.00          1
                                       7.250            639.54         67
                                       7.000            639.54
    GASTONIA         NC   28056          5            09/17/03         00
    0436628309                           05           11/01/03          0
    7344010269                           N            10/01/33
    0

    8698346          K15/G02             F           89,500.00         ZZ
                                         240         89,500.00          1
                                       6.875            687.19         56
                                       6.625            687.19
    LIMERICK         ME   04048          5            09/15/03         00
    0436615504                           05           11/01/03          0
    007805520751                         O            10/01/23
    0

    8698368          W35/G02             F           51,000.00         ZZ
                                         360         50,957.79          1
                                       6.950            337.59         63
                                       6.700            337.59
    INDIANAPOLIS     IN   46268          5            08/27/03         00
    0436614747                           05           10/02/03          0
    24132                                O            09/02/33
    0
1

    8698490          E86/G02             F          127,920.00         ZZ
                                         360        127,920.00          1
                                       6.750            829.69         80
                                       6.500            829.69
    BROWNSVILLE      TN   38012          1            09/16/03         00
    0436630677                           05           11/01/03          0
    DECK                                 O            10/01/33
    0

    8699544          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.250            492.57         73
                                       6.000            492.57
    HOUSTON          TX   77072          2            09/22/03         00
    0417908050                           03           11/01/03          0
    0417908050                           O            10/01/33
    0

    8699654          E22/G02             F           49,000.00         ZZ
                                         360         49,000.00          1
                                       7.375            338.43         75
                                       7.125            338.43
    BATON ROUGE      LA   70802          2            09/25/03         00
    0418292389                           05           11/01/03          0
    0418292389                           N            10/01/33
    0

    8699660          E82/G02             F           91,250.00         ZZ
                                         360         91,250.00          1
                                       6.750            591.85         87
                                       6.500            591.85
    FORT WORTH       TX   76137          2            09/24/03         04
    0400887345                           05           11/01/03         25
    0400887345                           N            10/01/33
    0

    8699666          E82/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.125          1,063.32         67
                                       5.875          1,063.32
    MOORE            SC   29369          2            09/23/03         00
    0400887527                           05           11/01/03          0
    0400887527                           O            10/01/33
    0

    8699690          E82/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
1

                                       6.375            549.01         80
                                       6.125            549.01
    PHOENIX          AZ   85013          2            09/22/03         00
    0400886701                           01           11/01/03          0
    0400886701                           O            10/01/33
    0

    8699766          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       6.750            570.77        100
                                       6.500            570.77
    AUSTIN           TX   78744          1            09/25/03         01
    0418396529                           05           11/01/03         35
    0418396529                           O            10/01/33
    0

    8699832          E22/G02             F          199,800.00         ZZ
                                         360        199,800.00          1
                                       6.250          1,230.20         80
                                       6.000          1,230.20
    CERES            CA   95307          2            09/16/03         00
    0418481685                           05           11/01/03          0
    0418481685                           O            10/01/33
    0

    8699950          E22/G02             F          374,400.00         ZZ
                                         360        374,400.00          1
                                       6.125          2,274.89         80
                                       5.875          2,274.89
    AVENTURA         FL   33180          1            09/25/03         00
    0418595658                           03           11/01/03          0
    0418595658                           O            10/01/33
    0

    8700850          Q31/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.750          2,412.79         80
                                       6.500          2,412.79
    CHULA VISTA      CA   91911          5            09/24/03         00
    0436635767                           05           11/01/03          0
    HS90278                              O            10/01/33
    0

    8700856          A06/G02             F          100,000.00         ZZ
                                         360        100,000.00          2
                                       6.875            656.93         80
                                       6.625            656.93
    LINCOLN PARK     MI   48146          5            09/22/03         00
    0436628119                           05           11/01/03          0
1

    025000020314476                      N            10/01/33
    0

    8701086          N74/G02             F           66,405.00         ZZ
                                         360         66,349.22          1
                                       6.875            436.23         95
                                       6.625            436.23
    SOUTH BOSTON     VA   24592          1            09/23/03         10
    0436628689                           05           10/23/03         30
    0033405010                           O            09/23/33
    0

    8701090          X31/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.500          1,314.70         80
                                       6.250          1,314.70
    EWA BEACH        HI   96706          5            09/17/03         00
    0436663694                           05           11/01/03          0
    59001001                             O            10/01/33
    0

    8701160          P21/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.500          2,149.03         80
                                       6.250          2,149.03
    LOS ANGELES      CA   91342          1            09/19/03         00
    0436619852                           03           11/01/03          0
    0309029                              O            10/01/33
    0

    8701226          S27/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
                                       7.500            314.65         75
                                       7.250            314.65
    ROSSVILLE        GA   30741          5            09/18/03         00
    0436636823                           05           11/01/03          0
    1900006351                           N            10/01/33
    0

    8701308          Y36/G02             F           68,859.00         ZZ
                                         360         68,859.00          1
                                       6.875            452.35         90
                                       6.625            452.35
    HOMOSASSA        FL   34448          1            09/05/03         01
    0436651335                           05           11/01/03         25
    0006700101                           N            10/01/33
    0

1

    8701498          U05/G02             F           59,850.00         ZZ
                                         360         59,850.00          1
                                       7.375            413.37         95
                                       7.125            413.37
    NORTH MIAMI      FL   33181          1            09/23/03         04
    0436678742                           01           11/01/03         30
    3422287                              O            10/01/33
    0

    8704902          E82/G02             F          219,550.00         ZZ
                                         360        219,550.00          1
                                       5.875          1,298.72         71
                                       5.625          1,298.72
    SAN JOSE         CA   95123          2            09/25/03         00
    0400860474                           03           11/01/03          0
    0400860474                           O            10/01/33
    0

    8704920          E82/G02             F           53,200.00         ZZ
                                         360         53,200.00          1
                                       6.375            331.90         79
                                       6.125            331.90
    LEXINGTON PARK   MD   20653          2            09/23/03         00
    0400886719                           05           11/01/03          0
    0400886719                           O            10/01/33
    0

    8704936          E82/G02             F           90,300.00         ZZ
                                         360         90,300.00          1
                                       7.000            600.77         79
                                       6.750            600.77
    TALLAHASSEE      FL   32303          2            09/22/03         00
    0400894903                           03           11/01/03          0
    0400894903                           O            10/01/33
    0

    8705042          E22/G02             F           93,000.00         ZZ
                                         360         93,000.00          1
                                       6.125            565.08         87
                                       5.875            565.08
    CALERA           AL   35040          2            09/22/03         01
    0418081519                           05           11/01/03         25
    0418081519                           O            10/01/33
    0

    8705238          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.250            418.69         80
                                       6.000            418.69
1

    NORMAN           OK   73072          1            09/26/03         00
    0418254579                           05           11/01/03          0
    0418254579                           N            10/01/33
    0

    8705278          E22/G02             F           76,000.00         TX
                                         360         76,000.00          1
                                       7.000            505.63         80
                                       6.750            505.63
    AUSTIN           TX   78741          5            09/22/03         00
    0418271912                           05           11/01/03          0
    0418271912                           O            10/01/33
    0

    8705744          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.750            583.74         53
                                       6.500            583.74
    WARWICK          RI   02889          5            09/22/03         00
    0418405478                           05           11/01/03          0
    0418405478                           O            10/01/33
    0

    8705764          E22/G02             F           64,600.00         ZZ
                                         360         64,600.00          1
                                       6.625            413.64         68
                                       6.375            413.64
    CONWAY           AR   72034          1            09/26/03         00
    0418409645                           05           11/01/03          0
    0418409645                           O            10/01/33
    0

    8705766          E22/G02             F           73,600.00         TX
                                         360         73,600.00          1
                                       7.375            508.34         80
                                       7.125            508.34
    BALCH SPRINGS    TX   75180          5            09/22/03         00
    0418411641                           05           11/01/03          0
    0418411641                           O            10/01/33
    0

    8705782          E22/G02             F           77,440.00         ZZ
                                         360         77,440.00          1
                                       7.250            528.28         80
                                       7.000            528.28
    FORT WORTH       TX   76133          1            09/26/03         00
    0418417358                           05           11/01/03          0
    0418417358                           N            10/01/33
    0
1

    8705848          E22/G02             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.625          3,009.46         70
                                       6.375          3,009.46
    SANTA BARBARA    CA   93105          5            09/22/03         00
    0418438776                           05           11/01/03          0
    0418438776                           O            10/01/33
    0

    8706200          E22/G02             F           49,520.00         ZZ
                                         360         49,520.00          1
                                       7.250            337.81         80
                                       7.000            337.81
    VALRICO          FL   33594          1            09/26/03         00
    0418511986                           05           11/01/03          0
    0418511986                           O            10/01/33
    0

    8706254          E22/G02             F          206,250.00         ZZ
                                         360        206,250.00          3
                                       6.750          1,337.73         75
                                       6.500          1,337.73
    PROVIDENCE       RI   02908          2            09/26/03         00
    0418518593                           05           11/01/03          0
    0418518593                           N            10/01/33
    0

    8706262          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.750            726.43         80
                                       6.500            726.43
    BELVIDERE        IL   61008          1            09/26/03         00
    0418520052                           05           11/01/03          0
    0418520052                           O            10/01/33
    0

    8706596          E22/G02             F           57,000.00         ZZ
                                         360         57,000.00          1
                                       6.500            360.28         35
                                       6.250            360.28
    CERES            CA   95307          1            09/22/03         00
    0418587119                           05           11/01/03          0
    0418587119                           N            10/01/33
    0

    8706662          E22/G02             F           63,450.00         ZZ
                                         360         63,450.00          1
1

                                       8.000            465.57         90
                                       7.750            465.57
    VAN ALSTYNE      TX   75495          1            09/22/03         01
    0418596821                           05           11/01/03         25
    0418596821                           N            10/01/33
    0

    8707574          Q87/G02             F           71,250.00         ZZ
                                         360         71,250.00          1
                                       6.875            468.06         95
                                       6.625            468.06
    LAMAR            AR   72846          5            09/26/03         04
    0436694269                           05           11/01/03         30
    CADE02                               O            10/01/33
    0

    8707722          Q87/G02             F           55,250.00         ZZ
                                         240         55,250.00          1
                                       6.500            411.93         85
                                       6.250            411.93
    PISGAH           AL   35765          5            09/24/03         04
    0436641666                           05           11/01/03          6
    CATI02                               O            10/01/23
    0

    8708008          W57/G02             F          480,000.00         ZZ
                                         360        479,510.61          1
                                       5.875          2,839.39         80
                                       5.625          2,839.39
    GLENDALE         CA   91202          1            08/15/03         00
    0436623409                           05           10/01/03          0
    217302654                            O            09/01/33
    0

    8708036          W57/G02             F          509,150.00         T
                                         360        508,592.70          1
                                       5.500          2,890.90         79
                                       5.250          2,890.90
    SANTA ROSA BEAC  FL   32459          1            08/04/03         00
    0436624241                           03           10/01/03          0
    233910002                            O            09/01/33
    0

    8708074          W57/G02             F          346,050.00         ZZ
                                         360        345,705.50          1
                                       6.000          2,074.75         79
                                       5.750          2,074.75
    PLANO            TX   75093          2            08/18/03         00
    0436621544                           03           10/01/03          0
1

    210325823                            O            09/01/33
    0

    8708350          W57/G02             F          383,000.00         ZZ
                                         360        382,198.32          1
                                       5.750          2,235.09         57
                                       5.500          2,235.09
    LINCROFT         NJ   07738          5            07/31/03         00
    0436621940                           05           09/01/03          0
    214818681                            O            08/01/33
    0

    8709396          W08/G02             F           51,300.00         ZZ
                                         360         51,300.00          1
                                       7.250            349.96         90
                                       7.000            349.96
    N. MIAMI         FL   33181          1            09/23/03         11
    0436634505                           01           11/01/03         25
    033822MG                             N            10/01/33
    0

    8709774          X82/G02             F          152,800.00         ZZ
                                         360        152,800.00          1
                                       6.250            940.82         80
                                       6.000            940.82
    FRONT ROYAL      VA   22630          2            09/16/03         00
    0436631576                           05           11/01/03          0
    868429                               O            10/01/33
    0

    8709782          B28/G02             F          551,250.00         ZZ
                                         360        551,250.00          1
                                       6.875          3,621.33         75
                                       6.625          3,621.33
    HUNTSVILLE       UT   84310          5            09/19/03         00
    0436631790                           05           11/01/03          0
    02300911                             O            10/01/33
    0

    8709806          T79/G02             F           71,100.00         ZZ
                                         360         71,100.00          1
                                       6.875            467.08         90
                                       6.625            467.08
    KANSAS CITY      KS   66106          1            09/26/03         10
    0436623979                           05           11/01/03         25
    1150309102                           O            10/01/33
    0

1

    8709896          F34/G02             F           95,850.00         ZZ
                                         360         95,850.00          1
                                       7.000            637.69         80
                                       6.750            637.69
    PORT SAINT LUCI  FL   34952          1            09/19/03         00
    0436621205                           05           11/01/03          0
    49308025                             N            10/01/33
    0

    8709940          X51/G02             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.250          2,432.08         32
                                       6.000          2,432.08
    SAN JOSE         CA   95125          2            09/18/03         00
    0436623557                           05           11/01/03          0
    0030908003                           N            10/01/33
    0

    8710126          588/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.250          2,265.84         79
                                       6.000          2,265.84
    THORNWOOD        NY   10594          2            09/09/03         00
    0436719181                           05           11/01/03          0
    1098637                              O            10/01/33
    0

    8710234          E22/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
                                       6.750            581.14         80
                                       6.500            581.14
    WEST MANSFIELD   OH   43358          5            09/23/03         00
    0418201778                           05           11/01/03          0
    0418201778                           O            10/01/33
    0

    8710252          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.750          2,853.83         80
                                       6.500          2,853.83
    KINNELON         NJ   07405          5            09/23/03         00
    0418231304                           05           11/01/03          0
    0418231304                           O            10/01/33
    0

    8710302          E82/G02             F           68,800.00         ZZ
                                         360         68,800.00          2
                                       6.625            440.53         80
                                       6.375            440.53
1

    LOS ANGELES      CA   90018          1            09/27/03         00
    0400864492                           05           11/01/03          0
    0400864492                           N            10/01/33
    0

    8710354          E22/G02             F           63,675.00         ZZ
                                         360         63,675.00          2
                                       6.750            412.99         90
                                       6.500            412.99
    SAN ANTONIO      TX   78216          1            09/26/03         01
    0418431862                           05           11/01/03         25
    0418431862                           N            10/01/33
    0

    8710386          E22/G02             F          191,250.00         ZZ
                                         360        191,250.00          1
                                       6.500          1,208.83         75
                                       6.250          1,208.83
    LINCOLN          CA   95648          1            09/22/03         00
    0418448304                           05           11/01/03          0
    0418448304                           N            10/01/33
    0

    8710416          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       7.750            515.82         90
                                       7.500            515.82
    PORT RICHEY      FL   34668          5            09/24/03         04
    0418503959                           05           11/01/03         25
    0418503959                           O            10/01/33
    0

    8710438          E22/G02             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.750          2,698.17         80
                                       6.500          2,698.17
    WEST LINN        OR   97068          5            09/22/03         00
    0418519203                           03           11/01/03          0
    0418519203                           O            10/01/33
    0

    8710524          E22/G02             F           56,200.00         ZZ
                                         360         56,200.00          1
                                       6.500            355.22         90
                                       6.250            355.22
    OKLAHOMA CITY    OK   73112          2            09/23/03         01
    0417936770                           05           11/01/03         30
    0417936770                           O            10/01/33
    0
1

    8710602          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.250          1,280.69         80
                                       6.000          1,280.69
    LAKE ELSINORE    CA   92530          5            09/22/03         00
    0418410932                           05           11/01/03          0
    0418410932                           O            10/01/33
    0

    8710716          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       6.875            502.55         85
                                       6.625            502.55
    ROBERTSDALE      AL   36567          5            09/24/03         10
    0418530903                           05           11/01/03         25
    0418530903                           O            10/01/33
    0

    8711030          E22/G02             F           54,500.00         ZZ
                                         360         54,500.00          1
                                       7.000            362.59         66
                                       6.750            362.59
    CLEVELAND        OH   44120          2            09/29/03         00
    0418558839                           05           11/01/03          0
    0418558839                           N            10/01/33
    0

    8711052          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       6.500          1,061.87         80
                                       6.250          1,061.87
    AURORA           CO   80010          5            09/23/03         00
    0418570990                           05           11/01/03          0
    0418570990                           O            10/01/33
    0

    8711070          E22/G02             F           82,900.00         ZZ
                                         360         82,900.00          1
                                       7.250            565.52        100
                                       7.000            565.52
    NASHVILLE        TN   37209          1            09/29/03         01
    0418578985                           05           11/01/03         35
    0418578985                           O            10/01/33
    0

    8711074          E22/G02             F          447,200.00         ZZ
                                         360        447,200.00          1
1

                                       7.250          3,050.69         80
                                       7.000          3,050.69
    REDONDO BEACH    CA   90277          1            09/18/03         00
    0418582086                           05           11/01/03          0
    0418582086                           O            10/01/33
    0

    8711168          E22/G02             F           63,675.00         ZZ
                                         360         63,675.00          2
                                       6.750            412.99         90
                                       6.500            412.99
    SAN ANTONIO      TX   78216          1            09/26/03         01
    0418651139                           05           11/01/03         25
    0418651139                           N            10/01/33
    0

    8711620          P01/G02             F           75,000.00         T
                                         360         75,000.00          1
                                       6.750            486.45         58
                                       6.500            486.45
    LAKE HARMONY     PA   18624          1            09/11/03         00
    0436623631                           09           11/01/03          0
    03004343                             O            10/01/33
    0

    8711738          S27/G02             F          375,340.00         ZZ
                                         360        375,340.00          1
                                       6.750          2,434.45         80
                                       6.500          2,434.45
    MIAMI            FL   33176          1            09/24/03         00
    0436662878                           03           11/01/03          0
    1010026953                           O            10/01/33
    0

    8711786          X67/G02             F          134,400.00         ZZ
                                         360        134,400.00          1
                                       6.875            882.91         80
                                       6.625            882.91
    RANCHO CUCAMONG  CA   91730          1            09/10/03         00
    0436712384                           05           11/01/03          0
    0000420104                           N            10/01/33
    0

    8711984          Q31/G02             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       6.375          2,894.76         80
                                       6.125          2,894.76
    POWAY            CA   92064          1            09/29/03         00
    0436692487                           05           11/01/03          0
1

    HS894157                             O            10/01/33
    0

    8712064          N47/G02             F          350,850.00         ZZ
                                         360        350,850.00          1
                                       6.250          2,160.24         78
                                       6.000          2,160.24
    SAN DIEGO        CA   92129          5            09/15/03         00
    0436647564                           05           11/01/03          0
    20509769                             O            10/01/33
    0

    8712078          N47/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.625          2,497.21         67
                                       6.375          2,497.21
    TRUCKEE          CA   96161          5            09/17/03         00
    0436647036                           03           11/01/03          0
    20509512                             O            10/01/33
    0

    8712520          A06/G02             F           58,000.00         ZZ
                                         360         58,000.00          1
                                       5.875            343.10         47
                                       5.625            343.10
    KENTWOOD         MI   49546          5            09/20/03         00
    0436643266                           01           11/01/03          0
    100020318912                         O            10/01/33
    0

    8712710          L76/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.125            413.18         52
                                       5.875            413.18
    EAGAN            MN   55123          5            09/25/03         00
    0436693550                           01           11/01/03          0
    9508008000                           O            10/01/33
    0

    8714052          M27/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.500          2,224.88         80
                                       6.250          2,224.88
    BRENTWOOD        TN   37027          5            09/22/03         00
    0436662290                           05           11/01/03          0
    5000113215                           O            10/01/33
    0

1

    8714156          E22/G02             F          520,000.00         ZZ
                                         360        520,000.00          3
                                       6.500          3,286.75         80
                                       6.250          3,286.75
    SEATTLE          WA   98105          5            09/17/03         00
    0418140836                           05           11/01/03          0
    0418140836                           O            10/01/33
    0

    8714210          E22/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
                                       6.750            227.01         42
                                       6.500            227.01
    TOLEDO           OH   43615          5            09/25/03         00
    0418252557                           05           11/01/03          0
    0418252557                           O            10/01/33
    0

    8714214          X91/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.375            573.96         55
                                       6.125            573.96
    WAILUKU          HI   96793          5            09/18/03         00
    0436657456                           01           11/01/03          0
    808902                               O            10/01/33
    0

    8714398          E22/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
                                       7.250            532.10         58
                                       7.000            532.10
    ATLANTA          GA   30310          5            09/30/03         00
    0418392668                           05           11/01/03          0
    0418392668                           N            10/01/33
    0

    8714582          E22/G02             F           69,300.00         ZZ
                                         360         69,300.00          2
                                       7.500            484.56         90
                                       7.250            484.56
    INDIANAPOLIS     IN   46241          1            09/30/03         01
    0418471033                           05           11/01/03         25
    0418471033                           N            10/01/33
    0

    8714950          E22/G02             F          348,000.00         TX
                                         360        348,000.00          1
                                       6.625          2,228.28         80
                                       6.375          2,228.28
1

    LEANDER          TX   78641          5            09/24/03         00
    0418546719                           05           11/01/03          0
    0418546719                           O            10/01/33
    0

    8714956          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.750          1,297.20         80
                                       6.500          1,297.20
    CAMAS            WA   98607          1            09/24/03         00
    0418547238                           05           11/01/03          0
    0418547238                           O            10/01/33
    0

    8715026          E22/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
                                       5.875            958.29         72
                                       5.625            958.29
    NEW BALTIMORE    MI   48047          5            09/25/03         00
    0418575437                           05           11/01/03          0
    0418575437                           O            10/01/33
    0

    8715488          L20/G02             F          148,800.00         ZZ
                                         360        148,800.00          1
                                       6.375            928.32         80
                                       6.125            928.32
    RENO             NV   89503          1            09/29/03         00
    0436627400                           05           11/01/03          0
    1141050107                           O            10/01/33
    0

    8717088          956/956             F          580,000.00         ZZ
                                         360        578,727.39          1
                                       5.500          3,293.18         76
                                       5.250          3,293.18
    REDWOOD CITY     CA   94062          2            07/25/03         00
    113070073                            05           09/01/03          0
    113070073                            O            08/01/33
    0

    8717094          956/956             F          378,000.00         ZZ
                                         360        374,121.26          1
                                       5.500          2,146.24         67
                                       5.250          2,146.24
    RIPON            CA   95366          5            08/07/03         00
    313060060                            05           10/01/03          0
    313060060                            O            09/01/33
    0
1

    8717100          956/956             F          424,000.00         ZZ
                                         360        423,524.89          1
                                       5.375          2,374.28         80
                                       5.125          2,374.28
    SANTA ROSA       CA   95403          1            08/01/03         00
    813070169                            03           10/01/03          0
    813070169                            O            09/01/33
    0

    8717106          956/956             F          515,000.00         ZZ
                                         360        513,843.26          1
                                       5.375          2,883.85         62
                                       5.125          2,883.85
    LAS VEGAS        NV   89117          5            07/17/03         00
    1113061118                           05           09/01/03          0
    1113061118                           O            08/01/33
    0

    8717112          956/956             F          346,000.00         ZZ
                                         360        325,133.26          1
                                       5.375          1,937.50         80
                                       5.125          1,937.50
    TUCSON           AZ   85704          1            07/07/03         00
    1113070295                           03           09/01/03          0
    1113070295                           O            08/01/33
    0

    8717116          956/956             F          336,000.00         ZZ
                                         360        334,865.43          1
                                       5.375          1,881.50         80
                                       5.125          1,881.50
    PARKER           CO   80134          1            06/27/03         00
    2413060202                           03           08/01/03          0
    2413060202                           O            07/01/33
    0

    8717120          956/956             F          500,000.00         ZZ
                                         360        499,220.38          1
                                       5.375          2,799.86         62
                                       5.125          2,799.86
    DUXBURY          MA   02332          5            08/04/03         00
    2713060293                           05           10/01/03          0
    2713060293                           O            09/01/33
    0

    8717124          956/956             F          441,700.00         ZZ
                                         360        440,707.90          1
1

                                       5.375          2,473.39         72
                                       5.125          2,473.39
    OVERLAND PARK    KS   66221          2            07/18/03         00
    4313060541                           05           09/01/03          0
    4313060541                           O            08/01/33
    0

    8718608          M18/G02             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       6.750          2,360.90         64
                                       6.500          2,360.90
    TUSTIN           CA   92780          5            09/17/03         00
    0436635999                           05           11/01/03          0
    980102608                            O            10/01/33
    0

    8718618          P01/G02             F           80,000.00         ZZ
                                         360         80,000.00          3
                                       7.125            538.97         80
                                       6.875            538.97
    TROY             NY   12180          1            09/11/03         00
    0436642169                           05           11/01/03          0
    03005239                             N            10/01/33
    0

    8718632          E22/G02             F          584,000.00         ZZ
                                         360        584,000.00          1
                                       6.125          3,548.45         80
                                       5.875          3,548.45
    FLORHAM PARK     NJ   07932          5            09/26/03         00
    0416978130                           05           11/01/03          0
    0416798130                           O            10/01/33
    0

    8718648          E22/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       6.125            349.98         80
                                       5.875            349.98
    OTIS             CO   80743          5            09/26/03         00
    0417735172                           05           11/01/03          0
    0417735172                           O            10/01/33
    0

    8718704          E22/G02             F           61,750.00         ZZ
                                         360         61,750.00          1
                                       6.750            400.51         95
                                       6.500            400.51
    BAGDAD           FL   32530          5            09/26/03         11
    0417871548                           05           11/01/03         30
1

    0417871548                           O            10/01/33
    0

    8718724          E22/G02             F           43,500.00         ZZ
                                         360         43,500.00          1
                                       6.875            285.76         71
                                       6.625            285.76
    DAVIS            OK   73030          5            09/26/03         00
    0418203485                           05           11/01/03          0
    0418203485                           O            10/01/33
    0

    8718870          E22/G02             F           67,840.00         ZZ
                                         360         67,840.00          1
                                       7.750            486.01         80
                                       7.500            486.01
    MESQUITE         TX   75150          1            10/01/03         00
    0418411997                           05           11/01/03          0
    0418411997                           N            10/01/33
    0

    8719118          Q14/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       6.500            720.56         80
                                       6.250            720.56
    MESA             AZ   85212          1            09/22/03         00
    0436634554                           03           11/01/03          0
    0000315978                           O            10/01/33
    0

    8719140          E22/G02             F          650,000.00         TX
                                         360        650,000.00          1
                                       6.875          4,270.04         70
                                       6.625          4,270.04
    UNIVERSITY PARK  TX   75225          5            09/26/03         00
    0418562609                           05           11/01/03          0
    0418562609                           O            10/01/33
    0

    8719362          E22/G02             F           74,000.00         ZZ
                                         360         74,000.00          2
                                       6.625            473.83         43
                                       6.375            473.83
    NEW ORLEANS      LA   70119          2            10/01/03         00
    0418625018                           05           11/01/03          0
    0418625018                           N            10/01/33
    0

1

    8719414          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       7.125            545.71         90
                                       6.875            545.71
    SOUTH LAKE TAHO  CA   96150          1            09/24/03         01
    0418650990                           01           11/01/03         25
    0418650990                           N            10/01/33
    0

    8719500          B44/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.000          2,877.84         80
                                       5.750          2,877.84
    BOISE            ID   83706          5            09/24/03         00
    0436667901                           03           11/01/03          0
    4031869                              O            10/01/33
    0

    8719504          144/144             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.750          2,334.29         23
                                       5.500          2,334.29
    AMAGANSETT       NY   11930          5            09/03/03         00
    160738492                            05           11/01/03          0
    160738492                            O            10/01/33
    0

    8719824          S43/G02             F           99,550.00         ZZ
                                         360         99,550.00          1
                                       6.375            621.06         80
                                       6.125            621.06
    RIO RANCHO       NM   87144          1            09/29/03         00
    0436663926                           05           11/01/03          0
    181030028000                         N            10/01/33
    0

