Document:

EXECUTION COPY

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                          DATED AS OF DECEMBER 1, 2001,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2001-QS19

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

<PAGE>

<TABLE>
<CAPTION>

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

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

        Section 1.02.  Use of Words and Phrases............................................12

        Section 1.03.  Determination of LIBOR..............................................12

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

        ISSUANCE OF CERTIFICATES...........................................................14

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

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

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

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

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

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

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

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

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

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

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

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

        Section 4.03. Statements to Certificateholders.  (See Section 4.03 of the
                      Standard Terms and Exhibit Three attached hereto)....................27

        Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Master Servicer. (See Section 4.04 of the
                      Standard Terms)......................................................27

        Section 4.05. Allocation of Realized Losses. ......................................27

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................28

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................28

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................28

Article V  THE CERTIFICATES................................................................29

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)..........29

                                        i
<PAGE>

        Section 5.02. Registration of Transfer and Exchange of Certificates................29

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................29

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......29

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................29

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................30

Article VII   DEFAULT......................................................................31

Article VIII  CONCERNING THE TRUSTEE.......................................................32

Article IX    TERMINATION..................................................................33

Article X      REMIC PROVISIONS............................................................34

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....34

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........34

        Section 10.03.Designation of REMIC.................................................34

        Section 10.04.[Reserved]...........................................................34

        Section 10.05.Compliance with Withholding Requirements.............................34

Article XI   MISCELLANEOUS PROVISIONS......................................................35

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................35

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................35

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................35

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........35

        Section 11.05.Notices..............................................................35

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................36

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................36

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................36

                                        ii
<PAGE>

        Section 11.09.Allocation of Voting Rights..........................................36

        Section 11.10.No Petition..........................................................36

</TABLE>

                                        iii
<PAGE>

                                    EXHIBITS

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

                                        iv
<PAGE>

        This is a Series  Supplement,  dated as of December 1, 2001 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The  Company   intends  to  sell  mortgage   asset-backed   pass-through
certificates  (collectively,  the  "Certificates"),  to be issued  hereunder  in
multiple  classes,  which in the aggregate  will evidence the entire  beneficial
ownership  interest  in the  Mortgage  Loans.  As  provided  herein,  the  REMIC
Administrator  will make an  election  to treat the  entire  segregated  pool of
assets  described in the definition of Trust Fund, and subject to this Agreement
(including the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),
as a real estate mortgage  investment conduit (a "REMIC") for federal income tax
purposes.

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

<PAGE>

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

<TABLE>
<CAPTION>

                               AGGREGATE
                                INITIAL
                              CERTIFICATE                                        MOODY'S/
               PASS-THROUGH    PRINCIPAL                        MATURITY       ------------     MINIMUM
 DESIGNATION      RATE         BALANCE       FEATURES1            DATE            FITCH      DENOMINATIONS2
                                      -
<S>     <C>       <C>       <C>                                      <C> <C>                   <C>
Class A-1         6.00%     $117,737,469.00   Senior/PAC    December 25, 2016    Aaa/AAA       $25,000.00
Class A-2         6.00%     $11,100,000.00    Senior/PAC    December 25, 2016    Aaa/AAA       $25,000.00
Class A-3      Adjustable   $34,621,898.00   Senior/Floater/December 25, 2016    Aaa/AAA       $25,000.00
               Rate3                           Companion
Class A-4      Adjustable   $11,540,633.00   Senior/Inverse December 25, 2016    Aaa/AAA       $25,000.00
                  Rate3                        Floater/
                                               Companion
Class A-5         6.00%     $25,533,000.00      Senior      December 25, 2016    Aaa/AAA       $25,000.00
Class A-P         0.00%        $121,763.14     Principal    December 25, 2016    Aaa/AAA       $25,000.00
                                              Only/Senior
Class A-V       Variable             $0.00     Variable     December 25, 2016    Aaa/AAA     5
               Rate4                         Strip/Interest
                                              Only/Senior
Class R           6.00%            $100.00   Residual/SeniorDecember 25, 2016    Aaa/AAA     6
Class M-1         6.00%      $3,620,100.00     Mezzanine    December 25, 2016     NA/AA        $25,000.00
Class M-2         6.00%        $827,500.00     Mezzanine    December 25, 2016      NA/A       $250,000.00
Class M-3         6.00%        $724,000.00     Mezzanine    December 25, 2016     NA/BBB      $250,000.00
Class B-1         6.00%        $413,800.00    Subordinate   December 25, 2016     NA/BB       $250,000.00
Class B-2         6.00%        $206,900.00    Subordinate   December 25, 2016      NA/B       $206,900.00
Class B-3         6.00%        $413,754.69    Subordinate   December 25, 2016     NA/NA       $250,000.00

</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $206,860,917.83.

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
     and Class B-3 Certificates) in excess thereof,  except that one Certificate
     of any of the Class A-P and  Class  B-1 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
--------------------------------------------------------------------------------
ADJUSTABLE      INITIAL        FORMULA                  MAXIMUM        MINIMUM
RATES:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  Class A-3:    2.90%          LIBOR + 0.80%            8.00%          0.80%
--------------------------------------------------------------------------------
  Class A-4:    15.30%         21.60% -(3.00 x LIBOR)   21.60%         0.00%

4    The initial Pass-Through Rate on the Class A-V Certificates is 0.6334%.

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

6    The Class R Certificates shall be issuable in minimum  denominations of not
     less than a 20% Percentage Interest;  provided,  however,  that one Class R
     Certificate will be issuable to Residential Funding as "tax matters person"
     pursuant to Section 10.01(c) and (e) in a minimum denomination representing
     a Percentage Interest of not less than 0.01%.

                                       2
<PAGE>

        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.

     Adjustable  Rate   Certificates:   Any  of  the  Class  A-3  or  Class  A-4
Certificates.

        Aggregate  Planned  Principal  Balance:  With  respect  to the Class A-1
Certificates and Class A-2  Certificates  and any Distribution  Date, the amount
set forth in Exhibit Five opposite such date.

        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)
$150,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

                      (A)  (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) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than   Additional   Collateral   Loans)  which  had  an  original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average

                                       4
<PAGE>

               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant  Anniversary)  of the Net Mortgage Rates of all Mortgage
               Loans as of the Relevant  Anniversary less 1.25% per annum, (y) a
               number equal to the weighted average  remaining term to maturity,
               in months,  of all  Non-Primary  Residence Loans remaining in the
               Mortgage  Pool as of the Relevant  Anniversary,  and (z) one plus
               the  quotient of the number of all  Non-Primary  Residence  Loans
               remaining  in the  Mortgage  Pool  divided by the total number of
               Outstanding  Mortgage  Loans  in  the  Mortgage  Pool  as of  the
               Relevant Anniversary, and (ii) $50,000,

               over (2) the  aggregate  amount of  Bankruptcy  Losses  allocated
        solely to one or more  specific  Classes of  Certificates  in accordance
        with Section 4.05 since the Relevant Anniversary.

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2001-QS19" and which must be an Eligible Account.

        Certificate Policy:  None.

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

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

        Closing Date:  December 28, 2001.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2001-QS19.

                                       5
<PAGE>

        Cut-off Date:  December 1, 2001.

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

        Discount Net Mortgage Rate:  6.00% per annum.

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

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

        Floater Certificates:  Any one of the Class A-3 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 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.

                                       6
<PAGE>

        Initial Monthly Payment Fund: $4,377,  representing  scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on January 1, 2002,  for those  Mortgage Loans for which the Trustee will not be
entitled to receive such payment.

        Initial Notional  Amount:  With respect to the Class A-V Certificates or
Subclass thereof issued pursuant to Section 5.01(c),  the aggregate Cut-off Date
Principal  Balance of the Mortgage  Loans  corresponding  to the  Uncertificated
Class A-V REMIC Regular Interests  represented by such Class or Subclass on such
date.

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

        Class M-1:  1.75%           Class B-1:  0.20%
        Class M-2:  0.40%           Class B-2:  0.10%
        Class M-3:  0.35%           Class B-3:  0.20%

        Interest  Accrual  Period:  With  respect  to any Class of  Certificates
(other than the Floater  Certificates and the Inverse Floater  Certificates) and
any  Distribution  Date,  the calendar  month  preceding the month in which such
Distribution   Date  occurs.   The  Interest  Accrual  Period  for  the  Floater
Certificates and the Inverse Floater  Certificates for any Distribution  Date is
the period  beginning on the 25th day of the month  preceding the month in which
such  Distribution  Date occurs and ending on the 24th day of the month in which
such Distribution Date occurs.

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

        Inverse Floater Certificates:  Any one of the Class A-4 Certificates.

        LIBOR: With respect to any Distribution Date, the arithmetic mean of the
London  interbank  offered rate  quotations  for one-month  United States dollar
deposits, determined on the preceding LIBOR Rate Adjustment Date as set forth in
Section 1.03 hereof.

        LIBOR Business Day:  As defined in Section 1.03.

        LIBOR Rate Adjustment Date:  As defined in Section 1.03.

     Maturity  Date:  December  25,  2016,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

                                       7
<PAGE>

(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, with respect to any Class
A-V  Certificates or Subclass  thereof issued pursuant to Section  5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated  Class A-V REMIC Regular  Interests  represented by such Class or
Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Floater Certificates,  Inverse Floater Certificates,  Class A-V Certificates
and Class A-P  Certificates),  Class M Certificates and Class B Certificates and
any  Distribution  Date,  the per  annum  rates  set  forth  in the  Preliminary
Statement  hereto.  With  respect to the  Floater  Certificates  and the initial
Interest Accrual Period,  2.90% per annum, and as to any Interest Accrual Period
thereafter,  a per annum rate equal to 0.80%  plus  LIBOR,  subject to a maximum
rate of 8.00% per annum and a minimum  rate of 0.80% per annum.  With respect to
the Inverse Floater Certificates and the initial Interest Accrual Period, 15.30%
per annum,  and as to any Interest Accrual Period  thereafter,  a per annum rate
equal to 21.60%  minus the  product of 3.00  multiplied  by LIBOR,  subject to a
maximum  rate of 21.60% per annum and a minimum  rate of 0.00% per  annum.  With

                                       8
<PAGE>

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
0.6334% 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 18.0% 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
               January 2007 (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

                      (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

                                       9
<PAGE>

          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.

        Reference Bank Rate:  As defined in Section 1.03.

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

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

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

                                       10
<PAGE>

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,068,609  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 greater of (i) the product of
0.50% multiplied by the outstanding  principal  balance of all Mortgage Loans on
the  Distribution  Date immediately  preceding such anniversary  multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance  (as of  the  immediately  preceding  Distribution  Date)  of all of the
Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a  percentage,  and the  denominator  of  which  is  equal  to  22.0%  (which
percentage is equal to the percentage of Mortgage  Loans by aggregate  principal
balance  initially  secured  by  Mortgaged  Properties  located  in the State of
California)  and (ii) the  aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

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

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

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

                                       11
<PAGE>

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

        Telerate Screen Page 3750:  As defined in Section 1.03.

        Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular Interests: Each of the 1,121 uncertificated partial undivided beneficial
ownership  interests in the Trust Fund,  numbered  sequentially from 1 to 1,121,
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.

Section 1.02...Use of Words and Phrases.

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

        Section 1.03. Determination of LIBOR.

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Floater Certificates and Inverse Floater Certificates,  if any, for any Interest
Accrual  Period  (other  than  the  initial  Interest  Accrual  Period)  will be
determined as described below:

        On each  Distribution  Date,  LIBOR shall be  established by the Trustee
and, as to any Interest Accrual Period, will equal the rate for one month United
States  dollar  deposits  that appears on the  Telerate  Screen Page 3750 of the
Bridge  Telerate  Capital  Markets Report as of 11:00 a.m.,  London time, on the
second LIBOR Business Day prior to the first day of such Interest Accrual Period
("LIBOR Rate Adjustment  Date").  "Telerate  Screen Page 3750" means the display
designated  as page 3750 on the  Telerate  Service  (or such  other  page as may
replace page 3750 on that service for the purpose of displaying London interbank

                                       12
<PAGE>

offered  rates of major  banks).  If such rate does not  appear on such page (or
such other page as may replace that page on that service,  or if such service is
no longer  offered,  LIBOR shall be so  established by use of such other service
for displaying LIBOR or comparable rates as may be selected by the Trustee after
consultation  with the Master  Servicer),  the rate will be the  Reference  Bank
Rate. The "Reference  Bank Rate" will be determined on the basis of the rates at
which deposits in U.S.  Dollars are offered by the reference  banks (which shall
be any  three  major  banks  that are  engaged  in  transactions  in the  London
interbank  market,  selected by the Trustee after  consultation  with the Master
Servicer) as of 11:00 a.m.,  London time, on the day that is one LIBOR  Business
Day prior to the immediately  preceding  Distribution Date to prime banks in the
London interbank market for a period of one month in amounts approximately equal
to  the  aggregate   Certificate   Principal  Balance  of  the  Adjustable  Rate
Certificates  then  outstanding.  The Trustee will request the principal  London
office of each of the reference  banks to provide a quotation of its rate. If at
least two such quotations are provided,  the rate will be the arithmetic mean of
the quotations  rounded up to the next multiple of 1/16%.  If on such date fewer
than two quotations  are provided as requested,  the rate will be the arithmetic
mean of the rates  quoted by one or more major banks in New York City,  selected
by the Trustee after  consultation  with the Master Servicer,  as of 11:00 a.m.,
New York City time, on such date for loans in U.S.  Dollars to leading  European
banks for a period of one month in amounts  approximately equal to the aggregate
Certificate   Principal   Balance  of  the  Adjustable  Rate  Certificates  then
outstanding.  If no such quotations can be obtained,  the rate will be LIBOR for
the prior  Distribution Date, or, in the case of the first LIBOR Rate Adjustment
Date, 2.10%;  provided however,  if, under the priorities described above, LIBOR
for a  Distribution  Date would be based on LIBOR for the previous  Distribution
Date for the third  consecutive  Distribution  Date, the Trustee shall select an
alternative  comparable index (over which the Trustee has no control),  used for
determining  one-month Eurodollar lending rates that is calculated and published
(or otherwise made  available) by an  independent  party.  "LIBOR  Business Day"
means  any day  other  than (i) a  Saturday  or a Sunday  or (ii) a day on which
banking  institutions in the city of London,  England are required or authorized
by law to be closed.

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

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

                                       13
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

(iii)   The Mortgage Loans are fully-amortizing,  fixed-rate mortgage loans with
        level  Monthly  Payments due on the first day of each month and terms to
        maturity at origination or modification of not more than 15 years;

(iv) To the best of the Company's knowledge,  if a Mortgage Loan is secured by a
     Mortgaged  Property with a Loan-to-Value  Ratio at origination in excess of
     80%, such Mortgage Loan is the subject of a Primary  Insurance  Policy that
     insures (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 25% 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 12% of such  balance  if the  Loan-to-Value  Ratio is
     between  90.00%  and  85.01%  and (d) at  least 6% of such  balance  if the
     Loan-to-Value  Ratio  is  between  85.00%  and  80.01%.  To the best of the
     Company's  knowledge,  each such Primary  Insurance Policy is in full force
     and effect and the Trustee is entitled to the benefits thereunder;

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

                                       14
<PAGE>

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

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

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

(ix)    Approximately 62.36% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  19.96% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  1.91%
        of the Mortgage 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  8.68% of the  Mortgage  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);

                                       15
<PAGE>

(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  contains  in the  related  Mortgage  File a
     Destroyed Mortgage Note;

(xviii) None  of the  Mortgage  Loans  will  have  been  made  to  International
     Borrowers;

(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

                                       16
<PAGE>

agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

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

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

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

Section 2.06.  [Reserved].

Section 2.07.  [Reserved].

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

                                       17
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       18
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.

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

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

               (ii) (X) to the Class A-P  Certificates,  the Class A-P Principal
        Distribution  Amount  (applied  to  reduce  the  Certificate   Principal
        Balances of such Senior Certificates); and

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

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

(1)  the  principal  portion of each Monthly  Payment due during the related Due
     Period on each  Outstanding  Mortgage Loan (other than the related Discount

                                       19
<PAGE>

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

(2)  the Stated Principal  Balance of any Mortgage Loan  repurchased  during the
     preceding  calendar  month  (or  deemed  to  have  been so  repurchased  in
     accordance with Section  3.07(b))  pursuant to Section 2.02,  2.03, 2.04 or
     4.07 and the amount of any shortfall  deposited in the Custodial Account in
     connection  with the  substitution  of a Deleted  Mortgage Loan 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  (other than
     Principal  Prepayments  in Full and  Curtailments  and amounts  received in
     connection  with a Cash  Liquidation or REO  Disposition of a Mortgage Loan
     described in Section 4.02(a)(ii)(Y)(B) of this Series Supplement, including
     without  limitation  Insurance  Proceeds,   Liquidation  Proceeds  and  REO
     Proceeds)  received during the preceding  calendar month (or deemed to have
     been so received in accordance  with Section 3.07(b) of the Standard Terms)
     to the extent applied by the Master  Servicer as recoveries of principal of
     the related  Mortgage Loan  pursuant to Section 3.14 of the Standard  Terms
     (other than the related Discount  Fraction of the principal portion of such
     unscheduled collections, with respect to each Discount Mortgage Loan);

(B)  with respect to each  Mortgage Loan for which a Cash  Liquidation  or a REO
     Disposition  occurred during the preceding calendar month (or was deemed to
     have occurred  during such period in accordance with Section 3.07(b) of the
     Standard  Terms) and did not result in any Excess  Special  Hazard  Losses,
     Excess Fraud Losses,  Excess Bankruptcy Losses or Extraordinary  Losses, an
     amount  equal  to  the  lesser  of  (a)  the  Senior  Percentage  for  such
     Distribution  Date times the Stated Principal Balance of such Mortgage Loan
     (other than the related Discount Fraction of such Stated Principal Balance,
     with respect to each Discount Mortgage Loan) and (b) the Senior Accelerated
     Distribution  Percentage  for such  Distribution  Date  times  the  related
     unscheduled  collections  (including without limitation Insurance Proceeds,
     Liquidation  Proceeds and REO Proceeds) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section 3.14 of the Standard  Terms (in each case other than the portion
     of such unscheduled collections,  with respect to a Discount Mortgage Loan,
     included in Section 4.02(b)(i)(C) of this Series Supplement);

                                       20
<PAGE>

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

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

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

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

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

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

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

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

                                       21
<PAGE>

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

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

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

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

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

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

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

                                       22
<PAGE>

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

               (xvi)  to  the  Senior  Certificates,  on a  pro  rata  basis  in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances,  the portion,  if any, of the  Available  Distribution  Amount
        remaining  after the  foregoing  distributions,  applied  to reduce  the
        Certificate  Principal Balances of such Senior  Certificates,  but in no
        event more than the aggregate of the outstanding  Certificate  Principal
        Balances of each such Class of Senior Certificates,  and thereafter,  to
        each Class of Subordinate  Certificates then outstanding  beginning with
        such Class  with the  Highest  Priority,  any  portion of the  Available
        Distribution  Amount remaining after the Senior  Certificates  have been
        retired,  applied to reduce the  Certificate  Principal  Balance of each
        such Class of  Subordinate  Certificates,  but in no event more than the
        outstanding   Certificate  Principal  Balance  of  each  such  Class  of
        Subordinate Certificates; and

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

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the subject of a Cash Liquidation
or REO Disposition or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

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

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

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

                                       23
<PAGE>

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

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

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

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

(ii)    second, the Senior Principal Distribution Amount shall be distributed to
        the  Class R  Certificates,  until  the  Certificate  Principal  Balance
        thereof has been reduced to zero; and

(iii)   third, the balance of the Senior Principal  Distribution Amount shall be
        distributed, concurrently, as follows:

                  (A)  12.7325677070607%  of the Senior  Principal  Distribution
               Amount  remaining  after the  distribution  described  in Section
               4.02(b)(ii)  above,  to the  Class  A-5  Certificates,  until the
               Certificate  Principal  Balance of the Class A-5 Certificates has
               been reduced to zero; and

                  (B)  87.2674322929393%  of the Senior  Principal  Distribution
               Amount  remaining  after the  distribution  described  in Section
               4.02(b)(ii) above, in the following order of priority:

                      (1) first,  sequentially to the Class A-1 Certificates and
                  Class A-2  Certificates,  in that order,  until the  aggregate
                  Certificate  Principal  Balance of the Class A-1  Certificates
                  and Class A-2 Certificates has been reduced to their Aggregate
                  Planned Principal Balance for such Distribution Date set forth
                  in the table entitled  "Aggregate Planned Principal  Balances"
                  attached to this Agreement as Exhibit Five;

                                       24
<PAGE>

                      (2)  second,  concurrently,   on  a  pro  rata  basis,  in
                  accordance  with  their   respective   Certificate   Principal
                  Balances,   to  the  Class  A-3  Certificates  and  Class  A-4
                  Certificates,  until the Certificate Principal Balance of each
                  of the Class A-3  Certificates  and Class A-4 Certificates has
                  been reduced to zero; and

                      (3) third,  sequentially to the Class A-1 Certificates and
                  Class A-2 Certificates, in that order, without regard to their
                  Aggregate  Planned  Principal  Balance  for such  Distribution
                  Date, until the Certificate  Principal  Balance of each of the
                  Class A-1  Certificates  and Class A-2  Certificates  has been
                  reduced to zero.

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

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

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

                                       25
<PAGE>

Certificates of any Class to the extent that either (i) such Class was protected
against the related Realized Loss pursuant to any instrument or fund established
under Section  11.01(e) or (ii) such Class of  Certificates  has been  deposited
into  a  separate  trust  fund  or  other   structuring   vehicle  and  separate
certificates  or other  instruments  representing  interests  therein  have been
issued in one or more classes,  and any of such separate  certificates  or other
instruments  was  protected  against the related  Realized  Loss pursuant to any
limited guaranty, payment obligation, irrevocable letter of credit, surety bond,
insurance  policy or similar  instrument  or a reserve  fund,  or a  combination
thereof. Any amount to be so distributed with respect to the Certificates of any
Class shall be distributed by the Master Servicer to the  Certificateholders  of
record as of the Record Date immediately preceding the date of such distribution
(i) with  respect to the  Certificates  of any Class  (other  than the Class A-V
Certificates),  on a pro rata basis based on the Percentage Interest represented
by each  Certificate  of such Class as of such Record Date and (ii) with respect
to the Class A-V  Certificates,  to the Class A-V  Certificates  or any Subclass
thereof in the same proportion as the related  Realized Loss was allocated.  Any
amounts to be so distributed  shall not be remitted to or  distributed  from the
Trust Fund, and shall constitute  subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.

(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).

                                       26
<PAGE>

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

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

Section 4.05.  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all Senior  Certificates  (other than the Class A-P Certificates) 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
remainder of the principal  portion of such Realized Losses on Discount Mortgage
Loans and the entire amount of such  Realized  Losses on  Non-Discount  Mortgage
Loans will be allocated among the Senior  Certificates (other than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  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 on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation  shall be deemed to have  occurred  on such  Distribution  Date.  Any
allocation of the principal  portion of Realized Losses (other than Debt Service
Reductions) to the Subordinate  Certificates  then  outstanding  with the Lowest
Priority shall be made by operation of the definition of "Certificate  Principal
Balance" and by operation of the provisions of Section  4.02(a).  Allocations of
the  interest  portions of Realized  Losses shall be made in  proportion  to the
amount of Accrued  Certificate  Interest and by operation of the  definition  of
"Accrued  Certificate  Interest"  and by operation of the  provisions of Section

                                       27
<PAGE>

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)

                                       28
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

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

        Section 5.02. Registration of Transfer and Exchange of Certificates.

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

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

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

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

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

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

                                       29
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       30
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       31
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       32
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       33
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

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

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

Section 10.03..Designation of REMIC.

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this  Agreement  (including  the  Mortgage  Loans but  excluding  the Initial
Monthly Payment Fund) as a REMIC for federal income tax purposes.

        The Class A-1,  Class A-2,  Class A-3,  Class A-4, Class A-5, Class A-P,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates
and the Uncertificated  Class A-V REMIC Regular Interests,  the rights in and to
which  will be  represented  by the Class  A-V  Certificates,  will be  "regular
interests" in the REMIC, and the Class R Certificates  will be the sole class of
"residual  interests"  therein for purposes of the REMIC  Provisions (as defined
herein) under  federal  income tax law. On and after the date of issuance of any
Subclass  of Class  A-V  Certificates  pursuant  to  Section  5.01(c),  any such
Subclass will represent the  Uncertificated  Class A-V REMIC Regular Interest or
Interests specified by the initial Holder of the Class A-V Certificates pursuant
to said Section.

Section 10.04..[Reserved].

Section 10.05..Compliance with Withholding Requirements.

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

                                       34
<PAGE>

                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

<TABLE>
<CAPTION>

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

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

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc. Series 2001-QS19

                                   The Trustee designates its offices located at
                                   Four Albany Street, New York, New York 10006,
                                   for  the  purposes  of  Section  8.12  of the
                                   Standard Terms

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10007

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

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

</TABLE>

                                       35
<PAGE>

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such holder as
shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

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

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

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

Section 11.09..Allocation of Voting Rights.

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

Section 11.10..No Petition.