    8720008          U05/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.875            394.16         64
                                       6.625            394.16
    PHOENIX          AZ   85020          5            09/19/03         00
    0436650139                           05           11/01/03          0
    3410070                              N            10/01/33
    0

    8720368          N74/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.125            601.53         80
                                       5.875            601.53
1

    ALMA             AR   72921          1            09/24/03         00
    0436650980                           05           11/01/03          0
    0033404010                           O            10/01/33
    0

    8720622          N74/G02             F           52,000.00         ZZ
                                         360         51,801.11          1
                                       6.250            320.17         80
                                       6.000            320.17
    HAMLET           NC   28345          5            05/21/03         00
    0436681019                           05           07/01/03          0
    0032437010                           O            06/01/33
    0

    8720658          N74/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       6.875            433.57         88
                                       6.625            433.57
    EUREKA SPRINGS   AR   72631          2            09/23/03         10
    0436650915                           03           11/01/03         25
    0033407010                           O            10/01/33
    0

    8720754          M66/G02             F           20,625.00         ZZ
                                         360         20,609.69          1
                                       7.500            144.22         75
                                       7.250            144.22
    PHILADELPHIA     PA   19145          1            09/05/03         00
    0436644793                           07           10/01/03          0
    1024004980                           N            09/01/33
    0

    8722406          N34/G02             F           58,400.00         ZZ
                                         360         58,400.00          1
                                       7.625            413.35         80
                                       7.375            413.35
    GLENDALE HEIGHT  IL   60139          1            09/30/03         00
    0436644983                           01           11/01/03          0
    120200201                            O            10/01/33
    0

    8722596          E22/G02             F           86,030.00         ZZ
                                         360         86,030.00          4
                                       7.250            586.88         70
                                       7.000            586.88
    DURHAM           NC   27702          1            09/30/03         00
    0418615886                           05           11/01/03          0
    0418615886                           N            10/01/33
    0
1

    8722606          E22/G02             F           81,200.00         ZZ
                                         360         81,200.00          1
                                       6.375            506.58         77
                                       6.125            506.58
    HAYDEN           ID   83835          1            09/25/03         00
    0418630265                           03           11/01/03          0
    0418630265                           N            10/01/33
    0

    8722620          E22/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
                                       6.375            429.22         80
                                       6.125            429.22
    SAINT PETERSBUR  FL   33712          1            10/02/03         00
    0418655494                           05           11/01/03          0
    0418655494                           N            10/01/33
    0

    8722652          E22/G02             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       6.750            548.71         90
                                       6.500            548.71
    AUSTIN           TX   78723          1            09/26/03         04
    0417713831                           05           11/01/03         25
    0417713831                           N            10/01/33
    0

    8722902          N74/G02             F           82,400.00         ZZ
                                         360         82,400.00          1
                                       6.750            534.44         80
                                       6.500            534.44
    IRMO             SC   29063          5            09/24/03         00
    0436644355                           05           11/01/03          0
    0033414010                           O            10/01/33
    0

    8723448          W35/G02             F           55,000.00         ZZ
                                         360         54,954.83          1
                                       6.990            365.55         79
                                       6.740            365.55
    BEDFORD          IN   47421          5            09/10/03         00
    0436643704                           05           10/10/03          0
    24789                                N            09/10/33
    0

    8724016          T53/G02             F          408,000.00         ZZ
                                         360        408,000.00          1
1

                                       6.625          2,612.47         80
                                       6.375          2,612.47
    RANCHO CUCAMONG  CA   91737          5            09/23/03         00
    0436666515                           05           11/01/03          0
    31002293                             O            10/01/33
    0

    8724108          313/G02             F           78,400.00         ZZ
                                         360         78,308.57          1
                                       6.625            502.01         80
                                       6.375            502.01
    NORRISTOWN       PA   19403          2            08/28/03         00
    0436647895                           01           10/01/03          0
    9808312                              O            09/01/33
    0

    8724126          313/G02             F           95,200.00         ZZ
                                         360         94,826.60          1
                                       6.125            578.45         75
                                       5.875            578.45
    SCHAUMBURG       IL   60193          5            05/29/03         00
    0436646137                           08           07/01/03          0
    9581174                              O            06/01/33
    0

    8724166          313/G02             F           58,500.00         ZZ
                                         360         58,458.70          2
                                       7.750            419.11         90
                                       7.500            419.11
    SAINT LOUIS      MO   63116          1            08/21/03         11
    0436651939                           05           10/01/03         25
    9795923                              N            09/01/33
    0

    8724174          313/G02             F           68,000.00         ZZ
                                         360         67,949.53          1
                                       7.500            475.47         80
                                       7.250            475.47
    TITUSVILLE       FL   32796          5            09/19/03         00
    0436664700                           05           10/01/03          0
    9718545                              O            09/01/33
    0

    8724692          K15/G02             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       6.375          2,383.18         62
                                       6.125          2,383.18
    RIDGEWOOD        NJ   07450          5            09/18/03         00
    0436658785                           05           11/01/03          0
1

    010705521593                         O            10/01/33
    0

    8725584          H81/G02             F          342,000.00         ZZ
                                         360        342,000.00          1
                                       6.625          2,189.86         69
                                       6.375          2,189.86
    DARIEN           WI   53114          2            09/23/03         00
    0436672679                           05           11/01/03          0
    WH20263                              O            10/01/33
    0

    8726614          P44/G02             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       5.875          2,425.30         79
                                       5.625          2,425.30
    COHASSET         MA   02025          1            09/26/03         00
    0436656490                           05           11/01/03          0
    031567810                            O            10/01/33
    0

    8726692          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.125            516.47         50
                                       5.875            516.47
    MYRTLE BEACH     SC   29572          2            10/03/03         00
    0417777497                           22           11/01/03          0
    0417777497                           N            10/01/33
    0

    8726758          E22/G02             F           87,400.00         ZZ
                                         360         87,400.00          1
                                       7.750            626.14         92
                                       7.500            626.14
    MADISON          TN   37115          5            09/29/03         01
    0418221370                           05           11/01/03         30
    0418221370                           O            10/01/33
    0

    8726760          E22/G02             F           65,250.00         ZZ
                                         360         65,250.00          1
                                       7.000            434.11         90
                                       6.750            434.11
    LAFAYETTE        LA   70506          1            10/03/03         01
    0418232104                           05           11/01/03         30
    0418232104                           O            10/01/33
    0

1

    8726878          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          4
                                       7.625            594.55         70
                                       7.375            594.55
    MILWAUKEE        WI   53215          5            10/03/03         00
    0418384228                           05           11/01/03          0
    0418384228                           N            10/01/33
    0

    8726964          E22/G02             F           82,400.00         TX
                                         360         82,400.00          1
                                       6.500            520.82         80
                                       6.250            520.82
    MISSOURI CITY    TX   77489          5            09/29/03         00
    0418433223                           03           11/01/03          0
    0418433223                           O            10/01/33
    0

    8726996          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       6.500            353.96         80
                                       6.250            353.96
    KNOXVILLE        TN   37917          2            10/03/03         00
    0418454302                           05           11/01/03          0
    0418454302                           N            10/01/33
    0

    8727046          T44/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.500            474.05         71
                                       6.250            474.05
    TEHACHAPI        CA   93561          5            09/22/03         00
    0436684583                           05           11/01/03          0
    1092595                              O            10/01/33
    0

    8727056          R84/G02             F           80,000.00         ZZ
                                         360         80,000.00          2
                                       7.875            580.06         73
                                       7.625            580.06
    SHELTON          WA   98584          5            09/23/03         00
    0436649958                           05           11/01/03          0
    WA308682                             N            10/01/33
    0

    8727062          E22/G02             F           47,250.00         ZZ
                                         360         47,250.00          1
                                       7.750            338.50         75
                                       7.500            338.50
1

    OKLAHOMA CITY    OK   73112          5            10/03/03         00
    0418474748                           05           11/01/03          0
    0418474748                           N            10/01/33
    0

    8727084          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.500            581.50         76
                                       6.250            581.50
    COUNCIL BLUFFS   IA   51503          5            09/29/03         00
    0418488987                           05           11/01/03          0
    0418488987                           O            10/01/33
    0

    8727128          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          2
                                       6.750            570.77         84
                                       6.500            570.77
    GREENVILLE       TX   75401          4            10/03/03         01
    0418524039                           05           11/01/03         20
    0418524039                           N            10/01/33
    0

    8727162          E22/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
                                       6.500            391.88         78
                                       6.250            391.88
    KNOXVILLE        TN   37915          2            10/03/03         00
    0418550455                           05           11/01/03          0
    0418550455                           N            10/01/33
    0

    8727174          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.375            723.69         80
                                       6.125            723.69
    SPOKANE          WA   99208          1            09/26/03         00
    0418553350                           05           11/01/03          0
    0418553350                           O            10/01/33
    0

    8727230          E22/G02             F           82,400.00         ZZ
                                         360         82,400.00          1
                                       6.625            527.62         80
                                       6.375            527.62
    VISALIA          CA   93292          1            09/24/03         00
    0418590907                           05           11/01/03          0
    0418590907                           N            10/01/33
    0
1

    8727278          E22/G02             F          329,900.00         ZZ
                                         360        329,900.00          1
                                       6.375          2,058.15         79
                                       6.125          2,058.15
    FULLERTON        CA   92831          5            09/25/03         00
    0418613006                           05           11/01/03          0
    0418613006                           O            10/01/33
    0

    8727286          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       6.500            426.65         75
                                       6.250            426.65
    GARLAND          TX   75040          5            09/30/03         00
    0418619250                           05           11/01/03          0
    0418619250                           N            10/01/33
    0

    8727378          E22/G02             F           68,000.00         TX
                                         360         68,000.00          1
                                       7.125            458.13         68
                                       6.875            458.13
    GRAND PRAIRIE    TX   75051          5            10/03/03         00
    0418660411                           05           11/01/03          0
    0418660411                           N            10/01/33
    0

    8727438          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.625            589.09         80
                                       6.375            589.09
    TAMPA            FL   33610          5            10/03/03         00
    0418682126                           05           11/01/03          0
    0418682126                           N            10/01/33
    0

    8727918          Y50/G02             F           88,400.00         ZZ
                                         360         88,400.00          1
                                       6.875            580.73         80
                                       6.625            580.73
    PHOENIX          AZ   85015          1            09/23/03         00
    0436713044                           05           11/01/03          0
    22033526                             N            10/01/33
    0

    8728606          W40/G02             F           46,125.00         T
                                         360         46,125.00          1
1

                                       6.875            303.01         75
                                       6.625            303.01
    KALAMAZOO        MI   49008          1            09/25/03         00
    0436651251                           05           11/01/03          0
    1010028068                           O            10/01/33
    0

    8729280          588/G02             F          520,000.00         ZZ
                                         360        519,469.83          1
                                       5.875          3,076.00         80
                                       5.625          3,076.00
    OLD TAPPAN       NJ   07675          1            08/15/03         00
    0436693584                           05           10/01/03          0
    1100219                              O            09/01/33
    0

    8730140          601/G02             F          473,000.00         ZZ
                                         360        472,469.99          1
                                       5.375          2,648.66         86
                                       5.125          2,648.66
    MAPLEWOOD TOWNS  NJ   07040          2            08/22/03         10
    0436645006                           05           10/01/03         25
    20031005                             O            09/01/33
    0

    8731057          N47/G01             F          235,000.00         ZZ
                                         360        234,079.37          1
                                       6.125          1,427.88         64
                                       5.875          1,427.88
    SAN DIEGO        CA   92123          5            05/07/03         00
    0435950407                           05           07/01/03          0
    30503762                             O            06/01/33
    0

    8731418          B23/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.625          2,689.31         80
                                       6.375          2,689.31
    GRANITE BAY ARE  CA   95746          5            09/17/03         00
    0436678841                           03           11/01/03          0
    80002719                             O            10/01/33
    0

    8731488          144/144             F           86,500.00         ZZ
                                         360         86,409.69          1
                                       5.750            504.79         53
                                       5.500            504.79
    ACCORD           NY   12404          2            08/15/03         00
    160736249                            05           10/01/03          0
1

    160736249                            O            09/01/33
    0

    8733504          E22/G02             F           66,000.00         ZZ
                                         240         66,000.00          1
                                       6.625            496.95         80
                                       6.375            496.95
    OKLAHOMA CITY    OK   73122          2            10/01/03         00
    0418512455                           05           11/01/03          0
    0418512455                           O            10/01/23
    0

    8733516          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.250          2,216.58         80
                                       6.000          2,216.58
    LOS ANGELES      CA   90731          5            09/24/03         00
    0418513719                           05           11/01/03          0
    0418513719                           O            10/01/33
    0

    8733788          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.250          1,146.06         80
                                       7.000          1,146.06
    EAST HARTFORD    CT   06118          5            09/30/03         00
    0418640108                           05           11/01/03          0
    0418640108                           O            10/01/33
    0

    8733834          E22/G02             F           81,880.00         ZZ
                                         360         81,880.00          1
                                       7.250            558.57         92
                                       7.000            558.57
    SARALAND         AL   36571          5            10/01/03         04
    0418646857                           05           11/01/03         30
    0418646857                           O            10/01/33
    0

    8733868          E22/G02             F           95,120.00         ZZ
                                         360         95,120.00          1
                                       6.500            601.22         80
                                       6.250            601.22
    DILLON           CO   80435          1            10/06/03         00
    0418651287                           01           11/01/03          0
    0418651287                           O            10/01/33
    0

1

    8733894          E22/G02             F           39,000.00         ZZ
                                         360         39,000.00          1
                                       7.750            279.40         75
                                       7.500            279.40
    OMAHA            NE   68111          5            10/06/03         00
    0418653325                           05           11/01/03          0
    0418653325                           N            10/01/33
    0

    8734254          N74/G02             F           84,200.00         ZZ
                                         360         84,200.00          1
                                       6.750            546.12         89
                                       6.500            546.12
    STAUNTON         VA   24401          2            09/25/03         10
    0436722185                           05           11/01/03         25
    0033427010                           O            10/01/33
    0

    8734358          N74/G02             F           75,500.00         ZZ
                                         240         75,500.00          1
                                       7.250            596.73         90
                                       7.000            596.73
    CHESAPEAKE       VA   23324          5            09/25/03         10
    0436668438                           05           11/01/03         25
    0033426010                           O            10/01/23
    0

    8734434          E22/G02             F           72,900.00         ZZ
                                         360         72,900.00          1
                                       6.625            466.79         90
                                       6.375            466.79
    KANSAS CITY      MO   64134          1            10/06/03         01
    0418705406                           05           11/01/03         25
    0418705406                           N            10/01/33
    0

    8734846          E22/G02             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       5.875          2,159.11         74
                                       5.625          2,159.11
    OKLAHOMA CITY    OK   73110          2            10/06/03         00
    0418348488                           05           11/01/03          0
    0418348488                           O            10/01/33
    0

    8735008          E22/G02             F           83,125.00         ZZ
                                         360         83,125.00          1
                                       6.750            539.15         95
                                       6.500            539.15
1

    MEMPHIS          TN   38128          1            10/06/03         01
    0418397980                           05           11/01/03         35
    0418397980                           O            10/01/33
    0

    8735378          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.500            606.79         70
                                       6.250            606.79
    LAKE GEORGE      CO   80827          5            09/30/03         00
    0418583654                           05           11/01/03          0
    0418583654                           O            10/01/33
    0

    8735566          642/G02             F           91,800.00         ZZ
                                         360         91,800.00          2
                                       7.500            641.88         90
                                       7.250            641.88
    DES MOINES       IA   50310          1            09/22/03         11
    0436674345                           05           11/01/03         25
    06226103                             N            10/01/33
    0

    8735582          642/G02             F           91,800.00         ZZ
                                         360         91,800.00          2
                                       7.500            641.88         90
                                       7.250            641.88
    DES MOINES       IA   50310          1            09/22/03         11
    0436683619                           05           11/01/03         25
    06126403                             N            10/01/33
    0

    8735840          Q14/G02             F           33,375.00         ZZ
                                         360         33,375.00          1
                                       7.000            222.04         75
                                       6.750            222.04
    OMAHA            NE   68111          1            09/29/03         00
    0436654875                           05           11/01/03          0
    0000315166                           N            10/01/33
    0

    8740686          N47/G02             F          263,000.00         ZZ
                                         360        263,000.00          1
                                       6.625          1,684.02         66
                                       6.375          1,684.02
    PICKERINGTON     OH   43147          2            09/30/03         00
    0436718720                           05           11/01/03          0
    50500109                             O            10/01/33
    0
1

    8741426          E22/G02             F           81,500.00         ZZ
                                         360         81,500.00          1
                                       7.125            549.08         79
                                       6.875            549.08
    COLORADO SPRING  CO   80817          1            09/29/03         00
    0418490546                           05           11/01/03          0
    0418490546                           N            10/01/33
    0

    8741574          E22/G02             F          383,000.00         ZZ
                                         360        383,000.00          1
                                       6.125          2,327.15         70
                                       5.875          2,327.15
    HAYWARD          CA   94545          2            09/30/03         00
    0418634143                           05           11/01/03          0
    0418634143                           O            10/01/33
    0

    8741788          Y50/G02             F           73,100.00         ZZ
                                         360         73,100.00          1
                                       7.250            498.67         75
                                       7.000            498.67
    PHOENIX          AZ   85035          5            09/26/03         00
    0436702898                           05           11/01/03          0
    22033522                             N            10/01/33
    0

    8741870          A35/A35             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       6.500          3,236.18         79
                                       6.250          3,236.18
    POINT LOOKOUT    NY   11569          5            09/24/03         00
    15877                                05           11/01/03          0
    15877                                O            10/01/33
    0

    8741908          U05/G02             F           85,600.00         ZZ
                                         360         85,600.00          1
                                       6.250            527.05         80
                                       6.000            527.05
    NOGALES          AZ   85621          5            09/25/03         00
    0436683460                           05           11/01/03          0
    3395666                              O            10/01/33
    0

    8741914          738/G02             F          426,700.00         ZZ
                                         360        426,700.00          1
1

                                       6.375          2,662.06         80
                                       6.125          2,662.06
    SAN ANTONIO      TX   78258          2            09/23/03         00
    0436672521                           03           11/01/03          0
    41488041                             O            10/01/33
    0

    8742290          253/253             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.125          2,551.97         78
                                       5.875          2,551.97
    MAGNOLIA         TX   77355          4            09/15/03         00
    435637                               03           11/01/03          0
    435637                               O            10/01/33
    0

    8742966          N47/G02             F          205,000.00         ZZ
                                         360        205,000.00          1
                                       6.750          1,329.63         59
                                       6.500          1,329.63
    OXNARD           CA   93033          5            09/23/03         00
    0436719165                           05           11/01/03          0
    30509115                             O            10/01/33
    0

    8743134          Q14/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
                                       6.750            356.73         44
                                       6.500            356.73
    CEDAR RAPIDS     IA   52405          5            09/30/03         00
    0436673958                           05           11/01/03          0
    00003-15885                          O            10/01/33
    0

    8743622          883/G02             F           75,800.00         ZZ
                                         360         75,800.00          1
                                       6.875            497.95         63
                                       6.625            497.95
    PORT CHARLOTTE   FL   33948          5            09/25/03         00
    0436695464                           05           11/01/03          0
    05023386                             O            10/01/33
    0

    8744728          E22/G02             F           79,050.00         ZZ
                                         240         79,050.00          1
                                       6.250            577.80         85
                                       6.000            577.80
    TULSA            OK   74112          2            10/03/03         01
    0418598033                           05           12/01/03         12
1

    0418598033                           O            11/01/23
    0

    8744970          U05/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.000          2,302.27         80
                                       5.750          2,302.27
    HOLLYWOOD        MD   20636          5            09/22/03         00
    0436698153                           05           11/01/03          0
    3412441                              O            10/01/33
    0

    8746310          738/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
                                       6.500            493.01         80
                                       6.250            493.01
    HIALEAH          FL   33014          1            09/30/03         00
    0436680045                           05           11/01/03          0
    41250305                             O            10/01/33
    0

    8746762          N74/G02             F           57,150.00         ZZ
                                         360         57,150.00          1
                                       6.875            375.43         90
                                       6.625            375.43
    RUSSELLVILLE     AR   72802          5            09/26/03         01
    0436719744                           05           11/01/03         25
    0033442010                           O            10/01/33
    0

    8746890          M27/G02             F          593,800.00         ZZ
                                         360        593,800.00          1
                                       6.125          3,607.99         79
                                       5.875          3,607.99
    MEMPHIS          TN   38104          2            09/29/03         00
    0436693261                           05           11/01/03          0
    600951872                            O            10/01/33
    0

    8751292          Q87/G02             F           86,250.00         ZZ
                                         240         86,250.00          1
                                       6.375            636.73         75
                                       6.125            636.73
    GREEN BAY        VA   23942          5            09/30/03         00
    0436709703                           05           11/06/03          0
    WHAM01                               O            10/06/23
    0

1

    8753416          642/G02             F           74,400.00         ZZ
                                         360         74,400.00          1
                                       6.500            470.26         79
                                       6.250            470.26
    PHENIX CITY      AL   36869          2            09/24/03         00
    0436694855                           05           11/01/03          0
    05212403                             N            10/01/33
    0

    8757603          F28/G02             F          576,000.00         ZZ
                                         360        571,709.75          1
                                       7.625          4,076.89         80
                                       7.375          4,076.89
    DAYTONA BEACH    FL   32127          2            11/21/02         00
    0435903075                           05           01/01/03          0
    4266844                              O            12/01/32
    0

    8757633          F28/G02             F          390,000.00         T
                                         360        383,318.76          1
                                       6.000          2,338.25         75
                                       5.750          2,338.25
    NORMANDY SHORES  NJ   08735          1            02/10/03         00
    0435902663                           05           05/01/03          0
    4850415                              O            04/01/33
    0

    8758304          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.250          2,308.94         77
                                       6.000          2,308.94
    ESCONDIDO        CA   92026          5            10/01/03         00
    0418560785                           05           11/01/03          0
    0418560785                           O            10/01/33
    0

    8758832          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.250            554.15         78
                                       6.000            554.15
    VISALIA          CA   93291          2            09/23/03         00
    0418653473                           05           11/01/03          0
    0418653473                           N            10/01/33
    0

    8760156          K15/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       7.875            431.42         85
                                       7.625            431.42
1

    HUDSON FALLS     NY   12839          5            09/10/03         41
    0436701718                           05           11/01/03         12
    027205521312                         O            10/01/33
    0

    8764496          W08/G02             F          499,600.00         ZZ
                                         360        499,600.00          1
                                       6.875          3,282.02         80
                                       6.625          3,282.02
    FORT MYERS       FL   33908          2            09/30/03         00
    0436739577                           01           11/01/03          0
    034117MG                             O            10/01/33
    0

    8767830          K15/G02             F           99,600.00         ZZ
                                         360         99,600.00          1
                                       7.750            713.55         89
                                       7.500            713.55
    TIFFIN           OH   44883          5            09/25/03         41
    0436741649                           05           11/01/03         25
    028705512235                         O            10/01/33
    0

    8768814          K15/G02             F           50,100.00         ZZ
                                         360         50,100.00          1
                                       7.500            350.31         83
                                       7.250            350.31
    RENVILLE         MN   56284          5            09/25/03         41
    0436737811                           05           11/01/03         12
    013105521212                         O            10/01/33
    0

    8773926          420/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.625          2,305.12         80
                                       6.375          2,305.12
    MODESTO          CA   95355          1            09/22/03         00
    0436738389                           03           11/01/03          0
    73004878                             O            10/01/33
    0

    8779147          Y23/G02             F           96,000.00         TX
                                         360         95,517.34          1
                                       6.000            575.57         80
                                       5.750            575.57
    SPRING           TX   77388          5            04/11/03         00
    0436031132                           03           06/01/03          0
    1000186778                           O            05/01/33
    0
1

    8780141          E11/G02             F           88,200.00         ZZ
                                         360         87,829.00          1
                                       5.750            514.71         90
                                       5.500            514.71
    MINNEAPOLIS      MN   55411          1            06/04/03         04
    0436034615                           05           07/01/03         25
    0014001059026                        N            06/01/33
    0

    8787961          E22/G02             F           87,200.00         ZZ
                                         360         86,950.48          1
                                       6.250            536.91         80
                                       6.000            536.91
    MIAMI            FL   33193          1            06/11/03         00
    0417332939                           01           08/01/03          0
    0417332939                           N            07/01/33
    0

    8791313          E47/G02             F           76,000.00         TX
                                         360         75,702.28          1
                                       6.125            461.78         80
                                       5.875            461.78
    SAN ANTONIO      TX   78245          5            05/22/03         00
    0436034136                           05           07/01/03          0
    7362511938                           O            06/01/33
    0

    8825345          E23/G02             F          464,000.00         ZZ
                                         360        463,117.18          1
                                       6.250          2,856.93         80
                                       6.000          2,856.93
    SAN BRUNO        CA   94066          5            07/28/03         00
    0436580104                           05           09/01/03          0
    62009567                             O            08/01/33
    0

    8828809          E23/G02             F          288,000.00         ZZ
                                         360        287,425.15          1
                                       6.000          1,726.71         80
                                       5.750          1,726.71
    ANAHEIM          CA   92801          5            07/25/03         00
    0436526446                           05           09/01/03          0
    11022304                             O            08/01/33
    0

    8837463          W98/G02             F           90,000.00         ZZ
                                         360         89,918.64          1
1

                                       6.500            568.86         75
                                       6.250            568.86
    ALEXANDRIA       VA   22309          1            08/18/03         00
    0436588545                           01           10/01/03          0
    F0300330                             O            09/01/33
    0

    8840221          E23/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       7.500            570.56         80
                                       7.250            570.56
    CALIFORNIA CITY  CA   93505          1            09/03/03         00
    0436580989                           05           11/01/03          0
    61013543                             N            10/01/33
    0

    8842667          E23/G02             F          202,500.00         ZZ
                                         360        202,500.00          1
                                       7.000          1,347.24         75
                                       6.750          1,347.24
    ANDERSON         CA   96007          1            09/03/03         00
    0436601892                           05           11/01/03          0
    62010644                             O            10/01/33
    0

    8843131          E23/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       6.750            428.07         80
                                       6.500            428.07
    TULARE           CA   93274          1            09/03/03         00
    0436602338                           05           11/01/03          0
    61013139                             N            10/01/33
    0

    8844525          H22/G02             F          516,000.00         ZZ
                                         360        516,000.00          1
                                       6.250          3,177.10         80
                                       6.000          3,177.10
    EAST SETAUKET    NY   11733          1            09/24/03         00
    0436615520                           05           11/01/03          0
    0308006                              O            10/01/33
    0

    8849315          E23/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.500          4,108.44         76
                                       6.250          4,108.44
    SHINGLE SPRINGS  CA   95682          5            09/23/03         00
    0436654289                           05           11/01/03          0
1

    63002747                             O            10/01/33
    0

    8850341          W98/G02             F          202,500.00         ZZ
                                         360        202,500.00          1
                                       6.750          1,313.41         77
                                       6.500          1,313.41
    WOODBRIDGE       VA   22193          2            09/15/03         00
    0436648745                           05           11/01/03          0
    WB030721                             O            10/01/33
    0

    8850937          E23/G02             F          350,000.00         T
                                         360        350,000.00          1
                                       6.750          2,270.09         36
                                       6.500          2,270.09
    CARMEL           CA   93923          2            09/18/03         00
    0436644462                           05           11/01/03          0
    63002923                             O            10/01/33
    0

    8851823          E23/G02             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       6.375          3,194.21         80
                                       6.125          3,194.21
    ANAHEIM          CA   92808          1            09/25/03         00
    0436665301                           03           11/01/03          0
    51036393                             O            10/01/33
    0

    8853141          E23/G02             F           83,100.00         ZZ
                                         360         83,100.00          1
                                       6.250            511.66         80
                                       6.000            511.66
    LAS VEGAS        NV   89128          1            09/25/03         00
    0436693022                           01           11/01/03          0
    61013757                             O            10/01/33
    0
1

   TOTAL NUMBER OF LOANS   :        737

   TOTAL ORIGINAL BALANCE  :   126,287,095.00

   TOTAL PRINCIPAL BALANCE :   126,112,976.93

   TOTAL ORIGINAL P+I      :       785,868.07

   TOTAL CURRENT P+I       :       785,868.07

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>
<TABLE>
<CAPTION>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
<S>     <C>                 <C>                       <C>                     <C>                 <C>
        8377556             $135,591.79               5.720%                  0.5217%             $707.44
        8380978             $264,185.47               5.595%                  2.6957%            $7,121.52
        8393532             $139,538.16               5.220%                  9.2174%           $12,861.78
        8393540             $77,965.28                5.720%                  0.5217%             $406.78
        8398160             $130,597.36               5.595%                  2.6957%            $3,520.45
        8415736             $398,770.55               5.595%                  2.6957%           $10,749.47
        8427244             $116,743.27               5.220%                  9.2174%           $10,760.68
        8427688             $162,909.55               5.720%                  0.5217%             $849.96
        8437512             $182,847.45               5.720%                  0.5217%             $953.99
        8441020             $128,245.32               5.470%                  4.8696%            $6,244.99
        8445856             $139,569.71               5.595%                  2.6957%            $3,762.31
        8459888             $134,585.05               5.595%                  2.6957%            $3,627.94
        8463366             $415,948.02               5.595%                  2.6957%           $11,212.51
        8475254             $181,839.35               5.595%                  2.6957%            $4,901.76
        8496864             $99,749.18                5.595%                  2.6957%            $2,688.89
        8499896             $131,378.03               5.595%                  2.6957%            $3,541.49
        8500764             $518,859.05               5.220%                  9.2174%           $47,825.27
        8500808             $138,110.30               5.470%                  4.8696%            $6,725.37
        8502610             $439,100.60               5.595%                  2.6957%           $11,836.62
        8504420             $208,360.69               5.720%                  0.5217%            $1,087.10
        8504490             $187,521.83               5.595%                  2.6957%            $5,054.94
        8504686             $71,780.95                5.720%                  0.5217%             $374.51
        8512564             $63,807.91                5.720%                  0.5217%             $332.91
        8520914             $84,027.25                5.345%                  7.0435%            $5,918.44
        8522410             $199,092.20               5.595%                  2.6957%            $5,366.83
        8523242             $105,384.15               5.595%                  2.6957%            $2,840.79
        8523630             $269,461.08               5.720%                  0.5217%            $1,405.88
        8528166             $425,525.63               5.595%                  2.6957%           $11,470.69
        8534486             $225,492.37               5.095%                 11.3913%           $25,686.52
        8534492             $200,070.34               5.470%                  4.8696%            $9,742.56
        8534546             $479,944.61               5.220%                  9.2174%           $44,238.37
        8534618             $168,396.78               5.470%                  4.8696%            $8,200.19
        8534698             $242,479.20               5.345%                  7.0435%           $17,078.97
        8534710             $122,754.49               5.720%                  0.5217%             $640.46
        8534726             $158,076.21               5.595%                  2.6957%            $4,261.18
        8534790             $199,591.18               5.595%                  2.6957%            $5,380.28
        8534820             $321,958.08               4.970%                 13.5652%           $43,674.31
        8534976             $209,029.44               5.095%                 11.3913%           $23,811.18
        8534978             $154,643.64               4.970%                 13.5652%           $20,977.75
        8534984             $125,710.31               4.970%                 13.5652%           $17,052.88
        8535040             $226,349.57               5.470%                  4.8696%           $11,022.24
        8535044             $139,484.64               5.095%                 11.3913%           $15,889.12
        8535252             $439,056.13               5.340%                  7.1304%           $31,306.61
        8535304             $319,211.46               4.595%                 20.0870%           $64,119.87
        8535330             $394,153.46               5.345%                  7.0435%           $27,762.11
        8535376             $199,561.17               5.220%                  9.2174%           $18,394.33
        8535474             $206,067.77               5.470%                  4.8696%           $10,034.60
        8535510             $268,908.69               5.220%                  9.2174%           $24,786.37
        8535524             $205,548.00               5.220%                  9.2174%           $18,946.16
        8535532             $297,376.25               5.470%                  4.8696%           $14,480.93
        8535576             $322,040.38               5.595%                  2.6957%            $8,681.09
        8535588             $213,063.59               5.595%                  2.6957%            $5,743.45
        8541804             $248,997.00               5.720%                  0.5217%            $1,299.11

  Thursday, October 30, 2003                                                                        Page 1 of 6
        8541980             $101,027.83               5.220%                  9.2174%            $9,312.13
        8542026             $279,356.25               4.970%                 13.5652%           $37,895.28
        8542240             $194,002.63               5.595%                  2.6957%            $5,229.64
        8542286             $80,414.88                5.220%                  9.2174%            $7,412.15
        8542490             $46,612.24                5.720%                  0.5217%             $243.19
        8542598             $149,663.08               5.095%                 11.3913%           $17,048.58
        8542652             $177,609.43               5.220%                  9.2174%           $16,370.96
        8542734             $179,586.16               4.970%                 13.5652%           $24,361.25
        8542772             $182,208.66               5.345%                  7.0435%           $12,833.83
        8542794             $163,648.52               5.345%                  7.0435%           $11,526.55
        8542834             $321,958.08               4.970%                 13.5652%           $43,674.31
        8542836             $125,494.46               5.720%                  0.5217%             $654.75
        8543102             $107,258.54               5.095%                 11.3913%           $12,218.15
        8543212             $194,382.52               5.345%                  7.0435%           $13,691.29
        8543628             $95,213.33                5.720%                  0.5217%             $496.77
        8543856             $135,454.36               5.720%                  0.5217%             $706.72
        8544404             $83,033.93                5.720%                  0.5217%             $433.22
        8544864             $256,880.41               5.720%                  0.5217%            $1,340.25
        8545048             $232,488.77               5.220%                  9.2174%           $21,429.40
        8545150             $310,548.62               5.470%                  4.8696%           $15,122.37
        8548499             $190,562.59               5.595%                  2.6957%            $5,136.90
        8550888             $172,646.38               5.595%                  2.6957%            $4,653.95
        8552542             $318,300.06               5.220%                  9.2174%           $29,338.96
        8552546             $291,374.20               5.345%                  7.0435%           $20,522.88
        8552600             $104,685.58               5.595%                  2.6957%            $2,821.96
        8552606             $297,330.65               5.095%                 11.3913%           $33,869.84
        8552608             $199,561.17               5.220%                  9.2174%           $18,394.33
        8552670             $88,999.65                5.095%                 11.3913%           $10,138.22
        8556278             $184,417.76               5.470%                  4.8696%            $8,980.34
        8556286             $119,639.79               5.720%                  0.5217%             $624.21
        8556420             $291,622.05               5.720%                  0.5217%            $1,521.51
        8556558             $89,318.00                5.470%                  4.8696%            $4,349.40
        8556644             $90,128.65                5.720%                  0.5217%             $470.24
        8556660             $106,671.10               5.595%                  2.6957%            $2,875.48
        8556694             $152,983.76               5.720%                  0.5217%             $798.18
        8556734             $125,612.71               5.595%                  2.6957%            $3,386.08
        8556774             $227,315.65               5.720%                  0.5217%            $1,185.99
        8556788             $46,356.94                5.720%                  0.5217%             $241.86
        8556796             $173,078.95               5.720%                  0.5217%             $903.02
        8556838             $57,314.69                5.345%                  7.0435%            $4,036.95
        8556860             $174,474.72               5.720%                  0.5217%             $910.30
        8557056             $139,548.88               5.345%                  7.0435%            $9,829.10
        8557070             $103,946.81               5.470%                  4.8696%            $5,061.76
        8562458             $295,329.35               5.720%                  0.5217%            $1,540.85
        8564280             $389,053.11               5.595%                  2.6957%           $10,487.52
        8564944             $184,474.87               5.095%                 11.3913%           $21,014.09
        8564998             $178,808.19               5.220%                  9.2174%           $16,481.45
        8565082             $317,538.51               5.720%                  0.5217%            $1,656.72
        8565092             $182,410.32               5.345%                  7.0435%           $12,848.03
        8565112             $178,060.67               5.220%                  9.2174%           $16,412.55
        8565152             $161,251.79               4.970%                 13.5652%           $21,874.16
        8565228             $248,285.44               5.345%                  7.0435%           $17,487.93
        8565268             $211,332.77               5.470%                  4.8696%           $10,290.99
        8565310             $264,482.73               4.970%                 13.5652%           $35,877.66
        8565314             $140,319.36               5.720%                  0.5217%             $732.10
        8565330             $235,374.29               5.595%                  2.6957%            $6,344.87
        8565390             $159,207.58               5.720%                  0.5217%             $830.65

  Thursday, October 30, 2003                                                                        Page 2 of 6
        8565636             $180,722.47               5.095%                 11.3913%           $20,586.65
        8565754             $88,622.74                5.720%                  0.5217%             $462.38
        8565806             $233,521.68               5.595%                  2.6957%            $6,294.93
        8565836             $196,479.66               5.470%                  4.8696%            $9,567.71
        8566074             $108,640.41               5.220%                  9.2174%           $10,013.81
        8566172             $82,950.27                5.720%                  0.5217%             $432.78
        8566236             $127,526.80               5.595%                  2.6957%            $3,437.68
        8566246             $110,060.67               5.595%                  2.6957%            $2,966.85
        8566292             $269,170.09               5.595%                  2.6957%            $7,255.89
        8566328             $167,483.63               5.595%                  2.6957%            $4,514.78
        8566492             $102,660.21               5.220%                  9.2174%            $9,462.59
        8566544             $233,492.62               5.095%                 11.3913%           $26,597.86
        8566570             $213,357.67               5.720%                  0.5217%            $1,113.17
        8566622             $166,985.16               5.595%                  2.6957%            $4,501.34
        8566652             $279,159.57               5.720%                  0.5217%            $1,456.48
        8566664             $166,299.33               5.720%                  0.5217%             $867.65
        8566668             $220,416.64               5.720%                  0.5217%            $1,150.00
        8566682             $304,003.83               5.220%                  9.2174%           $28,021.22
        8566688             $201,692.77               5.720%                  0.5217%            $1,052.31
        8566698             $269,129.97               5.345%                  7.0435%           $18,956.11
        8566706             $145,152.48               5.595%                  2.6957%            $3,912.81
        8566724             $403,664.00               5.220%                  9.2174%           $37,207.29
        8566898             $145,849.33               5.595%                  2.6957%            $3,931.59
        8566904             $202,859.51               5.470%                  4.8696%            $9,878.38
        8566920             $74,048.09                5.095%                 11.3913%            $8,435.04
        8566956             $300,030.09               5.345%                  7.0435%           $21,132.55
        8566974             $201,822.98               5.220%                  9.2174%           $18,602.81
        8567028             $193,338.28               5.470%                  4.8696%            $9,414.73
        8567058             $188,376.51               5.220%                  9.2174%           $17,363.40
        8567066             $189,237.70               5.720%                  0.5217%             $987.33
        8567132             $69,689.38                5.720%                  0.5217%             $363.60
        8567146             $317,045.51               5.720%                  0.5217%            $1,654.15
        8567154             $99,634.05                5.095%                 11.3913%           $11,349.62
        8567182             $90,128.65                5.720%                  0.5217%             $470.24
        8567258             $204,307.75               5.095%                 11.3913%           $23,273.32
        8567260             $67,861.00                5.595%                  2.6957%            $1,829.30
        8567326             $226,731.80               5.095%                 11.3913%           $25,827.71
        8567340             $275,408.48               5.345%                  7.0435%           $19,398.34
        8567354             $121,908.93               5.720%                  0.5217%             $636.05
        8567362             $231,198.17               4.970%                 13.5652%           $31,362.53
        8567368             $63,311.73                5.470%                  4.8696%            $3,083.01
        8567390             $159,281.43               5.720%                  0.5217%             $831.03
        8567606             $197,585.57               5.470%                  4.8696%            $9,621.56
        8573926             $283,300.18               4.595%                 20.0870%           $56,906.38
        8575032             $87,820.12                5.595%                  2.6957%            $2,367.33
        8575328             $178,008.56               5.220%                  9.2174%           $16,407.75
        8576134             $326,076.74               5.220%                  9.2174%           $30,055.77
        8576840             $264,439.17               4.845%                 15.7391%           $41,620.43
        8577126             $279,385.64               5.220%                  9.2174%           $25,752.07
        8581338             $224,559.67               5.345%                  7.0435%           $15,816.81
        8585984             $296,162.11               5.095%                 11.3913%           $33,736.73
        8586088             $176,593.07               4.970%                 13.5652%           $23,955.23
        8586090             $149,663.08               5.095%                 11.3913%           $17,048.58
        8586104             $264,361.85               4.720%                 17.9130%           $47,355.25
        8586156             $160,629.85               4.970%                 13.5652%           $21,789.79
        8586170             $247,734.87               5.345%                  7.0435%           $17,449.15
        8586208             $135,720.48               5.595%                  2.6957%            $3,658.55

  Thursday, October 30, 2003                                                                        Page 3 of 6
        8586214             $221,007.83               5.220%                  9.2174%           $20,371.16
        8586226             $274,691.85               5.095%                 11.3913%           $31,290.98
        8586234             $174,633.71               5.470%                  4.8696%            $8,503.90
        8586246             $114,741.69               5.095%                 11.3913%           $13,070.58
        8586248             $229,754.12               5.345%                  7.0435%           $16,182.68
        8586256             $273,925.43               5.470%                  4.8696%           $13,338.98
        8586274             $311,681.77               4.970%                 13.5652%           $42,280.31
        8586334             $214,759.08               5.095%                 11.3913%           $24,463.86
        8586346             $169,314.47               5.220%                  9.2174%           $15,606.38
        8586384             $220,503.61               5.095%                 11.3913%           $25,118.24
        8586408             $201,535.59               4.970%                 13.5652%           $27,338.74
        8586736             $278,116.16               5.595%                  2.6957%            $7,497.04
        8588818             $486,903.89               5.095%                 11.3913%           $55,464.70
        8590128             $78,414.08                5.220%                  9.2174%            $7,227.73
        8592460             $78,913.53                5.220%                  9.2174%            $7,273.77
        8598542             $338,740.92               5.460%                  5.0435%           $17,084.32
        8598632             $111,950.96               5.470%                  4.8696%            $5,451.53
        8602672             $216,783.98               5.720%                  0.5217%            $1,131.05
        8605360             $171,025.46               5.595%                  2.6957%            $4,610.25
        8605556             $227,011.53               5.345%                  7.0435%           $15,989.51
        8605922             $542,419.49               5.345%                  7.0435%           $38,205.20
        8605986             $188,622.76               5.720%                  0.5217%             $984.12
        8606646             $199,796.09               5.595%                  2.6957%            $5,385.81
        8608982             $136,360.83               5.595%                  2.6957%            $3,675.81
        8610290             $40,059.11                5.595%                  2.6957%            $1,079.85
        8614468             $193,802.21               5.595%                  2.6957%            $5,224.23
        8614610             $278,715.55               5.595%                  2.6957%            $7,513.20
        8616252             $184,811.38               5.595%                  2.6957%            $4,981.87
        8616874             $124,376.06               5.720%                  0.5217%             $648.92
        8617314             $63,896.12                5.595%                  2.6957%            $1,722.42
        8617338             $264,944.27               5.470%                  4.8696%           $12,901.63
        8617594             $113,256.73               5.345%                  7.0435%            $7,977.21
        8617678             $85,029.94                5.720%                  0.5217%             $443.63
        8618562             $98,398.45                5.595%                  2.6957%            $2,652.48
        8618648             $114,071.85               5.720%                  0.5217%             $595.16
        8620268             $238,023.95               5.720%                  0.5217%            $1,241.86
        8620274             $261,976.03               5.720%                  0.5217%            $1,366.83
        8620334             $289,407.21               5.595%                  2.6957%            $7,801.41
        8620448             $115,563.28               5.595%                  2.6957%            $3,115.18
        8621110             $286,096.02               5.595%                  2.6957%            $7,712.15
        8624576             $129,867.46               5.595%                  2.6957%            $3,500.78
        8627460             $94,100.00                5.595%                  2.6957%            $2,536.61
        8627500             $115,880.00               5.720%                  0.5217%             $604.59
        8627756             $178,638.02               5.470%                  4.8696%            $8,698.89
        8627890             $149,000.00               5.470%                  4.8696%            $7,255.65
        8629534             $551,450.48               5.720%                  0.5217%            $2,877.13
        8629932             $91,866.24                5.595%                  2.6957%            $2,476.39
        8632922             $96,057.88                5.720%                  0.5217%             $501.17
        8636096             $200,799.90               5.720%                  0.5217%            $1,047.65
        8636184             $97,300.00                5.595%                  2.6957%            $2,622.87
        8636216             $171,500.00               5.595%                  2.6957%            $4,623.04
        8638526             $189,806.29               5.595%                  2.6957%            $5,116.52
        8641216             $176,000.00               5.720%                  0.5217%             $918.26
        8641826             $152,000.00               5.595%                  2.6957%            $4,097.39
        8643322             $495,482.14               5.470%                  4.8696%           $24,127.83
        8643346             $407,938.70               5.720%                  0.5217%            $2,128.38
        8643358             $438,647.59               5.595%                  2.6957%           $11,824.41

  Thursday, October 30, 2003                                                                        Page 4 of 6
        8643370             $363,225.72               5.720%                  0.5217%            $1,895.09
        8644596             $264,000.00               5.595%                  2.6957%            $7,116.52
        8644658             $278,000.00               5.720%                  0.5217%            $1,450.43
        8644726             $349,643.15               5.595%                  2.6957%            $9,425.16
        8644904             $321,991.94               5.220%                  9.2174%           $29,679.26
        8644906             $90,000.00                5.595%                  2.6957%            $2,426.09
        8644934             $132,000.00               5.595%                  2.6957%            $3,558.26
        8645370             $319,673.75               5.595%                  2.6957%            $8,617.29
        8648004             $115,479.31               5.470%                  4.8696%            $5,623.34
        8651528             $487,000.00               5.595%                  2.6957%           $13,127.83
        8652182             $189,200.00               5.595%                  2.6957%            $5,100.17
        8652186             $160,000.00               5.595%                  2.6957%            $4,313.04
        8652214             $152,596.26               5.595%                  2.6957%            $4,113.46
        8652264             $244,756.10               5.720%                  0.5217%            $1,276.99
        8654360             $120,100.00               5.470%                  4.8696%            $5,848.35
        8654744             $287,699.31               5.470%                  4.8696%           $14,009.71
        8654822             $128,070.00               5.595%                  2.6957%            $3,452.32
        8655088             $138,555.01               5.720%                  0.5217%             $722.90
        8655526             $64,932.14                5.470%                  4.8696%            $3,161.91
        8657500             $175,820.56               5.595%                  2.6957%            $4,739.51
        8660794             $267,250.00               5.595%                  2.6957%            $7,204.13
        8660846             $211,400.00               5.595%                  2.6957%            $5,698.61
        8661272             $341,642.93               5.470%                  4.8696%           $16,636.53
        8661534             $199,796.09               5.595%                  2.6957%            $5,385.81
        8661652             $339,627.84               5.220%                  9.2174%           $31,304.83
        8661858             $445,534.34               5.470%                  4.8696%           $21,695.59
        8661886             $433,536.03               5.345%                  7.0435%           $30,536.02
        8661972             $347,627.96               5.345%                  7.0435%           $24,485.10
        8662540             $127,000.00               5.595%                  2.6957%            $3,423.48
        8662550             $365,617.87               5.470%                  4.8696%           $17,804.00
        8662812             $276,000.00               5.720%                  0.5217%            $1,440.00
        8662912             $483,506.54               5.595%                  2.6957%           $13,033.65
        8663552             $291,300.00               5.595%                  2.6957%            $7,852.43
        8664298             $93,402.38                5.470%                  4.8696%            $4,548.29
        8664302             $80,000.00                5.595%                  2.6957%            $2,156.52
        8664912             $142,108.93               5.595%                  2.6957%            $3,830.76
        8666422             $155,681.12               5.595%                  2.6957%            $4,196.62
        8666958             $225,000.00               5.720%                  0.5217%            $1,173.91
        8668360             $123,000.00               5.595%                  2.6957%            $3,315.65
        8669818             $129,740.51               5.720%                  0.5217%             $676.91
        8669820             $121,756.34               5.720%                  0.5217%             $635.25
        8669822             $462,053.57               5.595%                  2.6957%           $12,455.36
        8669824             $272,921.45               5.595%                  2.6957%            $7,357.01
        8669848             $133,457.17               5.345%                  7.0435%            $9,400.03
        8669850             $214,675.96               5.720%                  0.5217%            $1,120.05
        8669852             $96,701.31                5.595%                  2.6957%            $2,606.73
        8669858             $112,685.00               5.595%                  2.6957%            $3,037.60
        8669862             $164,631.97               5.595%                  2.6957%            $4,437.91
        8669864             $127,769.45               5.595%                  2.6957%            $3,444.22
        8669882             $66,856.41                5.345%                  7.0435%            $4,709.02
        8669900             $65,667.95                5.720%                  0.5217%             $342.62
        8669904             $51,392.18                5.470%                  4.8696%            $2,502.58
        8669914             $84,707.18                5.220%                  9.2174%            $7,807.79
        8669918             $61,932.14                5.220%                  9.2174%            $5,708.53
        8669920             $199,601.09               5.720%                  0.5217%            $1,041.40
        8669928             $101,297.39               5.720%                  0.5217%             $528.51
        8669934             $491,510.21               5.720%                  0.5217%            $2,564.40

  Thursday, October 30, 2003                                                                        Page 5 of 6
        8669944             $106,588.59               5.470%                  4.8696%            $5,190.40
        8669946             $152,797.93               5.720%                  0.5217%             $797.21
        8669956             $78,185.60                5.345%                  7.0435%            $5,506.99
        8669976             $116,561.08               5.720%                  0.5217%             $608.14
        8669990             $116,680.91               5.595%                  2.6957%            $3,145.31
        8670052             $136,752.28               5.595%                  2.6957%            $3,686.37
        8670070             $151,589.50               5.595%                  2.6957%            $4,086.33
        8670076             $165,235.07               5.595%                  2.6957%            $4,454.16
        8670316             $169,236.51               5.345%                  7.0435%           $11,920.14
        8670332             $265,166.45               5.595%                  2.6957%            $7,147.97
        8670428             $159,465.34               5.720%                  0.5217%             $831.99
        8670524             $117,879.69               5.595%                  2.6957%            $3,177.63
        8670654             $100,518.96               5.720%                  0.5217%             $524.45
        8670724             $175,640.24               5.595%                  2.6957%            $4,734.65
        8670990             $317,283.82               5.720%                  0.5217%            $1,655.39
        8671042             $610,651.32               5.220%                  9.2174%           $56,286.12
        8671152             $649,352.92               5.720%                  0.5217%            $3,387.93
        8671160             $111,366.40               5.470%                  4.8696%            $5,423.06
        8671336             $219,470.46               5.595%                  2.6957%            $5,916.16
        8671472             $123,646.73               5.595%                  2.6957%            $3,333.09
        8671508             $137,311.97               5.470%                  4.8696%            $6,686.50
        8671688             $151,931.56               5.595%                  2.6957%            $4,095.55
        8672012             $191,598.12               5.470%                  4.8696%            $9,330.00
        8672098             $150,791.13               5.595%                  2.6957%            $4,064.80
        8676792             $799,124.35               5.220%                  9.2174%           $73,658.42
        8676942             $170,442.50               5.470%                  4.8696%            $8,299.81
        8679088             $650,000.00               5.345%                  7.0435%           $45,782.61
        8681066             $506,300.00               5.720%                  0.5217%            $2,641.57
        8684222             $87,900.00                5.470%                  4.8696%            $4,280.35
        8684238             $240,000.00               5.595%                  2.6957%            $6,469.57
        8684496             $141,600.00               5.720%                  0.5217%             $738.78

  Thursday, October 30, 2003                                                                        Page 6 of 6

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
        8429214             $254,158.83               5.220%                  9.2174%           $23,426.81
        8502770             $291,902.10               5.595%                  2.6957%            $7,868.67
        8514658             $238,722.57               5.720%                  0.5217%            $1,245.51
        8521774             $196,597.32               5.595%                  2.6957%            $5,299.58
        8534694             $172,094.09               4.845%                 15.7391%           $27,086.11
        8534746             $237,524.96               5.720%                  0.5217%            $1,239.26
        8542476             $295,319.47               4.970%                 13.5652%           $40,060.73
        8552508             $244,462.45               5.220%                  9.2174%           $22,533.06
        8552592             $289,348.62               5.095%                 11.3913%           $32,960.58
        8552698             $145,308.37               4.970%                 13.5652%           $19,711.40
        8556238             $186,638.12               5.720%                  0.5217%             $973.76
        8556564             $82,938.15                5.470%                  4.8696%            $4,038.73
        8556766             $191,623.10               5.720%                  0.5217%             $999.77
        8565120             $151,857.46               5.345%                  7.0435%           $10,696.05
        8565198             $123,104.10               5.720%                  0.5217%             $642.28
        8565260             $138,914.55               5.595%                  2.6957%            $3,744.65
        8566056             $310,718.22               5.595%                  2.6957%            $8,375.88
        8566082             $152,119.71               5.470%                  4.8696%            $7,407.57
        8566320             $204,384.69               5.720%                  0.5217%            $1,066.35
        8566440             $297,904.33               5.720%                  0.5217%            $1,554.28
        8566746             $168,429.31               5.095%                 11.3913%           $19,186.30
        8566886             $100,565.02               5.345%                  7.0435%            $7,083.28
        8566948             $192,704.65               5.220%                  9.2174%           $17,762.34
        8566988             $222,264.37               5.220%                  9.2174%           $20,486.98
        8567104             $127,606.58               5.595%                  2.6957%            $3,439.83
        8567242             $249,919.07               5.345%                  7.0435%           $17,603.00
        8567346             $254,191.61               5.720%                  0.5217%            $1,326.22
        8567356             $300,699.43               5.345%                  7.0435%           $21,179.70
        8567366             $245,061.57               5.595%                  2.6957%            $6,606.01
        8567566             $241,481.36               5.345%                  7.0435%           $17,008.69
        8576010             $159,580.84               5.720%                  0.5217%             $832.60
        8586142             $192,097.07               5.470%                  4.8696%            $9,354.29
        8586150             $319,615.50               4.720%                 17.9130%           $57,252.86
        8586250             $214,528.26               5.220%                  9.2174%           $19,773.91
        8586258             $302,894.21               5.720%                  0.5217%            $1,580.32
        8586844             $147,852.67               5.720%                  0.5217%             $771.41
        8602634             $153,842.99               5.595%                  2.6957%            $4,147.07
        8605892             $124,872.55               5.595%                  2.6957%            $3,366.13
        8605984             $183,816.82               5.720%                  0.5217%             $959.04
        8607532             $279,700.66               5.345%                  7.0435%           $19,700.66
        8613988             $153,593.24               5.595%                  2.6957%            $4,140.34
        8620320             $108,582.82               5.720%                  0.5217%             $566.52
        8620406             $255,438.28               5.220%                  9.2174%           $23,544.75
        8623376             $141,460.26               5.595%                  2.6957%            $3,813.28
        8629212             $175,125.49               5.720%                  0.5217%             $913.70
        8636248             $139,450.00               5.595%                  2.6957%            $3,759.09
        8651638             $281,000.00               5.720%                  0.5217%            $1,466.09
        8654722             $177,000.00               5.720%                  0.5217%             $923.48
        8661284             $170,829.77               5.720%                  0.5217%             $891.29
        8663534             $133,600.00               5.595%                  2.6957%            $3,601.39
        8666708             $291,702.29               5.595%                  2.6957%            $7,863.28
        8669844             $189,547.89               5.720%                  0.5217%             $988.95
        8669888             $224,050.00               5.595%                  2.6957%            $6,039.61