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

                                       36
<PAGE>

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

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

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

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

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

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

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

                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]

                                            By: //s// Barbara Campbell
                                                 Name: Barbara Campbell
                                                 Title:   Assistant Secretary

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

                                       37
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 28th day of December,  2001 before me, a notary  public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                          //s// Katherine L. Nye
                                                          Notary Public
[Notarial Seal]

                                       38
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 28th day of December,  2001 before me, a notary  public in
and for said State,  personally  appeared Lisa R. Lundsten,  known to me to be a
Managing Director of Residential  Funding  Corporation,  one of the corporations
that executed the within  instrument,  and also known to me to be the person who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                            //s// Katherine L. Nye
                                                   Notary Public
[Notarial Seal]

                                       39
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 28th day of December,  2001 before me, a notary  public in
and for said State,  personally appeared Barbara Campbell,  known to me to be an
Assistant  Secretary of Bankers Trust Company,  the New York banking corporation
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                            //s// Thomas J. Baldwin
                                                   Notary Public
[Notarial Seal]

                                       40
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 12/17/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 13.46.53           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS19                                 CUTOFF : 12/01/01
  POOL       : 0004558
             :
             :
  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
  ---------------------------------------------------------------------

      3536026                              .2500
      659,420.84                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.0000                        2.4200

      4204268                              .2500
       31,123.54                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.0000                        2.1700

      4509886                              .2500
      504,373.36                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      4524700                              .2500
      123,762.54                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      4715560                              .2500
      249,874.40                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      4717122                              .2500
      533,891.87                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450
1

      4750229                              .2500
      196,874.66                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      4787011                              .2500
      343,214.38                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450

      4832283                              .2500
      423,165.25                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      4857336                              .2500
      434,631.06                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      4881256                              .2500
      253,972.19                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      4886069                              .2500
      192,195.19                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      4887341                              .2500
      464,143.69                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      4888874                              .2500
      123,047.19                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200
1

      4909961                              .2500
      108,399.96                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      4927297                              .2500
      592,781.29                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      4930218                              .2500
      423,702.17                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      4975733                              .2500
      257,730.29                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      4987697                              .2500
      384,167.34                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      5016425                              .2500
       85,386.54                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.0000                        1.5450

      5017635                              .2500
      465,525.54                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      5017668                              .2500
       57,484.83                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450
1

      5029855                              .2500
      103,041.48                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450

      5034571                              .2500
       67,239.35                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.0000                        2.1700

      5037349                              .2500
      106,949.51                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      5044650                              .2500
      127,189.98                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      5052490                              .2500
      338,664.63                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      5062195                              .2500
       68,772.26                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.0000                        2.1700

      5086953                              .2500
      481,029.62                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      5101927                              .2500
       81,296.43                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700
1

      5123030                              .2500
      604,318.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      5123173                              .2500
      493,634.68                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      5124863                              .2500
       83,996.70                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.0000                        1.5450

      5125722                              .2500
       57,652.61                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.0000                        1.7950

      5125941                              .2500
      138,670.18                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.0000                        1.2950

      5128991                              .2500
      315,926.17                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      5137199                              .2500
      345,732.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      5147859                              .2500
       26,851.09                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.0000                        2.1700
1

      5151612                              .2500
       59,260.41                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450

      5152168                              .2500
       86,926.92                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      5158205                              .2500
       75,567.17                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      5161087                              .2500
      445,575.89                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      5170433                              .2500
      393,523.10                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      5171933                              .2500
      325,975.87                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      5184985                              .2500
      161,422.93                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      5198206                              .2500
      441,708.12                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450
1

      5201719                              .2500
       48,699.92                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.0000                        1.5450

      5202660                              .2500
       79,065.96                          .0800
            8.0000                         .0000
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            6.0000                         .6700
1

      6661198                              .2500
       85,440.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      6661268                              .2500
      115,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      6661272                              .2500
       68,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      6661296                              .2500
      143,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      6661310                              .2500
      106,650.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      6679966                              .2500
       90,076.33                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      6683564                              .2500
      160,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      6683588                              .2500
      275,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450
1

      6683620                              .2500
      395,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      6683652                              .2500
      470,900.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      6683704                              .2500
       70,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      6707194                              .2500
      243,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      6707230                              .2500
      211,500.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      6707240                              .2500
      108,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.0000                        1.2950

      6707288                              .2500
       45,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      6707336                              .2500
      162,350.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450
1

      6707442                              .2500
       33,750.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      6707450                              .2500
       43,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      6731188                              .2500
      343,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      6732700                              .2500
      200,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      6752112                              .2500
      110,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      6752196                              .2500
       50,320.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      6770164                              .2500
      148,800.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      6770200                              .2500
       90,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450
1

      6770334                              .2500
      176,700.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      6770346                              .2500
       72,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      6770370                              .2500
      161,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      6770392                              .2500
      203,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      6793252                              .2500
      106,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      6793320                              .2500
       84,500.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      6793804                              .2500
      168,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      6802034                              .2500
       93,700.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700
1

      6813286                              .2500
       86,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      6813320                              .2500
       60,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      6836414                              .2500
       90,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

  TOTAL NUMBER OF LOANS:     1121
  TOTAL BALANCE........:        206,860,917.83

  RUN ON     : 12/17/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 13.46.53            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS19       FIXED SUMMARY REPORT      CUTOFF : 12/01/01
  POOL       : 0004558
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        6.9643            6.0000      8.7500
  RFC NET RATE                          6.7078            5.7500      8.5000
  NET MTG RATE(INVSTR RATE)             6.6298            5.7200      8.4200
  POST STRIP RATE                       5.9965            5.7200      6.0000
  SUB SERV FEE                           .2565             .2500       .7500
  MSTR SERV FEE                          .0780             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .6334             .0000      2.4200

  TOTAL NUMBER OF LOANS:  1121
  TOTAL BALANCE........:     206,860,917.83

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 12/17/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 13.46.53          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS19                                 CUTOFF : 12/01/01
  POOL       : 0004558
             :
             :
  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 #
  ______________________________________________________________________________

    3536026          S48/S48             F          700,000.00         ZZ
                                         180        659,420.84          1
                                       8.750          6,996.15         57
                                       8.500          6,996.15
    STATEN ISLAND    NY   10304          1            03/22/00         00
    6251062078                           05           05/01/00          0
    6251062078                           O            04/01/15
    0

    4204268          526/686             F           33,000.00         ZZ
                                         180         31,123.54          1
                                       8.500            324.97         46
                                       8.250            324.97
    DENVER           CO   80123          5            12/11/00         00
    6104304602                           01           02/01/01          0
    0430460                              N            01/01/16
    0

    4509886          P60/G02             F          518,000.00         ZZ
                                         180        504,373.36          1
                                       6.750          4,583.83         74
                                       6.500          4,583.83
    BENTLEYVILLE     OH   44022          5            03/27/01         00
    0432721231                           05           05/01/01          0
    6100056224                           O            04/01/16
    0

    4524700          664/G02             F          127,000.00         ZZ
                                         180        123,762.54          1
                                       7.125          1,150.41         78
                                       6.875          1,150.41
    CHICAGO          IL   60639          2            03/28/01         00
    0432748382                           05           05/01/01          0
1

    0008002032                           O            04/01/16
    0

    4715560          E22/G02             F          260,600.00         ZZ
                                         120        249,874.40          1
                                       7.000          3,025.79         80
                                       6.750          3,025.79
    PLANO            TX   75093          1            04/27/01         00
    0412545006                           05           06/01/01          0
    0412545006                           O            05/01/11
    0

    4717122          U80/U80             F          546,300.00         ZZ
                                         180        533,891.87          1
                                       6.875          4,872.20         47
                                       6.625          4,872.20
    PAWLEYS ISLAND   SC   29585          5            04/13/01         00
    10001373                             05           06/01/01          0
    10001373                             O            05/01/16
    0

    4750229          H37/G02             F          200,000.00         ZZ
                                         180        196,874.66          1
                                       7.250          1,826.00         40
                                       7.000          1,826.00
    COLTS NECK       NJ   07722          5            06/19/01         00
    0433303161                           05           08/01/01          0
    00267678                             O            07/01/16
    0

    4787011          A50/G02             F          352,000.00         ZZ
                                         180        343,214.38          1
                                       7.375          3,238.13         80
                                       7.125          3,238.13
    PENSACOLA        FL   32507          1            03/26/01         00
    0433300605                           03           05/01/01          0
    361307                               O            04/01/16
    0

    4832283          L60/F27             F          433,000.00         ZZ
                                         180        423,165.25          1
                                       6.875          3,861.73         79
                                       6.625          3,861.73
    DURHAM           NC   27712          2            04/09/01         00
    6610650609                           03           06/01/01          0
    6610650609                           O            05/01/16
    0

1

    4857336          025/025             F          446,500.00         ZZ
                                         180        434,631.06          1
                                       6.625          3,920.24         74
                                       6.375          3,920.24
    KNOXVILLE        TN   37919          5            03/26/01         00
    0025587270                           05           05/01/01          0
    0025587270                           O            04/01/16
    0

    4881256          E22/G02             F          259,000.00         ZZ
                                         180        253,972.19          1
                                       6.875          2,309.90         79
                                       6.625          2,309.90
    FARMERS BRANCH   TX   75234          5            05/24/01         00
    0412643470                           05           07/01/01          0
    0412643470                           O            06/01/16
    0

    4886069          E22/G02             F          196,000.00         ZZ
                                         180        192,195.19          1
                                       6.875          1,748.03         70
                                       6.625          1,748.03
    DALLAS           TX   75206          5            05/25/01         00
    0412692030                           05           07/01/01          0
    0412692030                           O            06/01/16
    0

    4887341          E86/G02             F          470,000.00         ZZ
                                         180        464,143.69          1
                                       7.250          4,290.46         64
                                       7.000          4,290.46
    WESTPORT         CT   06880          5            06/26/01         00
    0433157328                           05           09/01/01          0
    316691                               O            08/01/16
    0

    4888874          E84/G02             F          125,000.00         ZZ
                                         180        123,047.19          1
                                       7.250          1,141.08         60
                                       7.000          1,141.08
    SEATTLE          WA   98136          5            06/21/01         00
    0433385945                           05           08/01/01          0
    62100505                             N            07/01/16
    0

    4909961          G52/G02             F          110,500.00         ZZ
                                         180        108,399.96          1
                                       7.125          1,000.94         74
                                       6.875          1,000.94
1

    ONTARIO          CA   91764          2            05/13/01         00
    0433196920                           05           07/01/01          0
    6205000351                           O            06/01/16
    0

    4927297          644/G02             F          602,500.00         ZZ
                                         180        592,781.29          1
                                       6.875          5,373.42         55
                                       6.625          5,373.42
    HILLSBORO        OR   97124          5            06/13/01         00
    0433157492                           05           08/01/01          0
    48003553                             O            07/01/16
    0

    4930218          M29/G02             F          432,000.00         ZZ
                                         180        423,702.17          1
                                       7.000          3,882.94         80
                                       6.750          3,882.94
    BOULDER          CO   80301          5            05/11/01         00
    0432841278                           05           07/01/01          0
    010460CH                             O            06/01/16
    0

    4975733          U62/G02             F          263,000.00         ZZ
                                         180        257,730.29          1
                                       6.500          2,291.01         81
                                       6.250          2,291.01
    STATEN ISLAND    NY   10308          2            05/30/01         04
    0432899961                           05           07/01/01         12
    2001249030                           O            06/01/16
    0

    4987697          956/G02             F          393,000.00         ZZ
                                         180        384,167.34          1
                                       7.000          3,532.40         70
                                       6.750          3,532.40
    SAN JOSE         CA   95135          5            04/27/01         00
    0432908176                           05           06/01/01          0
    711010195                            O            05/01/16
    0

    5016425          168/168             F           87,700.00         ZZ
                                         180         85,386.54          1
                                       7.875            831.79         54
                                       7.625            831.79
    HUNTINGTON       NY   11743          5            05/31/01         00
    0249761955                           05           07/01/01          0
    0249761955                           N            06/01/16
    0
1

    5017635          588/G02             F          470,000.00         ZZ
                                         180        465,525.54          1
                                       7.000          4,224.49         53
                                       6.750          4,224.49
    OLDWICK          NJ   08858          2            08/10/01         00
    0433404555                           05           10/01/01          0
    1044739                              O            09/01/16
    0

    5017668          601/G02             F           58,272.00         ZZ
                                         180         57,484.83          1
                                       7.375            536.06         65
                                       7.125            536.06
    HOUSTON          TX   77063          2            06/29/01         00
    0433270238                           01           09/01/01          0
    81307864                             O            08/01/16
    0

    5029855          975/G02             F          104,000.00         ZZ
                                         180        103,041.48          3
                                       7.375            956.72         80
                                       7.125            956.72
    HIGHLAND         CA   92410          1            08/01/01         00
    0433144482                           05           10/01/01          0
    2013182                              O            09/01/16
    0

    5034571          U05/G02             F           68,000.00         ZZ
                                         180         67,239.35          1
                                       8.500            669.62         68
                                       8.250            669.62
    MANSFIELD        TX   76063          5            07/03/01         00
    0433231297                           05           09/01/01          0
    3140167                              O            08/01/16
    0

    5037349          975/G02             F          108,000.00         ZZ
                                         180        106,949.51          1
                                       6.750            955.70         73
                                       6.500            955.70
    LANCASTER        CA   93536          2            08/15/01         00
    0433181195                           05           10/01/01          0
    2013181                              O            09/01/16
    0

    5044650          U05/G02             F          128,000.00         ZZ
                                         180        127,189.98          3
1

                                       7.000          1,150.50         80
                                       6.750          1,150.50
    STOCKTON         CA   95209          1            09/04/01         00
    0433209244                           05           11/01/01          0
    3154198                              N            10/01/16
    0

    5052490          944/G02             F          343,000.00         ZZ
                                         180        338,664.63          1
                                       7.250          3,131.12         80
                                       7.000          3,131.12
    WOODINVILLE      WA   98072          5            07/12/01         00
    0433145794                           05           09/01/01          0
    W01062302                            O            08/01/16
    0

    5062195          G52/G02             F           69,750.00         ZZ
                                         180         68,772.26          4
                                       8.500            686.86         90
                                       8.250            686.86
    MISSION          TX   78572          1            06/18/01         10
    0433211190                           05           08/01/01         25
    7405001301                           N            07/01/16
    0

    5086953          116/116             F          487,300.00         ZZ
                                         180        481,029.62          1
                                       6.875          4,346.01         36
                                       6.625          4,346.01
    THE WOODLANDS    TX   77381          2            07/19/01         00
    091020271                            03           09/01/01          0
    091020271                            O            08/01/16
    0

    5101927          U05/G02             F           82,300.00         ZZ
                                         180         81,296.43          1
                                       7.500            762.93         63
                                       7.250            762.93
    LAREDO           TX   78041          5            07/31/01         00
    0433242641                           05           09/01/01          0
    3150016                              O            08/01/16
    0

    5123030          168/168             F          620,000.00         ZZ
                                         180        604,318.00          1
                                       7.500          5,747.48         60
                                       7.250          5,747.48
    MANHASSET        NY   11030          5            06/18/01         00
    059490799                            05           08/01/01          0
1

    059490799                            O            07/01/16
    0

    5123173          144/144             F          500,000.00         ZZ
                                         180        493,634.68          1
                                       7.000          4,494.14         48
                                       6.750          4,494.14
    SMITHTOWN        NY   11780          5            07/20/01         00
    160670075                            05           09/01/01          0
    1                                    O            08/01/16
    0

    5124863          U05/G02             F           85,000.00         ZZ
                                         180         83,996.70          1
                                       7.875            806.18         62
                                       7.625            806.18
    AUSTIN           TX   78741          5            07/16/01         00
    0433329026                           05           09/01/01          0
    3136999                              O            08/01/16
    0

    5125722          168/168             F           58,500.00         ZZ
                                         180         57,652.61          2
                                       8.125            563.29         90
                                       7.875            563.29
    ROCHESTER        NY   14613          1            06/13/01         14
    0189771771                           05           08/01/01         25
    0189771771                           N            07/01/16
    0

    5125941          168/168             F          140,800.00         ZZ
                                         180        138,670.18          1
                                       7.625          1,315.25         80
                                       7.375          1,315.25
    CHICAGO          IL   60608          1            06/04/01         00
    0059463422                           05           08/01/01          0
    0059463422                           O            07/01/16
    0

    5128991          944/G02             F          320,000.00         ZZ
                                         180        315,926.17          1
                                       7.000          2,876.26         49
                                       6.750          2,876.26
    GASTON           OR   97119          5            07/25/01         00
    0433101128                           05           09/01/01          0
    W01062633                            O            08/01/16
    0

1

    5137199          994/G02             F          350,000.00         ZZ
                                         180        345,732.00          1
                                       7.500          3,244.55         54
                                       7.250          3,244.55
    EASTON           CT   06612          5            07/25/01         00
    0433159910                           05           09/01/01          0
    1000299102                           O            08/01/16
    0

    5147859          A46/G02             F           27,200.00         ZZ
                                         180         26,851.09          1
                                       8.500            267.85         90
                                       8.250            267.85
    BETHANY          OK   73008          1            07/31/01         04
    0433188273                           05           09/01/01         25
    0925050                              N            08/01/16
    0

    5151612          U05/G02             F           60,000.00         ZZ
                                         180         59,260.41          1
                                       7.375            551.95         63
                                       7.125            551.95
    AUSTIN           TX   78759          5            07/25/01         00
    0433248804                           01           09/01/01          0
    31540349                             O            08/01/16
    0

    5152168          U05/G02             F           88,000.00         ZZ
                                         180         86,926.92          1
                                       7.500            815.77         74
                                       7.250            815.77
    HOUSTON          TX   77068          5            07/26/01         00
    0433231206                           03           09/01/01          0
    3152893                              O            08/01/16
    0

    5158205          U05/G02             F           76,500.00         ZZ
                                         180         75,567.17          1
                                       7.500            709.16         61
                                       7.250            709.16
    CLINT            TX   79836          5            07/26/01         00
    0433242419                           05           09/01/01          0
    3149724                              O            08/01/16
    0

    5161087          144/144             F          450,000.00         ZZ
                                         180        445,575.89          1
                                       6.625          3,950.97         39
                                       6.375          3,950.97
1

    OLD FIELD, SETA  NY   11733          2            08/07/01         00
    160651588                            03           10/01/01          0
    99                                   O            09/01/16
    0

    5170433          664/G02             F          399,975.00         ZZ
                                         180        393,523.10          1
                                       6.875          3,567.20         63
                                       6.625          3,567.20
    MESA             AZ   85215          1            06/13/01         00
    0432973485                           03           08/01/01          0
    0008158859                           O            07/01/16
    0

    5171933          994/G02             F          330,000.00         ZZ
                                         180        325,975.87          1
                                       7.500          3,059.15         77
                                       7.250          3,059.15
    EAST PATCHOGUE   NY   11772          1            07/26/01         00
    0433228517                           05           09/01/01          0
    1000273089                           O            08/01/16
    0

    5184985          E22/G02             F          163,550.00         ZZ
                                         180        161,422.93          1
                                       6.750          1,447.27         70
                                       6.500          1,447.27
    ROUND ROCK       TX   78681          5            07/16/01         00
    0412740599                           05           09/01/01          0
    0412740599                           O            08/01/16
    0

    5198206          E84/G02             F          446,000.00         ZZ
                                         180        441,708.12          1
                                       6.875          3,977.67         54
                                       6.625          3,977.67
    WALNUT CREEK     CA   94596          2            07/30/01         00
    0433313673                           05           10/01/01          0
    73011770                             O            09/01/16
    0

    5201719          136/136             F           50,000.00         ZZ
                                         180         48,699.92          1
                                       7.875            474.23         59
                                       7.625            474.23
    SYRACUSE         NY   13210          2            07/12/01         00
    4638420                              05           09/01/01          0
    4638420                              N            08/01/16
    0
1

    5202660          H93/G02             F           80,000.00         ZZ
                                         180         79,065.96          1
                                       8.000            764.52         80
                                       7.750            764.52
    OVERLAND PARK    KS   66212          5            07/31/01         00
    0433220282                           09           09/01/01          0
    2001001259                           N            08/01/16
    0

    5202866          U05/G02             F          132,800.00         ZZ
                                         180        131,549.28          1
                                       7.125          1,202.94         80
                                       6.875          1,202.94
    SPRING           TX   77373          5            08/06/01         00
    0433247947                           05           10/01/01          0
    3148138                              O            09/01/16
    0

    5203026          A91/G02             F          260,000.00         ZZ
                                         180        256,760.33          4
                                       7.250          2,373.45         80
                                       7.000          2,373.45
    BROOKLYN         NY   11207          1            07/30/01         00
    0433194107                           05           09/01/01          0
    5195034                              N            08/01/16
    0

    5204043          W75/G02             F          999,999.00         ZZ
                                         180        990,073.48          1
                                       7.250          9,128.62         67
                                       7.000          9,128.62
    ORANGE           CA   92869          2            08/10/01         00
    0433194875                           05           10/01/01          0
    01077914                             O            09/01/16
    0

    5215815          U05/G02             F          111,200.00         ZZ
                                         180        110,186.17          1
                                       7.500          1,030.84         80
                                       7.250          1,030.84
    HARLINGEN        TX   78550          5            08/10/01         00
    0433165024                           05           10/01/01          0
    3156001                              O            09/01/16
    0

    5222317          N60/N60             F          354,000.00         ZZ
                                         180        350,629.83          1
1

                                       7.000          3,181.86         75
                                       6.750          3,181.86
    ALBERTVILLE      AL   35951          5            08/08/01         00
    195440590                            05           10/01/01          0
    195440590                            O            09/01/16
    0

    5226593          U05/G02             F           75,050.00         ZZ
                                         180         74,394.99          1
                                       8.000            717.22         72
                                       7.750            717.22
    HAMSHIRE         TX   77622          5            09/04/01         00
    0433211323                           05           10/01/01          0
    3146728                              O            09/01/16
    0

    5229222          163/G02             F          555,000.00         ZZ
                                         180        551,563.12          1
                                       7.250          5,066.39         75
                                       7.000          5,066.39
    SUMMIT           NJ   07901          5            09/13/01         00
    0433281144                           05           11/01/01          0
    1000312426                           O            10/01/16
    0

    5232251          N47/G02             F          576,000.00         ZZ
                                         180        568,508.77          1
                                       6.750          5,097.08         80
                                       6.500          5,097.08
    SAN DIEGO        CA   92120          1            07/27/01         00
    0433048907                           05           09/01/01          0
    30111358                             O            08/01/16
    0

    5233778          A33/G02             F           26,100.00         ZZ
                                         180         25,726.04          1
                                       8.250            253.21         90
                                       8.000            253.21
    MUNCIE           IN   47303          1            06/22/01         11
    0433196870                           05           08/01/01         12
    035104640                            N            07/01/16
    0

    5236879          994/G02             F          617,600.00         ZZ
                                         180        611,720.36          1
                                       7.000          5,551.16         80
                                       6.750          5,551.16
    RIVERSIDE        CA   92505          5            08/16/01         00
    0433227428                           05           10/01/01          0
1

    618692204                            O            09/01/16
    0

    5238417          A33/G02             F           27,000.00         ZZ
                                         180         26,613.14          2
                                       8.250            261.94         90
                                       8.000            261.94
    MUNCIE           IN   47302          1            06/22/01         11
    0433184058                           05           08/01/01         20
    93553110                             N            07/01/16
    0

    5249543          Q30/G02             F          126,000.00         ZZ
                                         180        124,787.49          1
                                       6.875          1,123.74         82
                                       6.625          1,123.74
    PITTSBURGH       PA   15228          2            08/23/01         14
    0433226594                           05           10/01/01         12
    18021097                             O            09/01/16
    0

    5252839          L46/L46             F          383,000.00         ZZ
                                         180        350,401.26          1
                                       7.000          3,442.51         67
                                       6.750          3,442.51
    ROCHESTER        MI   48306          5            09/07/01         00
    0003024429                           05           11/01/01          0
    0003024429                           O            10/01/16
    0

    5254173          U05/G02             F          150,000.00         ZZ
                                         180        148,571.98          1
                                       7.000          1,348.24         80
                                       6.750          1,348.24
    ALBANY           OR   97321          5            08/09/01         00
    0433179355                           05           10/01/01          0
    3155308                              O            09/01/16
    0

    5266553          562/G02             F          200,000.00         ZZ
                                         180        197,507.94          2
                                       7.250          1,825.73         57
                                       7.000          1,825.73
    SATEN ISLAND     NY   10314          2            03/10/00         00
    0433186798                           05           09/01/01          0
    630105                               O            08/01/16
    0

1

    5271474          163/G02             F          300,000.00         ZZ
                                         180        297,264.86          1
                                       7.500          2,781.04         61
                                       7.250          2,781.04
    DIX HILLS        NY   11746          1            08/17/01         00
    0433281284                           05           10/01/01          0
    1000278634                           O            09/01/16
    0

    5271540          700/G02             F          234,000.00         ZZ
                                         180        231,796.18          1
                                       7.125          2,119.64         61
                                       6.875          2,119.64
    ANAHEIM          CA   92808          2            08/17/01         00
    0433188653                           05           10/01/01          0
    00260910                             O            09/01/16
    0

    5286653          U05/G02             F          113,500.00         ZZ
                                         180        112,085.76          1
                                       7.250          1,036.10         80
                                       7.000          1,036.10
    CONROE           TX   77302          5            07/25/01         00
    0433244985                           03           09/01/01          0
    3151340                              O            08/01/16
    0

    5288207          757/G02             F          377,000.00         ZZ
                                         180        373,410.88          1
                                       7.000          3,388.59         80
                                       6.750          3,388.59
    ANNANDALE        VA   22003          5            08/24/01         00
    0433220647                           05           10/01/01          0
    1000363968                           O            09/01/16
    0

    5296606          U96/G02             F           66,000.00         ZZ
                                         180         65,351.11          1
                                       6.625            579.48         80
                                       6.375            579.48
    HONOLULU         HI   96819          2            08/22/01         00
    0433293149                           01           10/01/01          0
    10800009                             O            09/01/16
    0

    5301869          E86/G02             F          300,000.00         ZZ
                                         180        296,139.75          1
                                       6.875          2,675.56         83
                                       6.625          2,675.56
1

    WASHINGTON       DC   20015          5            07/25/01         14
    0433181088                           07           09/01/01          6
    1                                    O            08/01/16
    0

    5304001          601/G02             F           70,000.00         ZZ
                                         180         69,547.35          1
                                       6.750            619.44         29
                                       6.500            619.44
    TARPON SPRINGS   FL   34689          1            09/14/01         00
    0433290871                           09           11/01/01          0
    60753399140                          O            10/01/16
    0

    5304612          U05/G02             F          100,000.00         ZZ
                                         180         99,098.16          1
                                       7.625            934.13         76
                                       7.375            934.13
    ANNA             TX   75409          5            08/28/01         00
    0433189370                           05           10/01/01          0
    3160139                              O            09/01/16
    0

    5307226          N74/G02             F           86,640.00         ZZ
                                         180         85,797.26          1
                                       6.750            766.69         80
                                       6.500            766.69
    BURLESON         TX   76028          5            08/16/01         00
    0433165917                           05           10/01/01          0
    5571731                              O            09/01/16
    0

    5308201          U62/G02             F           50,000.00         ZZ
                                         180         49,524.01          1
                                       7.000            449.41         53
                                       6.750            449.41
    ROUND ROCK       TX   78664          5            08/17/01         00
    0433211331                           05           10/01/01          0
    2001269145                           O            09/01/16
    0

    5308868          E22/G02             F           96,000.00         ZZ
                                         180         95,035.36          1
                                       7.750            903.62         80
                                       7.500            903.62
    MESQUITE         TX   75149          5            08/06/01         00
    0412856569                           05           10/01/01          0
    0412856569                           O            09/01/16
    0
1

    5313162          U05/G02             F          328,000.00         ZZ
                                         180        324,944.05          1
                                       7.250          2,994.19         80
                                       7.000          2,994.19
    CHESHIRE         CT   06410          5            08/28/01         00
    0433182367                           05           10/01/01          0
    3158403                              O            09/01/16
    0

    5313832          S25/G02             F           56,000.00         ZZ
                                         180         55,279.41          1
                                       6.875            499.44         72
                                       6.625            499.44
    LUMBERTON        NC   28360          5            08/21/01         00
    0433213659                           05           09/27/01          0
    245882091                            O            08/27/16
    0

    5317261          975/G02             F          300,000.00         ZZ
                                         180        297,174.57          1
                                       7.125          2,717.49         80
                                       6.875          2,717.49
    LOS ANGELES      CA   90004          2            08/15/01         00
    0433181294                           01           10/01/01          0
    2013792                              O            09/01/16
    0

    5317613          U62/G02             F           80,000.00         ZZ
                                         180         79,221.85          1
                                       6.750            707.93         95
                                       6.500            707.93
    MAYSVILLE        NC   28555          5            08/23/01         04
    0433180692                           05           10/01/01         30
    2001280574                           O            09/01/16
    0

    5319266          E22/G02             F          190,000.00         ZZ
                                         180        188,229.78          2
                                       7.250          1,734.44         68
                                       7.000          1,734.44
    CHICAGO          IL   60625          5            08/07/01         00
    0412892291                           05           10/01/01          0
    0412892291                           O            09/01/16
    0

    5332009          E23/G02             F          193,500.00         ZZ
                                         180        191,597.62          1
1

                                       6.625          1,698.92         54
                                       6.375          1,698.92
    WATSONVILLE      CA   95076          5            08/15/01         00
    0433249638                           05           10/01/01          0
    51006643                             O            09/01/16
    0

    5335672          U62/G02             F           45,000.00         ZZ
                                         180         44,562.30          1
                                       6.750            398.21         46
                                       6.500            398.21
    ITALY            TX   76651          5            08/22/01         00
    0433154309                           05           10/01/01          0
    2001255132                           O            09/01/16
    0

    5343257          624/G02             F          207,000.00         ZZ
                                         180        205,092.16          1
                                       7.375          1,904.24         51
                                       7.125          1,904.24
    HURRICANE        UT   84737          2            08/23/01         00
    0433139110                           05           10/01/01          0
    64500610333F                         O            09/01/16
    0

    5343304          W39/G02             F           46,550.00         ZZ
                                         180         46,161.25          1
                                       8.500            458.40         95
                                       8.250            458.40
    SONTAG           MS   39665          5            08/17/01         01
    0433164118                           05           10/01/01         30
    991518                               O            09/01/16
    0

    5343555          L60/F27             F          450,000.00         ZZ
                                         180        441,264.43          1
                                       6.875          4,013.34         72
                                       6.625          4,013.34
    MACON            GA   31210          2            05/09/01         00
    6610699977                           05           07/01/01          0
    6610699977                           O            06/01/16
    0

    5344250          E84/G02             F           45,000.00         ZZ
                                         180         44,589.72          2
                                       7.500            417.16         34
                                       7.250            417.16
    LARAMIE          WY   82072          5            08/24/01         00
    0433382884                           05           10/01/01          0
1

    32800960                             N            09/01/16
    0

    5346495          E40/G02             F          120,000.00         ZZ
                                         180        118,601.65          1
                                       6.750          1,061.89         39
                                       6.500          1,061.89
    TEWKSBURY        MA   01876          2            08/30/01         00
    0433229580                           05           11/01/01          0
    200101595                            O            10/01/16
    0

    5351992          H93/G02             F           60,000.00         ZZ
                                         180         59,299.47          2
                                       8.000            573.39         71
                                       7.750            573.39
    KANSAS CITY      KS   66111          5            07/31/01         00
    0433173655                           05           09/01/01          0
    2001001335                           N            08/01/16
    0

    5353430          E22/G02             F          248,000.00         ZZ
                                         180        245,689.39          1
                                       7.250          2,263.90         80
                                       7.000          2,263.90
    HOWELL           NJ   07731          2            08/10/01         00
    0412852659                           05           10/01/01          0
    0412852659                           O            09/01/16
    0

    5354456          U42/G02             F          335,000.00         ZZ
                                         180        331,336.88          1
                                       7.125          3,034.53         65
                                       6.875          3,034.53
    AUSTIN           TX   78734          5            08/23/01         00
    0433298940                           05           10/01/01          0
    10100991                             O            09/01/16
    0

    5354457          N74/G02             F          110,900.00         ZZ
                                         180        109,832.79          1
                                       6.875            989.07         86
                                       6.625            989.07
    SUMMERVILLE      SC   29483          5            08/20/01         10
    0433147600                           05           10/01/01         25
    002978010                            O            09/01/16
    0

1

    5355060          601/G02             F          300,000.00         ZZ
                                         180        296,302.01          1
                                       7.375          2,759.77         46
                                       7.125          2,759.77
    KETCHUM          OK   74349          1            07/31/01         00
    0433224052                           05           09/01/01          0
    60746385                             O            08/01/16
    0