  Thursday, October 30, 2003                                                                        Page 1 of 5
        8669910             $222,544.17               5.595%                  2.6957%            $5,999.02
        8669924             $228,670.35               5.470%                  4.8696%           $11,135.25
        8669930             $87,408.64                5.470%                  4.8696%            $4,256.42
        8669948             $126,840.18               5.595%                  2.6957%            $3,419.17
        8670000             $253,195.56               5.470%                  4.8696%           $12,329.52
        8670002             $179,413.73               5.595%                  2.6957%            $4,836.37
        8670006             $142,738.57               5.345%                  7.0435%           $10,053.76
        8670010             $249,738.98               5.470%                  4.8696%           $12,161.20
        8670012             $234,476.21               5.720%                  0.5217%            $1,223.35
        8670026             $226,535.97               5.595%                  2.6957%            $6,106.62
        8670028             $172,543.95               5.595%                  2.6957%            $4,651.18
        8670036             $254,453.48               5.345%                  7.0435%           $17,922.38
        8670044             $201,384.47               5.345%                  7.0435%           $14,184.47
        8670046             $203,583.00               5.595%                  2.6957%            $5,487.89
        8670048             $247,480.88               5.470%                  4.8696%           $12,051.24
        8670054             $147,539.99               5.720%                  0.5217%             $769.77
        8670060             $265,364.56               5.595%                  2.6957%            $7,153.31
        8670064             $228,529.34               5.470%                  4.8696%           $11,128.39
        8670066             $219,923.00               5.720%                  0.5217%            $1,147.42
        8670078             $129,228.40               5.220%                  9.2174%           $11,911.49
        8670080             $103,580.30               5.470%                  4.8696%            $5,043.91
        8670082             $161,431.27               5.470%                  4.8696%            $7,861.00
        8670086             $225,937.21               5.595%                  2.6957%            $6,090.48
        8670092             $299,386.76               5.595%                  2.6957%            $8,070.43
        8670116             $226,957.10               5.345%                  7.0435%           $15,985.67
        8670120             $112,375.24               5.720%                  0.5217%             $586.31
        8670122             $79,836.46                5.595%                  2.6957%            $2,152.11
        8670126             $181,770.79               5.220%                  9.2174%           $16,754.53
        8670136             $247,747.15               5.595%                  2.6957%            $6,678.40
        8670142             $147,041.48               5.595%                  2.6957%            $3,963.73
        8670144             $224,051.88               5.720%                  0.5217%            $1,168.97
        8670148             $251,472.52               5.470%                  4.8696%           $12,245.62
        8670160             $159,836.86               5.595%                  2.6957%            $4,308.65
        8670162             $145,202.58               5.595%                  2.6957%            $3,914.16
        8670166             $156,121.03               5.095%                 11.3913%           $17,784.22
        8670204             $120,876.63               5.595%                  2.6957%            $3,258.41
        8670206             $254,740.01               5.595%                  2.6957%            $6,866.90
        8670210             $183,623.88               5.595%                  2.6957%            $4,949.86
        8670214             $318,082.81               5.470%                  4.8696%           $15,489.25
        8670226             $115,711.77               5.345%                  7.0435%            $8,150.13
        8670230             $184,570.59               5.595%                  2.6957%            $4,975.38
        8670232             $196,567.75               5.220%                  9.2174%           $18,118.42
        8670238             $267,726.76               5.595%                  2.6957%            $7,216.98
        8670250             $106,282.30               5.595%                  2.6957%            $2,865.00
        8670252             $174,017.37               5.595%                  2.6957%            $4,690.90
        8670272             $184,131.72               5.720%                  0.5217%             $960.69
        8670286             $209,570.74               5.595%                  2.6957%            $5,649.30
        8670296             $131,723.70               5.470%                  4.8696%            $6,414.37
        8670304             $119,754.70               5.595%                  2.6957%            $3,228.17
        8670306             $153,712.00               5.470%                  4.8696%            $7,485.11
        8670312             $131,001.00               5.720%                  0.5217%             $683.48
        8670314             $108,378.00               5.595%                  2.6957%            $2,921.49
        8670322             $102,088.13               5.220%                  9.2174%            $9,409.86
        8670330             $107,212.95               5.470%                  4.8696%            $5,220.80
        8670338             $279,441.11               5.720%                  0.5217%            $1,457.95
        8670348             $188,432.69               5.720%                  0.5217%             $983.13
        8670352             $150,691.33               5.595%                  2.6957%            $4,062.11

  Thursday, October 30, 2003                                                                        Page 2 of 5

        8670354             $119,639.79               5.720%                  0.5217%             $624.21
        8670356             $188,432.69               5.720%                  0.5217%             $983.13
        8670368             $196,799.15               5.595%                  2.6957%            $5,305.02
        8670380             $266,719.46               5.345%                  7.0435%           $18,786.33
        8670384             $199,796.09               5.595%                  2.6957%            $5,385.81
        8670388             $119,736.70               5.220%                  9.2174%           $11,036.60
        8670426             $203,552.40               5.220%                  9.2174%           $18,762.22
        8670430             $183,614.86               5.470%                  4.8696%            $8,941.25
        8670448             $138,611.87               5.720%                  0.5217%             $723.19
        8670456             $186,937.22               5.720%                  0.5217%             $975.32
        8670462             $171,639.98               5.470%                  4.8696%            $8,358.12
        8670472             $133,220.57               5.470%                  4.8696%            $6,487.26
        8670474             $299,671.44               5.470%                  4.8696%           $14,592.70
        8670488             $120,467.99               5.220%                  9.2174%           $11,104.01
        8670494             $139,720.56               5.720%                  0.5217%             $728.98
        8670506             $218,479.25               5.595%                  2.6957%            $5,889.44
        8670522             $151,674.45               5.595%                  2.6957%            $4,088.62
        8670528             $299,701.34               5.720%                  0.5217%            $1,563.66
        8670544             $209,569.66               5.595%                  2.6957%            $5,649.27
        8670550             $251,472.52               5.470%                  4.8696%           $12,245.62
        8670560             $149,693.38               5.595%                  2.6957%            $4,035.21
        8670618             $125,365.83               5.345%                  7.0435%            $8,830.12
        8670626             $139,713.82               5.595%                  2.6957%            $3,766.20
        8670634             $167,093.79               5.720%                  0.5217%             $871.79
        8670660             $144,806.29               5.470%                  4.8696%            $7,051.44
        8670732             $264,481.95               5.345%                  7.0435%           $18,628.73
        8670734             $134,169.55               5.470%                  4.8696%            $6,533.47
        8670736             $162,674.65               5.720%                  0.5217%             $848.74
        8670738             $106,890.90               5.595%                  2.6957%            $2,881.41
        8670780             $153,685.21               5.595%                  2.6957%            $4,142.82
        8670796             $195,608.78               5.720%                  0.5217%            $1,020.57
        8670812             $167,824.59               5.470%                  4.8696%            $8,172.33
        8670848             $104,535.88               5.595%                  2.6957%            $2,817.92
        8670850             $157,178.04               5.595%                  2.6957%            $4,236.97
        8670866             $259,741.16               5.720%                  0.5217%            $1,355.17
        8670870             $108,686.40               5.470%                  4.8696%            $5,292.56
        8670874             $125,156.59               5.595%                  2.6957%            $3,373.79
        8670890             $118,127.03               5.470%                  4.8696%            $5,752.27
        8670896             $127,220.23               5.220%                  9.2174%           $11,726.39
        8670910             $138,445.56               5.220%                  9.2174%           $12,761.07
        8670914             $126,740.39               5.595%                  2.6957%            $3,416.48
        8670918             $210,784.88               5.595%                  2.6957%            $5,682.03
        8670980             $257,743.15               5.720%                  0.5217%            $1,344.75
        8670986             $228,996.43               5.220%                  9.2174%           $21,107.50
        8670994             $32,166.91                5.470%                  4.8696%            $1,566.39
        8670996             $210,185.48               5.595%                  2.6957%            $5,665.87
        8671010             $169,830.76               5.720%                  0.5217%             $886.07
        8671030             $201,976.33               5.470%                  4.8696%            $9,835.37
        8671076             $142,040.28               5.095%                 11.3913%           $16,180.24
        8671096             $171,824.63               5.595%                  2.6957%            $4,631.79
        8671098             $107,889.88               5.595%                  2.6957%            $2,908.34
        8671110             $216,903.99               5.720%                  0.5217%            $1,131.67
        8671118             $129,201.63               5.595%                  2.6957%            $3,482.83
        8671128             $263,959.34               5.595%                  2.6957%            $7,115.43
        8671134             $239,509.40               5.595%                  2.6957%            $6,456.34
        8671156             $269,461.08               5.720%                  0.5217%            $1,405.88
        8671170             $151,045.84               5.595%                  2.6957%            $4,071.67

  Thursday, October 30, 2003                                                                        Page 3 of 5
        8671178             $134,862.36               5.595%                  2.6957%            $3,635.42
        8671240             $101,287.10               5.470%                  4.8696%            $4,932.24
        8671308             $153,278.49               5.470%                  4.8696%            $7,464.00
        8671332             $143,562.65               5.470%                  4.8696%            $6,990.88
        8671364             $277,880.64               5.720%                  0.5217%            $1,449.81
        8671378             $127,987.84               5.595%                  2.6957%            $3,450.11
        8671398             $184,603.51               5.345%                  7.0435%           $13,002.51
        8671412             $168,473.91               5.470%                  4.8696%            $8,203.95
        8671426             $168,213.56               5.720%                  0.5217%             $877.64
        8671440             $196,794.32               5.470%                  4.8696%            $9,583.03
        8671454             $219,470.30               5.470%                  4.8696%           $10,687.25
        8671494             $244,444.57               5.220%                  9.2174%           $22,531.41
        8671496             $111,885.80               5.595%                  2.6957%            $3,016.05
        8671530             $283,717.27               5.720%                  0.5217%            $1,480.26
        8671536             $275,034.84               5.595%                  2.6957%            $7,413.98
        8671560             $170,130.46               5.720%                  0.5217%             $887.64
        8671584             $284,188.74               5.345%                  7.0435%           $20,016.77
        8671586             $144,510.98               5.720%                  0.5217%             $753.97
        8671590             $175,648.70               5.720%                  0.5217%             $916.43
        8671594             $185,814.83               5.720%                  0.5217%             $969.47
        8671596             $144,510.98               5.720%                  0.5217%             $753.97
        8671602             $156,726.54               5.720%                  0.5217%             $817.70
        8671604             $144,510.98               5.720%                  0.5217%             $753.97
        8671612             $149,164.21               5.095%                 11.3913%           $16,991.75
        8671622             $193,608.25               5.220%                  9.2174%           $17,845.63
        8671624             $251,323.98               5.345%                  7.0435%           $17,701.95
        8671628             $144,510.98               5.720%                  0.5217%             $753.97
        8671632             $180,630.03               5.595%                  2.6957%            $4,869.16
        8671642             $144,510.98               5.720%                  0.5217%             $753.97
        8671652             $119,754.70               5.595%                  2.6957%            $3,228.17
        8671670             $92,401.10                5.345%                  7.0435%            $6,508.25
        8671728             $262,138.77               5.720%                  0.5217%            $1,367.68
        8671952             $269,839.61               5.595%                  2.6957%            $7,273.94
        8671954             $261,882.72               5.595%                  2.6957%            $7,059.45
        8671970             $168,428.10               5.595%                  2.6957%            $4,540.24
        8671972             $131,868.59               5.720%                  0.5217%             $688.01
        8671974             $262,232.37               5.595%                  2.6957%            $7,068.87
        8672028             $127,070.31               5.595%                  2.6957%            $3,425.37
        8672032             $242,479.20               5.345%                  7.0435%           $17,078.97
        8672074             $83,914.35                5.595%                  2.6957%            $2,262.04
        8672112             $134,852.23               5.220%                  9.2174%           $12,429.86
        8672114             $130,732.21               5.595%                  2.6957%            $3,524.09
        8672968             $215,784.97               5.720%                  0.5217%            $1,125.83
        8674176             $227,200.00               5.595%                  2.6957%            $6,124.52
        8676430             $168,750.00               5.595%                  2.6957%            $4,548.91
        8676826             $223,519.94               5.345%                  7.0435%           $15,743.58
        8678824             $235,000.00               5.720%                  0.5217%            $1,226.09
        8679014             $200,182.80               5.595%                  2.6957%            $5,396.23
        8679028             $122,400.00               5.595%                  2.6957%            $3,299.48
        8679134             $124,000.00               5.720%                  0.5217%             $646.96
        8681378             $119,200.00               5.595%                  2.6957%            $3,213.22
        8682130             $249,751.12               5.720%                  0.5217%            $1,303.05
        8684234             $118,000.00               5.470%                  4.8696%            $5,746.09
        8684444             $217,539.32               5.595%                  2.6957%            $5,864.10
        8686034             $121,379.04               5.720%                  0.5217%             $633.28
        8686754             $255,000.00               5.720%                  0.5217%            $1,330.43
        8687772             $158,900.00               5.470%                  4.8696%            $7,737.74

  Thursday, October 30, 2003                                                                        Page 4 of 5
        8690806             $235,765.06               5.720%                  0.5217%            $1,230.08
        8692100             $138,550.00               5.720%                  0.5217%             $722.87
        8693546             $100,644.81               5.470%                  4.8696%            $4,900.96
        8693598             $274,926.03               5.720%                  0.5217%            $1,434.40
        8693652             $214,918.58               5.470%                  4.8696%           $10,465.60
        8693670             $219,550.29               5.595%                  2.6957%            $5,918.31
        8693772             $249,464.20               5.345%                  7.0435%           $17,570.96
        8693796             $241,094.29               5.470%                  4.8696%           $11,740.24
        8693798             $299,401.19               5.720%                  0.5217%            $1,562.09
        8693800             $150,683.93               5.470%                  4.8696%            $7,337.65
        8693806             $208,083.82               5.720%                  0.5217%            $1,085.65
        8693814             $274,337.38               5.595%                  2.6957%            $7,395.18
        8693832             $179,632.06               5.595%                  2.6957%            $4,842.26
        8693852             $220,526.35               5.345%                  7.0435%           $15,532.73
        8693858             $224,351.30               5.720%                  0.5217%            $1,170.53
        8693878             $120,876.63               5.595%                  2.6957%            $3,258.41
        8693920             $135,858.01               5.470%                  4.8696%            $6,615.69
        8693932             $137,717.90               5.595%                  2.6957%            $3,712.40
        8693966             $126,028.87               5.345%                  7.0435%            $8,876.82
        8693974             $110,967.23               5.470%                  4.8696%            $5,403.62
        8693998             $320,744.62               5.470%                  4.8696%           $15,618.87
        8694000             $161,261.01               5.470%                  4.8696%            $7,852.71
        8695760             $266,921.02               5.470%                  4.8696%           $12,997.89
        8695820             $319,345.88               5.595%                  2.6957%            $8,608.45
        8695846             $172,446.78               5.595%                  2.6957%            $4,648.57
        8695862             $285,016.19               5.595%                  2.6957%            $7,683.05
        8695918             $139,720.54               5.720%                  0.5217%             $728.98
        8695920             $257,736.95               5.595%                  2.6957%            $6,947.69
        8695954             $116,561.24               5.595%                  2.6957%            $3,142.09
        8695984             $147,849.10               5.595%                  2.6957%            $3,985.50
        8695996             $181,814.44               5.595%                  2.6957%            $4,901.08
        8696238             $227,000.00               5.595%                  2.6957%            $6,119.13
        8696812             $150,000.00               5.720%                  0.5217%             $782.61
        8698528             $160,000.00               5.595%                  2.6957%            $4,313.04
        8699612             $132,000.00               5.595%                  2.6957%            $3,558.26
        8700462             $130,000.00               5.595%                  2.6957%            $3,504.35
        8701228             $292,415.18               5.720%                  0.5217%            $1,525.64
        8707664             $145,800.00               5.470%                  4.8696%            $7,099.83
        8708796             $253,000.00               5.595%                  2.6957%            $6,820.00
        8710554             $264,000.00               5.720%                  0.5217%            $1,377.39
        8718749             $134,458.39               5.720%                  0.5217%             $701.52
        8719374             $232,000.00               5.595%                  2.6957%            $6,253.91
        8720528             $219,770.31               5.470%                  4.8696%           $10,701.86
        8724130             $209,768.47               5.720%                  0.5217%            $1,094.44
        8726740             $252,000.00               5.595%                  2.6957%            $6,793.04
        8731446             $130,525.32               5.470%                  4.8696%            $6,356.02
        8733702             $245,000.00               5.720%                  0.5217%            $1,278.26
        8735290             $170,000.00               5.720%                  0.5217%             $886.96
        8741492             $213,400.00               5.595%                  2.6957%            $5,752.52
        8741564             $269,500.00               5.595%                  2.6957%            $7,264.78
        8742890             $322,700.00               5.720%                  0.5217%            $1,683.65
        8752050             $224,500.00               5.720%                  0.5217%            $1,171.30
        8753633             $157,335.37               5.470%                  4.8696%            $7,661.55
        8764590             $230,000.00               5.595%                  2.6957%            $6,200.00
        8768934             $150,000.00               5.720%                  0.5217%             $782.61
        8803697             $155,177.27               5.720%                  0.5217%             $809.62

  Thursday, October 30, 2003                                                                        Page 5 of 5

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
        8464860             $79,985.28                5.220%                  9.2174%            $7,372.56
        8502446             $501,971.83               5.595%                  2.6957%           $13,531.41
        8534672             $295,319.47               4.970%                 13.5652%           $40,060.73
        8534988             $250,449.28               5.220%                  9.2174%           $23,084.89
        8535274             $603,641.10               5.095%                 11.3913%           $68,762.59
        8535492             $346,290.69               5.595%                  2.6957%            $9,334.79
        8535534             $399,182.37               5.595%                  2.6957%           $10,760.57
        8541974             $96,288.26                5.220%                  9.2174%            $8,875.27
        8542020             $81,321.17                5.220%                  9.2174%            $7,495.69
        8542298             $137,717.92               5.595%                  2.6957%            $3,712.40
        8542628             $297,346.15               5.220%                  9.2174%           $27,407.56
        8542994             $89,820.35                5.720%                  0.5217%             $468.63
        8543286             $261,397.65               4.970%                 13.5652%           $35,459.16
        8543904             $74,673.70                5.720%                  0.5217%             $389.60
        8545032             $209,570.75               5.595%                  2.6957%            $5,649.30
        8556376             $387,775.73               5.470%                  4.8696%           $18,882.99
        8556516             $49,849.91                5.720%                  0.5217%             $260.09
        8556702             $347,952.46               5.720%                  0.5217%            $1,815.40
        8556794             $463,604.29               5.720%                  0.5217%            $2,418.81
        8556994             $450,643.33               5.720%                  0.5217%            $2,351.18
        8566312             $96,103.14                5.595%                  2.6957%            $2,590.61
        8567194             $79,754.09                5.595%                  2.6957%            $2,149.89
        8581412             $487,490.49               5.470%                  4.8696%           $23,738.67
        8586014             $99,699.85                5.720%                  0.5217%             $520.17
        8586230             $439,046.59               5.470%                  4.8696%           $21,379.66
        8591846             $77,250.25                5.345%                  7.0435%            $5,441.10
        8595382             $603,148.96               5.720%                  0.5217%            $3,146.86
        8598126             $75,655.41                5.345%                  7.0435%            $5,328.77
        8620942             $76,322.11                5.595%                  2.6957%            $2,057.38
        8625507             $51,532.84                5.720%                  0.5217%             $268.87
        8627836             $175,799.79               5.720%                  0.5217%             $917.22
        8643320             $648,671.34               5.595%                  2.6957%           $17,485.92
        8643350             $554,291.06               5.595%                  2.6957%           $14,941.76
        8643398             $493,476.53               5.595%                  2.6957%           $13,302.41
        8653166             $238,463.18               5.095%                 11.3913%           $27,164.07
        8654836             $472,000.00               5.595%                  2.6957%           $12,723.48
        8659374             $602,000.00               5.345%                  7.0435%           $42,401.74
        8661278             $86,313.99                5.720%                  0.5217%             $450.33
        8664066             $86,000.00                5.595%                  2.6957%            $2,318.26
        8666814             $578,727.39               5.220%                  9.2174%           $53,343.57
        8669028             $94,456.87                5.720%                  0.5217%             $492.82
        8669690             $98,000.00                5.345%                  7.0435%            $6,902.61
        8669830             $90,813.99                5.595%                  2.6957%            $2,448.03
        8669902             $94,777.65                5.720%                  0.5217%             $494.49
        8669984             $55,944.25                5.720%                  0.5217%             $291.88
        8669994             $52,447.73                5.720%                  0.5217%             $273.64
        8670016             $87,908.12                5.470%                  4.8696%            $4,280.74
        8670018             $30,289.41                5.720%                  0.5217%             $158.03
        8670034             $583,604.62               5.595%                  2.6957%           $15,731.95
        8670038             $39,710.42                5.720%                  0.5217%             $207.18
        8670050             $76,423.84                5.720%                  0.5217%             $398.73
        8670114             $96,298.01                5.470%                  4.8696%            $4,689.29
        8670130             $69,457.71                5.595%                  2.6957%            $1,872.34

  Thursday, October 30, 2003                                                                        Page 1 of 4
        8670140             $99,795.58                5.595%                  2.6957%            $2,690.14
        8670156             $67,829.10                5.470%                  4.8696%            $3,302.98
        8670186             $87,510.68                5.595%                  2.6957%            $2,358.98
        8670212             $89,908.23                5.595%                  2.6957%            $2,423.61
        8670228             $79,084.40                5.345%                  7.0435%            $5,570.29
        8670258             $49,897.79                5.595%                  2.6957%            $1,345.07
        8670270             $604,238.62               5.095%                 11.3913%           $68,830.66
        8670274             $94,311.37                5.720%                  0.5217%             $492.06
        8670292             $93,000.25                5.345%                  7.0435%            $6,550.45
        8670340             $88,891.50                5.595%                  2.6957%            $2,396.21
        8670442             $67,431.18                5.595%                  2.6957%            $1,817.71
        8670454             $67,431.18                5.595%                  2.6957%            $1,817.71
        8670468             $47,552.61                5.720%                  0.5217%             $248.10
        8670538             $165,644.24               5.345%                  7.0435%           $11,667.12
        8670558             $96,998.62                5.470%                  4.8696%            $4,723.41
        8670608             $41,958.18                5.720%                  0.5217%             $218.91
        8670610             $89,416.85                5.595%                  2.6957%            $2,410.37
        8670628             $71,849.28                5.470%                  4.8696%            $3,498.75
        8670678             $99,705.85                5.345%                  7.0435%            $7,022.76
        8670790             $102,429.94               5.220%                  9.2174%            $9,441.37
        8670876             $73,952.09                5.720%                  0.5217%             $385.84
        8670908             $78,638.91                5.595%                  2.6957%            $2,119.83
        8670922             $88,418.88                5.595%                  2.6957%            $2,383.47
        8670924             $86,910.18                5.595%                  2.6957%            $2,342.80
        8670952             $71,926.59                5.595%                  2.6957%            $1,938.89
        8670962             $95,703.96                5.595%                  2.6957%            $2,579.85
        8670976             $35,680.01                5.470%                  4.8696%            $1,737.46
        8670992             $35,178.16                5.470%                  4.8696%            $1,713.02
        8671184             $85,783.15                4.970%                 13.5652%           $11,636.67
        8671210             $46,965.60                5.595%                  2.6957%            $1,266.03
        8671230             $93,558.36                5.595%                  2.6957%            $2,522.01
        8671372             $49,832.92                5.720%                  0.5217%             $260.00
        8671384             $53,846.07                5.595%                  2.6957%            $1,451.50
        8671392             $93,558.36                5.595%                  2.6957%            $2,522.01
        8671420             $59,540.66                5.720%                  0.5217%             $310.65
        8671522             $99,829.04                5.595%                  2.6957%            $2,691.04
        8671664             $91,404.47                5.470%                  4.8696%            $4,451.00
        8671936             $71,928.32                5.720%                  0.5217%             $375.28
        8671988             $72,209.19                5.595%                  2.6957%            $1,946.51
        8672000             $72,209.19                5.595%                  2.6957%            $1,946.51
        8672046             $63,856.24                5.095%                 11.3913%            $7,274.06
        8672106             $80,323.35                5.220%                  9.2174%            $7,403.72
        8673482             $52,347.84                5.720%                  0.5217%             $273.12
        8678584             $93,680.00                5.720%                  0.5217%             $488.77
        8678594             $74,815.00                5.720%                  0.5217%             $390.34
        8679098             $207,782.84               5.470%                  4.8696%           $10,118.12
        8681148             $76,025.00                5.720%                  0.5217%             $396.65
        8681166             $81,550.00                5.720%                  0.5217%             $425.48
        8682220             $350,542.24               5.595%                  2.6957%            $9,449.40
        8682224             $447,509.64               5.220%                  9.2174%           $41,248.71
        8682306             $379,603.25               5.470%                  4.8696%           $18,485.03
        8682310             $606,066.56               5.470%                  4.8696%           $29,512.81
        8682322             $533,329.60               5.220%                  9.2174%           $49,159.08
        8682334             $482,970.78               5.220%                  9.2174%           $44,517.31
        8684288             $100,000.00               5.595%                  2.6957%            $2,695.65
        8686464             $500,525.01               5.345%                  7.0435%           $35,254.37
        8686516             $363,628.88               5.595%                  2.6957%            $9,802.17

  Thursday, October 30, 2003                                                                        Page 2 of 4
        8686596             $558,827.84               5.470%                  4.8696%           $27,212.49
        8686626             $554,420.55               5.470%                  4.8696%           $26,997.87
        8686650             $375,151.59               5.595%                  2.6957%           $10,112.78
        8687890             $458,717.35               5.095%                 11.3913%           $52,253.89
        8688610             $497,334.08               5.720%                  0.5217%            $2,594.79
        8689214             $130,500.00               5.595%                  2.6957%            $3,517.83
        8689274             $86,000.00                5.595%                  2.6957%            $2,318.26
        8689462             $46,750.00                5.720%                  0.5217%             $243.91
        8689472             $429,000.00               5.595%                  2.6957%           $11,564.35
        8690112             $402,491.98               5.595%                  2.6957%           $10,849.78
        8691166             $530,000.00               5.220%                  9.2174%           $48,852.17
        8692774             $76,900.00                5.595%                  2.6957%            $2,072.96
        8693620             $364,253.90               5.595%                  2.6957%            $9,819.02
        8693650             $397,047.24               5.345%                  7.0435%           $27,965.94
        8693736             $91,811.94                5.595%                  2.6957%            $2,474.93
        8693778             $322,040.36               5.595%                  2.6957%            $8,681.09
        8693820             $145,708.59               5.720%                  0.5217%             $760.22
        8693828             $143,849.65               5.470%                  4.8696%            $7,004.85
        8693856             $55,488.22                5.720%                  0.5217%             $289.50
        8693902             $144,652.37               5.595%                  2.6957%            $3,899.32
        8693910             $382,198.32               5.470%                  4.8696%           $18,611.40
        8693914             $91,987.08                5.595%                  2.6957%            $2,479.65
        8693918             $371,720.31               5.470%                  4.8696%           $18,101.16
        8693922             $337,624.76               5.720%                  0.5217%            $1,761.52
        8693926             $208,323.29               5.595%                  2.6957%            $5,615.67
        8693980             $265,953.37               5.470%                  4.8696%           $12,950.77
        8693996             $478,541.93               5.720%                  0.5217%            $2,496.74
        8694184             $144,404.21               5.595%                  2.6957%            $3,892.64
        8694690             $77,322.94                5.720%                  0.5217%             $403.42
        8695036             $67,461.82                5.595%                  2.6957%            $1,818.54
        8695464             $74,372.63                5.345%                  7.0435%            $5,238.42
        8695740             $99,715.74                5.595%                  2.6957%            $2,687.99
        8695742             $179,623.22               5.470%                  4.8696%            $8,746.87
        8695750             $127,738.36               5.595%                  2.6957%            $3,443.38
        8695754             $140,518.96               5.720%                  0.5217%             $733.14
        8695780             $431,609.50               5.595%                  2.6957%           $11,634.69
        8695788             $241,253.77               5.595%                  2.6957%            $6,503.36
        8695826             $265,057.08               5.595%                  2.6957%            $7,145.02
        8695860             $92,530.46                5.595%                  2.6957%            $2,494.30
        8695870             $94,211.57                5.720%                  0.5217%             $491.54
        8695892             $89,416.85                5.595%                  2.6957%            $2,410.37
        8695912             $75,042.59                5.470%                  4.8696%            $3,654.25
        8695930             $366,885.23               5.720%                  0.5217%            $1,914.18
        8695932             $195,804.88               5.720%                  0.5217%            $1,021.59
        8695938             $53,319.66                5.220%                  9.2174%            $4,914.68
        8695948             $84,626.65                5.595%                  2.6957%            $2,281.24
        8695986             $55,142.36                5.470%                  4.8696%            $2,685.19
        8695988             $399,582.37               5.470%                  4.8696%           $19,457.92
        8696006             $215,558.46               5.595%                  2.6957%            $5,810.71
        8696016             $494,810.37               5.720%                  0.5217%            $2,581.62
        8696330             $92,000.00                5.720%                  0.5217%             $480.00
        8697606             $560,000.00               5.595%                  2.6957%           $15,095.65
        8704902             $219,550.00               5.595%                  2.6957%            $5,918.30
        8708008             $479,510.61               5.595%                  2.6957%           $12,925.94
        8708036             $508,592.70               5.220%                  9.2174%           $46,878.98
        8708074             $345,705.50               5.720%                  0.5217%            $1,803.68
        8708350             $382,198.32               5.470%                  4.8696%           $18,611.40