    5359091          E86/G02             F          185,000.00         ZZ
                                         180        184,422.65          2
                                       7.125          1,675.79         78
                                       6.875          1,675.79
    RICHMOND HILL    NY   11419          1            10/03/01         00
    0433287810                           05           12/01/01          0
    0000134178                           O            11/01/16
    0

    5359158          964/G02             F           96,000.00         ZZ
                                         180         95,405.51          1
                                       7.250            876.35         80
                                       7.000            876.35
    LAS VEGAS        NV   89108          1            09/11/01         00
    0433206455                           05           11/01/01          0
    141905                               O            10/01/16
    0

    5366066          E23/G02             F          321,700.00         ZZ
                                         180        318,570.90          1
                                       6.750          2,846.75         71
                                       6.500          2,846.75
    ORANGE           CA   92867          2            08/21/01         00
    0433210838                           05           10/01/01          0
    51006938                             O            09/01/16
    0

    5367140          U62/G02             F          133,000.00         ZZ
                                         180        131,692.43          1
                                       6.625          1,167.73         95
                                       6.375          1,167.73
    STOCKBRIDGE      GA   30281          5            08/22/01         04
    0433173424                           05           10/01/01         30
    2001278106                           O            09/01/16
    0

    5369243          E82/G02             F          328,000.00         ZZ
                                         180        324,944.05          1
                                       7.250          2,994.19         93
                                       7.000          2,994.19
1

    FRESH MEADOWS    NY   11365          2            08/14/01         04
    0400461323                           05           10/01/01         25
    0400461323                           O            09/01/16
    0

    5369433          U05/G02             F          275,000.00         ZZ
                                         180        272,492.81          2
                                       7.500          2,549.28         80
                                       7.250          2,549.28
    CLIFTON          NJ   07014          5            08/28/01         00
    0433194362                           05           10/01/01          0
    3162999                              O            09/01/16
    0

    5372015          N74/G02             F           58,240.00         ZZ
                                         120         57,238.35          4
                                       7.250            683.74         33
                                       7.000            683.74
    EULESS           TX   76040          5            08/24/01         00
    0433165933                           05           10/01/01          0
    0029249010                           N            09/01/11
    0

    5373501          U62/G02             F          300,000.00         ZZ
                                         180        297,063.79          1
                                       6.875          2,675.56         75
                                       6.625          2,675.56
    BYRON            CA   94514          5            08/23/01         00
    0433183449                           05           10/01/01          0
    2001275725                           O            09/01/16
    0

    5373796          E22/G02             F           64,000.00         ZZ
                                         180         63,435.28          1
                                       7.875            607.01         47
                                       7.625            607.01
    SARASOTA         FL   34242          2            08/17/01         00
    0412814006                           20           10/01/01          0
    0412814006                           N            09/01/16
    0

    5373852          E22/G02             F          116,000.00         ZZ
                                         180        114,905.42          1
                                       7.250          1,058.92         80
                                       7.000          1,058.92
    GRANTS PASS      OR   97526          1            08/08/01         00
    0412905697                           05           10/01/01          0
    0412905697                           O            09/01/16
    0
1

    5373858          E22/G02             F           32,700.00         ZZ
                                         180         32,414.61          1
                                       8.000            312.50         85
                                       7.750            312.50
    SAGINAW          MI   48604          5            08/13/01         11
    0412909400                           05           10/01/01         12
    0412909400                           O            09/01/16
    0

    5373880          E22/G02             F          133,200.00         ZZ
                                         180        131,884.48          1
                                       7.125          1,206.57         80
                                       6.875          1,206.57
    WEST JORDAN      UT   84084          5            08/10/01         00
    0412922528                           05           10/01/01          0
    0412922528                           O            09/01/16
    0

    5377459          286/286             F          200,000.00         ZZ
                                         180        196,773.86          1
                                       6.875          1,783.71         80
                                       6.625          1,783.71
    NORTH KINGSTOWN  RI   02852          1            06/29/01         00
    319784                               05           08/01/01          0
    319784                               O            07/01/16
    0

    5378119          408/G02             F          150,800.00         ZZ
                                         180        149,483.90          1
                                       8.000          1,441.12         65
                                       7.750          1,441.12
    NEW FAIRFIELD    CT   06812          5            08/30/01         00
    0433262987                           05           10/01/01          0
    703014716                            N            09/01/16
    0

    5378421          E84/G02             F          100,500.00         ZZ
                                         180         96,527.50          1
                                       7.125            910.36         43
                                       6.875            910.36
    AURORA           CO   80015          2            08/22/01         00
    0433385028                           03           10/01/01          0
    81060531                             O            09/01/16
    0

    5383260          U62/G02             F           63,000.00         ZZ
                                         180         62,179.50          1
1

                                       6.625            553.14         70
                                       6.375            553.14
    EL PASO          TX   79922          5            08/24/01         00
    0433173770                           05           10/01/01          0
    2001277054                           O            09/01/16
    0

    5383777          624/G02             F          435,900.00         ZZ
                                         180        431,750.17          1
                                       7.000          3,917.99         80
                                       6.750          3,917.99
    SAN DIEGO        CA   92154          1            08/09/01         00
    0433173481                           03           10/01/01          0
    37006210536F                         O            09/01/16
    0

    5384981          E22/G02             F           70,000.00         ZZ
                                         180         69,333.59          1
                                       7.000            629.18         59
                                       6.750            629.18
    SAN ANTONIO      TX   78201          5            08/15/01         00
    0412891921                           05           10/01/01          0
    0412891921                           O            09/01/16
    0

    5385708          168/168             F           68,000.00         ZZ
                                         180         66,399.87          2
                                       8.000            649.84         65
                                       7.750            649.84
    WILLIAMSVILLE    NY   14221          5            08/06/01         00
    0249751305                           05           10/01/01          0
    0249751305                           N            09/01/16
    0

    5385874          601/G02             F          174,400.00         ZZ
                                         180        172,739.67          1
                                       7.000          1,567.56         80
                                       6.750          1,567.56
    GILBERTSVILLE    PA   19525          5            08/30/01         00
    0433276888                           05           10/01/01          0
    1                                    O            09/01/16
    0

    5388039          624/G02             F          171,000.00         ZZ
                                         180        169,318.83          1
                                       6.625          1,501.37         57
                                       6.375          1,501.37
    SAN DIEGO        CA   92126          2            08/23/01         00
    0433159860                           05           10/01/01          0
1

    37019910243F                         O            09/01/16
    0

    5393485          K56/G02             F          177,900.00         ZZ
                                         180        175,610.86          1
                                       6.875          1,586.61         79
                                       6.625          1,586.61
    REDMOND          OR   97756          1            07/14/01         00
    0433116613                           03           09/01/01          0
    5002430                              O            08/01/16
    0

    5393966          E46/G02             F          257,000.00         ZZ
                                         180        253,693.03          1
                                       6.875          2,292.07         74
                                       6.625          2,292.07
    MIAMI            FL   33186          2            07/31/01         00
    0433403326                           05           09/01/01          0
    503823                               O            08/01/16
    0

    5395661          E22/G02             F          163,200.00         ZZ
                                         180        161,662.95          1
                                       7.125          1,478.32         80
                                       6.875          1,478.32
    FRISCO           TX   75035          5            08/16/01         00
    0412934036                           03           10/01/01          0
    0412934036                           O            09/01/16
    0

    5399591          H93/G02             F           55,250.00         ZZ
                                         180         54,767.80          1
                                       8.000            528.00         65
                                       7.750            528.00
    DENVER           CO   80231          5            08/27/01         00
    0433169133                           01           10/01/01          0
    MSS1084                              N            09/01/16
    0

    5399783          U05/G02             F          176,000.00         ZZ
                                         180        174,463.95          1
                                       8.000          1,681.95         80
                                       7.750          1,681.95
    WHITESBORO       TX   75273          5            08/30/01         00
    0433209202                           05           10/01/01          0
    3162784                              O            09/01/16
    0

1

    5402869          700/G02             F          152,436.00         ZZ
                                         180        150,937.33          1
                                       6.625          1,338.38         74
                                       6.375          1,338.38
    EL MONTE         CA   91733          5            08/27/01         00
    0433242971                           05           10/01/01          0
    00260821                             O            09/01/16
    0

    5403274          356/G02             F          187,000.00         ZZ
                                         180        185,803.75          1
                                       6.875          1,667.77         29
                                       6.625          1,667.77
    SALINAS          CA   93908          5            09/07/01         00
    0433267721                           05           11/01/01          0
    2893667                              O            10/01/16
    0

    5405245          E84/G02             F          300,000.00         ZZ
                                         180        296,220.55          1
                                       7.125          2,717.49         75
                                       6.875          2,717.49
    BETTENDORF       IA   52722          5            07/17/01         00
    0433102191                           05           09/01/01          0
    12601142                             O            08/01/16
    0

    5405588          U62/G02             F          140,800.00         ZZ
                                         180        139,459.56          1
                                       7.000          1,265.55         80
                                       6.750          1,265.55
    CEDAR HILL       TX   75104          5            08/27/01         00
    0433191327                           05           10/01/01          0
    2001279077                           O            09/01/16
    0

    5407409          E22/G02             F           84,600.00         ZZ
                                         180         83,224.94          1
                                       7.500            784.25         29
                                       7.250            784.25
    DALLAS           TX   75214          5            08/08/01         00
    0412866626                           05           10/01/01          0
    0412866626                           O            09/01/16
    0

    5407419          E22/G02             F          148,500.00         ZZ
                                         180        147,070.99          1
                                       6.875          1,324.40         70
                                       6.625          1,324.40
1

    AUSTIN           TX   78729          5            08/17/01         00
    0412881625                           03           10/01/01          0
    0412881625                           O            09/01/16
    0

    5407432          E22/G02             F          307,000.00         T
                                         180        304,139.70          1
                                       7.250          2,802.49         58
                                       7.000          2,802.49
    SAN CLEMENTE     CA   92673          5            08/15/01         00
    0412894727                           05           10/01/01          0
    0412894727                           O            09/01/16
    0

    5407465          E22/G02             F           56,000.00         ZZ
                                         180         55,483.87          1
                                       7.375            515.16         80
                                       7.125            515.16
    CONVERSE         TX   78109          5            08/17/01         00
    0412919052                           05           10/01/01          0
    0412919052                           O            09/01/16
    0

    5407597          E82/G02             F           99,100.00         ZZ
                                         180         98,196.49          1
                                       7.500            918.67         80
                                       7.250            918.67
    DALLAS           TX   75248          2            08/14/01         00
    0400451712                           05           10/01/01          0
    0400451712                           N            09/01/16
    0

    5407602          E82/G02             F          186,500.00         ZZ
                                         180        184,668.60          1
                                       6.875          1,663.31         54
                                       6.625          1,663.31
    BOZEMAN          MT   59716          2            08/17/01         00
    0400470704                           05           10/01/01          0
    1638092                              O            09/01/16
    0

    5408119          U05/G02             F           40,000.00         ZZ
                                         180         39,395.39          1
                                       7.750            376.51         80
                                       7.500            376.51
    DALLAS           TX   75243          5            08/28/01         00
    0433189396                           01           10/01/01          0
    3156197                              O            09/01/16
    0
1

    5410695          168/168             F           26,100.00         ZZ
                                         180         25,874.71          1
                                       8.125            251.31         90
                                       7.875            251.31
    ROCHESTER        NY   14609          1            08/03/01         10
    0029501197                           05           10/01/01         25
    0029501197                           N            09/01/16
    0

    5411095          S27/G02             F          539,000.00         ZZ
                                         180        535,769.63          1
                                       7.625          5,034.97         79
                                       7.375          5,034.97
    FORT LEE         NJ   07024          2            09/07/01         00
    0433247582                           05           11/01/01          0
    1130003762                           O            10/01/16
    0

    5411510          196/G02             F          310,000.00         ZZ
                                         180        306,095.58          1
                                       7.125          2,808.08         74
                                       6.875          2,808.08
    GUNNISON         CO   81230          2            07/13/01         00
    0433110384                           05           09/01/01          0
    1427861                              O            08/01/16
    0

    5411511          196/G02             F          500,000.00         ZZ
                                         180        493,066.17          1
                                       6.500          4,355.54         79
                                       6.250          4,355.54
    AUSTIN           TX   78746          2            07/30/01         00
    0433110335                           05           09/01/01          0
    1432976                              O            08/01/16
    0

    5411515          196/G02             F          450,000.00         ZZ
                                         180        445,622.92          1
                                       6.750          3,982.10         47
                                       6.500          3,982.10
    LEANDER          TX   78641          1            08/03/01         00
    0433114907                           05           10/01/01          0
    1435804                              O            09/01/16
    0

    5411516          196/G02             F          182,000.00         ZZ
                                         180        179,582.10          1
1

                                       6.500          1,585.42         60
                                       6.250          1,585.42
    GEORGETOWN       TX   78628          2            07/30/01         00
    0433114873                           05           09/01/01          0
    1435887                              O            08/01/16
    0

    5413413          405/405             F          498,750.00         ZZ
                                         180        492,468.29          1
                                       7.125          4,517.84         75
                                       6.625          4,517.84
    LOS ANGELES      CA   90067          5            07/27/01         00
    0017594573                           01           09/01/01          0
    0017594573                           O            08/01/16
    0

    5413436          405/405             F          350,000.00         ZZ
                                         180        341,660.43          1
                                       6.625          3,072.98         77
                                       6.375          3,072.98
    LOS ANGELES      CA   91326          5            07/26/01         00
    0017597964                           05           09/01/01          0
    0017597964                           O            08/01/16
    0

    5414534          A06/G02             F          130,000.00         ZZ
                                         180        128,748.98          1
                                       6.875          1,159.42         80
                                       6.625          1,159.42
    WEST BLOOMFIELD  MI   48323          2            08/14/01         00
    0433165370                           01           10/01/01          0
    1                                    O            09/01/16
    0

    5415420          E22/G02             F          275,000.00         ZZ
                                         180        272,437.85          1
                                       7.250          2,510.37         74
                                       7.000          2,510.37
    ROCHESTER HILLS  MI   48306          1            08/23/01         00
    0412874455                           05           10/01/01          0
    0412874455                           O            09/01/16
    0

    5415452          E22/G02             F           82,000.00         ZZ
                                         180         80,780.34          1
                                       7.250            748.55         57
                                       7.000            748.55
    TWAIN HARTE      CA   95383          2            08/16/01         00
    0412922155                           05           10/01/01          0
1

    0412922155                           N            09/01/16
    0

    5415453          E22/G02             F          100,500.00         ZZ
                                         180         99,543.88          1
                                       7.250            917.43         56
                                       7.000            917.43
    TWAIN HARTE      CA   95383          2            08/16/01         00
    0412922213                           05           10/01/01          0
    0412922213                           N            09/01/16
    0

    5415471          E22/G02             F          166,000.00         ZZ
                                         180        164,453.40          1
                                       7.250          1,515.35         74
                                       7.000          1,515.35
    SANTA ANA        CA   92707          5            08/16/01         00
    0412950255                           05           10/01/01          0
    0412950255                           O            09/01/16
    0

    5415900          J40/G02             F           79,000.00         ZZ
                                         180         78,239.79          1
                                       6.875            704.56         70
                                       6.625            704.56
    TALKING ROCK     GA   30175          2            08/31/01         00
    0433259595                           05           10/01/01          0
    7722681                              N            09/01/16
    0

    5419747          Q14/G02             F           99,000.00         ZZ
                                         180         98,097.41          1
                                       7.500            917.74         83
                                       7.250            917.74
    PALO             IA   52324          5            08/28/01         14
    0433210408                           05           10/01/01          6
    0105180                              O            09/01/16
    0

    5422466          T68/G02             F          111,149.00         ZZ
                                         180        110,178.94          1
                                       8.000          1,062.20         80
                                       7.750          1,062.20
    SPRING           TX   77373          1            08/30/01         00
    0433231867                           05           10/01/01          0
    61675892S                            O            09/01/16
    0

1

    5423194          A52/G02             F          460,000.00         ZZ
                                         180        456,960.95          1
                                       6.500          4,007.09         66
                                       6.250          4,007.09
    ATLANTA          GA   30342          2            09/06/01         00
    0433189917                           05           11/01/01          0
    15524                                O            10/01/16
    0

    5424008          601/G02             F          332,000.00         T
                                         180        329,853.18          1
                                       6.750          2,937.90         77
                                       6.500          2,937.90
    ARROYO SECO      NM   87514          2            09/11/01         00
    0433247939                           05           11/01/01          0
    60811205                             O            10/01/16
    0

    5424238          601/G02             F          132,000.00         ZZ
                                         180        131,182.58          1
                                       7.250          1,204.98         65
                                       7.000          1,204.98
    MINNEAPOLIS      MN   55412          5            09/26/01         00
    0433271657                           05           11/01/01          0
    60802881                             N            10/01/16
    0

    5424303          N74/G02             F           62,800.00         ZZ
                                         120         62,056.60          1
                                       7.250            737.28         77
                                       7.000            737.28
    WOODVILLE        TX   75979          5            08/29/01         00
    0433223773                           05           11/01/01          0
    0029271010                           O            10/01/11
    0

    5427991          E22/G02             F           97,000.00         ZZ
                                         120         95,343.03          1
                                       7.375          1,145.09         53
                                       7.125          1,145.09
    BIG PINE KEY     FL   33043          5            08/20/01         00
    0412841256                           05           10/01/01          0
    0412841256                           O            09/01/11
    0

    5428041          E22/G02             F           99,200.00         ZZ
                                         180         98,239.82          1
                                       7.375            912.56         80
                                       7.125            912.56
1

    LITTLEFIELD TOW  MI   49764          5            08/20/01         00
    0412916330                           05           10/01/01          0
    0412916330                           O            09/01/16
    0

    5428194          E82/G02             F          166,500.00         ZZ
                                         180        164,897.75          1
                                       6.875          1,484.94         68
                                       6.625          1,484.94
    FAYETTEVILLE     GA   30214          2            08/22/01         00
    0400469433                           05           10/01/01          0
    3707611                              O            09/01/16
    0

    5432688          U62/G02             F          364,000.00         ZZ
                                         180        360,421.36          1
                                       6.625          3,195.90         80
                                       6.375          3,195.90
    CARMICHAEL       CA   95608          5            08/25/01         00
    0433183035                           05           10/01/01          0
    2001293883                           O            09/01/16
    0

    5432964          L49/G02             F          625,000.00         ZZ
                                         180        616,957.77          1
                                       6.875          5,574.09         79
                                       6.625          5,574.09
    FULLERTON        CA   92835          1            07/18/01         00
    0433115615                           03           09/01/01          0
    10007374                             O            08/01/16
    0

    5435676          N47/G02             F          372,000.00         ZZ
                                         180        369,542.32          1
                                       6.500          3,240.52         79
                                       6.250          3,240.52
    PACIFIC GROVE    CA   93950          2            09/19/01         00
    0433256104                           05           11/01/01          0
    20211316                             O            10/01/16
    0

    5436403          830/G02             F           34,000.00         ZZ
                                         120         33,415.26          1
                                       7.250            399.16         43
                                       7.000            399.16
    OAKWOOD          GA   30566          1            08/15/01         00
    0433162286                           05           10/01/01          0
    JOHNSON545890                        N            09/01/11
    0
1

    5439037          E22/G02             F          118,750.00         ZZ
                                         180        117,690.69          1
                                       7.750          1,117.76         95
                                       7.500          1,117.76
    MORENO VALLEY    CA   92551          2            06/20/01         04
    0412691438                           05           10/01/01         25
    0412691438                           O            09/01/16
    0

    5439073          E22/G02             F           60,800.00         ZZ
                                         180         60,257.62          1
                                       7.750            572.30         80
                                       7.500            572.30
    HOUSTON          TX   77053          5            08/20/01         00
    0412873168                           03           10/01/01          0
    0412873168                           O            09/01/16
    0

    5439160          E22/G02             F          110,200.00         ZZ
                                         180        109,238.23          1
                                       8.000          1,053.13         95
                                       7.750          1,053.13
    PADUCAH          KY   42003          5            08/17/01         11
    0412941049                           05           10/01/01         30
    0412941049                           O            09/01/16
    0

    5439162          E22/G02             F          120,000.00         ZZ
                                         180        118,820.24          1
                                       6.625          1,053.59         80
                                       6.375          1,053.59
    BULVERDE         TX   78163          5            08/21/01         00
    0412941718                           03           10/01/01          0
    0412941718                           O            09/01/16
    0

    5439256          E82/G02             F          284,000.00         ZZ
                                         180        281,382.50          1
                                       7.375          2,612.58         80
                                       7.125          2,612.58
    NORTH SMITHFIEL  RI   02896          2            08/24/01         00
    0400460861                           05           10/01/01          0
    4311259                              O            09/01/16
    0

    5439258          E82/G02             F          124,000.00         ZZ
                                         180        122,265.41          1
1

                                       6.625          1,088.71         56
                                       6.375          1,088.71
    SAN JOSE         CA   95132          2            08/21/01         00
    0400474813                           05           10/01/01          0
    1734767                              O            09/01/16
    0

    5439268          E82/G02             F          285,000.00         ZZ
                                         180        282,401.61          1
                                       7.500          2,641.99         95
                                       7.250          2,641.99
    AUBURN           KS   66402          5            08/24/01         04
    0400458675                           05           10/01/01         25
    0400458675                           O            09/01/16
    0

    5439272          E82/G02             F          204,800.00         ZZ
                                         180        196,761.73          1
                                       7.125          1,855.14         73
                                       6.875          1,855.14
    CARROLLTON       TX   75007          2            08/24/01         00
    0400459129                           03           10/01/01          0
    0400459129                           O            09/01/16
    0

    5439600          A21/G02             F          532,000.00         ZZ
                                         180        528,596.78          1
                                       6.875          4,744.67         70
                                       6.625          4,744.67
    ORANGEBURG       NY   10962          5            09/05/01         00
    0433227279                           05           11/01/01          0
    0100121421                           O            10/01/16
    0

    5442976          S11/G02             F          372,000.00         ZZ
                                         180        368,458.50          1
                                       7.000          3,343.64         80
                                       6.750          3,343.64
    MISSION VIEJO    CA   92691          5            08/17/01         00
    0433215639                           05           10/01/01          0
    10204016                             O            09/01/16
    0

    5444208          U28/G02             F          400,000.00         ZZ
                                         120        393,026.45          1
                                       7.000          4,644.34         76
                                       6.750          4,644.34
    ATLANTA          GA   30342          1            08/20/01         00
    0433220670                           03           10/01/01          0
1

    1                                    N            09/01/11
    0

    5447042          E76/G02             F          137,600.00         ZZ
                                         180        136,317.99          1
                                       7.250          1,256.10         80
                                       7.000          1,256.10
    TEXARKANA        AK   71854          5            08/17/01         00
    0433149895                           05           10/01/01          0
    10007514                             O            09/01/16
    0

    5447207          N74/G02             F           85,000.00         ZZ
                                         180         84,438.44          1
                                       6.500            740.44         50
                                       6.250            740.44
    WILKESBORO       NC   28697          5            08/31/01         00
    0433288958                           05           11/01/01          0
    0029283010                           O            10/01/16
    0

    5450533          E22/G02             F          119,500.00         ZZ
                                         180        118,362.33          1
                                       7.000          1,074.10         63
                                       6.750          1,074.10
    GLENDALE HEIGHT  IL   60139          5            08/23/01         00
    0412901365                           05           10/01/01          0
    0412901365                           O            09/01/16
    0

    5450591          E22/G02             F           65,850.00         ZZ
                                         180         65,243.08          1
                                       7.375            605.77         73
                                       7.125            605.77
    MUSKOGEE         OK   74401          2            08/22/01         00
    0412943185                           05           10/01/01          0
    0412943185                           O            09/01/16
    0

    5452102          208/G02             F          395,000.00         T
                                         180        391,198.90          1
                                       6.875          3,522.82         36
                                       6.625          3,522.82
    TESUQUE          NM   87504          5            09/04/01         00
    0433251717                           03           10/01/01          0
    561848079                            O            09/01/16
    0

1

    5453704          163/G02             F          411,000.00         ZZ
                                         180        408,454.85          1
                                       7.250          3,751.87         73
                                       7.000          3,751.87
    MASSAPEQUA       NY   11758          5            09/12/01         00
    0433227998                           05           11/01/01          0
    1000330666                           O            10/01/16
    0

    5454749          H76/G02             F          116,000.00         ZZ
                                         180        114,883.69          2
                                       6.875          1,034.56         80
                                       6.625          1,034.56
    FORT LAUDERDALE  FL   33315          5            08/31/01         00
    0433234002                           05           10/01/01          0
    2001397650                           O            09/01/16
    0

    5455344          601/G02             F          321,000.00         ZZ
                                         180        318,946.54          1
                                       6.875          2,862.86         57
                                       6.625          2,862.86
    WAYNE            NJ   07470          2            09/21/01         00
    0433268463                           05           11/01/01          0
    60825353                             O            10/01/16
    0

    5459426          E22/G02             F           88,000.00         ZZ
                                         180         87,231.99          1
                                       8.000            840.97         88
                                       7.750            840.97
    FULTONDALE       AL   35068          5            08/24/01         01
    0412909525                           05           10/01/01         25
    0412909525                           O            09/01/16
    0

    5459439          E22/G02             F          356,750.00         ZZ
                                         180        353,353.68          1
                                       7.000          3,206.57         69
                                       6.750          3,206.57
    AUSTIN           TX   78730          2            08/24/01         00
    0412919821                           03           10/01/01          0
    0412919821                           O            09/01/16
    0

    5459460          E22/G02             F          138,900.00         ZZ
                                         180        137,563.34          1
                                       6.875          1,238.79         65
                                       6.625          1,238.79
1

    BATTLE CREEK     MI   49015          2            08/24/01         00
    0412934184                           05           10/01/01          0
    0412934184                           O            09/01/16
    0

    5459503          E22/G02             F           64,000.00         ZZ
                                         180         63,253.43          1
                                       6.875            570.79         48
                                       6.625            570.79
    GRAPEVINE        TX   76051          5            08/24/01         00
    0412959082                           05           10/01/01          0
    0412959082                           O            09/01/16
    0

    5461169          E82/G02             F          157,100.00         ZZ
                                         180        154,494.45          1
                                       7.000          1,412.06         77
                                       6.750          1,412.06
    SAN CLEMENTE     CA   92673          2            08/30/01         00
    0400469250                           09           10/01/01          0
    0400469250                           O            09/01/16
    0

    5461884          623/G02             F          121,000.00         ZZ
                                         180        118,593.60          1
                                       6.875          1,079.15         63
                                       6.625          1,079.15
    OCEANSIDE        CA   92057          2            05/16/01         00
    0433143328                           05           07/01/01          0
    1972259                              O            06/01/16
    0

    5461888          623/G02             F          308,000.00         ZZ
                                         180        303,440.65          4
                                       7.875          2,921.23         80
                                       7.625          2,921.23
    OXNARD           CA   93030          1            05/30/01         00
    0433141470                           05           08/01/01          0
    1976435                              O            07/01/16
    0

    5461894          623/G02             F          227,500.00         ZZ
                                         180        225,263.35          1
                                       6.625          1,997.44         69
                                       6.375          1,997.44
    CAPITOLA         CA   95010          5            08/08/01         00
    0433143385                           01           10/01/01          0
    1978097                              O            09/01/16
    0
1

    5461926          623/G02             F          545,625.00         ZZ
                                         180        538,678.80          1
                                       7.000          4,904.24         75
                                       6.750          4,904.24
    LOS ANGELES      CA   90046          1            07/12/01         00
    0433143468                           05           09/01/01          0
    1984828                              O            08/01/16
    0

    5461935          623/G02             F          172,000.00         ZZ
                                         180        169,786.77          1
                                       6.875          1,533.99         80
                                       6.625          1,533.99
    CHULA VISTA      CA   91911          5            07/24/01         00
    0433141298                           05           09/01/01          0
    1985646                              O            08/01/16
    0

    5461938          623/G02             F          388,000.00         ZZ
                                         180        382,831.40          1
                                       6.875          3,460.39         60
                                       6.625          3,460.39
    SAN FRANCISCO    CA   94121          2            07/20/01         00
    0433140951                           05           09/01/01          0
    1985760                              O            08/01/16
    0

    5461986          623/G02             F           68,000.00         ZZ
                                         180         67,046.82          1
                                       8.500            669.62         29
                                       8.250            669.62
    MANCHESTER       NH   03104          1            06/20/01         00
    0433141447                           05           08/01/01          0
    5296440                              O            07/01/16
    0

    5461987          623/G02             F          260,650.00         ZZ
                                         180        257,331.74          1
                                       7.000          2,342.80         75
                                       6.750          2,342.80
    MONTGOMERY       TX   77356          2            07/19/01         00
    0433140902                           03           09/01/01          0
    5296808                              O            08/01/16
    0

    5461991          623/G02             F          105,000.00         T
                                         180        103,128.68          1
1

                                       7.875            995.87         54
                                       7.625            995.87
    LAKE PLACID      NY   12946          5            05/03/01         00
    0433140910                           05           07/01/01          0
    5325965                              O            06/01/16
    0

    5461994          623/G02             F           49,500.00         ZZ
                                         180         48,186.20          1
                                       6.875            441.47         35
                                       6.625            441.47
    NEW WINDSOR      NY   12553          2            06/12/01         00
    0433141314                           05           08/01/01          0
    5333878                              O            07/01/16
    0

    5462000          623/G02             F          400,000.00         ZZ
                                         180        391,866.32          1
                                       7.500          3,708.05         80
                                       7.250          3,708.05
    LINCOLNSHIRE     IL   60069          2            05/16/01         00
    0433141330                           05           07/01/01          0
    5342633                              O            06/01/16
    0

    5462012          623/G02             F          265,000.00         ZZ
                                         180        260,830.56          2
                                       7.375          2,437.80         68
                                       7.125          2,437.80
    WOODSIDE         NY   11377          5            06/12/01         00
    0433141504                           05           08/01/01          0
    5358461                              O            07/01/16
    0

    5462013          623/G02             F          110,400.00         ZZ
                                         180        109,053.77          1
                                       7.500          1,023.42         80
                                       7.250          1,023.42
    CLEVELAND        TN   37312          2            07/09/01         00
    0433140878                           05           09/01/01          0
    5359515                              O            08/01/16
    0

    5462031          623/G02             F          276,000.00         ZZ
                                         180        273,428.52          1
                                       7.250          2,519.50         79
                                       7.000          2,519.50
    BLOOMFIELD HILL  MI   48302          2            07/13/01         00
    0433143179                           05           09/01/01          0
1

    5363279                              O            08/01/16
    0

    5462061          623/G02             F          152,900.00         ZZ
                                         180        150,851.73          1
                                       7.000          1,374.31         90
                                       6.750          1,374.31
    HYANNIS          MA   02601          1            07/23/01         04
    0433143203                           05           09/01/01         25
    5367195                              O            08/01/16
    0

    5462087          623/G02             F          225,000.00         ZZ
                                         180        222,880.92          1
                                       7.125          2,038.12         80
                                       6.875          2,038.12
    STERLING HTS     MI   48314          5            08/06/01         00
    0433143195                           05           10/01/01          0
    5370106                              O            09/01/16
    0

    5462289          E82/G02             F           80,000.00         T
                                         180         58,344.32          1
                                       7.375            735.94         54
                                       7.125            735.94
    ORLANDO          FL   32819          2            08/24/01         00
    0400458378                           03           10/01/01          0
    0400458378                           O            09/01/16
    0

    5463307          168/168             F           67,000.00         ZZ
                                         180         66,402.33          1
                                       7.750            630.65         54
                                       7.500            630.65
    WYANDANCH        NY   11798          5            08/15/01         00
    0059624221                           05           10/01/01          0
    0059624221                           N            09/01/16
    0

    5463769          477/G02             F          256,000.00         ZZ
                                         180        253,716.30          1
                                       7.750          2,409.67         63
                                       7.500          2,409.67
    LODI             CA   95240          5            08/29/01         00
    0433198694                           05           10/01/01          0
    123259                               N            09/01/16
    0

1

    5465724          U05/G02             F           84,000.00         ZZ
                                         180         83,485.44          1
                                       7.375            772.74         80
                                       7.125            772.74
    ALLEN            TX   75002          5            09/17/01         00
    0433228699                           05           11/01/01          0
    3161628                              O            10/01/16
    0

    5466898          K88/G02             F          275,000.00         ZZ
                                         120        270,302.39          1
                                       7.375          3,246.39         58
                                       7.125          3,246.39
    MIDDLETOWN       NJ   07716          5            08/07/01         00
    0433238722                           05           10/01/01          0
    16011                                O            09/01/11
    0

    5468482          L60/F27             F           85,000.00         ZZ
                                         180         83,657.79          1
                                       7.125            769.96         62
                                       6.875            769.96
    HICKORY          NC   28601          2            06/18/01         00
    6610695955                           05           08/01/01          0
    6610695955                           O            07/01/16
    0

    5468484          L60/F27             F           97,200.00         ZZ
                                         180         96,040.15          1
                                       7.750            914.92         77
                                       7.500            914.92
    INMAN            SC   29349          2            06/26/01         00
    6610749389                           05           09/01/01          0
    6610749389                           O            08/01/16
    0

    5468485          L60/F27             F          108,000.00         ZZ
                                         120        104,175.98          1
                                       6.875          1,247.02         72
                                       6.625          1,247.02
    WINSTON SALEM    NC   27103          5            05/14/01         00
    6610669156                           05           07/01/01          0
    6610669156                           O            06/01/11
    0

    5468494          L60/F27             F          152,000.00         ZZ
                                         180        150,106.06          1
                                       7.250          1,387.55         75
                                       7.000          1,387.55
1

    LEXINGTON        SC   29072          1            07/17/01         00
    6610802018                           05           09/01/01          0
    6610802018                           O            08/01/16
    0

    5468496          L60/F27             F          163,875.00         ZZ
                                         180        161,342.20          1
                                       7.375          1,507.52         75
                                       7.125          1,507.52
    MONROE           NC   28110          5            05/29/01         00
    6960174486                           05           08/01/01          0
    6960174486                           O            07/01/16
    0

    5468498          L60/F27             F          172,500.00         ZZ
                                         180        169,746.92          1
                                       7.000          1,550.48         75
                                       6.750          1,550.48
    MOCKSVILLE       NC   27028          5            06/25/01         00
    6610709387                           05           08/01/01          0
    6610709387                           O            07/01/16
    0

    5468503          L60/F27             F          225,000.00         ZZ
                                         180        221,409.04          1
                                       7.000          2,022.36         67
                                       6.750          2,022.36
    ELLENBORO        NC   28040          5            06/18/01         00
    6610663484                           05           08/01/01          0
    6610663484                           O            07/01/16
    0

    5468504          L60/F27             F          225,000.00         ZZ
                                         180        221,447.15          1
                                       7.125          2,038.12         75
                                       6.875          2,038.12
    GREENWOOD        SC   29649          5            05/31/01         00
    6990372940                           03           08/01/01          0
    6990372940                           O            07/01/16
    0

    5468512          L60/F27             F          300,000.00         ZZ
                                         180        295,160.82          1
                                       6.875          2,675.56         75
                                       6.625          2,675.56
    TERRELL          NC   28682          5            05/30/01         00
    6610684848                           05           08/01/01          0
    6610684848                           O            07/01/16
    0
1

    5468521          L60/F27             F          308,000.00         ZZ
                                         180        303,010.85          1
                                       7.375          2,833.36         80
                                       7.125          2,833.36
    KEY WEST         FL   33040          5            06/21/01         00
    6960185321                           05           08/01/01          0
    6960185321                           O            07/01/16
    0

    5468540          L60/F27             F          333,000.00         ZZ
                                         180        326,671.33          1
                                       7.125          3,016.42         74
                                       6.875          3,016.42
    ANGIER           NC   27501          2            05/25/01         00
    6610683280                           05           07/01/01          0
    6610683280                           O            06/01/16
    0

    5468541          L60/F27             F          333,600.00         ZZ
                                         180        328,160.81          1
                                       6.750          2,952.06         63
                                       6.500          2,952.06
    RALEIGH          NC   27605          2            06/11/01         00
    6990378213                           05           08/01/01          0
    6990378213                           O            07/01/16
    0

    5468550          L60/F27             F          350,000.00         ZZ
                                         180        344,414.05          1
                                       7.000          3,145.90         37
                                       6.750          3,145.90
    RALEIGH          NC   27609          2            06/21/01         00
    6610748099                           05           08/01/01          0
    6610748099                           O            07/01/16
    0

    5468569          L60/F27             F          400,000.00         ZZ
                                         180        393,683.84          1
                                       7.125          3,623.32         73
                                       6.875          3,623.32
    RALEIGH          NC   27613          5            05/30/01         00
    6610724173                           05           08/01/01          0
    6610724173                           O            07/01/16
    0

    5468582          L60/F27             F          435,000.00         ZZ
                                         180        427,983.16          1
1

                                       6.875          3,879.57         63
                                       6.625          3,879.57
    ASHEVILLE        NC   28803          2            06/29/01         00
    6610732370                           05           08/01/01          0
    6610732370                           O            07/01/16
    0

    5468588          L60/F27             F          447,000.00         ZZ
                                         180        441,186.49          1
                                       6.750          3,955.55         75
                                       6.500          3,955.55
    GREENSBORO       GA   30642          2            07/16/01         00
    6610760048                           05           09/01/01          0
    6610760048                           O            08/01/16
    0

    5468631          L60/F27             F          823,900.00         ZZ
                                         180        808,571.98          1
                                       7.375          7,579.25         70
                                       7.125          7,579.25
    DURHAM           NC   27707          5            05/18/01         00
    6990337827                           05           07/01/01          0
    6990337827                           O            06/01/16
    0

    5468633          L60/F27             F          900,000.00         ZZ
                                         180        885,636.15          1
                                       7.000          8,089.45         60
                                       6.750          8,089.45
    FERNANDINA BEAC  FL   32034          2            06/25/01         00
    6610611018                           05           08/01/01          0
    6610611018                           O            07/01/16
    0

    5470197          356/G02             F          412,000.00         ZZ
                                         180        410,685.98          1
                                       6.875          3,674.44         78
                                       6.625          3,674.44
    SAN JOSE         CA   95119          5            09/26/01         00
    0433317930                           05           12/01/01          0
    2890283                              O            11/01/16
    0

    5471210          G34/G02             F           72,350.00         ZZ
                                         180         71,916.39          1
                                       7.625            675.84         75
                                       7.375            675.84
    DALLAS           TX   75208          5            09/07/01         00
    0433256807                           05           11/01/01          0
1

    850209784                            N            10/01/16
    0

    5471289          E22/G02             F           82,300.00         ZZ
                                         180         81,573.83          2
                                       7.875            780.57         40
                                       7.625            780.57
    HOLMES BEACH     FL   34217          2            08/30/01         00
    0412813982                           05           10/01/01          0
    0412813982                           N            09/01/16
    0

    5471389          E22/G02             F           75,000.00         ZZ
                                         180         74,308.76          1
                                       7.375            689.94         79
                                       7.125            689.94
    FRANKENLUST TOW  MI   48706          1            08/30/01         00
    0412969446                           01           10/01/01          0
    0412969446                           O            09/01/16
    0

    5472073          601/G02             F           24,300.00         ZZ
                                         180         24,157.51          1
                                       7.875            230.48         90
                                       7.625            230.48
    TULSA            OK   74107          1            09/21/01         10
    0433299385                           05           11/01/01         12
    60798097                             O            10/01/16
    0

    5475189          601/G02             F          238,000.00         ZZ
                                         180        236,493.84          1
                                       7.000          2,139.22         73
                                       6.750          2,139.22
    LUFKIN           TX   75904          2            09/10/01         00
    0433268661                           05           11/01/01          0
    60753647                             O            10/01/16
    0

    5475782          U62/G02             F          428,000.00         ZZ
                                         180        425,202.52          1
                                       6.625          3,757.81         68
                                       6.375          3,757.81
    WASHINGTON CROS  PA   18977          5            09/21/01         00
    0433252699                           05           11/01/01          0
    2001297124                           O            10/01/16
    0

1

    5477018          286/286             F           48,750.00         ZZ
                                         180         48,028.36          1
                                       7.875            462.37         65
                                       7.625            462.37
    LIGHTHOUSE POIN  FL   33064          1            06/28/01         00
    436913                               01           08/01/01          0
    436913                               O            07/01/16
    0

    5477019          286/286             F          121,000.00         ZZ
                                         180        119,508.47          1
                                       7.375          1,113.11         74
                                       7.125          1,113.11
    MESA             AZ   85213          2            07/06/01         00
    313610                               05           09/01/01          0
    313610                               O            08/01/16
    0

    5477020          286/286             F          138,500.00         ZZ
                                         180        136,698.71          1
                                       6.750          1,225.60         70
                                       6.500          1,225.60
    SAN DIEGO        CA   92114          2            07/09/01         00
    342696                               05           09/01/01          0
    342696                               O            08/01/16
    0

    5477022          286/286             F          240,000.00         ZZ
                                         180        236,330.26          1
                                       7.500          2,224.83         75
                                       7.250          2,224.83
    STOCKTON         CA   95219          2            06/13/01         00
    9857095                              05           08/01/01          0
    9857095                              O            07/01/16
    0

    5477023          286/286             F           40,000.00         ZZ
                                         180         39,414.28          1
                                       8.000            382.26         18
                                       7.750            382.26
    REDDING          CA   96001          1            06/25/01         00
    9865970                              05           08/01/01          0
    9865970                              O            07/01/16
    0

    5477024          286/286             F           75,000.00         ZZ
                                         180         73,815.72          1
                                       7.125            679.37         55
                                       6.875            679.37
1

    MONTEBELLO       CA   90640          2            06/14/01         00
    9854464                              01           08/01/01          0
    9854464                              O            07/01/16
    0

    5477025          286/286             F          263,000.00         ZZ
                                         180        257,990.82          1
                                       7.000          2,363.92         63
                                       6.750          2,363.92
    ORANGE           CA   92867          2            06/19/01         00
    9860635                              05           08/01/01          0
    9860635                              O            07/01/16
    0

    5477026          286/286             F          322,300.00         ZZ
                                         180        317,318.61          1
                                       7.375          2,964.91         80
                                       7.125          2,964.91
    MODESTO          CA   95356          1            06/18/01         00
    9744830                              05           08/01/01          0
    9744830                              O            07/01/16
    0

    5478918          964/G02             F          455,000.00         ZZ
                                         180        451,961.65          1
                                       6.375          3,932.34         68
                                       6.125          3,932.34
    TUSTIN           CA   92782          2            09/20/01         00
    0433284874                           03           11/01/01          0
    144205                               O            10/01/16
    0

    5483377          E22/G02             F          103,050.00         ZZ
                                         180        102,058.33          1
                                       6.875            919.06         28
                                       6.625            919.06
    KINGWOOD         TX   77339          5            08/27/01         00
    0412887051                           03           10/01/01          0
    0412887051                           O            09/01/16
    0

    5483388          E22/G02             F           71,000.00         ZZ
                                         180         70,305.90          1
                                       7.250            648.13         79
                                       7.000            648.13
    HOUSTON          TX   77089          1            08/30/01         00
    0412900854                           05           10/01/01          0
    0412900854                           O            09/01/16
    0
1

    5483406          E22/G02             F           80,000.00         ZZ
                                         180         79,254.64          1
                                       7.250            730.29         39
                                       7.000            730.29
    DOVER TOWNSHIP   NJ   08751          5            08/27/01         00
    0412913642                           05           10/01/01          0
    0412913642                           O            09/01/16
    0

    5483431          E22/G02             F          328,000.00         ZZ
                                         180        324,976.95          1
                                       7.375          3,017.35         80
                                       7.125          3,017.35
    SEABROOK         TX   77586          5            08/27/01         00
    0412926446                           05           10/01/01          0
    0412926446                           O            09/01/16
    0

    5483473          E22/G02             F           79,800.00         ZZ
                                         180         79,040.30          1
                                       7.000            717.26         95
                                       6.750            717.26
    SHERWOOD         AR   72120          5            08/17/01         04
    0412945024                           05           10/01/01         30
    0412945024                           O            09/01/16
    0

    5483486          E22/G02             F          100,000.00         ZZ
                                         180         99,012.63          1
                                       7.125            905.83         79
                                       6.875            905.83
    CICERO           IL   60804          5            08/28/01         00
    0412952954                           05           10/01/01          0
    0412952954                           O            09/01/16
    0

    5483506          E22/G02             F           76,000.00         ZZ
                                         180         75,285.65          1
                                       7.250            693.78         80
                                       7.000            693.78
    DENTON           TX   76205          1            08/31/01         00
    0412958233                           05           10/01/01          0
    0412958233                           N            09/01/16
    0

    5483514          E22/G02             F           64,800.00         ZZ
                                         180         64,196.25          1
1

                                       7.250            591.54         80
                                       7.000            591.54
    DENTON           TX   76201          1            08/31/01         00
    0412960544                           05           10/01/01          0
    0412960544                           N            09/01/16
    0

    5483515          E22/G02             F           62,400.00         ZZ
                                         180         61,788.06          1
                                       7.250            569.63         80
                                       7.000            569.63
    DENTON           TX   76201          1            08/31/01         00
    0412960650                           05           10/01/01          0
    0412960650                           N            09/01/16
    0

    5483528          E22/G02             F           50,000.00         ZZ
                                         180         49,483.01          1
                                       7.625            467.06         66
                                       7.375            467.06
    SPOKANE          WA   99212          5            08/21/01         00
    0412965816                           05           10/01/01          0
    0412965816                           N            09/01/16
    0

    5483596          F97/F97             F          480,000.00         ZZ
                                         180        475,623.78          1
                                       7.500          4,449.66         79
                                       7.250          4,449.66
    GLEN ELLYN       IL   60137          5            08/07/01         00
    8000092964                           05           10/01/01          0
    8000092964                           O            09/01/16
    0

    5485119          W53/G02             F          575,000.00         ZZ
                                         180        571,321.71          1
                                       6.875          5,128.16         79
                                       6.625          5,128.16
    COVINGTON        GA   30016          5            09/07/01         00
    0433255387                           05           11/01/01          0
    6100000141                           O            10/01/16
    0

    5485139          S48/S48             F          335,000.00         ZZ
                                         180        329,596.23          1
                                       6.875          2,987.71         53
                                       6.625          2,987.71
    GREAT FALLS      VA   22066          1            06/06/01         00
    0029707486                           05           08/01/01          0
1

    0029707486                           O            07/01/16
    0

    5485141          S48/S48             F          335,000.00         ZZ
                                         180        327,229.65          1
                                       6.625          2,941.28         43
                                       6.375          2,941.28
    TUSCALOOSA       AL   35406          1            04/11/01         00
    0029753746                           03           06/01/01          0
    0029753746                           O            05/01/16
    0

    5485145          S48/S48             F          675,000.00         ZZ
                                         180        668,642.72          1
                                       7.125          6,114.37         57
                                       6.875          6,114.37
    HEWLETT          NY   11598          5            07/31/01         00
    6059017621                           05           10/01/01          0
    6059017621                           O            09/01/16
    0

    5485147          S48/S48             F          393,500.00         ZZ
                                         180        387,352.55          1
                                       7.250          3,592.12         71
                                       7.000          3,592.12
    SCOTTSDALE       AZ   85259          2            06/21/01         00
    6090475309                           03           08/01/01          0
    6090475309                           O            07/01/16
    0

    5485148          S48/S48             F          350,300.00         ZZ
                                         180        347,036.27          1
                                       7.250          3,197.76         72
                                       7.000          3,197.76
    FORT LAUDERDALE  FL   33315          2            08/09/01         00
    6101148978                           05           10/01/01          0
    6101148978                           O            09/01/16
    0

    5485149          S48/S48             F          500,000.00         ZZ
                                         180        492,188.75          1
                                       7.250          4,564.32         70
                                       7.000          4,564.32
    ATLANTA          GA   30319          5            06/25/01         00
    6162382870                           05           08/01/01          0
    6162382870                           O            07/01/16
    0

1

    5485151          S48/S48             F          446,250.00         ZZ
                                         180        440,749.22          1
                                       7.375          4,105.16         75
                                       7.125          4,105.16
    DAVIE            FL   33314          1            07/09/01         00
    6301530462                           05           09/01/01          0
    6301530462                           O            08/01/16
    0

    5485154          S48/S48             F          599,000.00         ZZ
                                         180        591,536.34          1
                                       7.250          5,468.05         70
                                       7.000          5,468.05
    SANTA FE         NM   87501          5            07/30/01         00
    6388451525                           03           09/01/01          0
    6388451525                           O            08/01/16
    0

    5485156          S48/S48             F          346,000.00         ZZ
                                         180        341,500.05          1
                                       6.750          3,061.79         65
                                       6.500          3,061.79
    FAIRFAX          VA   22030          2            06/29/01         00
    6453745132                           05           09/01/01          0
    6453745132                           O            08/01/16
    0

    5485160          S48/S48             F          315,000.00         ZZ
                                         180        310,946.68          1
                                       6.875          2,809.35         75
                                       6.625          2,809.35
    POMPANO BEACH    FL   33060          1            07/31/01         00
    6958562669                           05           09/01/01          0
    6958562669                           O            08/01/16
    0

    5487155          K39/G02             F          118,400.00         ZZ
                                         180        117,352.97          1
                                       7.850          1,121.27         80
                                       7.600          1,121.27
    BRIGHAM CITY     UT   84302          5            09/07/01         00
    0433214517                           05           10/12/01          0
    722182633                            O            09/12/16
    0

    5490639          E82/G02             F          155,400.00         ZZ
                                         180        154,013.75          1
                                       7.750          1,462.74         77
                                       7.500          1,462.74
1

    MEDFORD          MA   02155          2            08/29/01         00
    0400469565                           08           10/01/01          0
    2000052                              N            09/01/16
    0

    5490645          E82/G02             F          188,400.00         ZZ
                                         180        186,663.58          1
                                       7.375          1,733.14         75
                                       7.125          1,733.14
    ROSLYN HEIGHTS   NY   11577          2            08/30/01         00
    0400446621                           05           10/01/01          0
    0400446621                           O            09/01/16
    0

    5490656          E82/G02             F           75,000.00         ZZ
                                         180         74,340.46          1
                                       7.000            674.12          6
                                       6.750            674.12
    LAS VEGAS        NV   89147          1            09/04/01         00
    0400469318                           03           11/01/01          0
    0400469318                           O            10/01/16
    0

    5490945          601/G02             F           31,500.00         ZZ
                                         180         31,296.31          1
                                       6.750            278.75         30
                                       6.500            278.75
    DOUGLASVILLE     GA   30135          2            09/21/01         00
    0433270410                           05           11/01/01          0
    60807682                             O            10/01/16
    0

    5494352          E22/G02             F          112,000.00         ZZ
                                         180        110,967.75          1
                                       7.375          1,030.31         80
                                       7.125          1,030.31
    BULLARD          TX   75757          5            08/28/01         00
    0412886962                           05           10/01/01          0
    0412886962                           O            09/01/16
    0

    5494368          E22/G02             F           58,800.00         ZZ
                                         120         56,591.27          1
                                       7.250            690.32         79
                                       7.000            690.32
    DALLAS           TX   75223          2            08/27/01         00
    0412910762                           05           10/01/01          0
    0412910762                           O            09/01/11
    0
1

    5494376          E22/G02             F          125,000.00         ZZ
                                         180        123,860.35          1
                                       7.500          1,158.77         34
                                       7.250          1,158.77
    RUMSON           NJ   07760          1            09/04/01         00
    0412919540                           05           10/01/01          0
    0412919540                           O            09/01/16
    0

    5494392          E22/G02             F           62,000.00         ZZ
                                         180         61,387.82          1
                                       7.125            561.62         56
                                       6.875            561.62
    CARROLLTON       TX   75006          5            08/29/01         00
    0412939746                           05           10/01/01          0
    0412939746                           O            09/01/16
    0

    5494415          E22/G02             F           66,000.00         ZZ
                                         180         65,385.08          1
                                       7.250            602.49         95
                                       7.000            602.49
    MEMPHIS          TN   38118          5            08/29/01         10
    0412963373                           09           10/01/01         25
    0412963373                           O            09/01/16
    0

    5494416          E22/G02             F          141,600.00         ZZ
                                         180        140,537.24          1
                                       7.375          1,302.61         80
                                       7.125          1,302.61
    LA VERNE         CA   91750          1            08/24/01         00
    0412963761                           05           11/01/01          0
    0412963761                           N            10/01/16
    0

    5494431          E22/G02             F          117,500.00         ZZ
                                         180        116,369.29          1
                                       6.875          1,047.93         47
                                       6.625          1,047.93
    FAIRFIELD        MT   59436          5            08/29/01         00
    0412975971                           05           10/01/01          0
    0412975971                           O            09/01/16
    0

    5494653          E82/G02             F          221,000.00         ZZ
                                         180        219,616.50          1
1

                                       7.125          2,001.89         62
                                       6.875          2,001.89
    YONKERS          NY   10701          2            08/31/01         00
    0400472304                           05           11/01/01          0
    0400472304                           O            10/01/16
    0

    5495128          W39/G02             F           57,600.00         ZZ
                                         180         57,250.99          1
                                       7.500            533.96         90
                                       7.250            533.96
    PEARL            MS   39208          1            09/10/01         01
    0433251352                           05           11/01/01         25
    991331                               O            10/01/16
    0

    5497999          N74/G02             F           73,700.00         ZZ
                                         120         72,845.91          1
                                       7.000            855.72         54
                                       6.750            855.72
    NACOGDOCHES      TX   75965          5            09/10/01         00
    0433261732                           05           11/01/01          0
    0029297010                           O            10/01/11
    0

    5499087          076/076             F           89,000.00         ZZ
                                         180         87,914.72          1
                                       7.500            825.04         58
                                       7.250            825.04
    WALNUT GROVE     MO   65770          2            07/23/01         00
    5309783                              05           09/01/01          0
    5309783                              O            08/01/16
    0

    5499089          076/076             F           72,075.00         ZZ
                                         180         71,186.54          1
                                       7.375            663.04         75
                                       7.125            663.04
    MANHATTAN        KS   66502          1            07/18/01         00
    5571595                              05           09/01/01          0
    5571595                              O            08/01/16
    0

    5501899          N47/G02             F          364,000.00         ZZ
                                         180        361,671.49          1
                                       6.875          3,246.35         80
                                       6.625          3,246.35
    SAN JOSE         CA   95111          5            09/13/01         00
    0433222544                           05           11/01/01          0
1

    20311290                             O            10/01/16
    0

    5502070          N47/G02             F          272,000.00         ZZ
                                         180        270,261.10          1
                                       7.125          2,463.86         73
                                       6.875          2,463.86
    BERKELEY         CA   94710          5            09/07/01         00
    0433211067                           05           11/01/01          0
    20510741                             O            10/01/16
    0

    5503553          G52/G02             F          315,000.00         ZZ
                                         180        313,006.58          1
                                       7.000          2,831.31         80
                                       6.750          2,831.31
    AHAHEIM          CA   92807          5            09/20/01         00
    0433282654                           05           11/01/01          0
    8905001715                           O            10/01/16
    0

    5505577          E84/G02             F          123,500.00         ZZ
                                         180        122,709.97          1
                                       6.875          1,101.44         67
                                       6.625          1,101.44
    THORNTON         CO   80241          5            09/26/01         00
    0433244050                           05           11/01/01          0
    32801225                             O            10/01/16
    0

    5506492          E22/G02             F           61,750.00         ZZ
                                         180         61,155.78          1
                                       6.875            550.72         95
                                       6.625            550.72
    ROGERSVILLE      AL   35652          5            08/30/01         10
    0412921462                           05           10/01/01         25
    0412921462                           O            09/01/16
    0

    5506496          E22/G02             F          120,000.00         ZZ
                                         180        118,719.69          1
                                       6.625          1,053.59         76
                                       6.375          1,053.59
    TAMARAC          FL   33321          2            08/30/01         00
    0412923302                           03           10/01/01          0
    0412923302                           O            09/01/16
    0

1

    5506532          E22/G02             F          150,400.00         ZZ
                                         180        148,968.16          1
                                       7.000          1,351.84         80
                                       6.750          1,351.84
    WOODWAY          TX   76712          5            08/29/01         00
    0412970808                           05           10/01/01          0
    0412970808                           O            09/01/16
    0

    5515158          P59/G02             F          150,000.00         ZZ
                                         180        149,040.43          1
                                       6.875          1,337.79         74
                                       6.625          1,337.79
    OXNARD           CA   93033          5            09/18/01         00
    0433279007                           05           11/01/01          0
    AT002557                             O            10/01/16
    0

    5516936          E22/G02             F           97,000.00         ZZ
                                         180         96,056.52          1
                                       6.750            858.36         78
                                       6.500            858.36
    COVENTRY         CT   06238          5            08/31/01         00
    0412802175                           05           10/01/01          0
    0412802175                           O            09/01/16
    0

    5516944          E22/G02             F          143,500.00         ZZ
                                         180        142,104.20          1
                                       6.750          1,269.85         70
                                       6.500          1,269.85
    MARCO ISLAND     FL   34145          5            08/31/01         00
    0412874547                           05           10/01/01          0
    0412874547                           O            09/01/16
    0

    5516970          E22/G02             F          176,000.00         ZZ
                                         180        174,269.68          1
                                       6.625          1,545.27         80
                                       6.375          1,545.27
    SUGAR LAND       TX   77479          5            08/31/01         00
    0412929119                           03           10/01/01          0
    0412929119                           O            09/01/16
    0

    5517016          E22/G02             F           72,800.00         ZZ
                                         180         72,086.09          1
                                       7.250            664.56         80
                                       7.000            664.56
1

    DENTON           TX   76201          1            08/31/01         00
    0412960502                           05           10/01/01          0
    0412960502                           N            09/01/16
    0