  Thursday, October 30, 2003                                                                        Page 3 of 4

        8712520             $58,000.00                5.595%                  2.6957%            $1,563.48
        8715026             $162,000.00               5.595%                  2.6957%            $4,366.96
        8717088             $578,727.39               5.220%                  9.2174%           $53,343.57
        8717094             $374,121.26               5.220%                  9.2174%           $34,484.22
        8717100             $423,524.89               5.095%                 11.3913%           $48,245.01
        8717106             $513,843.26               5.095%                 11.3913%           $58,533.45
        8717112             $325,133.26               5.095%                 11.3913%           $37,036.92
        8717116             $334,865.43               5.095%                 11.3913%           $38,145.54
        8717120             $499,220.38               5.095%                 11.3913%           $56,867.71
        8717124             $440,707.90               5.095%                 11.3913%           $50,202.38
        8719500             $480,000.00               5.720%                  0.5217%            $2,504.35
        8719504             $400,000.00               5.470%                  4.8696%           $19,478.26
        8726614             $410,000.00               5.595%                  2.6957%           $11,052.17
        8729280             $519,469.83               5.595%                  2.6957%           $14,003.10
        8730140             $472,469.99               5.095%                 11.3913%           $53,820.49
        8731488             $86,409.69                5.470%                  4.8696%            $4,207.78
        8734846             $365,000.00               5.595%                  2.6957%            $9,839.13
        8744970             $384,000.00               5.720%                  0.5217%            $2,003.48
        8757633             $383,318.76               5.720%                  0.5217%            $1,999.92
        8779147             $95,517.34                5.720%                  0.5217%             $498.35
        8780141             $87,829.00                5.470%                  4.8696%            $4,276.89
        8828809             $287,425.15               5.720%                  0.5217%            $1,499.61

  Thursday, October 30, 2003                                                                        Page 4 of 4

</TABLE>

<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, in the aggregate and for each Loan Group;

(vi)    the   aggregate   Certificate   Principal   Balance  of  each  Class  of
        Certificates  and each of the Senior  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)  for all Loan Groups together and for each Loan Group separately,  on the
        basis of the most recent reports furnished to it by  Sub-Servicers,  (a)
        the number and aggregate  principal  balances of Mortgage Loans that are
        Delinquent  (1) 30-59  days,  (2) 60-89 days and (3) 90 or more days and
        the number and aggregate principal balance of Mortgage Loans that are in
        foreclosure,   (b)  the  number  and  aggregate  principal  balances  of
        Reportable  Modified  Mortgage Loans that are Delinquent (1) 30-59 days,
        (2) 60-89  days and (3) 90 or more  days and the  number  and  aggregate
        principal  balance of  Reportable  Modified  Mortgage  Loans that are in
        foreclosure  and are REO Property,  indicating in each case  capitalized
        Mortgage Loans,  other Servicing  Modifications and totals,  and (c) for
        all Reportable  Modified Mortgage Loans, the number and aggregate Stated
        Principal  Balance of Reportable  Modified Mortgage Loans that have been
        liquidated,  the subject of pay-offs and that have been  repurchased  by
        the Master Servicer or Seller;

(ix)    for all Loan Groups  together  and for each Loan Group  separately,  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;

<PAGE>

(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;

(xiii)  the Notional Amount with respect to Class A-4 and each Subclass Notional
        Amount;

(xiv)   the  occurrence of the Credit  Support  Depletion  Date and an Accretion
        Termination Date;

(xv)    the related Senior  Accelerated  Distribution  Percentage  applicable to
        such distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  for all Loan Groups  together  and for each Loan Group  separately,  the
        aggregate amount of Realized Losses for such Distribution Date;

(xviii) for all Loan Groups  together  and for each Loan Group  separately,  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)   for all Loan Groups  together  and for each Loan Group  separately,  the
        weighted average  remaining term to maturity of the Mortgage Loans after
        giving effect to the amounts distributed on such Distribution Date; and

(xx)    for all Loan Groups  together  and for each Loan Group  separately,  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, and 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

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2003

                        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.............................................32

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........33

        Section 2.01. Conveyance of Mortgage Loans.........................................33

        Section 2.02. Acceptance by Trustee................................................39

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................40

        Section 2.04. Representations and Warranties of Sellers............................42

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                Certificates Evidencing Interests in REMIC I Certificates..................44

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                Acceptance by the Trustee..................................................44

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............44

        Section 2.08. Purposes and Powers of the Trust.....................................44

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................45

        Section 3.01. Master Servicer to Act as Servicer...................................45

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                Enforcement of Subservicers' and Sellers' Obligations......................46
        Section 3.03. Successor Subservicers...............................................47

        Section 3.04. Liability of the Master Servicer.....................................48

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                Certificateholders ........................................................48

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 48

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                Account ...................................................................49

        Section 3.08. Subservicing Accounts; Servicing Accounts............................51

        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                Loans .....................................................................53

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................53

                                        i

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder55

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...56

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................57

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................59

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................63

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............64

        Section 3.17. Reports to the Trustee and the Company...............................65

        Section 3.18. Annual Statement as to Compliance....................................65

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............66

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............66

        Section 3.21. Administration of Buydown Funds......................................67

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................68

        Section 4.01. Certificate Account..................................................68

        Section 4.02. Distributions........................................................68

        Section 4.03. Statements to Certificateholders; Statements to Rating Agencies;
                Exchange Act Reporting.....................................................68

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances
                by the Master Servicer.............. ......................................70

        Section 4.05. Allocation of Realized Losses........................................72

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........72

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................72

        Section 4.08. Surety Bond..........................................................72

Article V         THE CERTIFICATES.........................................................74

        Section 5.01. The Certificates.....................................................74

        Section 5.02. Registration of Transfer and Exchange of Certificates................76

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................81

        Section 5.04. Persons Deemed Owners................................................82

        Section 5.05. Appointment of Paying Agent..........................................82

                                        ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................83

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........83

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................83

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 84

        Section 6.04. Company and Master Servicer Not to Resign............................85

Article VII       DEFAULT..................................................................86

        Section 7.01. Events of Default....................................................86

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................88

        Section 7.03. Notification to Certificateholders...................................89

        Section 7.04. Waiver of Events of Default..........................................89

Article VIII      CONCERNING THE TRUSTEE...................................................90

        Section 8.01. Duties of Trustee....................................................90

        Section 8.02. Certain Matters Affecting the Trustee................................91

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................93

        Section 8.04. Trustee May Own Certificates.........................................93

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.93

        Section 8.06. Eligibility Requirements for Trustee.................................94

        Section 8.07. Resignation and Removal of the Trustee...............................95

        Section 8.08. Successor Trustee....................................................95

        Section 8.09. Merger or Consolidation of Trustee...................................96

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................96

        Section 8.11. Appointment of Custodians............................................97

        Section 8.12. Appointment of Office or Agency......................................98

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................99

        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........ ....................................................99

                        iii
<PAGE>

        Section 9.02. Additional Termination Requirements.................................102

        Section 9.03. Termination of Multiple REMICs......................................103

Article X         REMIC PROVISIONS........................................................104

        Section 10.01.REMIC Administration................................................104

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....107

        Section 10.03.Designation of REMIC(s).............................................108

Article XI        MISCELLANEOUS PROVISIONS................................................109

        Section 11.01.Amendment...........................................................109

        Section 11.02.Recordation of Agreement; Counterparts..............................111

        Section 11.03.Limitation on Rights of Certificateholders..........................112

        Section 11.04.Governing Law.......................................................112

        Section 11.05.Notices.............................................................113

        Section 11.06.Required Notices to Rating Agency and Subservicer...................114

        Section 11.07.Severability of Provisions..........................................114

        Section 11.08.Supplemental Provisions for Resecuritization........................114

        Section 11.09.Allocation of Voting Rights.........................................114

        Section 11.10.No Petition.........................................................114

                                        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
Exhibit O:            Form of Form 10-K Certification
Exhibit P:            Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:            Information to be Provided by the Master Servicer to the Rating Agencies Relating to
                      Reportable Modified Mortgage Loans

</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (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 and (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, Subsequent Recoveries,  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

                                       4
<PAGE>

Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date, including any Subsequent  Recoveries,
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.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the Mortgage  Loans during the prior calendar month and reimbursed to
the  Master  Servicer  or  Subservicer  on or  prior to such  Distribution  Date
pursuant  to  Section  3.10(a)(vii),   plus  the  Capitalization   Reimbursement
Shortfall Amount remaining  unreimbursed  from any prior  Distribution  Date and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        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.

                                       6
<PAGE>

        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

         (ii)  any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  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

         (iv)  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 each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

        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.

                                       7
<PAGE>

     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.

        Commission:  The Securities and Exchange Commission.

        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(a) 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,

                                       8
<PAGE>

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.

     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 (or due during the month of
the Cut-off Date), 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.

                                       9
<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

        Destroyed  Mortgage  Note:  A Mortgage  Note the  original  of which was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                       10
<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for 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
"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

                                       11
<PAGE>

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 pplicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.
        ------------

        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

                                       12
<PAGE>

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.

        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 Ratings 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.

        Form 10-K Certification:  As defined in Section 4.03(e).

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

                                       13
<PAGE>

        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 a Certificate  Principal Balance
greater than zero, 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.

        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.

                                       14
<PAGE>

        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
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 a Certificate  Principal Balance
greater than zero,  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.

                                       15
<PAGE>

     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.

        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

                                       16
<PAGE>

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.

     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 or Subservicer 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.  To the extent that
any Mortgagor is not obligated  under the related  Mortgage  documents to pay or
reimburse  any  portion of any  Servicing  Advances  that are  outstanding  with
respect  to the  related  Mortgage  Loan as a result of a  modification  of such
Mortgage Loan by the Master  Servicer,  which forgives  amounts which the Master
Servicer  or  Subservicer  had  previously  advanced,  and the  Master  Servicer
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing  Advances  shall be deemed to be  Nonrecoverable
Advances.  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.

                                       17
<PAGE>

        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.

        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;

                                       18
<PAGE>

(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;

(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.

                                       19
<PAGE>

        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.

        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

                                       20
<PAGE>

(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.

     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

                                       21
<PAGE>

               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
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

                                       22
<PAGE>

               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,  Servicing Advances
               or other 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) (1) the
               amount by which the interest  portion of a Monthly Payment or the
               principal  balance of such  Mortgage  Loan was reduced or (2) the
               sum of any other  amounts owing under the Mortgage Loan that were
               forgiven  and  that  constitute   Servicing   Advances  that  are
               reimbursable  to the Master  Servicer or a Subservicer,  and (ii)
               any such amount  with  respect to a Monthly  Payment  that was or
               would have been due in the month immediately  following the month
               in which a Principal  Prepayment  or the  Purchase  Price of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

                                       23
<PAGE>

        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.

        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.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such

                                       24
<PAGE>

Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        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  with  particular
responsibility  for  this  transaction,  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.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with

                                       25
<PAGE>

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

                                       26
<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  or a  Subservicer  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,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.11, 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.

                                       27
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which, in the judgment of the Master Servicer, default is reasonably foreseeable
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 Ratings  Services,  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 sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance  of the  Mortgage  Loan  has  been  increased  pursuant  to a  Servicing
Modification,  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).

                                       28
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (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)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        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.

                                       29
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

        Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation
or other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  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,

                                       30
<PAGE>

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

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person 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.

                                       31
<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  in the  month  of  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.

                                       32
<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),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted

                                       33
<PAGE>

        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

                                       34
<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,

                                       35
<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.

                                       36
<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

                                       37
<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

                                       38
<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;

                                       39
<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.

                                       40
<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
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       41
<PAGE>

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.

                                       42
<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.

                                       43
<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
formed under the Series Supplement to fail to qualify as a REMIC under the Code.

                                       44
<PAGE>

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

                                       45
<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

                                       46
<PAGE>

made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.
               --------------------------------

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  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.

                                       47
<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),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance 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;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off  Date,  but not  less  than the sum of the  rates  at which  the
        Servicing  Fee and the  Subservicing  Fee with respect to such  Mortgage
        Loan accrues plus the rate at which the premium paid to the  Certificate
        Insurer,  if any, accrues,  (2) the final maturity date for any Mortgage
        Loan shall not be  extended  beyond the  Maturity  Date,  (3) the Stated
        Principal  Balance of all Reportable  Modified Mortgage Loans subject to
        Servicing   Modifications   (measured  at  the  time  of  the  Servicing
        Modification and after giving effect to any Servicing  Modification) can
        be no more than five percent of the aggregate  principal  balance of the
        Mortgage  Loans as of the Cut-off  Date,  unless such limit is increased
        from  time to time  with the  consent  of the  Rating  Agencies  and the
        Certificate  Insurer,  if any.  In  addition,  any  amounts  owing  on a
        Mortgage  Loan  added  to the  outstanding  principal  balance  of  such
        Mortgage  Loan must be fully  amortized  over the term of such  Mortgage
        Loan, and such amounts may be added to the outstanding principal balance
        of a  Mortgage  Loan only once  during the life of such  Mortgage  Loan.
        Also, the addition of such amounts  described in the preceding  sentence

                                       48
<PAGE>

        shall be  implemented  in  accordance  with the Program Guide and may be
        implemented  only by Subservicers  that have been approved by the Master
        Servicer for such  purpose.  In  connection  with any  Curtailment  of a
        Mortgage Loan, the Master Servicer,  to the extent not inconsistent with
        the terms of the Mortgage  Note and local law and  practice,  may permit
        the Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
        recalculated as an amount that will fully amortize the remaining  Stated
        Principal  Balance  thereof by the original  Maturity  Date based on the
        original Mortgage Rate; provided, that such re-amortization shall not be
        permitted if it would  constitute a reissuance  of the Mortgage Loan for
        federal income tax purposes,  except if such  reissuance is described in
        Treasury Regulation Section 1.860G-2(b)(3).

(b)     The Master Servicer shall establish and maintain a Custodial  Account in
        which the Master  Servicer  shall  deposit or cause to be deposited on a
        daily  basis,  except as otherwise  specifically  provided  herein,  the
        following payments and collections  remitted by Subservicers or received
        by it in respect of the Mortgage  Loans  subsequent  to the Cut-off Date
        (other than in respect of principal  and interest on the Mortgage  Loans
        due on or before the Cut-off Date):

(i)     All payments on account of principal,  including  Principal  Prepayments
        made by Mortgagors on the Mortgage Loans and the principal  component of
        any  Subservicer  Advance or of any REO Proceeds  received in connection
        with an REO Property for which an REO Disposition has occurred;

(ii)    All payments on account of interest at the Adjusted Mortgage Rate on the
        Mortgage  Loans,  including  Buydown  Funds,  if any,  and the  interest
        component of any Subservicer  Advance or of any REO Proceeds received in
        connection  with  an REO  Property  for  which  an REO  Disposition  has
        occurred;

(iii)   Insurance Proceeds,  Subsequent Recoveries 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

                                       49
<PAGE>

the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next 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

                                       50
<PAGE>

shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following 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.

                                       51
<PAGE>

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

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,  Servicing  Advances or other  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 the related 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

                                       52
<PAGE>

     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or 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,  and any  Advance or  Servicing  Advance  made in
        connection  with a modified  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 or
        Servicing  Advance  was added to the  Stated  Principal  Balance  of the
        Mortgage Loan in the prior calendar month,  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.

                                       53
<PAGE>

(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 relating to an Advance pursuant to Section
        4.04 on any such Certificate Account Deposit Date shall be limited to an
        amount not  exceeding  the portion of such  advance  previously  paid to
        Certificateholders   (and  not  theretofore  reimbursed  to  the  Master
        Servicer or the related Subservicer).

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  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.

                                       54
<PAGE>

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  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).

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<PAGE>

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that 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.

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<PAGE>

(b)     Subject to the Master Servicer's duty to enforce any due-on-sale  clause
        to the  extent  set  forth in  Section  3.13(a),  in any case in which a
        Mortgaged  Property is to be conveyed  to a Person by a  Mortgagor,  and
        such Person is to enter into an assumption or modification  agreement or
        supplement to the Mortgage Note or Mortgage which requires the signature
        of the Trustee,  or if an instrument of release signed by the Trustee is
        required  releasing the Mortgagor  from  liability on the Mortgage Loan,
        the Master  Servicer is authorized,  subject to the  requirements of the
        sentence  next  following,  to  execute  and  deliver,  on behalf of the
        Trustee,  the assumption agreement with the Person to whom the Mortgaged
        Property is to be conveyed and such modification agreement or supplement
        to the Mortgage Note or Mortgage or other  instruments as are reasonable
        or necessary to carry out the terms of the Mortgage  Note or Mortgage or
        otherwise to comply with any applicable  laws  regarding  assumptions or
        the  transfer  of the  Mortgaged  Property  to  such  Person;  provided,
        however,  none of such terms and requirements  shall either (i) both (A)
        constitute  a  "significant   modification"  effecting  an  exchange  or
        reissuance  of such  Mortgage  Loan under the REMIC  Provisions  and (B)
        cause any portion of any REMIC  formed  under the Series  Supplement  to
        fail to  qualify  as a REMIC  under  the  Code or  (subject  to  Section
        10.01(f)),   result  in  the   imposition  of  any  tax  on  "prohibited
        transactions" or (ii) constitute "contributions" after the start-up date
        under the REMIC  Provisions.  The  Master  Servicer  shall  execute  and
        deliver such  documents  only if it reasonably  determines  that (i) its
        execution  and delivery  thereof  will not conflict  with or violate any
        terms of this  Agreement or cause the unpaid balance and interest on the
        Mortgage Loan to be uncollectible in whole or in part, (ii) any required
        consents of insurers  under any Required  Insurance  Policies  have been
        obtained  and  (iii)  subsequent  to  the  closing  of  the  transaction
        involving the 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

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<PAGE>

        related  Cooperative  Apartment)  without any right of  reimbursement or
        other similar  matters if it has  determined,  exercising its good faith
        business judgment in the same manner as it would if it were the owner of
        the related  Mortgage  Loan,  that the security  for, and the timely and
        full  collectability  of,  such  Mortgage  Loan  would not be  adversely
        affected  thereby  and that any  portion of any REMIC  formed  under the
        Series Supplement would not fail to continue to qualify as a REMIC under
        the Code as a result  thereof and (subject to Section  10.01(f)) that no
        tax on "prohibited  transactions" or  "contributions"  after the startup
        day would be  imposed  on any such  REMIC as a result  thereof.  Any fee
        collected  by  the  Master  Servicer  or  the  related  Subservicer  for
        processing  such a request  will be retained  by the Master  Servicer or
        such Subservicer as additional servicing compensation.

(d)     Subject to any other  applicable terms and conditions of this Agreement,
        the  Trustee  and  Master  Servicer  shall be  entitled  to  approve  an
        assignment in lieu of  satisfaction  with respect to any Mortgage  Loan,
        provided the obligee with respect to such Mortgage Loan  following  such
        proposed  assignment  provides  the Trustee and Master  Servicer  with a
        "Lender  Certification  for  Assignment  of  Mortgage  Loan" in the form
        attached hereto as Exhibit M, in form and substance  satisfactory to the
        Trustee  and Master  Servicer,  providing  the  following:  (i) that the
        substance of the  assignment is, and is intended to be, a refinancing of
        such  Mortgage;  (ii) that the  Mortgage  Loan  following  the  proposed
        assignment  will have a rate of interest at least 0.25 percent  below or
        above the rate of interest on such  Mortgage Loan prior to such proposed
        assignment;  and (iii)  that such  assignment  is at the  request of the
        borrower under the related Mortgage Loan. Upon approval of an assignment
        in lieu of  satisfaction  with respect to any Mortgage  Loan, the Master
        Servicer  shall receive cash in an amount equal to the unpaid  principal
        balance of and  accrued  interest on such  Mortgage  Loan and the Master
        Servicer shall treat such amount as a Principal  Prepayment in Full with
        respect to such Mortgage Loan for all purposes hereof.

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.  Alternatively,  the Master  Servicer  may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
a short sale (a payoff of the  Mortgage  Loan for an amount  less than the total
amount  contractually  owed in  order  to  facilitate  a sale  of the  Mortgaged
Property by the  Mortgagor) or permitting a short  refinancing  (a payoff of the
Mortgage  Loan for an amount less than the total  amount  contractually  owed in
order to facilitate  refinancing  transactions  by the Mortgagor not involving a
sale of the Mortgaged  Property),  (ii)  arranging for a repayment plan or (iii)
agreeing to a modification  in accordance  with 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

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<PAGE>

attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  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

                                       59
<PAGE>

conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(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.

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<PAGE>

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and 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);  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.

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<PAGE>

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.
               -----------------------------------------------

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  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

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Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

Section 3.16.  Servicing and Other Compensation; Compensating Interest.
               ---------------------------------------------------------

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(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.

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(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

Section 3.17.  Reports to the Trustee and the Company.
               --------------------------------------

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.
               ---------------------------------

        The Master  Servicer  will  deliver to the Company and the Trustee on or
before the earlier of (a) March 31 of each year,  beginning with the first March
31 that occurs at least six months after the Cut-off Date or (b) with respect to
any  calendar  year during  which the  Company's  annual  report on Form 10-K is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the date on which the annual report on Form 10-K
is required to be filed in  accordance  with the  Exchange Act and the rules and
regulations of the  Commission,  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

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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 the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months  after the Cut-off  Date,  or
(b) with respect to any calendar year during which the  Company's  annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the Master Servicer at its expense shall cause a
firm of independent public  accountants,  which shall be members of the American
Institute of Certified  Public  Accountants,  to furnish a report to the Company
and the  Trustee  stating  its  opinion  that,  on the  basis of an  examination
conducted by such firm substantially in accordance with standards established by
the American  Institute of Certified  Public  Accountants,  the assertions  made
pursuant  to  Section  3.18  regarding  compliance  with the  minimum  servicing
standards  set forth in the Uniform  Single  Attestation  Program  for  Mortgage
Bankers  during the  preceding  calendar  year are fairly stated in all material
respects,  subject to such  exceptions  and other  qualifications  that,  in the
opinion of such  firm,  such  accounting  standards  require  it to  report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.
               --------------------------------------------------------

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or

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liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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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.  The Trustee or its Affiliates are permitted to receive
compensation that could be deemed to be in the Trustee's economic  self-interest
for (i) serving as investment  adviser (with respect to investments made through
its  Affiliates),  administrator,  shareholder  servicing  agent,  custodian  or
sub-custodian with respect to certain of the Permitted  Investments,  (ii) using
Affiliates to effect  transactions  in certain  Permitted  Investments and (iii)
effecting transactions in certain Permitted Investments.

Section 4.02.  Distributions.
               -------------

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03. Statements to  Certificateholders;  Statements to Rating Agencies;
     Exchange Act Reporting.

               (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

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<PAGE>

mail or make  available  to each  Holder  and  the  Company,  via the  Trustee's
internet  website,  a  statement  (and  at  its  option,  any  additional  files
containing  the  same  information  in  an  alternative  format)  setting  forth
information  as to each Class of  Certificates,  the  Mortgage  Pool and, if the
Mortgage Pool is comprised of two or more Loan Groups,  each Loan Group,  to the
extent  applicable.  This statement will include the information set forth in an
exhibit to the Series  Supplement.  Such exhibit  shall set forth the  Trustee's
internet website address together with a phone number. The Trustee shall mail to
each Holder that requests a paper copy by telephone a paper copy via first class
mail.  The  Trustee  may modify the  distribution  procedures  set forth in this
Section   provided  that  such   procedures  are  no  less  convenient  for  the
Certificateholders. The Trustee shall provide prior notification to the Company,
the Master Servicer and the Certificateholders  regarding any such modification.
In addition,  the Master  Servicer  shall provide to any manager of a trust fund
consisting of some or all of the  Certificates,  upon reasonable  request,  such
additional  information as is reasonably obtainable by the Master Servicer at no
additional  expense to the Master  Servicer.  Also,  at the  request of a Rating
Agency,  the Master  Servicer  shall  provide  the  information  relating to the
Reportable  Modified Mortgage Loans substantially in the form attached hereto as
Exhibit Q to such Rating  Agency within a reasonable  period of time;  provided,
however,  that the  Master  Servicer  shall  not be  required  to  provide  such
information more than four times in a calendar year to any Rating Agency.

               (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.

               (e) The Master  Servicer shall, on behalf of the Depositor and in
respect of the Trust Fund,  sign and cause to be filed with the  Commission  any
periodic  reports required to be filed under the provisions of the Exchange Act,

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<PAGE>

and the rules and regulations of the Commission  thereunder.  In connection with
the  preparation and filing of such periodic  reports,  the Trustee shall timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution  to the  Certificateholders  as  required  pursuant  to the  Series
Supplement. Neither the Master Servicer nor the Trustee shall have any liability
with respect to the Master  Servicer's  failure to properly prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection  with this Section 4.03(e) shall include a  certification,  signed by
the senior officer in charge of the servicing  functions of the Master Servicer,
in the form  attached  as Exhibit O hereto or such other form as may be required
or permitted by the Commission  (the "Form 10-K  Certification"),  in compliance
with  Rules  13a-14  and  15d-14  under  the  Exchange  Act and  any  additional
directives of the Commission.  In connection  with the Form 10-K  Certification,
the Trustee  shall  provide  the Master  Servicer  with a back-up  certification
substantially in the form attached hereto as Exhibit P. This Section 4.03(e) may
be  amended  in  accordance  with this  Agreement  without  the  consent  of the
Certificateholders.

Section               4.04.  Distribution  of  Reports  to the  Trustee  and the
                      Company; Advances by the Master Servicer.

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which

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<PAGE>

Monthly Payments were not received 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
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.

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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
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

                                       71
<PAGE>

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.

                                       72
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be

                                       73
<PAGE>

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.

                                       74
<PAGE>

Section 5.02.  Registration of Transfer and Exchange of Certificates.
               ------------------------------------------------------

(a)            The  Trustee  shall  cause  to be kept at one of the  offices  or
               agencies to be  appointed by the Trustee in  accordance  with the
               provisions  of  Section  8.12 a  Certificate  Register  in which,
               subject to such reasonable  regulations as it may prescribe,  the
               Trustee shall provide for the registration of Certificates and of
               transfers and exchanges of Certificates as herein  provided.  The
               Trustee is  initially  appointed  Certificate  Registrar  for the
               purpose of registering  Certificates  and transfers and exchanges
               of Certificates as herein provided. The Certificate Registrar, or
               the Trustee,  shall provide the Master  Servicer with a certified
               list of  Certificateholders  as of each  Record Date prior to the
               related Determination Date.