    5517021          E22/G02             F           63,000.00         ZZ
                                         180         62,393.75          1
                                       6.875            561.87         75
                                       6.625            561.87
    DETROIT          ME   04929          2            09/06/01         00
    0412862805                           05           10/01/01          0
    0412962805                           N            09/01/16
    0

    5517023          E22/G02             F           87,000.00         ZZ
                                         180         86,162.81          1
                                       6.875            775.91         73
                                       6.625            775.91
    DETROIT          ME   04929          5            09/06/01         00
    0412963977                           05           10/01/01          0
    0412963977                           N            09/01/16
    0

    5517027          E22/G02             F          123,800.00         ZZ
                                         180        122,658.96          1
                                       7.375          1,138.87         80
                                       7.125          1,138.87
    FORT WORTH       TX   76116          5            08/30/01         00
    0412965089                           05           10/01/01          0
    0412965089                           O            09/01/16
    0

    5517039          E22/G02             F           96,050.00         ZZ
                                         180         95,211.73          1
                                       8.000            917.90         85
                                       7.750            917.90
    BIRMINGHAM       AL   35235          5            08/31/01         10
    0412970998                           05           10/01/01          6
    0412970998                           O            09/01/16
    0

    5517059          E22/G02             F           80,750.00         ZZ
                                         180         79,995.44          1
                                       7.750            760.08         85
                                       7.500            760.08
    SAULT STE MARIE  MI   49783          5            08/31/01         01
    0412987224                           05           10/01/01         12
    0412987224                           O            09/01/16
    0
1

    5517619          E82/G02             F          209,150.00         ZZ
                                         180        207,797.57          1
                                       6.750          1,850.79         74
                                       6.500          1,850.79
    LOS ANGELES      CA   91335          2            09/10/01         00
    0400484465                           05           11/01/01          0
    1926613                              O            10/01/16
    0

    5518075          P34/G02             F           93,500.00         ZZ
                                         180         92,647.54          1
                                       7.500            866.76         50
                                       7.250            866.76
    ATTLEBORO        MA   02703          5            09/06/01         00
    0433217585                           05           10/11/01          0
    414608                               O            09/11/16
    0

    5519100          K89/G02             F           78,400.00         ZZ
                                         180         77,924.96          1
                                       7.500            726.78         80
                                       7.250            726.78
    HIALEAH GARDENS  FL   33018          2            09/14/01         00
    0433226826                           01           11/01/01          0
    200108076                            O            10/01/16
    0

    5519620          601/G02             F           32,510.00         ZZ
                                         180         32,317.28          1
                                       7.750            306.01         50
                                       7.500            306.01
    BATON ROUGE      LA   70812          2            09/13/01         00
    0433218146                           05           11/01/01          0
    6082834                              N            10/01/16
    0

    5520020          964/G02             F          355,000.00         ZZ
                                         180        352,729.04          1
                                       6.875          3,166.09         62
                                       6.625          3,166.09
    SCOTTSDALE       AZ   85251          5            09/21/01         00
    0433215951                           05           11/01/01          0
    144459                               O            10/01/16
    0

    5523865          E22/G02             F          485,000.00         ZZ
                                         180        480,432.21          1
1

                                       7.125          4,393.28         56
                                       6.875          4,393.28
    MIAMI            FL   33140          2            08/30/01         00
    0412938821                           05           10/01/01          0
    0412938821                           O            09/01/16
    0

    5526730          S27/G02             F          105,000.00         ZZ
                                         180        104,370.70          2
                                       7.625            980.84         75
                                       7.375            980.84
    CHICAGO          IL   60632          5            09/12/01         00
    0433234648                           05           11/01/01          0
    1130003917                           N            10/01/16
    0

    5530564          623/985             F          600,000.00         ZZ
                                         180        588,837.48          1
                                       7.375          5,519.54         92
                                       7.125          5,519.54
    GRAND RAPIDS     MI   49525          4            06/21/01         14
    5295527                              29           07/01/01         30
    5295527                              O            06/01/16
    0

    5530574          623/985             F          372,000.00         ZZ
                                         180        364,474.72          1
                                       7.250          3,395.85         77
                                       7.000          3,395.85
    CANTON           MI   48187          5            05/04/01         00
    5342277                              05           07/01/01          0
    5342277                              O            06/01/16
    0

    5530582          623/985             F          130,000.00         ZZ
                                         180        124,824.93          1
                                       7.750          1,223.66         35
                                       7.500          1,223.66
    BATAVIA          IL   60510          5            12/22/00         00
    5307242                              05           02/01/01          0
    5307242                              O            01/01/16
    0

    5530583          623/985             F          140,000.00         ZZ
                                         180        132,872.04          1
                                       7.750          1,317.79         29
                                       7.500          1,317.79
    FRANKFORT        IL   60423          5            01/11/01         00
    5308227                              05           03/01/01          0
1

    5308227                              O            02/01/16
    0

    5530586          623/985             F           70,500.00         ZZ
                                         180         68,636.73          1
                                       8.125            678.83         75
                                       7.875            678.83
    MANCELONA        MI   49659          1            02/27/01         00
    5320554                              05           04/01/01          0
    5320554                              O            03/01/16
    0

    5530587          623/985             F          308,500.00         ZZ
                                         180        302,882.23          1
                                       7.625          2,881.79         69
                                       7.375          2,881.79
    NAPERVILLE       IL   60564          2            05/03/01         00
    5322161                              03           07/01/01          0
    5322161                              O            06/01/16
    0

    5530588          623/985             F          150,000.00         ZZ
                                         180        146,373.54          1
                                       7.750          1,411.91         75
                                       7.500          1,411.91
    HOLLY            MI   48442          5            02/26/01         00
    5322947                              05           05/01/01          0
    5322947                              O            04/01/16
    0

    5530589          623/985             F           40,000.00         ZZ
                                         180         39,137.62          1
                                       7.750            376.51         65
                                       7.500            376.51
    BURTON           MI   48509          5            04/05/01         00
    5324118                              05           06/01/01          0
    5324118                              N            05/01/16
    0

    5530591          623/985             F          159,100.00         ZZ
                                         180        155,452.98          1
                                       7.000          1,430.04         74
                                       6.750          1,430.04
    PLAINWELL        MI   49080          5            04/19/01         00
    5331848                              05           06/01/01          0
    5331848                              O            05/01/16
    0

1

    5530593          623/985             F           94,500.00         ZZ
                                         180         92,833.90          1
                                       8.000            903.09         70
                                       7.750            903.09
    LANSING          MI   48911          1            05/03/01         00
    5338794                              05           07/01/01          0
    5338794                              O            06/01/16
    0

    5530595          623/985             F          194,000.00         ZZ
                                         180        190,903.78          1
                                       7.000          1,743.73         72
                                       6.750          1,743.73
    ANN ARBOR        MI   48105          2            06/06/01         00
    5343981                              05           08/01/01          0
    5343981                              O            07/01/16
    0

    5531548          U62/G02             F           68,390.00         ZZ
                                         180         67,837.45          1
                                       6.750            605.19         72
                                       6.500            605.19
    WASHINGTON       NC   27889          2            09/20/01         00
    0433231099                           05           11/01/01          0
    2001285681                           O            10/01/16
    0

    5534167          E22/G02             F          275,000.00         ZZ
                                         180        270,818.58          1
                                       6.625          2,414.48         40
                                       6.375          2,414.48
    COTO DE CAZA     CA   92679          2            08/28/01         00
    0412822207                           05           10/01/01          0
    0412822207                           O            09/01/16
    0

    5534178          E22/G02             F          283,500.00         ZZ
                                         180        281,686.44          1
                                       6.875          2,528.41         90
                                       6.625          2,528.41
    CHICKAMAUGA      GA   30707          5            09/05/01         10
    0412886251                           05           11/01/01         25
    0412886251                           O            10/01/16
    0

    5534182          E22/G02             F           76,700.00         ZZ
                                         180         76,000.72          1
                                       7.500            711.02         90
                                       7.250            711.02
1

    CORAL SPRINGS    FL   33071          2            09/04/01         01
    0412894826                           01           10/01/01         25
    0412894826                           O            09/01/16
    0

    5534202          E22/G02             F           57,000.00         ZZ
                                         180         56,485.97          1
                                       7.625            532.45         90
                                       7.375            532.45
    MOBILE           AL   36610          2            09/04/01         01
    0412927725                           05           10/01/01         25
    0412927725                           O            09/01/16
    0

    5534203          E22/G02             F          201,400.00         ZZ
                                         180        200,166.30          1
                                       7.375          1,852.73         69
                                       7.125          1,852.73
    FARMINGTON HILL  MI   48334          2            09/05/01         00
    0412928541                           05           11/01/01          0
    0412928541                           O            10/01/16
    0

    5534225          E22/G02             F           50,500.00         ZZ
                                         180         50,180.41          2
                                       7.000            453.91         41
                                       6.750            453.91
    HAMTRAMCK        MI   48212          5            09/05/01         00
    0412952004                           05           11/01/01          0
    0412952004                           O            10/01/16
    0

    5535058          E82/G02             F          142,000.00         ZZ
                                         180        140,770.21          1
                                       6.625          1,246.75         48
                                       6.375          1,246.75
    DEWEY            AZ   86327          2            09/06/01         00
    0400476966                           05           11/01/01          0
    0400476966                           O            10/01/16
    0

    5535068          E82/G02             F           77,600.00         ZZ
                                         180         76,884.80          1
                                       7.375            713.86         80
                                       7.125            713.86
    SYRACUSE         NY   13214          1            09/04/01         00
    0400471066                           05           10/01/01          0
    0400471066                           O            09/01/16
    0
1

    5536098          N74/G02             F           57,000.00         ZZ
                                         180         56,643.18          1
                                       7.125            516.32         65
                                       6.875            516.32
    EL PASO          TX   79902          5            09/21/01         00
    0433280575                           05           11/01/01          0
    0029321010                           N            10/01/16
    0

    5536229          N74/G02             F           67,000.00         ZZ
                                         180         65,576.01          1
                                       7.000            602.21         84
                                       6.750            602.21
    CONWAY           AR   72032          5            09/13/01         10
    0433248622                           05           11/01/01         12
    0029307010                           O            10/01/16
    0

    5537476          286/286             F          133,000.00         ZZ
                                         180        130,719.50          1
                                       7.125          1,204.76         70
                                       6.875          1,204.76
    FARMINGTON       MO   63640          5            07/25/01         00
    317426                               05           09/01/01          0
    317426                               O            08/01/16
    0

    5537492          286/286             F          352,500.00         ZZ
                                         180        347,902.96          1
                                       6.750          3,119.31         75
                                       6.500          3,119.31
    CARY             NC   27511          5            07/26/01         00
    387319                               03           09/01/01          0
    387319                               O            08/01/16
    0

    5537501          286/286             F          470,400.00         ZZ
                                         180        463,021.78          1
                                       7.250          4,294.11         80
                                       7.000          4,294.11
    GURNEE           IL   60031          1            07/31/01         00
    440730                               05           09/01/01          0
    440730                               O            08/01/16
    0

    5537552          286/286             F          150,000.00         ZZ
                                         180        148,007.24          1
1

                                       6.500          1,306.66         55
                                       6.250          1,306.66
    SAN PABLO        CA   94806          5            07/23/01         00
    9860961                              05           09/01/01          0
    9860961                              O            08/01/16
    0

    5537554          286/286             F          479,500.00         ZZ
                                         180        472,622.55          1
                                       6.750          4,243.14         70
                                       6.500          4,243.14
    LAGUNA BEACH     CA   92677          5            07/30/01         00
    9862064                              05           09/01/01          0
    9862064                              O            08/01/16
    0

    5537577          286/286             F          358,300.00         ZZ
                                         180        353,689.57          1
                                       6.875          3,195.51         80
                                       6.625          3,195.51
    SANDY            UT   84092          1            07/31/01         00
    9879072                              05           09/01/01          0
    9879072                              O            08/01/16
    0

    5537580          286/286             F           59,900.00         T
                                         180         59,353.89          1
                                       7.500            555.28         75
                                       7.250            555.28
    BOISE            ID   83709          1            08/07/01         00
    9936414                              05           10/01/01          0
    9936414                              O            09/01/16
    0

    5537583          286/286             F          560,000.00         ZZ
                                         180        553,022.29          1
                                       7.250          5,112.03         80
                                       7.000          5,112.03
    MOORESTOWN       NJ   08057          5            07/17/01         00
    446014                               05           09/01/01          0
    446014                               O            08/01/16
    0

    5537584          286/286             F          402,800.00         ZZ
                                         180        397,888.16          1
                                       7.500          3,734.01         74
                                       7.250          3,734.01
    WEST ISLIP       NY   11795          2            07/24/01         00
    459855                               05           09/01/01          0
1

    459855                               O            08/01/16
    0

    5537585          286/286             F          290,600.00         ZZ
                                         180        286,860.69          1
                                       6.875          2,591.73         76
                                       6.625          2,591.73
    GOLDEN           CO   80403          2            07/25/01         00
    463160                               05           09/01/01          0
    463160                               O            08/01/16
    0

    5537586          286/286             F          138,200.00         ZZ
                                         180        136,402.65          1
                                       6.750          1,222.94         70
                                       6.500          1,222.94
    WILLIAMSBURG     VA   23188          5            08/01/01         00
    9940685                              05           09/01/01          0
    9940685                              O            08/01/16
    0

    5540703          975/G02             F          144,000.00         ZZ
                                         180        143,058.79          1
                                       6.625          1,264.31         80
                                       6.375          1,264.31
    LA PUENTA AREA   CA   91744          1            09/13/01         00
    0433279668                           05           11/01/01          0
    2013785                              O            10/01/16
    0

    5543779          E22/G02             F          132,000.00         ZZ
                                         180        131,164.67          1
                                       7.000          1,186.45         61
                                       6.750          1,186.45
    AURORA           CO   80013          5            09/11/01         00
    0412981706                           05           11/01/01          0
    0412981706                           N            10/01/16
    0

    5543783          E22/G02             F          275,000.00         ZZ
                                         180        273,259.72          1
                                       7.000          2,471.78         75
                                       6.750          2,471.78
    DALLAS           TX   75248          5            09/05/01         00
    0412986416                           05           11/01/01          0
    0412986416                           O            10/01/16
    0

1

    5545808          N47/G02             F          250,000.00         ZZ
                                         180        248,383.43          1
                                       6.750          2,212.27         33
                                       6.500          2,212.27
    LOS ALTOS        CA   94024          2            09/21/01         00
    0433252483                           05           11/01/01          0
    20311273                             O            10/01/16
    0

    5549978          783/G02             F          376,800.00         ZZ
                                         180        375,571.97          1
                                       6.625          3,308.28         80
                                       6.375          3,308.28
    LAKE STEVENS     WA   98258          5            09/27/01         00
    0433297660                           05           12/01/01          0
    01083103320005                       O            11/01/16
    0

    5550603          U62/G02             F          167,000.00         ZZ
                                         180        165,392.94          1
                                       6.875          1,489.40         62
                                       6.625          1,489.40
    LUBBOCK          TX   79423          2            08/27/01         00
    0433191350                           05           10/01/01          0
    2001279070                           O            09/01/16
    0

    5551222          A52/G02             F          123,200.00         ZZ
                                         180        122,411.89          1
                                       6.875          1,098.76         80
                                       6.625          1,098.76
    LITHONIA         GA   30038          5            09/19/01         00
    0433283611                           05           11/01/01          0
    16303                                O            10/01/16
    0

    5554042          U05/G02             F          146,000.00         ZZ
                                         180        144,595.03          1
                                       6.875          1,302.11         59
                                       6.625          1,302.11
    HUMBLE           TX   77345          5            08/24/01         00
    0433189362                           05           10/01/01          0
    3153670                              O            09/01/16
    0

    5555751          E22/G02             F          135,000.00         ZZ
                                         180        134,190.90          1
                                       7.625          1,261.08         67
                                       7.375          1,261.08
1

    FLOWER MOUND     TX   75022          5            09/05/01         00
    0413005885                           03           11/01/01          0
    0413005885                           O            10/01/16
    0

    5555861          E82/G02             F           79,000.00         ZZ
                                         180         78,494.64          1
                                       6.875            704.56         24
                                       6.625            704.56
    CARRABELLE       FL   32322          2            09/08/01         00
    0400482220                           05           11/01/01          0
    0400482220                           O            10/01/16
    0

    5555863          E82/G02             F          398,200.00         ZZ
                                         180        395,760.81          1
                                       7.375          3,663.13         55
                                       7.125          3,663.13
    DAGSBORO         DE   19939          2            09/01/01         00
    0400474227                           03           11/01/01          0
    0400474227                           O            10/01/16
    0

    5557025          H22/G02             F          375,000.00         ZZ
                                         180        373,790.97          2
                                       6.750          3,318.41         73
                                       6.500          3,318.41
    BAYSIDE          NY   11361          5            10/22/01         00
    0433340726                           05           12/01/01          0
    0109003                              O            11/01/16
    0

    5558388          U05/G02             F           45,300.00         ZZ
                                         180         45,022.51          1
                                       7.375            416.73         34
                                       7.125            416.73
    MIAMI            FL   33055          2            09/17/01         00
    0433413796                           05           11/01/01          0
    3160109                              O            10/01/16
    0

    5560507          H37/G02             F           55,920.00         ZZ
                                         180         55,577.46          1
                                       7.375            514.42         80
                                       7.125            514.42
    UPPER DARBY TOW  PA   19026          1            09/26/01         00
    0433256914                           07           11/01/01          0
    0069698                              O            10/01/16
    0
1

    5564883          480/G02             F          470,625.00         ZZ
                                         180        467,678.82          1
                                       7.125          4,263.07         75
                                       6.875          4,263.07
    TYRONE           GA   30290          5            09/19/01         00
    0433329356                           05           11/01/01          0
    4180444                              O            10/01/16
    0

    5565455          K15/G02             F           26,100.00         ZZ
                                         180         25,946.96          1
                                       7.875            247.55         90
                                       7.625            247.55
    BLACKWELL        OK   74631          5            09/21/01         26
    0433235769                           05           11/01/01         12
    032305303026                         O            10/01/16
    0

    5565537          926/926             F          360,000.00         ZZ
                                         180        350,529.68          1
                                       6.750          3,185.68         79
                                       6.500          3,185.68
    HILTON HEAD ISL  SC   29928          5            03/16/01         00
    161513514                            05           05/01/01          0
    161513514                            O            04/01/16
    0

    5566159          477/G02             F          159,000.00         ZZ
                                         180        157,993.79          1
                                       7.000          1,429.14         84
                                       6.750          1,429.14
    GILBERT          AZ   85233          5            09/20/01         01
    0433320835                           03           11/01/01         12
    115762                               O            10/01/16
    0

    5566372          U62/G02             F          100,000.00         ZZ
                                         180         99,367.16          1
                                       7.000            898.83         33
                                       6.750            898.83
    HAMPTON FALLS    NH   03844          5            09/21/01         00
    0433255643                           05           11/01/01          0
    2001290910                           O            10/01/16
    0

    5566558          E86/G02             F          343,000.00         ZZ
                                         180        340,921.73          2
1

                                       7.500          3,179.65         70
                                       7.250          3,179.65
    BROOKLYN         NY   11209          1            09/06/01         00
    0433215084                           05           11/01/01          0
    1                                    O            10/01/16
    0

    5567240          U62/G02             F          371,000.00         ZZ
                                         180        368,575.06          1
                                       6.625          3,257.36         69
                                       6.375          3,257.36
    STERLING         VA   20165          2            09/21/01         00
    0433239761                           03           11/01/01          0
    2001289912                           O            10/01/16
    0

    5567755          E22/G02             F          115,000.00         ZZ
                                         180        113,951.54          1
                                       7.500          1,066.06         62
                                       7.250          1,066.06
    MUNDELEIN        IL   60060          5            08/24/01         00
    0412969289                           05           10/01/01          0
    0412969289                           O            09/01/16
    0

    5569318          B23/G02             F          249,600.00         ZZ
                                         180        248,037.47          2
                                       7.125          2,260.95         80
                                       6.875          2,260.95
    DOWNEY           CA   90240          2            09/26/01         00
    0433280302                           05           11/01/01          0
    88004744                             O            10/01/16
    0

    5569945          168/168             F          225,000.00         ZZ
                                         180        219,560.26          3
                                       7.750          2,117.87         68
                                       7.500          2,117.87
    CHICAGO          IL   60625          2            03/19/01         00
    0189727071                           05           05/01/01          0
    0189727071                           O            04/01/16
    0

    5572565          N74/G02             F           38,000.00         ZZ
                                         180         37,756.92          1
                                       6.875            338.90         47
                                       6.625            338.90
    CONWAY           AR   72032          5            09/19/01         00
    0433301314                           05           11/01/01          0
1

    0029320010                           O            10/01/16
    0

    5572831          757/G02             F          342,000.00         T
                                         180        339,812.21          1
                                       6.875          3,050.15         90
                                       6.625          3,050.15
    LAVONIA          GA   30553          1            09/26/01         14
    0433313533                           05           11/01/01         20
    1000391910                           O            10/01/16
    0

    5573145          U05/G02             F           76,000.00         ZZ
                                         180         75,534.46          1
                                       7.375            699.14         68
                                       7.125            699.14
    PORT ISABEL      TX   78578          5            09/20/01         00
    0433281441                           05           11/01/01          0
    3162455                              O            10/01/16
    0

    5574465          E22/G02             F          412,500.00         ZZ
                                         180        408,942.54          1
                                       7.250          3,765.56         75
                                       7.000          3,765.56
    SYRACUSE         UT   84075          2            08/31/01         00
    0412953002                           05           11/01/01          0
    0412953002                           O            10/01/16
    0

    5574469          E22/G02             F          107,500.00         ZZ
                                         180        106,819.70          1
                                       7.000            966.24         80
                                       6.750            966.24
    CLEBURNE         TX   76031          5            09/07/01         00
    0412960668                           05           11/01/01          0
    0412960668                           O            10/01/16
    0

    5574473          E22/G02             F          239,500.00         ZZ
                                         180        237,917.71          1
                                       6.500          2,086.30         73
                                       6.250          2,086.30
    MARINA           CA   93933          2            09/06/01         00
    0412974396                           05           11/01/01          0
    0412974396                           O            10/01/16
    0

1

    5574490          E22/G02             F           75,400.00         ZZ
                                         180         74,938.14          1
                                       7.375            693.62         76
                                       7.125            693.62
    SANGER           CA   93657          2            09/06/01         00
    0412991184                           05           11/01/01          0
    0412991184                           O            10/01/16
    0

    5578980          K15/G02             F           67,500.00         ZZ
                                         180         67,104.24          1
                                       7.875            640.20         90
                                       7.625            640.20
    BOYERS           PA   16020          5            09/25/01         26
    0433273141                           05           11/01/01         12
    027105303559                         O            10/01/16
    0

    5579534          601/G02             F          178,400.00         ZZ
                                         180        177,157.21          1
                                       7.250          1,628.55         80
                                       7.000          1,628.55
    KENYON           MN   55946          5            09/24/01         00
    0433396819                           05           11/01/01          0
    60853181                             O            10/01/16
    0

    5579702          Q59/G02             F          344,700.00         ZZ
                                         180        344,700.00          2
                                       7.000          3,098.26         80
                                       6.750          3,098.26
    WESTMINSTER      CA   90720          2            10/30/01         00
    0433393758                           05           01/01/02          0
    304071                               N            12/01/16
    0

    5581732          U66/G02             F           52,000.00         ZZ
                                         180         51,853.03          1
                                       8.250            504.47         80
                                       8.000            504.47
    HOUSTON          TX   77057          1            10/05/01         00
    0433298601                           01           12/01/01          0
    278                                  N            11/01/16
    0

    5583481          U05/G02             F          220,000.00         ZZ
                                         180        218,637.63          1
                                       7.250          2,008.30         78
                                       7.000          2,008.30
1

    SWEETHOME        OR   97386          5            09/20/01         00
    0433310752                           05           11/01/01          0
    3166941                              O            10/01/16
    0

    5586349          K39/G02             F          155,550.00         ZZ
                                         180        154,565.62          1
                                       7.000          1,398.13         85
                                       6.750          1,398.13
    SUNSET           SC   29685          2            10/01/01         10
    0433372935                           05           11/05/01          6
    248453652                            O            10/05/16
    0

    5586778          N47/G02             F          386,000.00         ZZ
                                         180        383,671.25          1
                                       6.750          3,415.75         72
                                       6.500          3,415.75
    CARMEL VALLEY    CA   93924          5            10/01/01         00
    0433256120                           05           12/01/01          0
    20111819                             O            11/01/16
    0

    5588141          E22/G02             F          206,400.00         T
                                         180        205,107.90          1
                                       7.125          1,869.64         80
                                       6.875          1,869.64
    LOWER TWP        NJ   08260          5            09/17/01         00
    0412931701                           05           11/01/01          0
    0412931701                           O            10/01/16
    0

    5588163          E22/G02             F           55,000.00         ZZ
                                         180         54,602.34          1
                                       7.375            505.96         66
                                       7.125            505.96
    COLORADO SPRING  CO   80907          5            09/12/01         00
    0412968943                           01           11/01/01          0
    0412968943                           O            10/01/16
    0

    5588167          E22/G02             F          120,699.00         ZZ
                                         180        119,918.51          1
                                       6.750          1,068.08         29
                                       6.500          1,068.08
    DALY CITY        CA   94014          2            09/04/01         00
    0412976441                           05           11/01/01          0
    0412976441                           O            10/01/16
    0
1

    5588173          E22/G02             F          138,700.00         ZZ
                                         180        137,743.51          1
                                       7.125          1,256.39         95
                                       6.875          1,256.39
    RANCHO CORDOVA   CA   95670          5            09/05/01         01
    0412981789                           05           11/01/01         30
    0412981789                           O            10/01/16
    0

    5588210          E22/G02             F          275,000.00         ZZ
                                         180        272,258.59          1
                                       6.875          2,452.60         74
                                       6.625          2,452.60
    PLANO            TX   75201          5            09/12/01         00
    0413007246                           05           10/01/01          0
    0413007246                           O            09/01/16
    0

    5588217          E22/G02             F           86,000.00         ZZ
                                         180         85,467.44          1
                                       7.250            785.06         70
                                       7.000            785.06
    LANCASTER        TX   75146          5            09/11/01         00
    0413010539                           05           11/01/01          0
    0413010539                           O            10/01/16
    0

    5588600          E82/G02             F           50,400.00         ZZ
                                         180         50,077.60          1
                                       6.875            449.49         90
                                       6.625            449.49
    CHIPPEWA FALLS   WI   54729          1            09/14/01         04
    0400484085                           05           11/01/01         12
    0400484085                           N            10/01/16
    0

    5588604          E82/G02             F           36,000.00         ZZ
                                         180         35,747.35          3
                                       8.125            346.64         90
                                       7.875            346.64
    SYRACUSE         NY   13208          1            09/18/01         04
    0400465126                           05           11/01/01         12
    0400465126                           N            10/01/16
    0

    5588606          E82/G02             F          272,000.00         ZZ
                                         180        270,333.85          3
1

                                       7.375          2,502.19         64
                                       7.125          2,502.19
    MINNEAPOLIS      MN   55408          2            09/17/01         00
    0400484267                           05           11/01/01          0
    0400484267                           N            10/01/16
    0

    5588608          E82/G02             F          200,000.00         ZZ
                                         180        198,220.59          3
                                       6.875          1,783.71         53
                                       6.625          1,783.71
    ASTORIA          NY   11106          2            09/12/01         00
    0400469540                           07           11/01/01          0
    1873354                              O            10/01/16
    0

    5588612          E82/G02             F          147,800.00         ZZ
                                         180        146,823.53          1
                                       6.500          1,287.50         78
                                       6.250          1,287.50
    MIAMI            FL   33129          2            09/12/01         00
    0400491429                           06           11/01/01          0
    1956529                              O            10/01/16
    0

    5588630          601/G02             F          136,000.00         ZZ
                                         180        135,101.49          1
                                       6.500          1,184.71         54
                                       6.250          1,184.71
    GAITHERSBURG     MD   20878          2            09/26/01         00
    0433282274                           05           11/01/01          0
    60850211                             O            10/01/16
    0

    5588768          N74/G02             F           72,000.00         ZZ
                                         180         71,539.40          1
                                       6.875            642.14         82
                                       6.625            642.14
    BROWNSVILLE      TN   38012          5            09/20/01         10
    0433248655                           05           11/01/01         12
    0029528010                           O            10/01/16
    0

    5589146          H37/G02             F          120,000.00         ZZ
                                         180        119,207.20          1
                                       6.500          1,045.33         78
                                       6.250          1,045.33
    LOWER PAXTON TO  PA   17112          5            09/24/01         00
    0433256567                           05           11/01/01          0
1

    0275549                              O            10/01/16
    0

    5589469          B28/G02             F          185,450.00         ZZ
                                         180        184,250.83          1
                                       6.750          1,641.06         52
                                       6.500          1,641.06
    ELIZABETH        CO   80107          2            09/21/01         00
    0433284494                           03           11/01/01          0
    01000579                             O            10/01/16
    0

    5591097          076/076             F          172,500.00         ZZ
                                         180        170,232.52          1
                                       6.625          1,514.54         77
                                       6.375          1,514.54
    MIAMI            FL   33175          2            07/25/01         00
    5221044                              05           09/01/01          0
    5221044                              O            08/01/16
    0

    5591098          076/076             F           84,000.00         ZZ
                                         180         82,919.12          1
                                       6.875            749.16         60
                                       6.625            749.16
    RAPID CITY       SD   57702          2            07/10/01         00
    5240475                              05           09/01/01          0
    5240475                              N            08/01/16
    0

    5591100          076/076             F           63,000.00         ZZ
                                         180         62,408.76          1
                                       7.625            588.51         72
                                       7.375            588.51
    KALAMAZOO        MI   49008          2            07/30/01         00
    5563714                              05           10/01/01          0
    5563714                              O            09/01/16
    0

    5591101          076/076             F          410,000.00         ZZ
                                         180        406,012.01          1
                                       6.750          3,628.13         32
                                       6.500          3,628.13
    BRYN MAWR        PA   19010          2            07/31/01         00
    5748555                              05           10/01/01          0
    5748555                              O            09/01/16
    0

1

    5591102          076/076             F           85,000.00         ZZ
                                         180         84,199.45          1
                                       7.125            769.96         34
                                       6.875            769.96
    DAVENPORT        IA   52806          1            08/10/01         00
    5754375                              05           10/01/01          0
    5754375                              O            09/01/16
    0

    5591103          076/076             F          480,000.00         ZZ
                                         180        475,764.65          1
                                       7.875          4,552.56         75
                                       7.625          4,552.56
    VIENNA           VA   22182          1            08/09/01         00
    5822565                              03           10/01/01          0
    5822565                              O            09/01/16
    0

    5594873          286/286             F           38,000.00         ZZ
                                         180         37,607.83          2
                                       7.500            352.27         61
                                       7.250            352.27
    OKLAHOMA CITY    OK   73106          5            08/10/01         00
    433915                               05           10/01/01          0
    433915                               O            09/01/16
    0

    5595147          286/286             F           87,150.00         ZZ
                                         180         86,346.75          1
                                       7.375            801.72         70
                                       7.125            801.72
    CARMEL           IN   46032          1            08/03/01         00
    101881                               03           10/01/01          0
    101881                               N            09/01/16
    0

    5595148          286/286             F           56,000.00         ZZ
                                         180         55,279.41          1
                                       6.875            499.44         80
                                       6.625            499.44
    BALTIMORE        MD   21224          1            07/31/01         00
    145144                               05           09/01/01          0
    145144                               N            08/01/16
    0

    5595149          286/286             F          150,000.00         ZZ
                                         180        148,210.08          1
                                       7.750          1,411.92         60
                                       7.500          1,411.92
1

    MANCHACA         TX   78652          5            07/13/01         00
    148362                               05           09/01/01          0
    148362                               N            08/01/16
    0

    5595150          286/286             F          118,000.00         T
                                         180        116,497.77          1
                                       7.000          1,060.62         70
                                       6.750          1,060.62
    SOUTH PADRE ISL  TX   78597          1            07/31/01         00
    231220                               01           09/01/01          0
    231220                               O            08/01/16
    0

    5595151          286/286             F           48,000.00         ZZ
                                         180         47,445.64          1
                                       8.125            462.19         80
                                       7.875            462.19
    GLENDALE         AZ   85301          1            07/24/01         00
    313587                               05           09/01/01          0
    313587                               N            08/01/16
    0

    5595152          286/286             F          101,500.00         ZZ
                                         180        100,594.53          1
                                       7.750            955.40         70
                                       7.500            955.40
    QUINCY           MA   02169          1            08/08/01         00
    320026                               03           10/01/01          0
    320026                               N            09/01/16
    0

    5595154          286/286             F           93,500.00         ZZ
                                         180         92,347.46          1
                                       7.375            860.13         59
                                       7.125            860.13
    HANOVER          NH   03755          5            07/26/01         00
    408551                               05           09/01/01          0
    408551                               N            08/01/16
    0

    5595155          286/286             F          162,000.00         ZZ
                                         180        160,108.55          1
                                       8.000          1,548.16         71
                                       7.750          1,548.16
    ROUND LAKE       IL   60073          2            07/20/01         00
    408736                               05           09/01/01          0
    408736                               N            08/01/16
    0
1

    5595156          286/286             F          148,000.00         ZZ
                                         180        146,475.20          1
                                       6.875          1,319.95         80
                                       6.625          1,319.95
    ADDISON          IL   60101          5            08/10/01         00
    409106                               05           10/01/01          0
    409106                               O            09/01/16
    0

    5595157          286/286             F           32,000.00         ZZ
                                         180         31,505.39          1
                                       7.375            294.38         55
                                       7.125            294.38
    PROVIDENCE       RI   02909          2            06/27/01         00
    432657                               05           08/01/01          0
    432657                               N            07/01/16
    0

    5595158          286/286             F           24,000.00         ZZ
                                         180         23,702.08          1
                                       7.750            225.91         80
                                       7.500            225.91
    WALL LAKE        IA   51466          2            07/20/01         00
    434023                               05           09/01/01          0
    434023                               N            08/01/16
    0

    5595159          286/286             F           48,750.00         ZZ
                                         180         47,443.05          1
                                       8.250            472.95         42
                                       8.000            472.95
    SHAWNEE          KS   66203          5            08/08/01         00
    434928                               05           10/01/01          0
    434928                               N            09/01/16
    0

    5595160          286/286             F           65,000.00         ZZ
                                         180         64,285.29          1
                                       7.250            593.37         74
                                       7.000            593.37
    MONSON           MA   01057          5            08/06/01         00
    461319                               05           10/01/01          0
    461319                               O            09/01/16
    0

    5595161          286/286             F           25,000.00         ZZ
                                         180         24,714.42          1
1

                                       8.250            242.54         56
                                       8.000            242.54
    KOKOMO           IN   46902          5            07/31/01         00
    462399                               05           09/01/01          0
    462399                               N            08/01/16
    0

    5595162          286/286             F          117,900.00         ZZ
                                         180        116,462.30          1
                                       7.500          1,092.95         71
                                       7.250          1,092.95
    TEMPERANCE       MI   48182          1            08/03/01         00
    496881                               05           09/01/01          0
    496881                               O            08/01/16
    0

    5595164          286/286             F          142,500.00         ZZ
                                         180        141,256.26          2
                                       8.000          1,361.80         75
                                       7.750          1,361.80
    FORT WORTH       TX   76105          5            08/07/01         00
    9859477                              05           10/01/01          0
    9859477                              N            09/01/16
    0

    5595165          286/286             F          119,250.00         ZZ
                                         180        117,665.74          1
                                       6.500          1,038.80         75
                                       6.250          1,038.80
    PORTLAND         OR   97206          2            07/11/01         00
    9867071                              05           09/01/01          0
    9867071                              N            08/01/16
    0

    5595166          286/286             F          180,000.00         ZZ
                                         180        177,757.18          1
                                       7.250          1,643.15         80
                                       7.000          1,643.15
    SAN JOSE         CA   95119          1            07/27/01         00
    9868248                              05           09/01/01          0
    9868248                              O            08/01/16
    0

    5595855          A52/G02             F          476,000.00         ZZ
                                         180        472,922.03          1
                                       6.750          4,212.17         80
                                       6.500          4,212.17
    ALPHARETTA       GA   30005          2            09/20/01         00
    0433281201                           05           11/01/01          0
1

    15528                                O            10/01/16
    0

    5597987          U62/G02             F          111,150.00         ZZ
                                         180        110,446.62          1
                                       7.000            999.04         65
                                       6.750            999.04
    COLUMBUS         NC   28722          5            09/24/01         00
    0433231065                           05           11/01/01          0
    2001289253                           O            10/01/16
    0

    5598712          624/G02             F          135,000.00         ZZ
                                         180        134,108.11          1
                                       6.500          1,175.99         40
                                       6.250          1,175.99
    SAN DIEGO        CA   92120          2            09/20/01         00
    0433234622                           05           11/01/01          0
    37019910103F                         O            10/01/16
    0

    5600372          E22/G02             F          145,350.00         ZZ
                                         180        144,449.91          1
                                       7.250          1,326.85         61
                                       7.000          1,326.85
    MANSFIELD        TX   76063          5            09/13/01         00
    0413028259                           05           11/01/01          0
    0413028259                           O            10/01/16
    0

    5600379          E22/G02             F           38,700.00         ZZ
                                         180         38,466.70          4
                                       7.875            367.05         86
                                       7.625            367.05
    NEW ORLEANS      LA   70113          1            09/18/01         04
    0413033077                           05           11/01/01         20
    0413033077                           N            10/01/16
    0

    5601008          T08/G02             F          114,500.00         ZZ
                                         180        111,862.33          1
                                       6.875          1,021.17         59
                                       6.625          1,021.17
    TEMPLE TERRACE   FL   33617          5            04/23/01         00
    0433163201                           03           06/01/01          0
    11091197                             O            05/01/16
    0

1

    5601963          601/G02             F          101,430.00         ZZ
                                         180        100,828.72          1
                                       7.750            954.74         70
                                       7.500            954.74
    ATLANTA          GA   30305          1            09/24/01         00
    0433320777                           08           11/01/01          0
    09741085                             O            10/01/16
    0

    5604536          N47/G02             F          113,200.00         ZZ
                                         180        112,452.14          1
                                       6.500            986.09         78
                                       6.250            986.09
    LA PUENTE        CA   91746          2            09/26/01         00
    0433265170                           05           11/01/01          0
    30311248                             N            10/01/16
    0

    5606214          253/253             F          200,000.00         ZZ
                                         180        199,362.12          1
                                       6.875          1,783.71         80
                                       6.625          1,783.71
    FORT WORTH       TX   76109          5            10/04/01         00
    981005                               05           12/01/01          0
    981005                               O            11/01/16
    0

    5606268          975/G02             F          230,000.00         ZZ
                                         180        229,250.40          1
                                       6.625          2,019.39         76
                                       6.375          2,019.39
    OCEANSIDE        CA   92056          5            10/19/01         00
    0433402807                           05           12/01/01          0
    2014171                              O            11/01/16
    0

    5609457          U05/G02             F           65,000.00         ZZ
                                         180         64,797.15          1
                                       7.125            588.79         72
                                       6.875            588.79
    HOUSTON          TX   77089          5            10/15/01         00
    0433331634                           03           12/01/01          0
    3170038                              O            11/01/16
    0

    5614815          E22/G02             F          112,000.00         ZZ
                                         180        111,081.26          1
                                       6.875            998.88         80
                                       6.625            998.88
1

    PIPE CREEK       TX   78063          1            09/19/01         00
    0412907206                           03           11/01/01          0
    0412907206                           O            10/01/16
    0

    5614877          E22/G02             F          124,000.00         ZZ
                                         180        123,232.12          1
                                       7.250          1,131.95         43
                                       7.000          1,131.95
    LAGUNA HILLS     CA   92653          2            09/11/01         00
    0412976870                           05           11/01/01          0
    0412976870                           N            10/01/16
    0

    5614888          E22/G02             F           58,000.00         ZZ
                                         180         57,569.87          1
                                       7.250            529.46         76
                                       7.000            529.46
    GARLAND          TX   75040          5            09/17/01         00
    0412980674                           05           11/01/01          0
    0412980674                           O            10/01/16
    0

    5614892          E22/G02             F           76,000.00         ZZ
                                         180         75,513.83          1
                                       6.875            677.81         80
                                       6.625            677.81
    BAY MINETTE      AL   36507          5            09/14/01         00
    0412982779                           05           11/01/01          0
    0412982779                           O            10/01/16
    0

    5614933          E22/G02             F          119,500.00         ZZ
                                         180        118,783.79          1
                                       7.625          1,116.29         80
                                       7.375          1,116.29
    FRIENDSWOOD      TX   77546          5            09/17/01         00
    0412995078                           05           11/01/01          0
    0412995078                           O            10/01/16
    0

    5614955          E22/G02             F          195,200.00         ZZ
                                         180        193,964.72          1
                                       7.000          1,754.51         80
                                       6.750          1,754.51
    HOOVER           AL   35226          5            09/17/01         00
    0413001892                           05           11/01/01          0
    0413001892                           O            10/01/16
    0
1

    5614987          E22/G02             F          188,000.00         ZZ
                                         180        186,885.55          1
                                       7.750          1,769.60         80
                                       7.500          1,769.60
    FRISCO           TX   75035          5            09/14/01         00
    0413011669                           05           11/01/01          0
    0413011669                           O            10/01/16
    0

    5614990          E22/G02             F           70,100.00         ZZ
                                         180         69,665.89          1
                                       7.250            639.92         89
                                       7.000            639.92
    OWASSO           OK   74055          5            09/17/01         04
    0413014671                           05           11/01/01         12
    0413014671                           O            10/01/16
    0

    5615020          E22/G02             F          180,000.00         ZZ
                                         180        178,902.85          1
                                       7.500          1,668.62         64
                                       7.250          1,668.62
    CLINTON TOWNSHI  MI   48038          2            09/14/01         00
    0413023912                           05           11/01/01          0
    0413023912                           O            10/01/16
    0

    5615161          E82/G02             F          200,000.00         ZZ
                                         180        198,761.47          4
                                       7.250          1,825.73         65
                                       7.000          1,825.73
    BIRMINGHAM       AL   35205          5            09/11/01         00
    0400478707                           05           11/01/01          0
    1749370                              O            10/01/16
    0

    5616310          Q73/G02             F           99,000.00         ZZ
                                         180         98,677.35          1
                                       6.625            869.21         49
                                       6.375            869.21
    GUNTERSVILLE     AL   35976          5            10/12/01         00
    0433352531                           05           12/01/01          0
    2853912                              O            11/01/16
    0

    5617760          601/G02             F          157,500.00         ZZ
                                         180        156,535.22          2
1

                                       7.375          1,448.88         75
                                       7.125          1,448.88
    CRYSTAL          MN   55422          5            09/26/01         00
    0433272390                           05           11/01/01          0
    60802873                             N            10/01/16
    0

    5617806          601/G02             F          157,000.00         ZZ
                                         180        156,027.75          1
                                       7.250          1,433.20         74
                                       7.000          1,433.20
    ELDERSBURG       MD   21784          5            09/27/01         00
    0433308467                           05           11/01/01          0
    6087503                              O            10/01/16
    0

    5618721          E47/G02             F          120,000.00         ZZ
                                         180        119,207.20          1
                                       6.500          1,045.33         48
                                       6.250          1,045.33
    LAFAYETTE        CO   80026          2            09/26/01         00
    0433289873                           05           11/01/01          0
    7321010949                           O            10/01/16
    0

    5620672          F62/G02             F          135,000.00         ZZ
                                         180        135,000.00          3
                                       7.000          1,213.42         69
                                       6.750          1,213.42
    POMPANO BEACH    FL   33060          5            11/09/01         00
    0433392891                           05           01/01/02          0
    22561                                O            12/01/16
    0

    5620905          T90/G02             F          115,000.00         ZZ
                                         180        114,633.22          1
                                       6.875          1,025.63         55
                                       6.625          1,025.63
    DACULA           GA   30019          2            10/10/01         00
    0433346848                           03           12/01/01          0
    55868                                O            11/01/16
    0

    5623098          405/405             F          400,000.00         ZZ
                                         180        391,010.07          1
                                       7.000          3,595.31         80
                                       6.500          3,595.31
    SAN DIEGO        CA   92116          5            04/13/01         00
    0012107025                           05           06/01/01          0
1

    0012107025                           O            05/01/16
    0

    5623104          405/405             F          650,000.00         ZZ
                                         180        643,336.28          1
                                       7.000          5,842.39         74
                                       6.500          5,842.39
    LOS ANGELES      CA   90272          5            08/02/01         00
    0017579665                           05           10/01/01          0
    0017579665                           O            09/01/16
    0

    5623109          405/405             F          530,000.00         ZZ
                                         180        525,008.38          1
                                       7.125          4,800.91         75
                                       6.625          4,800.91
    FOSTER CITY      CA   94404          2            08/01/01         00
    0017605643                           05           10/01/01          0
    0017605643                           O            09/01/16
    0

    5623111          405/405             F          406,000.00         ZZ
                                         180        400,775.76          1
                                       6.875          3,620.93         79
                                       6.375          3,620.93
    DAVIS            CA   95616          5            07/25/01         00
    0017618703                           05           09/01/01          0
    0017618703                           O            08/01/16
    0

    5624936          601/G02             F          123,000.00         ZZ
                                         180        122,611.94          1
                                       7.000          1,105.56         60
                                       6.750          1,105.56
    LITTLETON        CO   80127          5            10/09/01         00
    0433312402                           05           12/01/01          0
    60724747                             O            11/01/16
    0

    5626099          E22/G02             F           63,200.00         ZZ
                                         180         62,833.51          1
                                       8.000            603.97         75
                                       7.750            603.97
    DAYTONA BEACH    FL   32118          1            09/18/01         00
    0412962763                           05           11/01/01          0
    0412962763                           N            10/01/16
    0

1

    5626141          E22/G02             F          204,000.00         ZZ
                                         180        202,695.01          1
                                       6.875          1,819.38         80
                                       6.625          1,819.38
    DENVER           CO   80209          2            09/24/01         00
    0412996795                           05           11/01/01          0
    0412996795                           N            10/01/16
    0

    5626164          E22/G02             F          206,500.00         ZZ
                                         180        205,193.20          1
                                       7.000          1,856.08         70
                                       6.750          1,856.08
    STRATFORD        CT   06614          5            09/19/01         00
    0413011099                           05           11/01/01          0
    0413011099                           O            10/01/16
    0

    5626167          E22/G02             F           81,600.00         ZZ
                                         180         81,110.95          1
                                       7.625            762.25         80
                                       7.375            762.25
    HOUSTON          TX   77065          5            09/19/01         00
    0413012733                           03           11/01/01          0
    0413012733                           O            10/01/16
    0

    5627171          623/G02             F          265,000.00         ZZ
                                         180        262,477.14          1
                                       7.000          2,381.90         68
                                       6.750          2,381.90
    ELK GROVE        CA   95624          5            08/17/01         00
    0433221348                           05           10/01/01          0
    1987509                              O            09/01/16
    0

    5627172          623/G02             F          431,000.00         ZZ
                                         180        425,454.10          2
                                       6.875          3,843.89         75
                                       6.625          3,843.89
    BAYSIDE          NY   11361          1            07/27/01         00
    0433221488                           07           09/01/01          0
    5359399                              O            08/01/16
    0

    5627174          623/G02             F          449,950.00         ZZ
                                         180        445,979.80          1
                                       7.875          4,267.55         60
                                       7.625          4,267.55
1

    RYE              NY   10580          1            08/15/01         00
    0433221363                           05           10/01/01          0
    5368492                              O            09/01/16
    0

    5627175          623/G02             F          388,000.00         ZZ
                                         180        377,892.07          1
                                       7.125          3,514.62         61
                                       6.875          3,514.62
    ROCKVILLE        MD   20850          2            08/13/01         00
    0433221082                           05           10/01/01          0
    5368866                              O            09/01/16
    0

    5627176          623/G02             F           55,000.00         ZZ
                                         180         54,451.61          1
                                       6.875            490.52         48
                                       6.625            490.52
    STATESBORO       GA   30458          1            08/24/01         00
    0433223104                           05           10/01/01          0
    5369200                              O            09/01/16
    0

    5627177          623/G02             F          110,800.00         ZZ
                                         180        109,705.70          1
                                       7.125          1,003.66         80
                                       6.875          1,003.66
    LAKESIDE         OH   43440          5            08/10/01         00
    0433221272                           05           10/01/01          0
    5369432                              O            09/01/16
    0

    5627179          623/G02             F          304,000.00         ZZ
                                         180        301,317.60          1
                                       7.875          2,883.29         80
                                       7.625          2,883.29
    CLAYTON          MO   63105          1            08/13/01         00
    0433221066                           01           10/01/01          0
    5371254                              O            09/01/16
    0

    5627550          B68/G02             F          300,000.00         ZZ
                                         180        297,113.10          1
                                       6.875          2,675.56         79
                                       6.625          2,675.56
    SEBASTOPOL       CA   95472          5            08/31/01         00
    0433187655                           05           10/01/01          0
    1031037562                           O            09/01/16
    0
1

    5628651          E47/G02             F           79,650.00         ZZ
                                         180         79,129.39          1
                                       6.625            699.32         64
                                       6.375            699.32
    HOUSTON          TX   77082          2            09/27/01         00
    0433328010                           05           11/01/01          0
    7363011156                           O            10/01/16
    0

    5632108          964/G02             F          324,700.00         ZZ
                                         180        322,554.81          1
                                       6.500          2,828.49         57
                                       6.250          2,828.49
    HUNTINGTON BEAC  CA   92648          2            09/18/01         00
    0433208931                           03           11/01/01          0
    140180                               O            10/01/16
    0

    5633485          G13/G02             F          133,500.00         ZZ
                                         180        132,618.01          1
                                       6.500          1,162.93         75
                                       6.250          1,162.93
    AUSTIN           TX   78727          5            09/11/01         00
    0433227832                           05           11/01/01          0
    0081267                              O            10/01/16
    0

    5634510          367/367             F          350,000.00         ZZ
                                         180        347,761.04          1
                                       6.875          3,121.49         79
                                       6.625          3,121.49
    WASHINGTON       DC   20007          5            09/17/01         00
    99287430                             07           11/01/01          0
    99287430                             O            10/01/16
    0

    5634831          601/G02             F          102,600.00         ZZ
                                         180        101,602.02          3
                                       6.750            907.92         90
                                       6.500            907.92
    TORRINGTON       CT   06790          1            08/29/01         11
    0433223666                           05           10/01/01         12
    60737616                             O            09/01/16
    0

    5636238          K15/G02             F           99,700.00         ZZ
                                         180         99,115.45          1
1

                                       7.875            945.60         95
                                       7.625            945.60
    TROTWOOD         OH   45416          5            09/25/01         26
    0433310604                           05           11/01/01         25
    027805302736                         O            10/01/16
    0

    5637012          U28/G02             F           52,500.00         ZZ
                                         180         52,188.78          1
                                       7.750            494.17         75
                                       7.500            494.17
    DANIELSVILLE     GA   30633          5            09/14/01         00
    0433258753                           05           11/01/01          0
    1                                    N            10/01/16
    0

    5639673          E22/G02             F           67,500.00         ZZ
                                         180         67,079.74          1
                                       7.750            635.36         90
                                       7.500            635.36
    CLIMAX-SCOTTS    MI   49034          5            09/20/01         04
    0412801953                           05           11/01/01         25
    0412801953                           O            10/01/16
    0

    5639693          E22/G02             F          112,300.00         ZZ
                                         180        111,089.34          1
                                       7.000          1,009.38         47
                                       6.750          1,009.38
    NEW BALTIMORE    MI   48047          5            09/20/01         00
    0412974263                           05           11/01/01          0
    0412974263                           O            10/01/16
    0

    5639732          E22/G02             F           66,000.00         ZZ
                                         180         65,608.76          1
                                       7.750            621.24         93
                                       7.500            621.24
    SELMA            AL   36701          2            09/20/01         01
    0413021825                           05           11/01/01         25
    0413021825                           O            10/01/16
    0

    5641999          U62/G02             F           80,000.00         ZZ
                                         180         79,499.20          1
                                       7.125            724.66         80
                                       6.875            724.66
    DALLAS           TX   75218          5            09/21/01         00
    0433256435                           05           11/01/01          0
1

    2001294065                           O            10/01/16
    0

    5646927          144/144             F          170,500.00         ZZ
                                         180        166,161.25          1
                                       6.750          1,508.77         85
                                       6.500          1,508.77
    T/OSSINING       NY   10562          5            04/30/01         04
    160665257                            05           06/01/01          6
    160665257                            O            05/01/16
    0

    5647534          K79/G02             F          374,000.00         ZZ
                                         180        372,832.82          1
                                       7.125          3,387.81         80
                                       6.875          3,387.81
    MARSHFIELD       MA   02050          5            10/30/01         00
    0433381563                           05           12/01/01          0
    14102                                O            11/01/16
    0

    5648591          461/G02             F          400,000.00         ZZ
                                         180        397,413.47          1
                                       6.750          3,539.64         80
                                       6.500          3,539.64
    SAN DIMAS        CA   91773          5            09/11/01         00
    0433230901                           05           11/01/01          0
    9030809008                           O            10/01/16
    0

    5648592          461/G02             F          400,000.00         ZZ
                                         180        397,413.47          1
                                       6.750          3,539.64         80
                                       6.500          3,539.64
    BENICIA          CA   94510          5            09/12/01         00
    0433230927                           05           11/01/01          0
    9030675565                           O            10/01/16
    0

    5650803          601/G02             F           51,200.00         ZZ
                                         180         51,034.92          1
                                       6.750            453.08         80
                                       6.500            453.08
    PUEBLO           CO   81001          2            10/11/01         00
    0433401866                           05           12/01/01          0
    60892064                             N            11/01/16
    0

1

    5651070          B57/G02             F          326,500.00         ZZ
                                         180        326,500.00          1
                                       6.375          2,821.78         76
                                       6.125          2,821.78
    FRESNO           CA   93711          5            11/08/01         00
    0433386380                           05           01/01/02          0
    2117130                              O            12/01/16
    0

    5652504          E22/G02             F           87,500.00         ZZ
                                         180         86,958.14          1
                                       7.250            798.76         38
                                       7.000            798.76
    INDIAN ROCKS BE  FL   33785          2            09/21/01         00
    0412997850                           05           11/01/01          0
    0412997850                           O            10/01/16
    0

    5652549          E22/G02             F           58,000.00         ZZ
                                         180         57,628.96          1
                                       6.875            517.28         78
                                       6.625            517.28
    DALLAS           TX   75208          2            09/21/01         00
    0413037755                           05           11/01/01          0
    0413037755                           O            10/01/16
    0

    5652561          E22/G02             F          158,275.00         ZZ
                                         180        157,273.39          1
                                       7.000          1,422.62         71
                                       6.750          1,422.62
    PLANO            TX   75025          5            09/21/01         00
    0413044264                           05           11/01/01          0
    0413044264                           O            10/01/16
    0

    5652589          E22/G02             F          168,000.00         ZZ
                                         180        166,913.65          1
                                       6.750          1,486.65         80
                                       6.500          1,486.65
    FLORENCE         OR   97439          5            09/21/01         00
    0413061136                           05           11/01/01          0
    0413061136                           O            10/01/16
    0

    5652597          E22/G02             F           96,800.00         ZZ
                                         180         96,122.16          1
                                       6.750            856.59         80
                                       6.500            856.59
1

    PLANO            TX   75023          1            09/26/01         00
    0413076597                           05           11/01/01          0
    0413076597                           N            10/01/16
    0

    5654204          N74/G02             F           77,000.00         ZZ
                                         180         76,533.45          1
                                       7.500            713.80         70
                                       7.250            713.80
    FAYETTEVILLE     NC   28302          5            09/28/01         00
    0433256856                           05           11/01/01          0
    0029373010                           N            10/01/16
    0

    5656388          Q41/G02             F           68,228.00         ZZ
                                         180         67,819.09          1
                                       7.625            637.34         80
                                       7.375            637.34
    DALLAS           TX   75227          1            09/28/01         00
    0433322583                           05           11/01/01          0
    51031659                             O            10/01/16
    0

    5656540          738/G02             F          147,800.00         ZZ
                                         180        147,328.60          1
                                       6.875          1,318.17         80
                                       6.625          1,318.17
    ORLANDO          FL   32825          1            10/24/01         00
    0433422623                           03           12/01/01          0
    00400808770009                       O            11/01/16
    0

    5657063          U35/G02             F           28,350.00         ZZ
                                         180         28,183.77          3
                                       7.875            268.89         90
                                       7.625            268.89
    STANLEY          WI   54768          1            09/28/01         11
    0433257318                           05           11/01/01         25
    34708                                N            10/01/16
    0

    5658033          Q57/G02             F          124,000.00         ZZ
                                         180        122,091.12          1
                                       6.500          1,080.17         57
                                       6.250          1,080.17
    SUISAN CITY      CA   94585          5            07/18/01         00
    0433280831                           05           09/01/01          0
    36500061                             O            08/01/16
    0
1

    5658209          N74/G02             F           72,500.00         ZZ
                                         180         72,266.25          1
                                       6.750            641.56         58
                                       6.500            641.56
    ROUND ROCK       TX   78664          2            09/28/01         00
    0433285111                           05           12/01/01          0
    0029377010                           O            11/01/16
    0

    5658495          964/G02             F          138,000.00         ZZ
                                         180        137,559.87          1
                                       6.875          1,230.76         88
                                       6.625          1,230.76
    LAS VEGAS        NV   89110          2            10/12/01         10
    0433304425                           05           12/01/01         25
    139671                               O            11/01/16
    0