(b)            Upon surrender for registration of transfer of any Certificate at
               any office or agency of the Trustee  maintained  for such purpose
               pursuant to Section 8.12 and, in the case of any Class M, Class B
               or Class R Certificate,  upon  satisfaction of the conditions set
               forth  below,  the  Trustee  shall  execute  and the  Certificate
               Registrar  shall  authenticate  and  deliver,  in the name of the
               designated   transferee   or   transferees,   one  or  more   new
               Certificates   of  a  like  Class  (or  Subclass)  and  aggregate
               Percentage Interest.

(c)            At the  option  of the  Certificateholders,  Certificates  may be
               exchanged for other Certificates of authorized denominations of a
               like Class (or Subclass) and aggregate Percentage Interest,  upon
               surrender of the  Certificates to be exchanged at any such office
               or agency.  Whenever  any  Certificates  are so  surrendered  for
               exchange the Trustee shall execute and the Certificate  Registrar
               shall  authenticate  and deliver the  Certificates  of such Class
               which the  Certificateholder  making the  exchange is entitled to
               receive.  Every Certificate presented or surrendered for transfer
               or  exchange  shall  (if  so  required  by  the  Trustee  or  the
               Certificate  Registrar) be duly endorsed by, or be accompanied by
               a written  instrument  of  transfer in form  satisfactory  to the
               Trustee  and the  Certificate  Registrar  duly  executed  by, the
               Holder thereof or his attorney duly authorized in writing.

(d)            No  transfer,  sale,  pledge  or other  disposition  of a Class B
               Certificate  shall be made unless such transfer,  sale, pledge or
               other disposition is exempt from the registration requirements of
               the Securities Act of 1933, as amended,  and any applicable state
               securities  laws or is made in accordance with said Act and laws.
               In the event that a transfer  of a Class B  Certificate  is to be
               made either (i)(A) the Trustee shall require a written Opinion of
               Counsel  acceptable to and in form and substance  satisfactory to
               the  Trustee  and the  Company  that  such  transfer  may be made
               pursuant to an exemption, describing the applicable exemption and
               the  basis  therefor,  from  said Act and  laws or is being  made
               pursuant to said Act and laws, which Opinion of Counsel shall not
               be an expense of the Trustee,  the Company or the Master Servicer
               (except  that,  if such  transfer  is made by the  Company or the
               Master  Servicer  or any  Affiliate  thereof,  the Company or the
               Master  Servicer  shall  provide such Opinion of Counsel at their
               own  expense);  provided that such Opinion of Counsel will not be
               required  in  connection  with the  initial  transfer of any such
               Certificate  by the  Company  or  any  Affiliate  thereof  to the
               Company or an Affiliate of the Company and (B) the Trustee  shall
               require  the  transferee  to  execute  a  representation  letter,
               substantially  in the form of Exhibit H hereto,  and the  Trustee
               shall require the transferor to execute a representation  letter,
               substantially in the form of Exhibit I hereto, each acceptable to
               and in form and  substance  satisfactory  to the  Company and the
               Trustee  certifying  to the  Company  and the  Trustee  the facts
               surrounding such transfer, which representation letters shall not
               be an expense of the Trustee, the Company or the Master Servicer;
               provided,  however, that such representation  letters will not be

                                       75
<PAGE>

               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
          fifteen 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

                                       76
<PAGE>

          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.
          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest 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),  PTE 2000-58,  65
               Fed. Reg.  67765  (November 13, 2000),  and PTE 2002-41,  67 Fed.
               Reg. 54487 (August 22, 2002) (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,  the Underwriters and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

(f)            (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.

                                       77
<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
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

                                       79
<PAGE>

(v)  The  provisions of this Section  5.02(f) set forth prior to this clause (v)
     may be modified,  added to or  eliminated,  provided  that there shall have
     been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

(g)  No  service   charge  shall  be  made  for  any  transfer  or  exchange  of
     Certificates  of any Class,  but the Trustee  may require  payment of a sum
     sufficient to cover any tax or  governmental  charge that may be imposed in
     connection with any transfer or exchange of Certificates.

(h)  All  Certificates  surrendered for transfer and exchange shall be destroyed
     by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

                                       80
<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.

                                       81
<PAGE>

ARTICLE VI

<PAGE>

                       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

                                       82
<PAGE>

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.

                                       83
<PAGE>

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.

                                       84
<PAGE>

                                  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

                                       85
<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        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.

                                       86
<PAGE>

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

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transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.
               -----------------------------------

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c)     No provision of this Agreement shall be construed to relieve the Trustee
        from liability for its own negligent  action,  its own negligent failure
        to act or its own willful misconduct; provided, however, that:

     (i)  Prior to the  occurrence of an Event of Default,  and after the curing
          or waiver of all such Events of Default which may have  occurred,  the
          duties and  obligations  of the Trustee shall be determined  solely by
          the express  provisions  of this  Agreement,  the Trustee shall not be
          liable except for the  performance  of such duties and  obligations as
          are specifically set forth in this Agreement,  no implied covenants or
          obligations shall be read into this Agreement against the Trustee and,
          in the  absence of bad faith on the part of the  Trustee,  the Trustee
          may  conclusively  rely,  as to the  truth of the  statements  and the
          correctness of the opinions expressed  therein,  upon any certificates
          or  opinions  furnished  to the  Trustee by the  Company or the Master

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          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

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<PAGE>

     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b)     Following the issuance of the Certificates, the Trustee shall not accept
        any  contribution of assets to the Trust Fund unless (subject to Section
        10.01(f)) it shall have  obtained or been  furnished  with an Opinion of
        Counsel  to the  effect  that such  contribution  will not (i) cause any
        portion  of any REMIC  formed  under the  Series  Supplement  to fail to
        qualify as a REMIC at any time that any  Certificates are outstanding or
        (ii) cause the Trust Fund to be subject to any  federal  tax as a result
        of such  contribution  (including  the  imposition of any federal tax on
        "prohibited transactions" imposed under Section 860F(a) of the Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a)     The Master  Servicer  covenants and agrees to pay to the Trustee and any
        co-trustee  from time to time, and the Trustee and any co-trustee  shall
        be entitled to, reasonable  compensation  (which shall not be limited by
        any  provision of law in regard to the  compensation  of a trustee of an
        express  trust)  for  all  services  rendered  by  each  of  them in the
        execution  of  the  trusts  hereby  created  and  in  the  exercise  and
        performance of any of the powers and duties hereunder of the Trustee and
        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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<PAGE>

(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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<PAGE>

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,
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

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<PAGE>

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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<PAGE>

(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

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Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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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
of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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<PAGE>

        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 where required  pursuant to this Agreement 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,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the 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

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Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), 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).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(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

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Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a)     Each  REMIC  that  comprises  the  Trust  Fund  shall be  terminated  in
        accordance with the following additional  requirements,  unless (subject
        to Section  10.01(f)) the Trustee and the Master  Servicer have received
        an Opinion of Counsel  (which Opinion of Counsel shall not be an expense
        of the  Trustee)  to the effect  that the  failure of each such REMIC to
        comply with the requirements of this Section 9.02 will not (i) result in
        the  imposition on the Trust of taxes on "prohibited  transactions,"  as
        described in Section  860F of the Code,  or (ii) cause any such REMIC to
        fail  to  qualify  as a  REMIC  at any  time  that  any  Certificate  is
        outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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<PAGE>

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b)     Each Holder of a Certificate and the Trustee hereby irrevocably approves
        and appoints the Master Servicer as its attorney-in-fact to adopt a plan
        of complete  liquidation for each REMIC at the expense of the Trust Fund
        in accordance with the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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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.

(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.

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<PAGE>

(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
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

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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.

                                      105
<PAGE>

(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.

                                      106
<PAGE>

(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.

                                      107
<PAGE>

                                   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

                                      108
<PAGE>

        be  materially  inconsistent  with  the  provisions  of this  Agreement,
        provided  that such  action  shall not,  as  evidenced  by an Opinion of
        Counsel,  adversely  affect in any material respect the interests of any
        Certificateholder or

               (vii)  to amend  any  provision  herein  or  therein  that is not
        material to any of the Certificateholders.

(b)     This Agreement or any Custodial  Agreement may also be amended from time
        to time by the  Company,  the Master  Servicer  and the Trustee with the
        consent of the Holders of  Certificates  evidencing in the aggregate not
        less than 66% of the Percentage  Interests of each Class of Certificates
        with a Certificate  Principal Balance greater than zero 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

                                      109
<PAGE>

        income tax  purposes,  (i) any reserve fund so  established  shall be an
        outside  reserve fund and not an asset of the Trust Fund,  (ii) any such
        reserve  fund  shall  be  owned  by  the  Company,   and  (iii)  amounts
        transferred  by the Trust Fund to any such reserve fund shall be treated
        as  amounts  distributed  by  the  Trust  Fund  to  the  Company  or any
        successor,  all  within  the  meaning of  Treasury  Regulations  Section
        1.860G-2(h)  as it reads as of the Cut-off Date. In connection  with the
        provision  of any  such  instrument  or  fund,  this  Agreement  and any
        provision hereof may be modified, added to, deleted or otherwise amended
        in any manner that is related or incidental  to such  instrument or fund
        or the  establishment or  administration  thereof,  such amendment to be
        made by written  instrument  executed or consented to by the Company but
        without the consent of any  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.

                                      110
<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.

                                      111
<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,  (i)
shall  notify  each  Rating  Agency  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,  (ii)
shall notify 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)(1),  (g)(1),  or (i) below, or (iii) 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)     (1) the termination or appointment of a successor Master Servicer or (2)
        the termination or appointment of a successor 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)     (1) a change in the location of the Custodial Account or (2) a change in
        the location of 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,  if applicable,
of any such event known to the Master Servicer.

                                      112
<PAGE>

Section 11.07. Severability of Provisions.
               --------------------------

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.
               ---------------------------------------------

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected 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.

                                      113
<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.]

                                       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

                                       2
<PAGE>

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 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

                                       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

                                       4
<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.

               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.

                                       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

                                       6
<PAGE>

                                              A-1

                                   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.

                                       7
<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, OR ANY OTHER PERSON,  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  Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29,

                                       1
<PAGE>

1994), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
65 Fed. Reg.  67765  (November 13, 2000),  AND PTE 2002-41,  67 Fed. Reg.  54487
(August 22, 2002) (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.

                                       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
forth hereafter.  To the extent not defined herein,  the capitalized  terms used

                                       3
<PAGE>

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
specifically set forth herein and in the Agreement. In the event Master Servicer

                                       4
<PAGE>

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
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                       5
<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.

               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.

                                       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

                                       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.

                                       8
<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.

                                       1
<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 which is set forth hereafter.  To the extent not defined

                                       2
<PAGE>

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

                                       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

                                       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.

                                       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

                                       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.

                                       7
<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

                                       1
<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.

                                       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
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the

                                       3
<PAGE>

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.

                                       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.

               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.

                                       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  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [----------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       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.

                                       7
<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:

                                  1
<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.

                                      2
<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.

                                       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.

                                       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:
      ------------------------------

                                       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:
     ------------------------

                                       1
<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

                                      1
<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 Code or 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 either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. 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.

8. 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.

9. 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.

10. The Owner's Taxpayer Identification Number is .

11. 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.

                                       2
<PAGE>

12. 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; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  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
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.

14. 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.

15. 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 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.

                                       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]

                                            By:
                                               ---------------------------------
                                                 [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 .

                                       4
<PAGE>

                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.

                                       5
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;
    The accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
    How the quality, utility, and clarity of the information to be
collected may be enhanced;
    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.
    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.
    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the

                                       6
<PAGE>

REMIC's taxable income.
    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the

                                       7
<PAGE>

restrictions on subsequent transfers of the residual interest.
    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term

                                       8
<PAGE>

rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
    It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev.  Proc.  2001-12  (2001-3  I.R.B.  335) is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

                                       9
<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  (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 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

                                       10
<PAGE>

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
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:
                                                  ------------------------------

                                       11
<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 contains restrictions  regarding the transfer
               of the Certificates  and (e) the Certificates  will bear a legend
               to the foregoing effect.

                                       1
<PAGE>

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 other action,  that

                                       2
<PAGE>

          (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:
                                                  ------------------------------

                                       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.

                                       1
<PAGE>

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       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.

                                       1
<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

                                       2
<PAGE>

     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.

               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:
     ----------------------------------------

                                       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.

                                       1
<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.

                                       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:
                                                 -------------------------------

                                       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.

                                       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

                                            Date:
                                                 ------------------------------

                                       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
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws

                                       1
<PAGE>

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

                                       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.

                                       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

                                       1
<PAGE>

Distribution  Date,  such moneys as may be required  by  Residential  Funding to
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.

                                       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:
      ---------------------------------------------

                                       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.

                                Very truly yours,

                                            (Lender)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------

                                       1
<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:

                                        1
<PAGE>
                                  EXHIBIT O

                         Form of Form 10-K Certification

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided  to the  Trustee by the Master  Servicer  under the P&S  Agreement  for
inclusion in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S  Agreement  and based upon my  knowledge  and the annual
compliance review required under the P&S Agreement,  and, except as disclosed in
the reports,  the Master  Servicer has fulfilled its  obligations  under the P&S
Agreement; and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the P&S Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:_______________________

____________________________*
Name:
Title:

               *    to be  signed  by  the  senior  officer  in  charge  of  the
                    servicing functions of the Master Servicer

<PAGE>

                                    EXHIBIT P

            [FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE]

     The  undersigned,  a Responsible  Officer of  [_________]  (the  "Trustee")
certifies that:

        (a) The Trustee has performed all of the duties specifically required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated  as of  [_________],  20[__]  (the  "Agreement")  by and  among
[__________], as depositor, Residential Funding Corporation, as master servicer,
and the Trustee in accordance with the standards set forth therein.

        (b) Based on my knowledge,  the list of  Certificateholders  as shown on
the Certificate Register as of the end of each calendar year that is provided by
the  Trustee  pursuant  to the  Agreement  is accurate as of the last day of the
20[__] calendar year.

Capitalized terms used and not defined herein shall have the meanings given such
terms in the Agreement.

     IN WITNESS WHEREOF,  I have duly executed this certificate as of _________,
20__.]

                                      Name:______________________
                                     Title:

                                        1
<PAGE>

                                   EXHIBIT Q

INFORMATION  TO BE  PROVIDED  BY THE  MASTER  SERVICER  TO THE  RATING  AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS

Account number

Transaction Identifier
Unpaid Principal  Balance prior to Modification  Next Due Date Monthly Principal
and Interest  Payment Total Servicing  Advances  Current  Interest Rate Original
Maturity  Date  Original Term to Maturity  (Months)  Remaining  Term to Maturity
(Months)  Trial  Modification  Indicator  Mortgagor  Equity  Contribution  Total
Servicer Advances Trial Modification Term (Months) Trial Modification Start Date
Trial  Modification  End Date Trial  Modification  Period Principal and Interest
Payment Trial Modification  Interest Rate Trial Modification Term Rate Reduction
Indicator  Interest  Rate  Post  Modification  Rate  Reduction  Start  Date Rate
Reduction End Date Rate Reduction Term

Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance  Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification

Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan

                                        1
<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                      AGGREGATE PLANNED PRINCIPAL BALANCES

                               AGGREGATE PLANNED
                             PRINCIPAL BALANCES FOR
                            CLASS NB-3 CERTIFICATES
                                 AND CLASS NB-4
 DISTRIBUTION DATE                CERTIFICATES
                          October 2003                     $65,936,000.00
                          November 2003                     65,274,685.90
                          December 2003                     64,546,171.17
                          January 2004                      63,751,570.08
                          February 2004                     62,891,982.98
                          March 2004                        61,968,652.27
                          April 2004                        60,982,960.20
                          May 2004                          59,936,426.02
                          June 2004                         58,830,702.61
                          July 2004                         57,667,572.71
                          August 2004                       56,448,944.59
                          September 2004                    55,176,847.18
                          October 2004                      53,922,668.17
                          November 2004                     52,686,161.11
                          December 2004                     51,467,082.93
                          January 2005                      50,265,193.87
                          February 2005                     49,080,257.46
                          March 2005                        47,912,040.45
                          April 2005                        46,760,312.78
                          May 2005                          45,624,847.53
                          June 2005                         44,505,420.90
                          July 2005                         43,401,812.13
                          August 2005                       42,313,803.48
                          September 2005                    41,241,180.19
                          October 2005                      40,183,730.44
                          November 2005                     39,141,245.31
                          December 2005                     38,113,518.71
                          January 2006                      37,100,347.41
                          February 2006                     36,101,530.93
                          March 2006                        35,116,871.55
                          April 2006                        34,146,174.23
                          May 2006                          33,189,246.63
                          June 2006                         32,245,899.03
                          July 2006                         31,315,944.30
                          August 2006                       30,399,197.87
                          September 2006                    29,495,477.71
                          October 2006                      28,604,604.27
                          November 2006                     27,726,400.47
                          December 2006                     26,860,691.64
                          January 2007                      26,007,305.52

<PAGE>

                          February 2007                    $25,166,072.18
                          March 2007                        24,336,824.06
                          April 2007                        23,519,395.86
                          May 2007                          22,713,624.56
                          June 2007                         21,919,349.38
                          July 2007                         21,136,411.72
                          August 2007                       20,364,655.18
                          September 2007                    19,603,925.48
                          October 2007                      18,854,070.49
                          November 2007                     18,114,940.13
                          December 2007                     17,386,386.39
                          January 2008                      16,668,263.29
                          February 2008                     15,960,426.87
                          March 2008                        15,262,735.12
                          April 2008                        14,575,047.98
                          May 2008                          13,897,911.84
                          June 2008                         13,237,647.74
                          July 2008                         12,593,844.88
                          August 2008                       11,966,102.42
                          September 2008                    11,354,029.22
                          October 2008                      10,757,243.66
                          November 2008                     10,208,371.27
                          December 2008                      9,673,725.38
                          January 2009                       9,152,953.38
                          February 2009                      8,645,711.25
                          March 2009                         8,151,663.33
                          April 2009                         7,670,482.15
                          May 2009                           7,201,848.21
                          June 2009                          6,745,449.82
                          July 2009                          6,300,982.88
                          August 2009                        5,868,150.68
                          September 2009                     5,446,663.79
                          October 2009                       5,036,239.81
                          November 2009                      4,646,527.92
                          December 2009                      4,267,140.60
                          January 2010                       3,897,818.21
                          February 2010                      3,538,307.47
                          March 2010                         3,188,361.31
                          April 2010                         2,847,738.76
                          May 2010                           2,516,204.73
                          June 2010                          2,193,529.95
                          July 2010                          1,879,490.76
                          August 2010                        1,573,869.00
                          September 2010                    $1,276,451.89

<PAGE>

                          October 2010                         987,031.88
                          November 2010                        722,785.12
                          December 2010                        465,668.04
                          January 2011                         215,496.99
                          February 2011                                 0

<PAGE>Exhibit 4.24
================================================================================

                        CALIFORNIA WATER SERVICE COMPANY

                      TWELFTH SUPPLEMENT TO NOTE AGREEMENT

                          Dated as of October 24, 2003

              Re:    $20,000,000 5.55% Series N Senior Notes
                              Due December 1, 2013

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

<PAGE>

                      TWELFTH SUPPLEMENT TO NOTE AGREEMENT

                                                                     Dated as of
                                                                October 24, 2003

To the Purchaser named in
Schedule A hereto

Ladies and Gentlemen:

         This  Twelfth  Supplement  to Note  Purchase  Agreement  (the  "Twelfth
Supplement") is between  California  Water Service Company (the "Company") whose
address  is  1720  North  First  Street,  San  Jose,  California  95112  and the
institutional investor named on Schedule A attached hereto (the "Purchaser").

         Reference  is hereby made to that certain  Note  Agreement  dated as of
March 1, 1999 (the "Note  Agreement")  between the  Company  and the  purchasers
listed on Schedule I thereto. All capitalized terms not otherwise defined herein
shall have the same  meaning as specified  in the Note  Agreement.  Reference is
further made to Section 4.3 thereof which requires  that,  prior to the delivery
of any Additional Notes, the Company and each Additional Purchaser shall execute
and deliver a Supplement.

         The Company hereby agrees with the Purchaser named on Schedule A hereto
as follows:

         1. The  Company  has  authorized  the  issue  and  sale of  $20,000,000
aggregate  principal  amount of its 5.55%  Series N Senior Notes due December 1,
2013 (the  "Series N  Notes").  The Series N Notes,  together  with the Series B
Notes initially issued pursuant to the Note Agreement, the Series C Notes issued
pursuant to the First  Supplement to Note Agreement dated as of October 1, 2000,
the Series D Notes issued  pursuant to the Second  Supplement to Note  Agreement
dated as of September 1, 2001,  the Series E Notes issued  pursuant to the Third
Supplement to Note Agreement  dated as of May 1, 2002, the Series F Notes issued
pursuant to the Fourth Supplement to Note Agreement dated as of August 15, 2002,
the Series G Notes issued  pursuant to the Fifth  Supplement  to Note  Agreement
dated as of November 1, 2002,  the Series H Notes  issued  pursuant to the Sixth
Supplement to Note  Agreement  dated as of December 1, 2002,  the Series I Notes
issued  pursuant to the Seventh  Supplement to Note Agreement dated as of May 1,
2003,  the Series J Notes  issued  pursuant to the Amended and  Restated  Eighth
Supplement to Note Agreement  dated as of May 1, 2003, the Series K Notes issued
pursuant to the Ninth  Supplement  to Note  Agreement  dated as of February  15,
2003,  the  Series L Notes  issued  pursuant  to the  Tenth  Supplement  to Note
Agreement  dated as of  February  15,  2003,  the  Series  M Notes to be  issued
pursuant to the Eleventh  Supplement to Note  Agreement  dated as of November 3,
2003 and each Series of  Additional  Notes which may from time to time be issued
pursuant  to  the  provisions  of  Section  1.4  of  the  Note  Agreement,   are
collectively  referred to as the "Notes"  (such term shall also include any such
notes  issued in  substitution  therefor  pursuant  to  Section  9.2 of the Note
Agreement).  The Series N Notes  shall

<PAGE>

be  substantially  in the form set out in  Exhibit 1 hereto  with  such  changes
therefrom, if any, as may be approved by the Purchaser and the Company.

         2. Subject to the terms and  conditions  hereof and as set forth in the
Note  Agreement  and  on  the  basis  of  the   representations  and  warranties
hereinafter  set forth,  the Company  agrees to issue and sell to the Purchaser,
and the  Purchaser  agrees to purchase  from the Company,  Series N Notes in the
principal amount set forth opposite the Purchaser's name on Schedule A hereto at
a price of 100% of the principal  amount  thereof on the closing date  hereafter
mentioned.

         3. Delivery of the  $20,000,000  in aggregate  principal  amount of the
Series N Notes will be made at the offices of Chapman  and Cutler LLP,  111 West
Monroe Street, Chicago,  Illinois 60603-4080 against payment therefor in Federal
Reserve or other funds current and immediately available at the principal office
of Bank of America,  ABA No. 121000358,  Account No. 14879-00161,  Account Name:
California  Water Service Company  Security Sales, in the amount of the purchase
price at 11:00 A.M., San Francisco, California time, on October 24, 2003 or such
later date (not later than October 31, 2003) as shall mutually be agreed upon by
the Company and the Purchaser of the Series N Notes (the "Closing Date").

         4. Prepayment of Notes.

         (a) Required  Prepayments.  No prepayments are required to be made with
respect to the Series N Notes prior to the expressed maturity date thereof other
than  prepayments  made in connection with an acceleration of the Series N Notes
pursuant to the provisions of Section 6.3 of the Note Agreement.

         (b) Optional Prepayment with Premium. Upon compliance with Section 4(d)
below the Company shall have the  privilege,  at any time and from time to time,
of prepaying  the  outstanding  Notes of any Series,  either in whole or in part
(but if in part then in a minimum  principal  amount of  $100,000) by payment of
the  principal  amount of the Notes of such  Series,  or  portion  thereof to be
prepaid,  and accrued interest thereon to the date of such prepayment,  together
with a premium equal to the  Make-Whole  Amount,  determined as of five Business
Days prior to the date of such prepayment pursuant to this Section 4(b).

         (c) Optional  Prepayment  at Par in the Event of  Condemnation.  In the
event a Material  Condemnation  shall have occurred with respect to any property
of the Company or a Restricted  Subsidiary,  then upon  compliance  with Section
4(d) below the Company  shall have the privilege of applying the proceeds of any
condemnation award received in connection with such Material Condemnation to the
prepayment of the principal amount of the Notes of any Series then  outstanding,
or any portion  thereof to the extent of such  proceeds,  together  with accrued
interest  thereon to the date of such prepayment.  Any optional  prepayment made
pursuant to this Section 4(c) shall be without premium.

         (d) Notice of Optional Prepayments. The Company will give notice of any
prepayment of the Notes pursuant to Section 4(b) or 4(c) to each Holder of Notes
to be prepaid  not less than 30 days nor more than 60 days before the date fixed
for such optional  prepayment  specifying (a) such date, (b) the Section of this
Twelfth  Supplement  under which the prepayment is to be

<PAGE>

made, (c) the principal amount of the Holder's Notes to be prepaid on such date,
(d)  whether a premium may be payable,  (e) the date when the  premium,  if any,
will be  calculated,  (f) the  estimated  premium,  together  with a  reasonably
detailed  computation of such estimated  premium,  and (g) the accrued  interest
applicable to the prepayment.  Such notice of prepayment  shall also certify all
facts, if any, which are conditions precedent to any such prepayment.  Notice of
prepayment having been so given, the aggregate  principal amount of the Notes to
be prepaid specified in such notice,  together with accrued interest thereon and
the premium,  if any,  payable with respect thereto shall become due and payable
on the  prepayment  date  specified in said notice.  Not later than two Business
Days prior to the prepayment  date  specified in such notice,  the Company shall
provide each Holder of a Note to be prepaid  written  notice of the premium,  if
any,  payable in connection with such prepayment and, whether or not any premium
is payable, a reasonably detailed computation of the Make-Whole Amount.

         (e) Application of Prepayments.  In the case of each partial prepayment
of the Notes  pursuant to the  provisions of Section 4(b) or 4(c), the principal
amount of the Notes of the Series to be prepaid shall be allocated  among all of
the Notes of such Series at the time  outstanding  in  proportion,  as nearly as
practicable, to the respective unpaid principal amounts thereof.

         (f) Direct Payment.  Notwithstanding anything to the contrary contained
in the Note Agreement,  this Twelfth Supplement or the Notes, in the case of any
Note owned by any Holder that is a Purchaser,  Additional Purchaser or any other
Institutional  Holder which has given written  notice to the Company  requesting
that  the  provisions  of this  Section  4(f)  shall  apply,  the  Company  will
punctually pay when due the principal thereof,  interest thereon and premium, if
any,  due with  respect to said  principal,  without  any  presentment  thereof,
directly to such Holder at its address set forth herein or such other address as
such Holder may from time to time  designate  in writing to the Company or, if a
bank account with a United  States bank is so  designated  for such Holder,  the
Company  will make such  payments in  immediately  available  funds to such bank
account,  marked for attention as indicated,  or in such other manner or to such
other  account in any United  States  bank as such  Holder may from time to time
direct in writing.

         (g) Make Whole Amount. The term "Make-Whole Amount" means, with respect
to any Series N Note, an amount equal to the excess,  if any, of the  Discounted
Value of the Remaining  Scheduled  Payments with respect to the Called Principal
of such  Note  over the  amount  of such  Called  Principal,  provided  that the
Make-Whole  Amount  may in no event  be less  than  zero.  For the  purposes  of
determining  the  Make-Whole  Amount,  the  following  terms have the  following
meanings:

                  "Called  Principal"  means, with respect to any Series N Note,
         the  principal  of such Note that is to be prepaid  pursuant to Section
         4(b) or has become or is  declared  to be  immediately  due and payable
         pursuant to Section 6.3 of the Note Agreement, as the context requires.

                  "Discounted Value" means, with respect to the Called Principal
         of any Series N Note, the amount  obtained by discounting all Remaining
         Scheduled  Payments  with respect to such Called  Principal  from their
         respective  scheduled due dates to the Settlement  Date with respect to
         such Called Principal,  in accordance with accepted

<PAGE>

         financial  practice  and at a  discount  factor  (applied  on the  same
         periodic  basis  as that on  which  interest  on the  Series N Notes is
         payable)  equal to the  Reinvestment  Yield with respect to such Called
         Principal.