    5658647          286/286             F          145,000.00         ZZ
                                         180        142,899.70          1
                                       8.125          1,396.18         54
                                       7.875          1,396.18
    STOUGHTON        MA   02072          5            06/28/01         00
    270145                               05           08/01/01          0
    270145                               O            07/01/16
    0

    5658649          286/286             F          135,000.00         T
                                         180        133,389.06          1
                                       7.750          1,270.73         60
                                       7.500          1,270.73
    QUINCY           MA   02169          1            07/31/01         00
    319858                               05           09/01/01          0
    319858                               O            08/01/16
    0

    5658650          286/286             F           97,500.00         ZZ
                                         180         96,103.04          1
                                       8.250            945.89         75
                                       8.000            945.89
    SACRAMENTO       CA   95828          5            06/29/01         00
    342644                               05           08/01/01          0
    342644                               O            07/01/16
    0

    5658651          286/286             F          153,750.00         ZZ
                                         180        151,269.88          1
1

                                       6.875          1,371.23         75
                                       6.625          1,371.23
    WASHINGTON       MD   20011          5            06/25/01         00
    419170                               05           08/01/01          0
    419170                               O            07/01/16
    0

    5658652          286/286             F           30,000.00         ZZ
                                         180         26,693.10          1
                                       7.125            271.75         54
                                       6.875            271.75
    CHAMPAIGN        IL   61820          1            07/19/01         00
    431659                               01           09/01/01          0
    431659                               O            08/01/16
    0

    5658653          286/286             F           30,000.00         ZZ
                                         180         29,746.68          1
                                       8.375            293.23         18
                                       8.125            293.23
    WEST BABYLON     NY   11704          1            08/09/01         00
    459682                               05           10/01/01          0
    459682                               O            09/01/16
    0

    5658654          286/286             F          391,500.00         ZZ
                                         180        387,988.43          1
                                       8.000          3,741.38         90
                                       7.750          3,741.38
    FISHERVILLE      KY   40023          1            08/30/01         11
    505468                               05           10/01/01         12
    505468                               O            09/01/16
    0

    5660569          N74/G02             F           33,725.00         ZZ
                                         180         33,509.26          1
                                       6.875            300.78         95
                                       6.625            300.78
    DANVILLE         VA   24541          1            09/28/01         10
    0433256880                           05           11/01/01         30
    0029378010                           O            10/01/16
    0

    5660712          E82/G02             F           57,000.00         ZZ
                                         180         56,639.29          1
                                       7.000            512.33         95
                                       6.750            512.33
    WICHITA          KS   67211          5            09/19/01         04
    0400466157                           05           11/01/01         25
1

    0400466157                           O            10/01/16
    0

    5660714          E82/G02             F          165,000.00         ZZ
                                         180        163,944.49          1
                                       6.875          1,471.56         66
                                       6.625          1,471.56
    LEHI             UT   84043          2            09/25/01         00
    0400471371                           05           11/01/01          0
    1536704                              N            10/01/16
    0

    5660724          E82/G02             F          151,000.00         ZZ
                                         180        150,034.05          1
                                       6.875          1,346.70         82
                                       6.625          1,346.70
    JACKSON          MI   49201          5            09/19/01         04
    0400484358                           05           11/01/01          6
    0400484358                           O            10/01/16
    0

    5660730          E82/G02             F          134,000.00         ZZ
                                         180        133,133.51          1
                                       6.750          1,185.78         79
                                       6.500          1,185.78
    OLD BRIDGE       NJ   08879          2            09/20/01         00
    0400487989                           01           11/01/01          0
    3230804                              O            10/01/16
    0

    5660733          E82/G02             F          382,000.00         ZZ
                                         180        379,467.64          1
                                       7.875          3,623.08         89
                                       7.625          3,623.08
    ANAHEIM          CA   92808          5            09/20/01         04
    0400478616                           03           11/01/01         12
    0400478616                           O            10/01/16
    0

    5660736          E82/G02             F          207,400.00         ZZ
                                         180        206,087.51          2
                                       7.000          1,864.17         54
                                       6.750          1,864.17
    MANZANITA        OR   97130          2            09/11/01         00
    0400476958                           05           11/01/01          0
    1551396                              O            10/01/16
    0

1

    5660746          E82/G02             F          305,000.00         ZZ
                                         180        303,111.27          1
                                       7.250          2,784.23         68
                                       7.000          2,784.23
    NEW BRIGHTON     MN   55112          2            09/20/01         00
    0400450920                           05           11/01/01          0
    0400450920                           O            10/01/16
    0

    5660749          E82/G02             F           60,000.00         ZZ
                                         180         59,628.44          1
                                       7.250            547.72         27
                                       7.000            547.72
    CORRALES         NM   87048          2            09/19/01         00
    0400484002                           05           11/01/01          0
    1538864                              O            10/01/16
    0

    5662027          N74/G02             F          203,500.00         ZZ
                                         180        202,815.04          1
                                       6.250          1,744.86         59
                                       6.000          1,744.86
    SUFFOLK          VA   23434          5            09/28/01         00
    0433263829                           05           12/01/01          0
    0029379010                           O            11/01/16
    0

    5662675          N74/G02             F           52,000.00         ZZ
                                         120         51,651.63          1
                                       7.125            607.12         67
                                       6.875            607.12
    BEAUMONT         TX   77708          5            09/28/01         00
    0433265352                           05           12/01/01          0
    0029380010                           O            11/01/11
    0

    5665039          E22/G02             F           91,500.00         ZZ
                                         180         90,920.96          1
                                       7.000            822.43         64
                                       6.750            822.43
    MODESTO          CA   95354          5            09/18/01         00
    0412996761                           05           11/01/01          0
    0412996761                           O            10/01/16
    0

    5665446          076/076             F          105,000.00         ZZ
                                         180        104,011.10          1
                                       7.125            951.12         75
                                       6.875            951.12
1

    TROY             AL   36079          5            08/27/01         00
    5154008                              05           10/01/01          0
    5154008                              O            09/01/16
    0

    5665447          076/076             F          274,950.00         ZZ
                                         180        272,415.90          1
                                       7.375          2,529.33         37
                                       7.125          2,529.33
    PANAMA CITY BEA  FL   32408          5            08/20/01         00
    5172355                              03           10/01/01          0
    5172355                              O            09/01/16
    0

    5665448          076/076             F          169,000.00         ZZ
                                         180        167,347.09          1
                                       6.750          1,495.50         29
                                       6.500          1,495.50
    ELKHART LAKE     WI   53020          2            08/16/01         00
    5460803                              05           10/01/01          0
    5460803                              O            09/01/16
    0

    5665449          076/076             F          118,000.00         ZZ
                                         120        115,956.72          1
                                       7.125          1,377.69         77
                                       6.875          1,377.69
    SALISBURY        MD   21804          2            08/15/01         00
    5543259                              05           10/01/01          0
    5543259                              O            09/01/11
    0

    5665515          F28/G02             F          540,000.00         ZZ
                                         180        534,576.68          1
                                       6.375          4,666.95         75
                                       6.125          4,666.95
    SHERMAN OAKS     CA   91423          5            08/06/01         00
    0433195112                           05           10/01/01          0
    7179015                              O            09/01/16
    0

    5665758          738/G02             F          101,500.00         ZZ
                                         180        101,179.76          1
                                       7.000            912.32         68
                                       6.750            912.32
    BOCA RATON       FL   33434          2            10/26/01         00
    0433392248                           03           12/01/01          0
    00401351880005                       O            11/01/16
    0
1

    5668807          N74/G02             F           91,000.00         ZZ
                                         180         90,700.21          1
                                       6.500            792.71         76
                                       6.250            792.71
    RICHMOND         VA   23236          5            09/28/01         00
    0433265451                           05           12/01/01          0
    0029386010                           O            11/01/16
    0

    5668851          168/168             F          146,000.00         ZZ
                                         180        142,800.97          1
                                       7.375          1,343.09         72
                                       7.125          1,343.09
    FREDERICK        MD   21701          2            04/10/01         00
    0169671836                           05           06/01/01          0
    0169671836                           O            05/01/16
    0

    5669439          A46/G02             F           50,000.00         ZZ
                                         180         49,642.25          1
                                       7.000            449.42         29
                                       6.750            449.42
    ALBUQUERQUE      NM   87122          1            10/03/01         00
    0433300183                           05           12/01/01          0
    0882001                              O            11/01/16
    0

    5669519          964/G02             F          440,000.00         ZZ
                                         180        438,641.73          1
                                       7.250          4,016.60         80
                                       7.000          4,016.60
    TEMPLETON        CA   93465          1            10/02/01         00
    0433287778                           05           12/01/01          0
    143149                               O            11/01/16
    0

    5670366          N74/G02             F           48,000.00         T
                                         180         47,682.88          1
                                       6.500            418.13         80
                                       6.250            418.13
    WEST JEFFERSON   NC   28694          5            09/28/01         00
    0433279957                           05           11/01/01          0
    0029385010                           O            10/01/16
    0

    5670959          F44/G02             F           93,000.00         T
                                         180         92,436.48          1
1

                                       7.500            862.13         66
                                       7.250            862.13
    LUSBY            MD   20657          2            09/07/01         00
    0433271806                           05           11/01/01          0
    710078                               O            10/01/16
    0

    5672767          624/G02             F          560,000.00         ZZ
                                         180        558,155.13          1
                                       6.500          4,878.20         80
                                       6.250          4,878.20
    PASO ROBLES      CA   93446          5            10/03/01         00
    0433316270                           05           12/01/01          0
    72014612083F                         O            11/01/16
    0

    5673371          U05/G02             F          128,000.00         ZZ
                                         180        127,189.98          3
                                       7.000          1,150.50         80
                                       6.750          1,150.50
    STOCKTON         CA   95209          1            09/04/01         00
    0433335619                           05           11/01/01          0
    3154193                              N            10/01/16
    0

    5677964          964/G02             F          122,500.00         ZZ
                                         180        121,716.36          1
                                       6.875          1,092.52         62
                                       6.625          1,092.52
    COLORADO SPRING  CO   80907          5            09/05/01         00
    0433227972                           05           11/01/01          0
    140961                               O            10/01/16
    0

    5678143          E82/G02             F          541,400.00         ZZ
                                         180        538,047.34          1
                                       7.250          4,942.24         67
                                       7.000          4,942.24
    CONCORD          MA   01742          2            09/24/01         00
    0400479150                           05           11/01/01          0
    0400479150                           O            10/01/16
    0

    5678153          E82/G02             F          225,000.00         ZZ
                                         180        220,519.32          1
                                       6.750          1,991.05         30
                                       6.500          1,991.05
    MANHATTAN BEACH  CA   90266          2            09/10/01         00
    0400474326                           05           11/01/01          0
1

    1843494                              O            10/01/16
    0

    5678162          E82/G02             F          142,500.00         ZZ
                                         180        141,558.55          1
                                       6.500          1,241.33         80
                                       6.250          1,241.33
    LAKE ZURICH      IL   60047          2            09/21/01         00
    0400490454                           05           11/01/01          0
    0400490454                           O            10/01/16
    0

    5678172          E82/G02             F          148,400.00         ZZ
                                         180        147,430.03          1
                                       6.625          1,302.94         80
                                       6.375          1,302.94
    CLARKSTON        MI   48346          2            09/20/01         00
    0400491635                           05           11/01/01          0
    3314836                              O            10/01/16
    0

    5678176          E82/G02             F          291,500.00         ZZ
                                         180        289,752.97          1
                                       7.625          2,722.99         85
                                       7.375          2,722.99
    STATEN ISLAND    NY   10314          5            09/24/01         04
    0400483459                           05           11/01/01         12
    0400483459                           O            10/01/16
    0

    5678185          E82/G02             F          119,000.00         ZZ
                                         180        118,222.20          1
                                       6.625          1,044.81         59
                                       6.375          1,044.81
    SPRINGFIELD      VA   22151          2            09/19/01         00
    0400489399                           05           11/01/01          0
    1654465                              O            10/01/16
    0

    5678456          R65/G02             F          400,000.00         T
                                         180        395,949.63          1
                                       6.875          3,567.42         78
                                       6.625          3,567.42
    PRINCETON        NJ   08540          1            09/04/01         00
    0433243458                           05           10/01/01          0
    20014811                             O            09/01/16
    0

1

    5678765          N74/G02             F          103,625.00         ZZ
                                         180        103,279.93          1
                                       6.375            895.58         79
                                       6.125            895.58
    WHITE HALL       AR   71602          5            09/29/01         00
    0433302114                           05           12/01/01          0
    0029387010                           O            11/01/16
    0

    5681045          E47/G02             F           81,000.00         ZZ
                                         180         80,738.85          1
                                       6.750            716.78         90
                                       6.500            716.78
    PORT ARANSAS     TX   78373          1            10/12/01         11
    0433351988                           05           12/01/01         25
    7362510747                           O            11/01/16
    0

    5681436          168/168             F          150,000.00         ZZ
                                         180        149,091.13          1
                                       7.500          1,390.52         62
                                       7.250          1,390.52
    OAKLAND          CA   94606          5            09/11/01         00
    0059794143                           05           11/01/01          0
    0059794143                           N            10/01/16
    0

    5683561          U05/G02             F          134,400.00         ZZ
                                         180        133,994.10          1
                                       7.500          1,245.90         80
                                       7.250          1,245.90
    FLOWER MOUND     TX   75028          5            10/03/01         00
    0433326543                           05           12/01/01          0
    3167868                              O            11/01/16
    0

    5685892          F36/G02             F          228,000.00         ZZ
                                         180        227,232.58          1
                                       6.250          1,954.92         79
                                       6.000          1,954.92
    LONGVIEW         WA   98632          5            10/04/01         00
    0433331147                           05           12/01/01          0
    06504044                             O            11/01/16
    0

    5687780          U05/G02             F           52,800.00         ZZ
                                         180         52,640.54          1
                                       7.500            489.46         80
                                       7.250            489.46
1

    SACRAMENTO       CA   95824          1            10/09/01         00
    0433405347                           05           12/01/01          0
    3172540                              N            11/01/16
    0

    5687896          U05/G02             F           52,800.00         ZZ
                                         180         52,640.54          1
                                       7.500            489.46         80
                                       7.250            489.46
    SACRAMENTO       CA   95824          1            10/09/01         00
    0433295904                           07           12/01/01          0
    3172533                              N            11/01/16
    0

    5689043          E82/G02             F           42,900.00         ZZ
                                         180         42,642.89          1
                                       7.625            400.74         73
                                       7.375            400.74
    PEMBROKE PINES   FL   33027          2            09/26/01         00
    0400475562                           05           11/01/01          0
    0400475562                           O            10/01/16
    0

    5693250          Q99/G02             F          496,000.00         ZZ
                                         180        494,330.51          1
                                       6.250          4,252.82         80
                                       6.000          4,252.82
    BATON ROUGE      LA   70809          5            10/10/01         00
    0433314481                           05           12/01/01          0
    1                                    O            11/01/16
    0

    5696515          N74/G02             F           73,500.00         ZZ
                                         180         73,003.91          1
                                       6.250            630.21         51
                                       6.000            630.21
    DANVILLE         VA   24541          5            09/26/01         00
    0433261955                           05           11/01/01          0
    0029368010                           O            10/01/16
    0

    5702954          964/G02             F          367,000.00         ZZ
                                         180        364,601.21          1
                                       6.625          3,222.24         79
                                       6.375          3,222.24
    LAS VEGAS        NV   89123          2            09/24/01         00
    0433263159                           03           11/01/01          0
    148182                               O            10/01/16
    0
1

    5704456          E22/G02             F          300,000.00         ZZ
                                         180        297,950.47          1
                                       6.875          2,675.56         77
                                       6.625          2,675.56
    DALLAS           TX   75252          5            09/24/01         00
    0412501389                           05           11/01/01          0
    0412501389                           O            10/01/16
    0

    5704469          E22/G02             F          310,000.00         ZZ
                                         180        307,951.95          1
                                       6.500          2,700.43         87
                                       6.250          2,700.43
    ALBUQUERQUE      NM   87105          5            09/24/01         01
    0413918070                           05           11/01/01         12
    0412918070                           O            10/01/16
    0

    5704479          E22/G02             F          275,000.00         ZZ
                                         180        273,183.16          1
                                       6.500          2,395.55         70
                                       6.250          2,395.55
    WASHINGTON TOWN  NJ   07853          5            09/21/01         00
    0412945990                           05           11/01/01          0
    0412945990                           O            10/01/16
    0

    5704494          E22/G02             F           90,000.00         ZZ
                                         180         89,436.59          1
                                       7.125            815.25         79
                                       6.875            815.25
    NORTH MIAMI      FL   33181          1            09/28/01         00
    0412974636                           07           11/01/01          0
    0412974636                           N            10/01/16
    0

    5704500          E22/G02             F          156,500.00         ZZ
                                         180        155,562.07          4
                                       7.625          1,461.91         73
                                       7.375          1,461.91
    GRAND JUNCTION   CO   81501          1            09/28/01         00
    0412981144                           05           11/01/01          0
    0412981144                           N            10/01/16
    0

    5704543          E22/G02             F          123,000.00         ZZ
                                         180        122,238.32          1
1

                                       7.250          1,122.82         73
                                       7.000          1,122.82
    PARKVILLE        MD   21234          2            09/24/01         00
    0413013160                           05           11/01/01          0
    0413013160                           O            10/01/16
    0

    5704566          E22/G02             F           35,200.00         ZZ
                                         180         34,592.31          1
                                       7.875            333.85         80
                                       7.625            333.85
    SARASOTA         FL   34237          1            09/25/01         00
    0413024118                           01           11/01/01          0
    0413024118                           N            10/01/16
    0

    5704651          E22/G02             F           34,000.00         ZZ
                                         180         33,800.66          1
                                       7.875            322.47         80
                                       7.625            322.47
    HOUSTON          TX   77057          1            09/28/01         00
    0413057225                           01           11/01/01          0
    0413057225                           O            10/01/16
    0

    5704654          E22/G02             F           51,900.00         ZZ
                                         180         51,571.56          1
                                       7.000            466.49         31
                                       6.750            466.49
    MIAMI            FL   33187          2            09/24/01         00
    0413058991                           05           11/01/01          0
    0413058991                           O            10/01/16
    0

    5705021          E82/G02             F          112,100.00         ZZ
                                         180        111,367.30          1
                                       6.625            984.23         68
                                       6.375            984.23
    MIAMI            FL   33186          2            09/27/01         00
    0400474045                           03           11/01/01          0
    3484053                              O            10/01/16
    0

    5718685          A21/G02             F          120,000.00         ZZ
                                         180        119,604.67          1
                                       6.500          1,045.33         72
                                       6.250          1,045.33
    SLOATSBURG       NY   10974          5            10/03/01         00
    0433252210                           05           12/01/01          0
1

    0210107090                           O            11/01/16
    0

    5724020          E22/G02             F          103,000.00         ZZ
                                         180        102,341.10          1
                                       6.875            918.61         45
                                       6.625            918.61
    HUNTINGTON       TX   75949          5            09/24/01         00
    0412727034                           05           11/01/01          0
    0412727034                           O            10/01/16
    0

    5724139          E22/G02             F           81,800.00         ZZ
                                         180         81,276.72          3
                                       6.875            729.54         78
                                       6.625            729.54
    BILLINGS         MT   59102          1            10/01/01         00
    0413064056                           05           11/01/01          0
    0413064056                           N            10/01/16
    0

    5724148          E22/G02             F           75,000.00         ZZ
                                         180         74,525.38          1
                                       7.000            674.12         38
                                       6.750            674.12
    ARLINGTON        TX   76016          5            09/26/01         00
    0413068453                           05           11/01/01          0
    0413068453                           O            10/01/16
    0

    5726933          E23/G02             F          138,000.00         ZZ
                                         180        137,583.22          1
                                       7.500          1,279.28         72
                                       7.250          1,279.28
    VISTA            CA   92083          1            10/10/01         00
    0433327053                           05           12/01/01          0
    11006553                             O            11/01/16
    0

    5727009          E23/G02             F          304,000.00         ZZ
                                         180        301,991.57          4
                                       6.500          2,648.17         80
                                       6.250          2,648.17
    HAWAIIAN GARDEN  CA   90716          1            09/26/01         00
    0433293792                           05           11/01/01          0
    51007502                             O            10/01/16
    0

1

    5727099          S11/G02             F          233,000.00         ZZ
                                         180        231,512.68          1
                                       7.000          2,094.27         84
                                       6.750          2,094.27
    GARDEN GROVE     CA   92840          2            09/20/01         11
    0433277324                           05           11/01/01         12
    10204342                             O            10/01/16
    0

    5727403          758/G02             F           52,000.00         ZZ
                                         180         51,837.72          1
                                       7.125            471.03         80
                                       6.875            471.03
    SIERRA VISTA     AZ   85635          1            10/11/01         00
    0433314044                           01           12/01/01          0
    680178                               N            11/01/16
    0

    5727643          U05/G02             F          190,000.00         ZZ
                                         180        189,394.02          1
                                       6.875          1,694.52         79
                                       6.625          1,694.52
    HOCKESSIN        DE   19707          5            10/04/01         00
    0433329638                           05           12/01/01          0
    3167786                              O            11/01/16
    0

    5727763          168/168             F          275,000.00         ZZ
                                         180        268,884.33          1
                                       7.125          2,491.04         77
                                       6.875          2,491.04
    CLIFTON          NJ   07013          1            05/01/01         00
    0169679365                           05           06/01/01          0
    0169679365                           O            05/01/16
    0

    5727986          601/G02             F           60,000.00         ZZ
                                         180         59,820.77          1
                                       7.625            560.48         65
                                       7.375            560.48
    HOUSTON          TX   77041          5            10/05/01         00
    0433297223                           03           12/01/01          0
    60833175                             N            11/01/16
    0

    5728315          E82/G02             F          101,000.00         ZZ
                                         180        100,353.91          1
                                       6.875            900.77         80
                                       6.625            900.77
1

    TAMPA            FL   33618          2            09/28/01         00
    0400493656                           03           11/01/01          0
    1543845                              O            10/01/16
    0

    5729041          624/G02             F          148,500.00         ZZ
                                         180        148,040.49          1
                                       7.250          1,355.60         90
                                       7.000          1,355.60
    HUNTINGTON       TX   75949          1            10/01/01         01
    0433242153                           05           12/01/01         25
    46900410376F                         O            11/01/16
    0

    5729246          H37/G02             F          116,400.00         ZZ
                                         180        116,033.00          1
                                       7.000          1,046.00         74
                                       6.750          1,046.00
    SARASOTA         FL   34243          1            10/26/01         00
    0433392701                           05           12/01/01          0
    00285223                             O            11/01/16
    0

    5736140          E22/G02             F           70,000.00         ZZ
                                         180         69,589.59          1
                                       7.875            663.91         74
                                       7.625            663.91
    ONTARIO          CA   91762          5            09/18/01         00
    0412895138                           05           11/01/01          0
    0412895138                           N            10/01/16
    0

    5736144          E22/G02             F           95,000.00         ZZ
                                         180         94,411.71          1
                                       7.250            867.22         78
                                       7.000            867.22
    HOUSTON          TX   77083          1            10/01/01         00
    0412908055                           03           11/01/01          0
    0412908055                           O            10/01/16
    0

    5736154          E22/G02             F          155,250.00         ZZ
                                         180        154,738.55          1
                                       6.500          1,352.39         63
                                       6.250          1,352.39
    REDMOND          WA   98074          2            09/26/01         00
    0412950032                           05           12/01/01          0
    0412950032                           O            11/01/16
    0
1

    5736206          E22/G02             F          103,500.00         ZZ
                                         180        103,183.97          1
                                       7.375            952.12         90
                                       7.125            952.12
    PALMYRA          NY   14522          1            10/01/01         04
    0413011628                           05           12/01/01         12
    0413011628                           O            11/01/16
    0

    5736292          E22/G02             F           89,500.00         ZZ
                                         180         88,908.70          1
                                       6.500            779.64         80
                                       6.250            779.64
    BETHESDA         MD   20814          5            09/27/01         00
    0413052770                           01           11/01/01          0
    0413052770                           O            10/01/16
    0

    5736296          E22/G02             F          158,000.00         ZZ
                                         180        157,042.66          1
                                       7.500          1,464.68         79
                                       7.250          1,464.68
    CHINO            CA   91710          5            09/18/01         00
    0413053463                           05           11/01/01          0
    0413053463                           O            10/01/16
    0

    5736330          E22/G02             F          160,000.00         ZZ
                                         180        158,998.38          1
                                       7.125          1,449.33         73
                                       6.875          1,449.33
    CARROLLTON       TX   75006          5            09/27/01         00
    0413067240                           05           11/01/01          0
    0413067240                           O            10/01/16
    0

    5740454          758/G02             F          592,000.00         ZZ
                                         180        590,111.89          1
                                       6.875          5,279.78         80
                                       6.625          5,279.78
    UNIVERSITY PARK  TX   75205          5            10/01/01         00
    0433332640                           05           12/01/01          0
    400771                               O            11/01/16
    0

    5743460          E82/G02             F          120,000.00         ZZ
                                         180        119,207.20          1
1

                                       6.500          1,045.33         58
                                       6.250          1,045.33
    DUBLIN           GA   31021          2            09/28/01         00
    0400490520                           05           11/01/01          0
    0400490520                           O            10/01/16
    0

    5747822          P09/G02             F          180,000.00         ZZ
                                         180        179,425.91          1
                                       6.875          1,605.34         80
                                       6.625          1,605.34
    ABERDEEN         MD   21001          5            10/09/01         00
    0433308673                           05           12/01/01          0
    P0108032                             O            11/01/16
    0

    5751400          A50/G02             F           44,000.00         ZZ
                                         180         43,851.90          1
                                       6.250            377.27         50
                                       6.000            377.27
    KINGSLAND        GA   31548          1            10/12/01         00
    0433327525                           05           12/01/01          0
    505536                               O            11/01/16
    0

    5751550          P59/G02             F          528,000.00         ZZ
                                         180        526,352.21          1
                                       7.125          4,782.79         80
                                       6.875          4,782.79
    LEONA VALLEY AR  CA   93551          5            10/02/01         00
    0433370863                           05           12/01/01          0
    LA000798                             O            11/01/16
    0

    5765650          U05/G02             F           60,000.00         ZZ
                                         180         59,814.78          1
                                       7.250            547.72         50
                                       7.000            547.72
    TEMPE            AZ   85281          2            10/09/01         00
    0433286978                           05           12/01/01          0
    3164458                              N            11/01/16
    0

    5766868          E82/G02             F          100,000.00         ZZ
                                         180         99,353.37          1
                                       6.750            884.91         45
                                       6.500            884.91
    DOWNEY           CA   90240          2            10/01/01         00
    0400496071                           05           11/01/01          0
1

    1797787                              O            10/01/16
    0

    5766876          E82/G02             F          374,400.00         ZZ
                                         180        373,269.27          1
                                       7.500          3,470.73         80
                                       7.250          3,470.73
    SCOTTSDALE       AZ   85262          5            09/28/01         00
    0400485785                           05           12/01/01          0
    0400485785                           O            11/01/16
    0

    5767046          S27/G02             F           79,500.00         ZZ
                                         180         79,254.58          1
                                       7.250            725.73         75
                                       7.000            725.73
    HAGERSTOWN       MD   21740          5            10/11/01         00
    0433296027                           05           12/01/01          0
    1130004344                           N            11/01/16
    0

    5767208          E22/G02             F           84,500.00         ZZ
                                         180         84,009.98          1
                                       8.000            807.53         54
                                       7.750            807.53
    HOUSTON          TX   77084          5            09/28/01         00
    0412683161                           03           11/01/01          0
    0412683161                           O            10/01/16
    0

    5767372          E22/G02             F           50,000.00         ZZ
                                         180         49,690.37          1
                                       7.250            456.43         26
                                       7.000            456.43
    CARROLLTON       TX   75006          5            09/28/01         00
    0413045949                           03           11/01/01          0
    0413045949                           O            10/01/16
    0

    5773494          N47/G02             F          225,000.00         ZZ
                                         180        224,282.39          1
                                       6.875          2,006.67         50
                                       6.625          2,006.67
    MONTEREY         CA   93940          5            10/12/01         00
    0433296050                           05           12/01/01          0
    20111919                             O            11/01/16
    0

1

    5779194          N74/G02             F           66,000.00         ZZ
                                         180         65,777.85          1
                                       6.250            565.90         55
                                       6.000            565.90
    ATOKA            TN   38004          2            10/15/01         00
    0433301934                           05           12/01/01          0
    0029415010                           O            11/01/16
    0

    5785396          E22/G02             F           48,300.00         ZZ
                                         180         47,991.02          1
                                       6.875            430.77         70
                                       6.625            430.77
    PASCO            WA   99301          5            09/26/01         00
    0413049081                           05           11/01/01          0
    0413049081                           N            10/01/16
    0

    5785398          E22/G02             F           64,400.00         ZZ
                                         180         63,983.57          1
                                       6.750            569.88         70
                                       6.500            569.88
    KENNEWICK        WA   99337          5            09/27/01         00
    0413049255                           05           11/01/01          0
    0413049255                           N            10/01/16
    0