                  "Reinvestment   Yield"  means,  with  respect  to  the  Called
         Principal  of any  Series N Note,  0.50%,  plus the  yield to  maturity
         implied by (i) the  yields  reported,  as of 10:00 A.M.  (New York City
         time) on the fifth  Business Day  preceding  the  Settlement  Date with
         respect to such Called Principal,  on the display page of the Bloomberg
         Financial Markets Services Screen PX1 or the equivalent screen provided
         by Bloomberg  Financial  Markets  Commodities  News for actively traded
         U.S.  Treasury  securities  having a  maturity  equal to the  Remaining
         Average Life of such Called  Principal as of such  Settlement  Date, or
         (ii) if such  yields  are not  reported  as of such time or the  yields
         reported as of such time are not  ascertainable,  the Treasury Constant
         Maturity  Series  Yields  reported,  for the  latest day for which such
         yields have been so reported as of the second  Business  Day  preceding
         the Settlement Date with respect to such Called  Principal,  in Federal
         Reserve  Statistical  Release H.15 (519) (or any  comparable  successor
         publication)  for actively  traded U.S.  Treasury  securities  having a
         constant  maturity  equal to the Remaining  Average Life of such Called
         Principal  as of such  Settlement  Date.  Such  implied  yield  will be
         determined,   if  necessary,  by  (a)  converting  U.S.  Treasury  bill
         quotations  to  bond-equivalent  yields  in  accordance  with  accepted
         financial  practice  and (b)  interpolating  linearly  between  (1) the
         actively traded U.S. Treasury security with the maturity closest to and
         greater than the  Remaining  Average  Life and (2) the actively  traded
         U.S.  Treasury  security with the maturity closest to and less than the
         Remaining Average Life.

                  "Remaining  Average  Life"  means,  with respect to any Called
         Principal,  the number of years (calculated to the nearest  one-twelfth
         year) obtained by dividing (i) such Called  Principal into (ii) the sum
         of the products obtained by multiplying (a) the principal  component of
         each Remaining  Scheduled Payment with respect to such Called Principal
         by (b) the number of years (calculated to the nearest one-twelfth year)
         that will  elapse  between  the  Settlement  Date with  respect to such
         Called Principal and the scheduled due date of such Remaining Scheduled
         Payment.

                  "Remaining  Scheduled  Payments"  means,  with  respect to the
         Called  Principal  of any Series N Note,  all  payments  of such Called
         Principal and interest  thereon that would be due after the  Settlement
         Date with respect to such Called Principal if no payment of such Called
         Principal  were made prior to its scheduled due date,  provided that if
         such Settlement  Date is not a date on which interest  payments are due
         to be made  under the terms of the  Series N Notes,  then the amount of
         the next succeeding  scheduled  interest payment will be reduced by the
         amount of interest  accrued to such  Settlement Date and required to be
         paid on such Settlement Date pursuant to Section 4(b) hereof or Section
         6.3 of the Note Agreement.

                  "Settlement  Date" means, with respect to the Called Principal
         of any Series N Note, the date on which such Called  Principal is to be
         prepaid pursuant to Section 4(b) hereof or has become or is declared to
         be  immediately  due and  payable  pursuant  to Section 6.3 of the Note
         Agreement, as the context requires.

<PAGE>

         5. Closing Conditions.

         (a) Conditions.  The obligation of the Purchaser to purchase the Series
N Notes on the Closing Date shall be subject to the  performance  by the Company
of its agreements  hereunder which by the terms hereof are to be performed at or
prior to the time of delivery of the Series N Notes and to the following further
conditions precedent:

                  (i) Closing Certificate.  Such Purchaser shall have received a
         certificate  dated the Closing Date,  signed by the President or a Vice
         President  of the  Company,  the truth and accuracy of which shall be a
         condition to such Purchaser's obligation to purchase the Series N Notes
         proposed  to be sold to such  Purchaser  and to the effect that (1) the
         representations  and  warranties  of the Company set forth in Exhibit 2
         hereto are true and correct on and with  respect to the  Closing  Date,
         (2) the Company has performed all of its  obligations  hereunder  which
         are to be performed on or prior to the Closing Date, and (3) no Default
         or Event of Default has occurred and is continuing.

                  (ii)  Compliance   Certificate.   Such  Purchaser  shall  have
         received a  certificate  dated the Closing  Date,  signed by the Senior
         Financial Officer of the Company stating that such officer has reviewed
         the  provisions of the Note  Agreement and this Twelfth  Supplement and
         setting forth the information  and  computation (in sufficient  detail)
         required in order to  establish  whether  the Company is in  compliance
         with Section 5.6 of the Note Agreement on the Closing Date.

                  (iii) Legal Opinions.  Such Purchaser shall have received from
         Bingham McCutchen LLP, counsel for the Company,  and Chapman and Cutler
         LLP,  special  counsel  for the  Purchaser,  their  opinions  dated the
         Closing Date, in form and substance satisfactory to such Purchaser, and
         covering the matters set forth respectively in Exhibits 3 and 4 hereto.

                  (iv) Regulatory Approval. Prior to the Closing Date, the issue
         and sale of the  Series N Notes  shall  have  been duly  authorized  or
         approved by appropriate order of the Public Utilities Commission of the
         State of California (the  "Commission").  Such order shall be final and
         in full  force and  effect  and not  subject  to any  appeal,  hearing,
         rehearing or contest. All conditions contained in any such order, which
         are to be  fulfilled  on or prior to the issuance of the Series N Notes
         shall have been  fulfilled.  The Company  shall have  delivered  to the
         Purchaser  and its special  counsel a certified  copy of such order and
         the application therefor.

                  (v) Related  Transactions.  The Company shall have consummated
         the sale of the entire principal amount of the Series N Notes scheduled
         to be sold on the Closing Date pursuant to this Twelfth Supplement.

                  (vi)  Satisfactory  Proceedings.   All  proceedings  taken  in
         connection   with  the   transactions   contemplated  by  this  Twelfth
         Supplement,  and all documents  necessary to the consummation  thereof,
         shall be  satisfactory in form and substance to such Purchaser and such
         Purchaser's  special counsel,  and such Purchaser shall have received a
         copy

<PAGE>

         (executed or certified as may be appropriate) of all legal documents or
         proceedings   taken  in  connection  with  the   consummation  of  said
         transactions.

                  (vii)  Purchase  Permitted By  Applicable  Law. On the Closing
         Date, the purchase of Series N Notes shall (a) be permitted by the laws
         and regulations of each jurisdiction to which the Purchaser is subject,
         without recourse to provisions  (such as Section  1405(a)(8) of the New
         York  Insurance  Law)  permitting  limited   investments  by  insurance
         companies  without  restriction  as to the character of the  particular
         investment,   (b)  not  violate  any   applicable   law  or  regulation
         (including,  without  limitation,  Regulation U, T or X of the Board of
         Governors  of the  Federal  Reserve  System)  and (c) not  subject  the
         Purchaser  to any tax,  penalty or  liability  under or pursuant to any
         applicable law or regulation, which law or regulation was not in effect
         on the date hereof. If requested by the Purchaser, such Purchaser shall
         have received an Officer's Certificate certifying as to such matters of
         fact as such Purchaser may reasonably  specify to enable such Purchaser
         to determine whether such purchase is so permitted.

                  (viii) Payment of Special Counsel Fees. The Company shall have
         paid,   on  or  before  the  Closing  Date,   the  fees,   charges  and
         disbursements  of the Purchaser's  special counsel referred to in (iii)
         above, to the extent  reflected in a statement of such counsel rendered
         to the Company at least one Business Day prior to the Closing Date.

                  (ix) Private  Placement  Number.  A Private  Placement  Number
         issued by Standard & Poor's CUSIP Service Bureau (in  cooperation  with
         the  Securities   Valuation  Office  of  the  National  Association  of
         Insurance  Commissioners)  shall  have been  obtained  for the Series N
         Notes.

         (b) The  obligation  of the  Company  to  deliver  the  Series  N Notes
hereunder  is  subject  to the  conditions  that (i) the  Commission  shall have
authorized  the  issuance  and sale by the  Company of the Series N Notes at the
price herein provided and said  authorization  shall be in full force and effect
and (ii) the entire  principal amount of the Series N Notes scheduled to be sold
on the Closing Date pursuant to this Twelfth Supplement shall have been tendered
by the Purchaser. If the condition specified in this Section 5(b) shall not have
been fulfilled prior to or on the Closing Date, this Twelfth  Supplement and all
the obligations of the Company  hereunder,  except as provided in Section 9.4 of
the Note Agreement, may be cancelled by the Company.

         (c) If on the Closing Date the Company fails to tender to the Purchaser
the  Series  N Notes  to be  issued  to the  Purchaser  on  such  date or if the
conditions specified in Section 5(a) have not been fulfilled,  the Purchaser may
thereupon  elect to be relieved of all further  obligations  under this  Twelfth
Supplement.  Without  limiting the  foregoing,  if the  conditions  specified in
Section 5(a) have not been fulfilled, such Purchaser may waive compliance by the
Company with any such condition to such extent as such Purchaser may in its sole
discretion determine.  Nothing in this Section 5(c) shall operate to relieve the
Company of any of its obligations  hereunder or to waive the Purchaser's  rights
against the Company.

<PAGE>

         6. The Purchaser  represents and warrants that the  representations and
warranties  set forth in Section 3.2 of the Note  Agreement are true and correct
on the  date  hereof  with  respect  to the  Series  N  Notes  purchased  by the
Purchaser.

         7. The Company and the  Purchaser  agree to be bound by and comply with
the terms and  provisions  of the Note  Agreement as if such  Purchaser  were an
original signatory to the Note Agreement.

<PAGE>

California Water Service Company
Twelfth Supplement

         The execution  hereof shall  constitute a contract  between the Company
and the  Purchaser  for the uses and purposes  hereinabove  set forth,  and this
agreement  may  be  executed  in  any  number  of  counterparts,  each  executed
counterpart constituting an original but all together only one agreement.

                                       CALIFORNIA WATER SERVICE COMPANY

                                       By ______________________________________
                                          Name:  Richard D. Nye
                                          Title: Vice President, Chief Financial
                                                 Officer and Treasurer

<PAGE>

California Water Service Company
Twelfth Supplement

Accepted as of October 24, 2003

                                       TEACHERS INSURANCE AND ANNUITY
                                         ASSOCIATION OF AMERICA

                                       By: _____________________________________
                                           Name:
                                           Title:

<PAGE>

                      INFORMATION RELATING TO THE PURCHASER

                                                    PRINCIPAL AMOUNT OF SERIES N
NAME AND ADDRESS OF PURCHASER                           NOTES TO BE PURCHASED

TEACHERS INSURANCE AND ANNUITY ASSOCIATION
  OF AMERICA                                                $20,000,000
730 Third Avenue
New York, New York  10017
Attention:  John Goodreds, Securities Division,
  Domestic Private Placements
Telephone Number:  (212) 916-6578
Facsimile No. (212) 907-6582

Payments

All payments on or in respect of the  certificate  shall be made in  immediately
available  funds at the opening of business on the due date by electronic  funds
transfer  (identifying  as CALIFORNIA  WATER  SERVICE  COMPANY,  SERIES  2003-N)
through the Automated Clearing House System to:

               Chase Manhattan Bank
               ABA No. 021000021
               New York, NY
               For deposit to the account of:
                 Teachers Insurance and Annuity Association of America
               Account No. 900-9000200
               For Further Credit to TIAA Account # G07040
               On order of:  CALIFORNIA WATER SERVICE COMPANY, SERIES 2003-N
               Reference:  PPN:  130789 Q* 4, California Water Service Company,
               Series 2003-N/Due December 1, 2013/5.55%/P&I Breakdown

Notices

Address for all notices in respect of payment:

Contemporaneous  with  the  above  electronic  funds  transfer,  mail or fax the
following  information  setting  forth:  (1) the full  name,  private  placement
number,  interest  rate and maturity  date of the Notes:  (2) the  allocation of
payment between principal,  interest,  premium and any special payment;  and (3)
the name and address of Bank (or trustee) from which such transfer was sent to:

         Teachers Insurance and Annuity Association of America
         730 Third Avenue
         New York, New York  10017
         Attn:  Securities Accounting Division
         Telephone:        (212) 916-6004
         Facsimile No.     (212) 916-6955

All financial reports, compliance certificates and all other written
communications, including notice of prepayments to be addressed as first
provided above.

                                   Schedule A
                                 (to Supplement)

<PAGE>

Name of Nominee in which Notes are to be issued:  None

Taxpayer I.D. Number:  13-1624203

                                      A-2
<PAGE>

                             [FORM OF SERIES N NOTE]

THIS NOTE HAS NOT BEEN  REGISTERED  WITH THE SECURITIES AND EXCHANGE  COMMISSION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY SALE, TRANSFER,  PLEDGE OR
OTHER DISPOSITION THEREOF MAY BE MADE ONLY (1) IN A TRANSACTION REGISTERED UNDER
SAID ACT OR (2) IF AN EXEMPTION FROM REGISTRATION UNDER SAID ACT IS AVAILABLE.

                        CALIFORNIA WATER SERVICE COMPANY

                           5.55% Series N Senior Note
                              Due December 1, 2013

                                 PPN 130789 Q* 4

No.                                                             October __, 2003

$

         California  Water  Service  Company,  a  California   corporation  (the
"Company"), for value received, hereby promises to pay to

                              or registered assigns
                       on the first day of December, 2013,
                             the principal amount of

                                                         DOLLARS ($____________)

and to pay interest  (computed  on the basis of a 360-day year of twelve  30-day
months) on the principal amount from time to time remaining unpaid hereon at the
rate  of  5.55%  per  annum  from  the  date  hereof  until  maturity,   payable
semiannually on the first day of each June and December in each year (commencing
on the first of such dates after the date hereof) and at  maturity.  The Company
agrees to pay interest on overdue  principal  (including any overdue required or
optional  prepayment  of  principal)  and  premium,  if any,  and (to the extent
legally  enforceable)  on any overdue  installment  of interest,  at the rate of
7.55% per annum after the due date, whether by acceleration or otherwise,  until
paid. Both the principal hereof and interest hereon are payable at the principal
office of the Company in San Jose,  California in coin or currency of the United
States of  America  which at the time of payment  shall be legal  tender for the
payment of public and private debts.

         This Note is one of a series of Notes (the "Notes")  issued pursuant to
the Twelfth Supplement (the "Twelfth Supplement") to the Note Agreement dated as
of March 1,  1999 (as from  time to time  amended  and  supplemented,  the "Note
Agreement"),  between the Company,

                                    EXHIBIT 1
                                 (to Supplement)

<PAGE>

the Purchaser named therein and Additional Purchasers of Notes from time to time
issued  pursuant  to any  Supplement  to the Note  Agreement.  This Note and the
holder  hereof are  entitled  equally and ratably  with the holders of all other
Notes of all Series from time to time  outstanding  under the Note  Agreement to
all the  benefits  provided  for thereby or referred to therein.  Each holder of
this  Note  will  be  deemed,  by  its  acceptance  hereof,  to  have  made  the
representation  set forth in Section 3.2 of the Note  Agreement,  provided  that
such holder may (in reliance  upon  information  provided by the Company,  which
shall not be unreasonably withheld) make a representation to the effect that the
purchase by such holder of any Note will not constitute a non-exempt  prohibited
transaction under Section 406(a) of ERISA.

         This Note and the other Notes  outstanding under the Note Agreement may
be declared due prior to their expressed  maturity dates, all in the events,  on
the terms and in the manner and amounts as provided in the Note Agreement.

         The Notes are not subject to  prepayment or redemption at the option of
the Company  prior to their  expressed  maturity  dates  except on the terms and
conditions  and in the amounts and with the  premium,  if any,  set forth in the
Note Agreement.

         This Note is registered on the books of the Company and is transferable
only by surrender  thereof at the principal  office of the Company duly endorsed
or  accompanied  by a  written  instrument  of  transfer  duly  executed  by the
registered  holder of this Note or its  attorney  duly  authorized  in  writing.
Payment of or on account of  principal,  premium,  if any,  and interest on this
Note  shall be made  only to or upon  the  order in  writing  of the  registered
holder.

         This Note shall be construed and enforced in accordance  with,  and the
rights of the parties  shall be governed by, the law of the State of  California
excluding  choice-of-law  principles of the law of such State that would require
the application of the laws of a jurisdiction other than such State.

                                     CALIFORNIA WATER SERVICE COMPANY

                                     By ________________________________________
                                        Name:   ________________________________
                                        Title:  ________________________________

                                     E-1-2
<PAGE>

                         REPRESENTATIONS AND WARRANTIES

         The Company represents and warrants to the Purchaser that:

         1. Corporate Organization,  Subsidiaries. The Company is duly organized
and existing and in good  standing  under and by virtue of the laws of the State
of  California  and is duly  authorized  and  empowered  to own and  operate its
properties  and to carry on its  business,  all as and in the places  where such
properties  are now owned and  operated  and such  business  is  conducted.  The
Company has no Subsidiaries.

         2.  Corporate  Authority.  The  Company  has full  corporate  power and
corporate  authority to sell and issue the Series N Notes. The issuance and sale
of the Series N Notes and the execution  and delivery of the Twelfth  Supplement
will have been duly  authorized  by the Board of Directors of the Company and by
the Public  Utilities  Commission of the State of California (the  "Commission")
prior to the Closing  Date,  and no other action is required to be taken by, and
no consents or approvals are required to be obtained from, the  shareholders  of
the Company or any public body or bodies,  and no other corporate  action of the
Company is requisite to such issue and sale.

         3. Business and Property.  The Purchaser has heretofore  been furnished
with a copy of the Company  Information which generally sets forth the principal
properties  of the  Company  and  the  business  conducted  and  proposed  to be
conducted by the Company.

         4.  Indebtedness.  Annex A  attached  hereto  correctly  describes  all
Current Debt, Funded Debt and Capitalized  Leases of the Company  outstanding on
September 30, 2003.

         5.  Financial  Statements  and Reports.  The Company has  furnished the
Purchaser with a copy of its audited  financial  reports for 2000, 2001 and 2002
hereinafter  called  the  "Company  Reports,"  and a copy of Form 10-K  filed by
California Water Service Group ("CWSG")  hereinafter called the "CWSG 10-K" with
the  Securities and Exchange  Commission for 2002,  together with all reports or
documents  required to be filed by CWSG  pursuant to Sections  13(a) or 15(d) of
the  Securities  Exchange Act of 1934, as amended,  since the filing of the CWSG
10-K. The Company has also  furnished the Purchaser with an unaudited  quarterly
financial  statement for the Company for the fiscal quarter ended June 30, 2003,
and  Forms  10-Q  for CWSG for the  fiscal  quarter  ended  June 30,  2003  (the
"Quarterly  Reports").  The  financial  statements  contained  in the  foregoing
Company Reports, the CWSG 10-K, the Quarterly Reports and such other reports and
documents  were  prepared  in  accordance  with  generally  accepted  accounting
principles upon a consistent  basis and are complete and correct and the balance
sheets included therein fairly present the financial condition of the Company or
CWSG, as the case may be, as at the respective  dates thereof and the Statements
of Income,  Common  Shareholders'  Equity and Cash Flows included therein fairly
present the  results of the  operations  of the Company for the periods  covered
thereby,  subject  in the  case  of  unaudited  statements  to  normal  year-end
adjustments.

         6.  Material  Contracts.  The Company has no contracts or  commitments,
whether  contingent  or other,  which are material to the Company and which were
not made in the ordinary

                                    EXHIBIT 2
                                 (to Supplement)

<PAGE>

course of  business.  Certain  material  contracts  related to water  supply are
listed  in  Annex  B  hereto.  The  Company  has no  contracts  or  commitments,
contingent or other,  which materially and adversely affect or in the future may
(so far as the Company can foresee)  materially and adversely affect the Company
or its business, property, assets, operations or condition,  financial or other.
As of  December  31,  2002,  there were no material  liabilities  of the Company
(other than those under contracts entered into in the normal and ordinary course
of business),  actual,  contingent  or accrued,  which were not reflected in the
Company Reports and CWSG 10-K except for (i) liability in respect of uncompleted
construction  work  under  open  contracts  in  connection  with  the  Company's
construction  program and (ii) the obligations of the Company to contribute to a
pension plan, an employees' savings plan and a health and welfare plan.

         7. No  Material  Adverse  Change.  (a)  There has been no change in the
condition of the Company,  financial or other,  from that set forth or reflected
in the Company  Information,  other than changes  which may have occurred in the
ordinary course of business or by reason of ordinary  dividends paid or declared
or outstanding  First Mortgage Bonds redeemed by the Company in accordance  with
their terms,  and no such changes in the ordinary  course of business  have been
material adverse changes.

         (b)  Since  December  31,  2002,  neither  the  business,   operations,
properties  nor  assets of the  Company  have  been  adversely  affected  in any
material way by any casualties such as fire, windstorm, riot, strike, explosion,
accident, flood, earthquake,  lockout, sabotage, activities of armed forces, act
of God or the public enemy or  condemnation  of  properties by the United States
government or any municipal governmental agency, authority or body.

         8. Title to  Properties.  The  Company is engaged in the  business of a
public utility water company  serving all or a portion of the California  cities
and  communities  listed in the 2002 Company Report and paragraph 9 hereof.  The
Company  has  good  and  merchantable  title,  subject  only to the  lien of the
Mortgage  Indenture  and to current  tax and  assessment  liens,  rights-of-way,
easements  and certain  minor  liens,  encumbrances,  clouds or defects in title
which do not  materially  affect  the use  thereof,  to all the  material  water
distribution  facilities  (including,   without  limitation,   transmission  and
distribution  mains,  pump stations,  wells,  storage tanks and  reservoirs) and
other material units of property used in its business except as follows:

                  (a) some of the offices,  but not its principal office, are in
         leased premises and some wells, well sites and other minor distribution
         facilities are rented; and

                  (b) several  wells are  located on property  which the Company
         does not own but in which it has an easement  for the  location of such
         wells;

and except as to easements and  rights-of-way  and certain  parcels of land (not
exceeding for said parcels of land an aggregate book value of  $1,000,000)  with
respect to which there is a possibility of reverter if the property ceases to be
used for public utility  purposes,  and,  except that the greater portion of its
transmission and distribution  systems is located in public highways and streets
and in  rights-of-way  owned by the Company over lands of others,  the Company's
title thereto is fee simple. Except for parcels of land having an aggregate book
value of not more than $1,000,000,  the Company has good and merchantable  title
to all its other  property  and assets

                                     E-2-2
<PAGE>

subject only to the lien of the Mortgage Indenture and the lien of the Dominguez
Mortgage  Indenture and to current tax and assessment  liens and minor liens and
encumbrances  which  do  not  materially  affect  the  use  thereof.  All of the
properties  of  the  Company  are  located  in  the  State  of  California   and
substantially  all of the properties of the Company used or useful in its public
utility business are subject to the Mortgage Indenture. As used herein, the term
"Dominguez  Mortgage  Indenture" means the Trust Indenture dated as of August 1,
1954, as supplemented  from time to time,  between the Company,  as successor to
Dominguez Water Company ("Dominguez") and U.S. Bank, as Trustee,  which provides
a lien  on  properties  owned  by  Dominguez  immediately  prior  to the  merger
described  in  paragraph 9 hereof  which lien  secures  $9,000,000  in aggregate
principal  amount of Dominguez  bonds which were assumed by the Company upon the
merger.

         9. Franchises.  The Company has, in its judgment,  adequate  franchises
and  permits  without  burdensome   restrictions  (other  than  those  typically
contained  in  franchises  and  permits  of this  type) to allow the  Company to
conduct the business in which it is engaged.

         The Company has two classes of  franchises to install and operate water
pipes and mains under public streets and highways:

                  (a) so-called  "constitutional"  franchises obtained by virtue
         of the  provisions  of  Article  XI,  Section  19,  of  the  California
         Constitution, as in effect prior to 1911; and

                  (b) franchises granted pursuant to statutory authority.

         The Company  believes,  based on the advice of counsel (which is itself
based upon the assumption of the accuracy of information obtained by the Company
from sources  believed to be reliable  that the  following  cities served by the
Company were all incorporated prior to 1911:

        Bakersfield               Marysville                 South San Francisco
        Chico                     Oroville                   Stockton
        Dixon                     Redondo Beach              Visalia
        Hermosa Beach             Salinas                    Willows
        King City                 San Mateo
        Livermore                 Selma

that water  distribution  systems were constructed and service  furnished to the
inhabitants  of each by various  predecessors  of the Company prior to 1911, and
that there were no public water works owned or controlled by the municipality in
any of them prior to 1911), that the Company has a "constitutional" franchise in
each of the above cities and under such constitutional franchise has a perpetual
right which was not  repealed  by the repeal of Article  XI,  Section 19, of the
California  Constitution  to continue to occupy  public  streets of each of said
cities  with its pipes and mains and to lay down  additional  pipes and mains in
said streets for the supplying of water, subject to reasonable regulation by the
respective  municipalities.  The Company also  believes,  based on the advice of
counsel,  that this right is not limited to streets in which pipes or mains were
laid  prior  to  1911  but   extends  at  least  to  all  streets  in  the  said
municipalities  as they  existed  at the date of  repeal  of the  constitutional
provision in 1911 and probably also extends to territory  incorporated

                                     E-2-3
<PAGE>

into each  respective  city after such  repeal,  although  this latter  question
remains  somewhat  in doubt in the  absence  of a final  decision  of the courts
thereon.  The  Company  holds  either  by  assignment  or  as  original  grantee
franchises  granted  under  statutory  authority  by the  Counties of Kern,  Los
Angeles,  San  Joaquin,  Santa  Clara and  Monterey,  the Cities of  Montebello,
Torrance, Cupertino, Sunnyvale, Los Altos, Mountain View, Bakersfield, Commerce,
San Carlos,  Rolling Hills Estates and Thousand Oaks, and the Towns of Los Altos
Hills and Atherton.  Following  incorporation of the City of Rancho Palos Verdes
in 1973, the Company made  franchise  payments to the City and the City accepted
the same as successor in interest to the  grantor's  rights under the  Company's
former  franchise  from the County of Los Angeles;  the City has agreed that the
Company may exercise its rights in the City under its current  County  franchise
until the expiration of that franchise in 2012.  The Company's  franchises  from
the Cities of Palos Verdes Estates,  Menlo Park and Woodside terminated in 1977,
1993 and 1994,  respectively.  While  none of the Cities  and the  Company  have
executed a new  franchise  agreement,  the Company has made and will continue to
make franchise  payments to each of the Cities in accordance with the provisions
of the prior franchise.  In other areas where the Company has no franchise,  the
Company or its predecessors  have  distributed  water for many years and, to the
Company's  knowledge,  no question  has ever been raised as to the right to make
such distribution and to maintain all pipes and mains necessary therefor.

         On May 25,  2000,  Dominguez  Service  Corporation  was merged into the
Company and subsequently  Dominguez and its  subsidiaries  were also merged into
the Company (collectively,  the "merger"). The Company acquired in the Dominguez
merger  operations in the following  cities,  counties,  townships or localities
that Dominguez previously served:

         Bodfish                  Kern County                Los Angeles County
         Carson                   Kernville                  Lucerne
         Compton                  Lake Hughes                Mountain Shadows
         Duncans Mills            Lakeland                   Onyx
         Fremont Valley           Lancaster                  Squirrel Valley
         Guerneville              Leona Valley               Torrance
         Harbor City              Long Beach                 Wofford Heights

Water  distribution  systems  were  constructed  and  service  furnished  to the
inhabitants of the localities currently known as Carson,  Compton,  Harbor City,
Long Beach and Torrance by various predecessors of the Company prior to 1911 and
the Company  believes  that it has a prior  right to operate in these  locations
which right was not extinguished by the incorporation of these cities subsequent
to 1911.  Except as noted below,  Dominguez has no franchises  from these cities
and has made no franchise payments to them and, to the Company's  knowledge,  no
question has ever been raised as to the right to make water  distribution and to
maintain all pipes and mains necessary therefor.

         As  to  the  remaining  localities,   Dominguez  has  received  written
franchise  agreements  which  are in full  force  and  effect  and has  paid all
franchise fees to date, with the exception of Compton, as to which the franchise
expired without renewal in 1994.  Dominguez  continued to provide water services
to Compton  subsequent to the expiration of the franchise,  and to pay franchise
fees, and to the Company's  knowledge no question has ever been raised as to the
right

                                     E-2-4
<PAGE>

to make  such  distribution  and to  maintain  all  pipes  and  mains  necessary
therefor.  However,  as of May 2003,  the County of Los  Angeles  cancelled  its
Dominguez  franchise and incorporated the franchise territory into the Company's
Los Angeles County franchise.

         10.  Condition  of Assets.  The  physical  assets of the Company are in
sound operating  condition,  there are no material arrears in the maintenance of
any such physical assets and the Company  believes that its sources of water are
adequate to meet its requirements for the foreseeable future.

         11. Pending Litigation, Proceedings. (a) There are no actions, suits or
proceedings  pending  at law or in equity or  before or by any  federal,  state,
municipal or other governmental department, commission, board, bureau, agency or
instrumentality,  domestic  or foreign,  or, to the  knowledge  of the  Company,
threatened  against or affecting the Company not adequately covered by insurance
or for  which  reserves  adequate  in  the  Company's  judgment  have  not  been
established  which  involve,  in  the  opinion  of  the  Company,  a  reasonable
possibility of judgments or liabilities  exceeding $500,000 in the aggregate net
of insurance, or which may, in the opinion of the Company result in any material
adverse change in the business or properties or in the  condition,  financial or
other, of the Company,  or the ability of the Company to perform its obligations
under the Twelfth Supplement or the Series N Notes.

         (b) There  are no  proceedings  pending  or,  to the  knowledge  of the
Company,  threatened  against the  Company  before or by any  federal,  state or
municipal commission, board or other administrative agency, which materially and
adversely affect the water rates of the Company presently in effect.

         (c) The  Company is not in  default  with  respect to any order,  writ,
injunction  or  decree  of  any  court,  or  any  federal,  state  or  municipal
commission,  board or other  administrative  agency and the Company has complied
with all applicable statutes and regulations of the United States of America and
of any state,  municipality or agency of any thereof,  in respect of the conduct
of its business known or believed by the Company to be applicable  thereto,  the
failure to comply  with which  could  reasonably  be expected to have a material
adverse effect on the Company or its properties.

         12. No  Condemnation  Proceedings.  Since January 1, 1995, no elections
have  been  held  or  other  actions  taken   authorizing  the  commencement  of
proceedings for  condemnation of any of the properties of the Company.  However,
from time to time  there are  expressions  of  interest  made by public  bodies,
elected or appointed municipal officials,  persons seeking political position or
citizens groups urging acquisition of the Company's facilities in one or more of
the  communities  served by the  Company.  The Company does not believe that any
acquisition  by a city or  municipality  of its  properties by  condemnation  or
threat thereof would be adverse to the holder of the Series N Notes.

         13. No  Burdensome  Restrictions.  The  Company  is not  subject to any
burdensome corporate  restrictions in its Articles of Incorporation,  By-Laws or
otherwise, which materially and adversely affect or in the future may (so far as
the Company can  foresee)  materially  and

                                     E-2-5
<PAGE>

adversely affect the Company or its business,  property,  assets,  operations or
condition, financial or other.

         14. Regulatory  Status,  Approval.  (a) The Company is not a registered
holding company or a subsidiary of a registered  holding company and the Company
is not  required to register  under the Public  Utility  Holding  Company Act of
1935, as amended. The Company is subject to the jurisdiction of the Commission.

         (b) No consent of, approval or authorization by, filing or registration
with, or notice to any  governmental  or public  authority or agency is required
for the  issuance,  sale or  delivery  of the  Series N Notes or the  execution,
delivery or performance of the Twelfth Supplement,  other than the authorization
of the Commission,  which authorization has been duly obtained, is in full force
and effect and is not subject to any appeal, hearing,  rehearing or contest. All
conditions  contained in any such authorization which were to be fulfilled on or
prior to the issuance of the Series N Notes have been fulfilled. The Company has
furnished  to your special  counsel  true,  correct and complete  copies of said
authorization  and all  applications  heretofore  filed with or submitted to the
Commission in connection with its action to obtain said authorization.

         15. No Defaults,  Compliance with Other Instruments. The Company is not
in default under any outstanding  indentures,  contracts or agreements which are
material to the Company including,  without limitation,  the Mortgage Indenture;
and on the  Closing  Date there will not exist any  condition  which  would be a
default  under any such  indenture,  contract or  agreement.  The  execution and
delivery of the Twelfth Supplement, the consummation of the transactions therein
provided for and compliance  with the  provisions of the Twelfth  Supplement and
the Series N Notes by the  Company  will not  violate or result in any breach of
the terms,  conditions or  provisions  of, or  constitute a default  under,  its
Articles of Incorporation,  By-Laws or any indenture,  mortgage,  deed of trust,
bank loan or credit  agreement,  or other  material  agreement or  instrument to
which the Company is a party or by which the Company may be bound, nor will such
acts result in the violation of any applicable  law,  rule,  regulation or order
applicable  to the  Company  of  any  court  or  governmental  authority  having
jurisdiction  in the  premises  or in the  creation or  imposition  of any lien,
charge or encumbrance of any nature  whatsoever,  upon any property or assets of
the Company.

         16. Leases.  The Company has the right to, and does, enjoy peaceful and
undisturbed possession under all material leases to which it is a party or under
which it is operating.  All such leases are valid,  subsisting and in full force
and effect, and the Company is not in default under any thereof and no event has
occurred  and is  continuing,  and no  condition  exists  that,  after notice or
passage of time or both could become a material default under any such Lease.

         17. Use of Proceeds.  The Company will use the gross  proceeds  derived
from the sale of the Series N Notes under the Twelfth  Supplement  to  refinance
existing   Indebtedness  and  for  general  corporate  purposes.   None  of  the
transactions   contemplated  in  the  Twelfth  Supplement  (including,   without
limitation thereof, the use of the proceeds from the sale of the Series N Notes)
will  violate or result in a violation of Section 7 of the  Securities  Exchange
Act of 1934, as amended,  or any regulations issued pursuant thereto,  including
without  limitation,  Regulations  U, T and X of the Board of  Governors  of the
Federal  Reserve  System,  12 C.F.R.,  Chapter II. The

                                     E-2-6
<PAGE>

Company  does not own or intend to carry or purchase any "margin  stock"  within
the meaning of said Regulation U, including  margin stock  originally  issued by
it.  None of the  proceeds  from the sale of the  Series N Notes will be used to
purchase or carry (or refinance any borrowing the proceeds of which were used to
purchase or carry) any margin stock.

         18. ERISA.  (a) The fair market value of all assets under all "employee
pension  benefit  plans" (as such term is  defined  in  Section  3(2) of ERISA),
maintained  by the Company,  as from time to time in effect,  as of December 31,
2002,  the last annual  valuation  date,  was exceeded by the actuarial  present
value of all benefits vested under the Plans by $7,050,000.

         (b) Neither any of the Plans nor any of the trusts created  thereunder,
nor  any  trustee  or  administrator  thereof,  has  engaged  in  a  "prohibited
transaction,"  as such term is defined in Section  4975 of the Code which  could
subject  the  Plans  or  any  of  them,  any  such  trust,  or  any  trustee  or
administrator  thereof,  or any disqualified person with respect to the Plans to
the tax or penalty on  prohibited  transactions  imposed by said  Section  4975,
except  that,  with  respect to any  actions  or  omissions  of  administrators,
trustees,  other fiduciaries,  parties in interest or disqualified persons of or
in respect to the Plans (other than  employees of the Company),  the Company has
no knowledge  that any of such persons has  committed a prohibited  transaction,
nor has the Company participated knowingly in or knowingly undertaken to conceal
a prohibited  transaction with or by any of such persons nor enabled any of them
to commit a prohibited transaction.

         (c)  Neither  any of the  Plans  subject  to Title IV of ERISA  nor any
trusts  related  to such  plans  have been  terminated,  nor have there been any
Reportable Events, as that term is defined in Section 4043 of ERISA (as modified
by the  regulations  thereunder),  in respect of those plans since the effective
date of ERISA.

         (d)  Neither any of the Plans which are subject to Section 302 of ERISA
nor any trusts  related to such plans have  incurred  any  "accumulated  funding
deficiency,"  as such  term is  defined  in said  Section  302  (whether  or not
waived), since the effective date of ERISA.

         (e) The  consummation of the  transactions  provided for in the Twelfth
Supplement  and  compliance by the Company with the  provisions  thereof and the
Series N Notes issued  thereunder  will not involve any  prohibited  transaction
within the meaning of ERISA or Section 4975 of the Code.

         19. Taxes. All Federal,  state and local taxes and assessments due from
the Company have been (a) fully paid or adequately  provided for on the books of
the Company in accordance with generally accepted  accounting  principles or (b)
are being contested in good faith by the Company.  There has been no examination
of the Federal income tax returns of the Company by the Internal Revenue Service
subsequent to the examinations of the returns for tax years 1984-1991.

         20. Compliance with Laws. To the best of the Company's knowledge, after
due inquiry, the Company is in compliance with all applicable Federal, state, or
local  laws,  statutes,  rules,  regulations  or  ordinances  relating to public
health, safety or the environment,  including,  without

                                     E-2-7
<PAGE>

limitation,  relating to  releases,  discharges,  emissions or disposals to air,
water,  land or ground water,  to the withdrawal or use of ground water,  to the
use, handling or disposal of polychlorinated biphenyls (PCB's), asbestos or urea
formaldehyde,  to the  treatment,  storage,  disposal or management of hazardous
substances   (including,   without  limitation,   petroleum,   its  derivatives,
by-products or other hydrocarbons), and to exposure to hazardous substances, the
failure to comply  with which  could  reasonably  be expected to have a material
adverse  effect on the Company or its  properties.  Except as  disclosed  in the
"Environmental  Matters" section of Item 1 of the CWSG 10-K, the  "Environmental
Matters"  section of CWSG's  2002  Annual  Report  and the  "Legal  Proceedings"
section  of Item 3 of the CWSG  10-K  with  respect  to  matters  in  Chico  and
Marysville,  California,  the  Company  does  not know of any  liability  of the
Company  under  the  Comprehensive  Environmental  Response,   Compensation  and
Liability   Act  of  1980,   as  amended  by  the   Superfund   Amendments   and
Reauthorization Act of 1986 (42 U.S.C. Section 9601 et seq.) with respect to any
property now or heretofore owned or leased by the Company.

         21.  Full  Disclosure.  The  financial  statements  referred  to in the
Twelfth  Supplement  do not,  nor  does  the  Twelfth  Supplement,  the  Company
Information  or any written  statement  (including  without  limitation the 2002
Company  Report and the 2002 CWSG  Report)  furnished  by the  Company to you in
connection with the  negotiation of the sale of the Series N Notes,  contain any
untrue  statement of a material  fact or, taken  together,  omit a material fact
necessary to make the  statements  contained  therein or herein not  misleading.
There is no fact which the Company  has not  disclosed  to you in writing  which
materially  affects  adversely nor, so far as the Company can now foresee,  will
materially  affect  adversely the properties,  business,  prospects,  profits or
condition  (financial or otherwise) of the Company or the ability of the Company
to perform its obligations under the Note Agreement,  the Twelfth  Supplement or
the Series N Notes.

         22. Private Offering.  Neither the Company, directly or indirectly, nor
any agent on its  behalf  has  offered  or will  offer the Series N Notes or any
similar Security or has solicited or will solicit an offer to acquire the Series
N Notes or any similar  Security from or has otherwise  approached or negotiated
or will  approach or  negotiate  in respect of the Series N Notes or any similar
Security  with any Person other than the  Purchaser  and not more than seven (7)
other institutional investors,  each of whom was offered a portion of the Series
N Notes at  private  sale for  investment.  Neither  the  Company,  directly  or
indirectly,  nor any agent on its behalf has  offered or will offer the Series N
Notes or any  similar  Security  or has  solicited  or will  solicit an offer to
acquire  the  Series N Notes or any  similar  Security  from any Person so as to
cause the  issuance  and sale of the  Series N Notes  not to be exempt  from the
provisions of Section 5 of the Securities Act of 1933, as amended.

         23. Foreign Assets Control  Regulations,  Etc.  Neither the sale of the
Series N Notes by the Company hereunder nor its use of the proceeds thereof will
violate the Trading with the Enemy Act, as amended, or any of the foreign assets
control  regulations of the United States Treasury  Department (31 CFR, Subtitle
B,  Chapter V, as  amended)  or any  enabling  legislation  or  executive  order
relating  thereto.  Without  limiting the foregoing,  the Company (a) is not and
will not become a person  whose  property or  interests  in property are blocked
pursuant to Section 1 of Executive  Order 13224 of September  23, 2001  Blocking
Property  and  Prohibiting  Transactions

                                     E-2-8
<PAGE>

With Persons Who Commit,  Threaten to Commit, or Support Terrorism (66 Fed. Reg.
49079  (2001)) or (b) does not and will not engage in any  Material  dealings or
transactions, or is otherwise associated, with any such person.

         The Company is in compliance in all material  respects with the Uniting
and Strengthening  America by Providing  Appropriate Tools Required to Intercept
and Obstruct  Terrorism (USA Patriot Act of 2001).  No part of the proceeds from
the sale of the Series N Notes  hereunder will be used,  directly or indirectly,
for any payment to any  governmental  official  or  employee,  political  party,
official of a political  party,  candidate for  political  office or anyone else
acting in an official capacity,  in order to obtain,  retain or direct business,
in violation of the United  States  Foreign  Corrupt  Practices  Act of 1977, as
amended.

                                     E-2-9
<PAGE>

                CURRENT DEBT, FUNDED DEBT AND CAPITALIZED LEASES
                            AS OF SEPTEMBER 30, 2003

1.       Current Debt

         None.

2.       Funded Debt

                  $56,600,000  outstanding under the Company's various series of
         First Mortgage Bonds with due dates ranging from 2020 to 2023.

         $4,000,000 First Mortgage Bonds,  Series J due 2023 (formerly Dominguez
         Water Company).

         $5,000,000 First Mortgage Bonds,  Series K due 2012 (formerly Dominguez
         Water Company).

         $20,000,000 Series A Senior Notes due November 1, 2025.

         $20,000,000 Series B Senior Notes due November 1, 2028.

         $20,000,000 Series C Senior Notes due November 1, 2030.

         $20,000,000 Series D Senior Notes due November 1, 2031.

         $20,000,000 Series E Senior Notes due May 1, 2032.

         $20,000,000 Series F Senior Notes due November 1, 2017.

         $20,000,000 Series G Senior Notes due November 1, 2022.

         $20,000,000 Series H Senior Notes due December 1, 2022.

         $10,000,000 Series I Senior Notes due May 1, 2023.

         $10,000,000 Series J Senior Notes due May 1, 2018.

         $10,000,000 Series K Senior Notes due June 30, 2010.

         $10,000,000 Series L Senior Notes due March 1, 2018.

         $2,719,000 California Department of Water Resources Loans maturing 2011
         to 2032.

         $430,000 obligations due on water system acquisitions.

3.       Capitalized Leases

         None.

                                     ANNEX A
                                 (to Exhibit 2)

<PAGE>

                         MATERIAL WATER SUPPLY CONTRACTS

1.       Water  Supply  Contract  between  the  Company  and the County of Butte
         relating to the Company's Oroville District.

2.       Water Supply Contract  between the Company and Kern County Water Agency
         relating to the Company's Bakersfield District.

3.       Water  Supply  Contract  between the Company  and  Stockton  East Water
         District relating to the Company's Stockton District.

4.       Amended  Contract  between the Company and Stockton East Water District
         relating to the Company's Stockton District.

5.       Settlement  Agreement and Master Water Sales Contract  between the City
         and County of San Francisco and Certain Suburban Purchasers.

6.       Supplement  to  Settlement  Agreement  and Master Water Sales  Contract
         between the Company and the City and County of San  Francisco  relating
         to the Company's Bear Gulch District.

7.       Supplement  to  Settlement  Agreement  and Master Water Sales  Contract
         between the Company and the City and County of San  Francisco  relating
         to the Company's San Carlos District.

8.       Supplement  to  Settlement  Agreement  and Master Water Sales  Contract
         between the Company and the City and County of San  Francisco  relating
         to the Company's San Mateo District.

9.       Supplement  to  Settlement  Agreement  and Master Water Sales  Contract
         between the Company and the City and County of San  Francisco  relating
         to the Company's South San Francisco District.

10.      Water Supply Contract  between the Company and Santa Clara Valley Water
         District relating to the Company's Los Altos District.

11.      Water Supply Contract  between the Company and Pacific Gas and Electric
         Company related to the Company's Oroville District.

12.      Water  Supply  Contract  between the Company and Alameda  County  Flood
         Control  and  Water  Conservation  District  related  to the  Company's
         Livermore District.

13.      Water Supply Contract  between the Company,  ARCO Products  Company and
         West Basin Municipal Water District relating to recycled water.

14.      Northeast  Bakersfield  Water  Supply  Agreement  between  the  City of
         Bakersfield and the Company.

                                     ANNEX B
                                 (to Exhibit 2)

<PAGE>

                         DESCRIPTION OF CLOSING OPINION
                            OF COUNSEL TO THE COMPANY

         The closing opinion of Bingham  McCutchen LLP, counsel for the Company,
which is called for by Section  5(a)(iii)  of the Twelfth  Supplement,  shall be
dated the Closing Date and addressed to the Purchaser,  shall be satisfactory in
scope and form to the Purchaser and shall be to the effect that:

                  1. The Company is a  corporation  duly  incorporated,  validly
         existing and in corporate good standing under the laws of California.

                  2. The  execution  and  delivery  by the  Company  of the Note
         Agreement, the Twelfth Supplement and the Notes, and the performance by
         the Company of its obligations  under the Note  Agreement,  the Twelfth
         Supplement and the Notes, are within the Company's corporate powers and
         have been duly authorized by all requisite corporate action on the part
         of the Company.  The Company has duly  executed and  delivered the Note
         Agreement, the Twelfth Supplement and the Notes.

                  3. Each of the Note Agreement,  the Twelfth Supplement and the
         Notes  constitutes  a  valid  and  binding  agreement  of the  Company,
         enforceable  against the Company in accordance with its terms. Based on
         Section 1646.5 of the California  Civil Code, a California  state court
         and a Federal court which applies the law of the State of California to
         the  Note  Agreement,  the  Twelfth  Supplement  and  the  Notes  would
         recognize and give effect to the choice of law  provisions set forth in
         the Note Agreement, the Twelfth Supplement and the Notes.

                  4. The  execution  and  delivery  by the  Company  of the Note
         Documents,  and compliance by the Company with the  provisions  thereof
         will not, to the best of our  knowledge,  result in a breach or default
         (or  give  rise  to  any   right  of   termination,   cancellation   or
         acceleration)  under the  Articles of  Incorporation  or By-Laws of the
         Company, or the Mortgage  Indenture,  the Business Loan Agreement dated
         as of  February  28,  2003,  between the Company and Bank of America as
         amended  by  Amendment  No. 1 thereto  dated as of June 25,  2003,  the
         Business Loan Agreement dated as of February 28, 2003,  among CWSG, CWS
         Utility Services, New Mexico Water Service Company and Bank of America,
         or any other  agreement  or  instrument  that is  listed as a  material
         contract  in  CWSG's  Annual  Report  on Form  10-K for the year  ended
         December 31, 2002, or any agreement or other  instrument that is listed
         as a material  contract  in CWSG's  Annual  Report on Form 10-K for the
         year ended December 31, 2002. To the best of our knowledge,  no consent
         or  approval  by, or any  notification  of or filing  with,  any court,
         public body or authority of the State of  California  is required to be
         obtained or effected by the Company in connection  with the  execution,
         delivery and  performance  by the Company of the Note  Documents or the
         issuance  or sale of the  Notes,  except for the  authorization  of the
         Commission,  which  authorization has been duly obtained and is in full
         force and effect.

                                    EXHIBIT 3
                                 (to Supplement)

<PAGE>

                  5.  Based upon the  representations  set forth in Section 6 of
         the Twelfth Supplement, the accuracy of which we have not independently
         verified or investigated,  the issuance, sale and delivery of the Notes
         under the circumstances  contemplated by the Twelfth Supplement do not,
         under  existing law,  require the  registration  of the Notes under the
         Securities Act of 1933, as amended, or the qualification of the Twelfth
         Supplement  or an indenture  under the Trust  Indenture Act of 1939, as
         amended.

                  6. Based upon the  assumption  of the accuracy of  information
         obtained  by the  Company  from  sources  believed by the Company to be
         reliable (a) that the  following  cities served by the Company were all
         incorporated prior to 1911:

                 Bakersfield           Marysville            South San Francisco
                 Chico                 Oroville              Stockton
                 Dixon                 Redondo Beach         Visalia
                 Hermosa Beach         Salinas               Willows
                 King City             San Mateo
                 Livermore             Selma

         (b) that  water  distribution  systems  were  constructed  and  service
furnished  to the  inhabitants  of each by various  predecessors  of the Company
prior to 1911; and

         (c) that there were no public  water works owned or  controlled  by the
municipality in any of them prior to 1911;

                  in our opinion,

                  (i) the Company has a  "constitutional"  franchise  in each of
         the  above  cities  and under  such  "constitutional"  franchise  has a
         perpetual  right  which was not  repealed  by the repeal of Article XI,
         Section 19, of the California Constitution to continue to occupy public
         streets  of each of said  cities  with  pipes and mains and to lay down
         additional  pipes and mains in said streets for the supplying of water,
         subject to reasonable regulation by the respective municipalities;

                  (ii) this right is not  limited  to streets in which  pipes or
         mains  were laid prior to 1911 but  extends at least to all  streets in
         the said  municipalities  as they  existed at the date of repeal of the
         constitutional provision in 1911; and

                  (iii) the right  probably  also extends to  territory  annexed
         into each  respective  city after such  repeal,  although  this  latter
         question  is not  entirely  free from  doubt in the  absence of a final
         decision of the courts thereon.

                  7.   Dominguez   Services    Corporation   (along   with   its
         subsidiaries,  "Dominguez")  was merged into the Company  effective May
         25, 2000 and  Dominguez  Water Company was also merged into the Company
         effective  October 12,  2000.  In the  Dominguez  mergers,  the Company
         acquired the operations of Dominguez,  which to our knowledge  included
         service to the following cities, counties, townships or localities:

                                     E-3-2
<PAGE>

                 Bodfish               Kernville             Mountain Shadows
                 Carson                Lake Hughes           Onyx
                 Compton               Lakeland              Torrance
                 Duncans Mills         Lancaster             Squirrel Valley
                 Fremont Valley        Leona Valley          Wofford Heights
                 Guerneville           Long Beach            Los Angeles County
                 Harbor City           Lucerne               Kern County

                  8. We note that the Officers'  Certificates state that: (a) to
         the Company's  knowledge,  water distribution  systems were constructed
         and service  furnished to the  inhabitants of the localities  currently
         known as Carson,  Compton,  Harbor  City,  Long Beach and  Torrance  by
         various  predecessors  of the  Company  prior to 1911;  (b) the Company
         believes that it has a prior right to operate in these  locations which
         right  was  not  extinguished  by the  incorporation  of  these  cities
         subsequent  to 1911;  (c)  except  as  noted  below,  to the  Company's
         knowledge Dominguez has no franchises from these cities and has made no
         franchise  payments to them;  and (d) to the  Company's  knowledge,  no
         question   has  ever  been  raised  as  to  the  right  to  make  water
         distribution and to maintain all pipes and mains necessary therefor.

                  9. We note that the Officers'  Certificates state that: (a) as
         to the  remaining  localities  listed in paragraph 7, to the  Company's
         knowledge,  Dominguez has received written  franchise  agreements which
         are in full force and effect and has paid all  franchise  fees to date,
         with the  exception  of  Compton,  as to which  the  franchise  expired
         without  renewal in 1994;  (b) to the  Company's  knowledge,  Dominguez
         continued  to  provide  water  services  to Compton  subsequent  to the
         expiration of the franchise,  and to pay franchise fees; and (c) to the
         Company's  knowledge,  no question has ever been raised as to the right
         to make such distribution and to maintain all pipes and mains necessary
         therefor.  However, as of May 2003, the County of Los Angeles cancelled
         its Dominguez  franchise and incorporated the franchise  territory into
         the Company's Los Angeles County franchise.

         The opinion of Bingham  McCutchen  LLP shall  cover such other  matters
relating  to the  sale of the  Series N Notes as the  Purchaser  may  reasonably
request and shall provide that Chapman and Cutler LLP in delivering  its opinion
under the Note Agreement may rely on the opinion of Bingham  McCutchen LLP as to
matters of California law. With respect to matters of fact on which such opinion
is based, such counsel shall be entitled to rely on appropriate  certificates of
public officials and officers of the Company.

                                     E-3-3
<PAGE>

                DESCRIPTION OF SPECIAL COUNSEL'S CLOSING OPINION

         The closing  opinion of Chapman and Cutler LLP,  special counsel to the
Purchaser,  called for by Section 5(a)(iii) of the Twelfth Supplement,  shall be
dated the Closing Date and addressed to the Purchaser,  shall be satisfactory in
form and substance to the Purchaser and shall be to the effect that:

                  1. The Company is a corporation,  validly existing and in good
         standing  under  the  laws  of the  State  of  California  and  has the
         corporate power and the corporate  authority to execute and deliver the
         Twelfth Supplement and to issue the Series N Notes.

                  2. The Note  Agreement  and the Twelfth  Supplement  have been
         duly  authorized by all necessary  corporate  action on the part of the
         Company,  have been duly  executed  and  delivered  by the  Company and
         constitute  the  legal,  valid  and  binding  contract  of the  Company
         enforceable  in  accordance  with its  terms,  subject  to  bankruptcy,
         insolvency, fraudulent conveyance and similar laws affecting creditors'
         rights  generally,  and general  principles  of equity  (regardless  of
         whether  the   application  of  such  principles  is  considered  in  a
         proceeding in equity or at law).

                  3.  The  Series  N Notes  have  been  duly  authorized  by all
         necessary  corporate action on the part of the Company,  have been duly
         executed and delivered by the Company and constitute  the legal,  valid
         and binding  obligations of the Company  enforceable in accordance with
         their terms, subject to bankruptcy,  insolvency,  fraudulent conveyance
         and similar laws affecting  creditors'  rights  generally,  and general
         principles of equity  (regardless  of whether the  application  of such
         principles is considered in a proceeding in equity or at law).

                  4. The issuance, sale and delivery of the Series N Notes under
         the circumstances  contemplated by the Twelfth Supplement do not, under
         existing law,  require the registration of the Series N Notes under the
         Securities  Act  of  1933,  as  amended,  or  the  qualification  of an
         indenture under the Trust Indenture Act of 1939, as amended.

         The  opinion  of Chapman  and  Cutler LLP may rely upon the  opinion of
Bingham  McCutchen LLP as to matters of  California  law. The opinion of Chapman
and Cutler LLP shall also  state that the  opinion of Bingham  McCutchen  LLP is
satisfactory  in scope and form to Chapman  and  Cutler  LLP and that,  in their
opinion, the Purchaser is justified in relying thereon.

         In rendering  the opinion set forth in  paragraph 1 above,  Chapman and
Cutler LLP may rely,  as to matters  referred to in  paragraph 1, solely upon an
examination of the Articles of Incorporation  certified by, and a certificate of
good  standing  of the  Company  from,  the  Secretary  of State of the State of
California,  the By-laws of the Company and the general business corporation law
of the State of California.

         With  respect to  matters  of fact upon  which  such  opinion is based,
Chapman and Cutler LLP may rely on appropriate  certificates of public officials
and  officers  of the Company  and upon  representations  of the Company and the
Purchaser  delivered  in  connection  with the issuance and sale of the Series N
Notes.

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