    5785402          E22/G02             F          107,950.00         ZZ
                                         180        107,304.05          1
                                       7.875          1,023.85         90
                                       7.625          1,023.85
    BROWNSTOWN       IN   47220          5            09/26/01         04
    0413051137                           05           11/01/01         25
    0413051137                           O            10/01/16
    0

    5785712          E40/G02             F          152,000.00         ZZ
                                         180        151,509.94          1
                                       6.750          1,345.06         54
                                       6.500          1,345.06
    BILLERICA        MA   01862          2            09/28/01         00
    0433252160                           05           12/01/01          0
    545000163                            O            11/01/16
    0

    5786250          964/G02             F          185,000.00         ZZ
                                         180        184,409.97          1
                                       6.875          1,649.93         69
                                       6.625          1,649.93
1

    ELK GROVE        CA   95758          2            10/14/01         00
    0433298809                           05           12/01/01          0
    152389                               N            11/01/16
    0

    5790688          Q99/G02             F          209,000.00         ZZ
                                         180        207,619.21          1
                                       6.500          1,820.61         87
                                       6.250          1,820.61
    SCARBOROUGH      ME   04074          2            10/01/01         14
    0433304359                           05           11/01/01         12
    001467053                            O            10/01/16
    0

    5797056          F89/G02             F          100,000.00         ZZ
                                         180         99,670.56          1
                                       6.500            871.11         59
                                       6.250            871.11
    AZUSA            CA   91702          2            10/09/01         00
    0433308251                           05           12/01/01          0
    13694                                O            11/01/16
    0

    5800558          U62/G02             F           64,000.00         ZZ
                                         180         63,784.58          1
                                       6.250            548.75         43
                                       6.000            548.75
    COCOA BEACH      FL   32931          5            10/11/01         00
    0433296985                           08           12/01/01          0
    2001295587                           N            11/01/16
    0

    5803632          N74/G02             F          173,000.00         ZZ
                                         180        172,405.13          1
                                       6.000          1,459.87         79
                                       5.750          1,459.87
    GERMANTOWN       TN   38139          5            10/10/01         00
    0433302528                           05           12/01/01          0
    9999999999                           O            11/01/16
    0

    5804812          168/168             F           50,000.00         ZZ
                                         180         46,531.54          2
                                       8.250            485.08         64
                                       8.000            485.08
    CHEEKTOWAGA      NY   14225          1            09/21/01         00
    010553                               05           11/01/01          0
    010553                               N            10/01/16
    0
1

    5809276          601/G02             F          222,000.00         ZZ
                                         180        221,276.47          1
                                       6.625          1,949.15         77
                                       6.375          1,949.15
    BROOMFIELD       CO   80021          5            10/16/01         00
    0433375656                           05           12/01/01          0
    60922135                             O            11/01/16
    0

    5811794          E22/G02             F          175,000.00         T
                                         180        173,664.17          1
                                       7.000          1,572.95         50
                                       6.750          1,572.95
    BOCA RATON       FL   33433          1            10/05/01         00
    0413038373                           03           11/01/01          0
    0413038373                           O            10/01/16
    0

    5811814          E22/G02             F           89,600.00         ZZ
                                         180         89,051.16          4
                                       7.375            824.25         80
                                       7.125            824.25
    TUSCUMBIA        AL   35674          2            10/05/01         00
    0413050816                           05           11/01/01          0
    0413050816                           N            10/01/16
    0

    5811824          E22/G02             F           43,200.00         ZZ
                                         120         42,485.01          1
                                       6.500            490.53         51
                                       6.250            490.53
    ARLINGTON        TX   76001          2            10/01/01         00
    0413052267                           05           11/01/01          0
    0413052267                           O            10/01/11
    0

    5811844          E22/G02             F          161,000.00         ZZ
                                         180        160,486.51          1
                                       6.875          1,435.89         85
                                       6.625          1,435.89
    MONROVIA         CA   91016          5            10/01/01         04
    0413059049                           05           12/01/01          6
    0413059049                           O            11/01/16
    0

    5811870          E22/G02             F           62,000.00         ZZ
                                         180         61,603.39          1
1

                                       6.875            552.95         59
                                       6.625            552.95
    MARBLE FALLS     TX   78654          5            10/01/01         00
    0413074675                           05           11/01/01          0
    0413074675                           O            10/01/16
    0

    5812916          144/144             F          214,075.00         ZZ
                                         180        213,362.13          1
                                       6.375          1,850.14         80
                                       6.125          1,850.14
    ROSENDALE        NY   12472          2            10/16/01         00
    160663971                            05           12/01/01          0
    160663971                            O            11/01/16
    0

    5817344          H76/G02             F          128,000.00         ZZ
                                         180        127,613.42          1
                                       7.500          1,186.58         80
                                       7.250          1,186.58
    TREASURE ISLAND  FL   33706          1            10/12/01         00
    0433296084                           05           12/01/01          0
    2001402894                           O            11/01/16
    0

    5818886          N74/G02             F           31,500.00         ZZ
                                         180         31,180.47          1
                                       6.875            280.93         58
                                       6.625            280.93
    BLAIRS           VA   24527          2            10/10/01         00
    0433293677                           05           12/01/01          0
    0029407010                           O            11/01/16
    0

    5819650          U62/G02             F          126,000.00         ZZ
                                         180        125,580.42          1
                                       6.375          1,088.96         89
                                       6.125          1,088.96
    EGG HARBOR TOWN  NJ   08234          5            10/15/01         04
    0433278843                           05           12/01/01         25
    2001295748                           O            11/01/16
    0

    5829368          Q59/G02             F           54,000.00         ZZ
                                         180         53,829.63          1
                                       7.000            485.37         73
                                       6.750            485.37
    BAKERSFIELD      CA   93309          1            10/12/01         00
    0433318219                           05           12/01/01          0
1

    304212                               N            11/01/16
    0

    5835834          E82/G02             F          230,000.00         ZZ
                                         180        228,512.75          1
                                       6.750          2,035.29         29
                                       6.500          2,035.29
    HOUSTON          TX   77082          2            10/01/01         00
    0400483707                           05           11/01/01          0
    4872201                              O            10/01/16
    0

    5835838          E82/G02             F          135,550.00         ZZ
                                         180        135,112.98          1
                                       6.750          1,199.49         66
                                       6.500          1,199.49
    MORENO VALLEY    CA   92557          2            10/03/01         00
    0400484788                           03           12/01/01          0
    0400484788                           O            11/01/16
    0

    5835842          E82/G02             F          325,000.00         ZZ
                                         180        324,029.18          1
                                       7.625          3,035.92         53
                                       7.375          3,035.92
    BOULDER          CO   80303          5            10/04/01         00
    0400489001                           05           12/01/01          0
    0400489001                           O            11/01/16
    0

    5835844          U53/G02             F           42,700.00         ZZ
                                         180         42,571.05          1
                                       7.500            395.83         55
                                       7.250            395.83
    TOLEDO           OH   43613          2            10/03/01         00
    0400481156                           05           12/01/01          0
    0400481156                           O            11/01/16
    0

    5836620          964/G02             F          130,000.00         ZZ
                                         180        129,603.06          1
                                       7.375          1,195.90         75
                                       7.125          1,195.90
    DAVIS            CA   95616          5            10/17/01         00
    0433362415                           01           12/01/01          0
    126696                               N            11/01/16
    0

1

    5843742          601/G02             F           29,900.00         ZZ
                                         180         29,805.67          1
                                       7.000            268.75         67
                                       6.750            268.75
    HOUSTON          TX   77074          1            10/18/01         00
    0433309465                           01           12/01/01          0
    60942174                             N            11/01/16
    0

    5849850          N74/G02             F           59,350.00         ZZ
                                         180         59,150.23          1
                                       6.250            508.88         74
                                       6.000            508.88
    COVINGTON        TN   38019          5            10/12/01         00
    0433310695                           05           12/01/01          0
    0029414010                           O            11/01/16
    0

    5850634          L60/F27             F          100,000.00         ZZ
                                         180         99,047.97          1
                                       7.000            898.83         61
                                       6.750            898.83
    CHAPEL HILL      NC   27514          5            08/01/01         00
    6610640840                           05           10/01/01          0
    6610640840                           O            09/01/16
    0

    5850636          L60/F27             F          100,000.00         ZZ
                                         180         98,740.52          1
                                       7.125            905.83         80
                                       6.875            905.83
    MT PLEASANT      SC   29464          5            07/12/01         00
    6610770906                           05           09/01/01          0
    6610770906                           O            08/01/16
    0

    5850642          L60/F27             F          115,000.00         ZZ
                                         120        112,281.63          1
                                       6.750          1,320.48         75
                                       6.500          1,320.48
    LAUREL           MD   20707          5            08/08/01         00
    6960212205                           05           10/01/01          0
    6960212205                           O            09/01/11
    0

    5850650          L60/F27             F          168,750.00         ZZ
                                         180        167,143.48          1
                                       7.000          1,516.77         71
                                       6.750          1,516.77
1

    ASH              NC   28420          5            08/06/01         00
    6610779733                           05           10/01/01          0
    6610779733                           O            09/01/16
    0

    5850658          L60/F27             F          225,000.00         T
                                         180        222,880.92          1
                                       7.125          2,038.12         49
                                       6.875          2,038.12
    WRIGHTSVILLE BE  NC   28480          2            08/10/01         00
    6610781274                           03           10/01/01          0
    6610781274                           O            09/01/16
    0

    5850768          L60/F27             F          360,000.00         ZZ
                                         180        355,166.45          1
                                       6.375          3,111.30         80
                                       6.125          3,111.30
    CARY             NC   27511          1            07/27/01         00
    6610805041                           03           09/01/01          0
    6610805041                           O            08/01/16
    0

    5850832          L60/F27             F          420,000.00         ZZ
                                         180        413,152.79          1
                                       6.750          3,716.62         23
                                       6.500          3,716.62
    ANNAPOLIS        MD   21401          2            06/29/01         00
    6990392402                           05           08/01/01          0
    6990392402                           O            07/01/16
    0

    5858228          286/286             F          131,250.00         ZZ
                                         180        130,053.36          1
                                       7.500          1,216.71         75
                                       7.250          1,216.71
    DENVER           CO   80219          5            08/28/01         00
    322828                               05           10/01/01          0
    322828                               N            09/01/16
    0

    5860426          E22/G02             F          268,000.00         ZZ
                                         180        267,145.25          1
                                       6.875          2,390.17         28
                                       6.625          2,390.17
    MOSS BEACH       CA   94038          2            09/27/01         00
    0413034562                           05           12/01/01          0
    0413034562                           O            11/01/16
    0
1

    5860456          E22/G02             F           63,500.00         ZZ
                                         180         63,102.48          1
                                       7.125            575.20         48
                                       6.875            575.20
    KENNER           LA   70065          2            10/01/01         00
    0413049909                           05           11/01/01          0
    0413049909                           O            10/01/16
    0

    5860500          E22/G02             F          100,000.00         ZZ
                                         180         99,677.59          1
                                       6.750            884.91         28
                                       6.500            884.91
    CERRITOS         CA   90703          5            10/02/01         00
    0413068792                           05           12/01/01          0
    0413068792                           O            11/01/16
    0

    5860504          E22/G02             F          160,600.00         ZZ
                                         180        160,076.59          1
                                       6.625          1,410.06         80
                                       6.375          1,410.06
    LAKE DALLAS      TX   75065          5            10/03/01         00
    0413070764                           05           12/01/01          0
    0413070764                           O            11/01/16
    0

    5860612          E22/G02             F           60,000.00         ZZ
                                         180         59,820.77          1
                                       7.625            560.48         75
                                       7.375            560.48
    MIAMI            FL   33172          5            10/09/01         00
    0413111014                           01           12/01/01          0
    0413111014                           N            11/01/16
    0

    5864172          N74/G02             F          111,150.00         ZZ
                                         180        110,783.82          1
                                       6.500            968.24         95
                                       6.250            968.24
    CHARLOTTESVILLE  VA   22902          5            10/13/01         01
    0433302692                           05           12/01/01         25
    0029417010                           O            11/01/16
    0

    5864980          K39/G02             F           55,700.00         ZZ
                                         180         55,345.66          1
1

                                       6.940            498.79         51
                                       6.690            498.79
    INDIANAPOLIS     IN   46241          5            10/16/01         00
    0433298916                           05           11/22/01          0
    516688564                            O            10/22/16
    0

    5871252          N74/G02             F           56,250.00         ZZ
                                         180         56,070.60          1
                                       6.875            501.67         75
                                       6.625            501.67
    GALVESTON        TX   77590          5            10/15/01         00
    0433303344                           05           12/01/01          0
    0029418010                           O            11/01/16
    0

    5875038          163/G02             F          275,000.00         ZZ
                                         180        274,122.92          1
                                       6.875          2,452.60         58
                                       6.625          2,452.60
    ROCKVILLE CENTR  NY   11570          5            10/24/01         00
    0433333523                           05           12/01/01          0
    1000323026                           O            11/01/16
    0

    5875040          E82/G02             F          130,300.00         ZZ
                                         180        129,879.90          1
                                       6.750          1,153.04         79
                                       6.500          1,153.04
    COUNTRYSIDE      IL   60525          2            10/05/01         00
    0400502472                           05           12/01/01          0
    0400502472                           O            11/01/16
    0

    5886828          E22/G02             F          133,600.00         ZZ
                                         180        133,173.90          1
                                       6.875          1,191.52         80
                                       6.625          1,191.52
    HOUSTON          TX   77095          5            10/04/01         00
    0412989394                           03           12/01/01          0
    0412989394                           O            11/01/16
    0

    5886892          E22/G02             F          117,000.00         ZZ
                                         180        116,626.84          1
                                       6.875          1,043.47         90
                                       6.625          1,043.47
    CICERO           IL   60804          5            10/04/01         04
    0413064478                           05           12/01/01         12
1

    0413064478                           O            11/01/16
    0

    5886914          E22/G02             F          132,000.00         ZZ
                                         180        131,596.95          1
                                       7.375          1,214.30         80
                                       7.125          1,214.30
    CAMDEN           SC   29020          5            10/04/01         00
    0413077678                           05           12/01/01          0
    0413077678                           O            11/01/16
    0

    5888822          883/G02             F          475,000.00         ZZ
                                         180        472,058.52          1
                                       7.250          4,336.10         70
                                       7.000          4,336.10
    PALM BEACH GARD  FL   33418          4            10/05/01         00
    0433298437                           05           11/01/01          0
    05011347                             O            10/01/16
    0

    5888832          964/G02             F          120,400.00         ZZ
                                         180        120,003.36          1
                                       6.500          1,048.81         80
                                       6.250          1,048.81
    TUCSON           AZ   85714          1            10/15/01         00
    0433322211                           03           12/01/01          0
    152261                               N            11/01/16
    0

    5888848          964/G02             F          117,850.00         ZZ
                                         180        117,461.75          1
                                       6.500          1,026.60         80
                                       6.250          1,026.60
    TUCSON           AZ   85712          1            10/15/01         00
    0433317526                           09           12/01/01          0
    152232                               N            11/01/16
    0

    5890624          S48/S48             F          296,000.00         ZZ
                                         180        290,314.48          1
                                       7.000          2,660.53         80
                                       6.750          2,660.53
    HOUSTON          TX   77079          1            05/11/01         00
    0029782216                           03           07/01/01          0
    0029782216                           O            06/01/16
    0

1

    5890626          S48/S48             F          512,000.00         ZZ
                                         180        507,019.87          1
                                       6.750          4,530.74         63
                                       6.500          4,530.74
    SAN DIEGO        CA   92106          5            08/14/01         00
    0099141632                           05           10/01/01          0
    0099141632                           O            09/01/16
    0

    5890628          S48/S48             F          329,928.00         ZZ
                                         180        326,820.66          1
                                       7.125          2,988.60         80
                                       6.875          2,988.60
    WESTON           FL   33327          1            08/24/01         00
    0099148256                           03           10/01/01          0
    0099148256                           O            09/01/16
    0

    5890632          S48/S48             F          630,000.00         ZZ
                                         180        624,002.29          1
                                       7.000          5,662.62         75
                                       6.750          5,662.62
    WALNUT           CA   91789          1            08/06/01         00
    6470924249                           05           10/01/01          0
    6470924249                           O            09/01/16
    0

    5890634          S48/S48             F          352,000.00         ZZ
                                         180        349,748.24          1
                                       6.875          3,139.33         79
                                       6.625          3,139.33
    PARKER           CO   80138          2            09/13/01         00
    6508872535                           05           11/01/01          0
    6508872535                           O            10/01/16
    0

    5890636          S48/S48             F          370,000.00         ZZ
                                         180        366,477.51          1
                                       7.000          3,325.67         46
                                       6.750          3,325.67
    NEWPORT BEACH    CA   92660          2            08/06/01         00
    6594645183                           05           10/01/01          0
    6594645183                           O            09/01/16
    0

    5890638          S48/S48             F          400,000.00         ZZ
                                         180        397,413.47          1
                                       6.750          3,539.64         48
                                       6.500          3,539.64
1

    SAN FRANCISCO    CA   94116          5            08/31/01         00
    6688430906                           05           11/01/01          0
    6688430906                           O            10/01/16
    0

    5890640          S48/S48             F          410,000.00         ZZ
                                         180        399,245.96          1
                                       7.125          3,713.91         50
                                       6.875          3,713.91
    SAN JOSE         CA   95123          2            04/18/01         00
    6734112755                           05           06/01/01          0
    6734112755                           O            05/01/16
    0

    5890642          S48/S48             F          423,000.00         ZZ
                                         180        418,929.43          1
                                       6.875          3,772.55         22
                                       6.625          3,772.55
    NAPA             CA   94558          2            08/08/01         00
    6899682949                           05           10/01/01          0
    6899682949                           O            09/01/16
    0

    5894404          N47/G02             F          120,000.00         ZZ
                                         180        119,596.09          1
                                       6.250          1,028.91         54
                                       6.000          1,028.91
    ESCONDIDO        CA   92026          5            10/17/01         00
    0433322963                           05           12/01/01          0
    30111895                             O            11/01/16
    0

    5902272          N74/G02             F          117,600.00         ZZ
                                         180        117,212.58          1
                                       6.500          1,024.42         80
                                       6.250          1,024.42
    STAUNTON         VA   24401          5            10/16/01         00
    0433382900                           05           12/01/01          0
    0029419010                           O            11/01/16
    0

    5902918          Q51/G02             F          500,000.00         ZZ
                                         180        498,387.95          1
                                       6.750          4,424.55         56
                                       6.500          4,424.55
    LAGUNA NIGUEL    CA   92677          5            10/04/01         00
    0433347507                           03           12/01/01          0
    0498615W1092424                      O            11/01/16
    0
1

    5907656          U62/G02             F          168,000.00         ZZ
                                         180        167,434.53          1
                                       6.250          1,440.47         64
                                       6.000          1,440.47
    PALM HARBOR      FL   34685          5            10/18/01         00
    0433383577                           05           12/01/01          0
    2001304691                           O            11/01/16
    0

    5910460          E22/G02             F           42,000.00         ZZ
                                         180         41,108.98          1
                                       8.000            401.37         75
                                       7.750            401.37
    TRENTON          NJ   08611          5            10/11/01         00
    0412941445                           07           12/01/01          0
    0412941445                           N            11/01/16
    0

    5910504          E22/G02             F           41,250.00         ZZ
                                         180         41,130.79          1
                                       8.000            394.21         75
                                       7.750            394.21
    TRENTON          NJ   08611          5            10/11/01         00
    0413037508                           07           12/01/01          0
    0413037508                           N            11/01/16
    0

    5910544          E22/G02             F           74,500.00         ZZ
                                         180         74,262.39          1
                                       6.875            664.43         90
                                       6.625            664.43
    CHADRON          NE   69337          5            10/05/01         01
    0413067356                           05           12/01/01         30
    0413067356                           O            11/01/16
    0

    5910578          E22/G02             F           40,500.00         ZZ
                                         180         40,377.69          1
                                       7.500            375.44         75
                                       7.250            375.44
    TRENTON          NJ   08611          5            10/11/01         00
    0413080086                           07           12/01/01          0
    0413080086                           N            11/01/16
    0

    5910624          E22/G02             F           43,500.00         ZZ
                                         180         43,362.76          1
1

                                       7.000            390.99         75
                                       6.750            390.99
    MEMPHIS          TN   38106          5            10/11/01         00
    0413098617                           05           12/01/01          0
    0413098617                           N            11/01/16
    0

    5910640          E22/G02             F          138,000.00         ZZ
                                         180        137,564.62          1
                                       7.000          1,240.38         80
                                       6.750          1,240.38
    WHEAT RIDGE      CO   80033          1            10/11/01         00
    0413105248                           05           12/01/01          0
    0413105248                           N            11/01/16
    0

    5910784          E82/G02             F          269,700.00         ZZ
                                         180        268,811.50          2
                                       6.500          2,349.38         78
                                       6.250          2,349.38
    CORAL GABLES     FL   33146          2            10/08/01         00
    0400482709                           05           12/01/01          0
    0400482709                           O            11/01/16
    0

    5910788          W56/M32             F          105,400.00         ZZ
                                         180        105,049.02          1
                                       6.375            910.92         39
                                       6.125            910.92
    ARLINGTON        VA   22207          2            10/09/01         00
    0400501169                           05           12/01/01          0
    0400501169                           O            11/01/16
    0

    5913948          B28/G02             F          113,050.00         ZZ
                                         180        112,311.09          1
                                       6.625            992.57         48
                                       6.375            992.57
    LOUISVILLE       CO   80027          2            09/28/01         00
    0433282753                           05           11/01/01          0
    01400060                             N            10/01/16
    0

    5921518          G52/G02             F           88,000.00         ZZ
                                         180         87,472.61          1
                                       7.625            822.03         76
                                       7.375            822.03
    RIO RANCHO       NM   87124          2            09/24/01         00
    0433282647                           05           11/01/01          0
1

    5605000981                           N            10/01/16
    0

    5922002          G52/G02             F          108,000.00         ZZ
                                         180        107,323.90          1
                                       7.125            978.30         74
                                       6.875            978.30
    POMONA           CA   91767          2            09/25/01         00
    0433283041                           05           11/01/01          0
    6205001368                           O            10/01/16
    0

    5924436          A35/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       7.250            730.29         80
                                       7.000            730.29
    BELLPORT         NY   11713          1            11/02/01         00
    0433383031                           05           01/01/02          0
    1                                    N            12/01/16
    0

    5933012          477/G02             F           52,000.00         ZZ
                                         180         51,842.95          1
                                       7.500            482.05         47
                                       7.250            482.05
    MESA             AZ   85204          2            10/22/01         00
    0433397668                           05           12/01/01          0
    121501                               N            11/01/16
    0

    5935028          E22/G02             F           56,000.00         ZZ
                                         180         55,821.39          1
                                       6.875            499.44         69
                                       6.625            499.44
    HANCOCK          MN   56244          2            10/08/01         00
    0413023805                           05           12/01/01          0
    0413023805                           O            11/01/16
    0

    5935066          E22/G02             F           33,300.00         ZZ
                                         180         33,201.62          1
                                       7.750            313.44         90
                                       7.500            313.44
    DUNCAN           OK   73533          5            10/08/01         04
    0413060385                           05           12/01/01         12
    0413060385                           O            11/01/16
    0

1

    5935132          E22/G02             F          174,300.00         ZZ
                                         180        173,744.09          1
                                       6.875          1,554.50         80
                                       6.625          1,554.50
    FRANKENLUST TOW  MI   48623          5            10/08/01         00
    0413096454                           05           12/01/01          0
    0413096454                           O            11/01/16
    0

    5935172          E22/G02             F           60,300.00         ZZ
                                         180         60,105.59          1
                                       6.750            533.60         85
                                       6.500            533.60
    HOOKS            TX   75561          2            10/08/01         04
    0413113978                           05           12/01/01          6
    0413113978                           O            11/01/16
    0

    5935196          E22/G02             F           32,000.00         ZZ
                                         180         31,904.41          1
                                       7.625            298.92         80
                                       7.375            298.92
    SOUTH DAYTONA    FL   32119          1            10/12/01         00
    0413127259                           05           12/01/01          0
    0413127259                           N            11/01/16
    0

    5935434          E82/G02             F           54,900.00         ZZ
                                         180         54,737.80          1
                                       7.750            516.76         49
                                       7.500            516.76
    ROMEOVILLE       IL   60446          2            10/10/01         00
    0400479945                           05           12/01/01          0
    0400479945                           N            11/01/16
    0

    5935466          E82/G02             F          201,500.00         ZZ
                                         180        200,857.34          1
                                       6.875          1,797.09         78
                                       6.625          1,797.09
    STAMFORD         CT   06902          2            10/11/01         00
    0400498333                           05           12/01/01          0
    1676171                              O            11/01/16
    0

    5936114          U05/G02             F          116,000.00         ZZ
                                         180        115,626.01          1
                                       6.750          1,026.49         80
                                       6.500          1,026.49
1

    TAMPA            FL   33613          5            10/26/01         00
    0433350634                           05           12/01/01          0
    3173753                              O            11/01/16
    0

    5939824          T44/G02             F           76,000.00         ZZ
                                         180         75,772.98          1
                                       7.625            709.94         80
                                       7.375            709.94
    DINUBA           CA   93618          1            10/17/01         00
    0433342730                           05           12/01/01          0
    1018871                              N            11/01/16
    0

    5942306          477/G02             F           54,400.00         ZZ
                                         180         54,235.71          1
                                       7.500            504.29         47
                                       7.250            504.29
    MESA             AZ   85213          2            10/22/01         00
    0433395134                           05           12/01/01          0
    121502                               N            11/01/16
    0

    5951286          Q99/G02             F          155,000.00         ZZ
                                         180        155,000.00          1
                                       7.125          1,404.04         76
                                       6.875          1,404.04
    COVENTRY         RI   02816          2            11/05/01         00
    0433341765                           05           01/01/02          0
    1                                    O            12/01/16
    0

    5961376          E22/G02             F           34,900.00         ZZ
                                         180         34,783.79          1
                                       6.375            301.62         47
                                       6.125            301.62
    TALLAHASSEE      FL   32311          1            10/15/01         00
    0413063785                           03           12/01/01          0
    0413063785                           O            11/01/16
    0

    5961454          E22/G02             F           88,000.00         ZZ
                                         180         87,734.23          1
                                       7.500            815.77         80
                                       7.250            815.77
    JUPITER          FL   33458          1            10/15/01         00
    0413098856                           09           12/01/01          0
    0413098856                           O            11/01/16
    0
1

    5961514          E22/G02             F          185,000.00         ZZ
                                         180        184,441.28          1
                                       7.500          1,714.97         63
                                       7.250          1,714.97
    ROYSE CITY       TX   75189          5            10/10/01         00
    0413116245                           05           12/01/01          0
    0413116245                           O            11/01/16
    0

    5961526          E22/G02             F          144,000.00         ZZ
                                         180        143,550.60          3
                                       7.125          1,304.40         80
                                       6.875          1,304.40
    MIAMI            FL   33135          1            10/15/01         00
    0413118829                           05           12/01/01          0
    0413118829                           N            11/01/16
    0

    5961836          E82/G02             F          194,000.00         ZZ
                                         180        193,381.26          1
                                       6.875          1,730.20         60
                                       6.625          1,730.20
    SPARTA           NJ   07871          2            10/12/01         00
    0400498325                           05           12/01/01          0
    0400498325                           O            11/01/16
    0

    5961844          E82/G02             F          101,000.00         ZZ
                                         180        100,574.37          1
                                       6.750            893.76         59
                                       6.500            893.76
    SILVER SPRING    MD   20906          2            10/12/01         00
    0400492690                           05           12/01/01          0
    1553087                              O            11/01/16
    0

    5961864          E82/G02             F          157,000.00         ZZ
                                         180        156,482.78          1
                                       6.500          1,367.64         62
                                       6.250          1,367.64
    AURORA           CO   80015          2            10/12/01         00
    0400505962                           03           12/01/01          0
    0400505962                           O            11/01/16
    0

    5968088          U05/G02             F          364,000.00         ZZ
                                         180        362,839.07          1
1

                                       6.875          3,246.35         80
                                       6.625          3,246.35
    AUSTIN           TX   78704          5            10/22/01         00
    0433373057                           05           12/01/01          0
    3177388                              O            11/01/16
    0

    5972130          144/144             F          126,400.00         ZZ
                                         180        123,951.50          1
                                       6.625          1,109.78         80
                                       6.375          1,109.78
    PUTNAM VALLEY    NY   10579          5            06/06/01         00
    160667501                            05           08/01/01          0
    160667501                            O            07/01/16
    0

    5975476          G52/G02             F          430,400.00         ZZ
                                         180        428,935.74          1
                                       6.125          3,661.09         80
                                       5.875          3,661.09
    ALBUQUERQUE      NM   87122          5            10/02/01         00
    0433256021                           05           12/01/01          0
    5605001174                           O            11/01/16
    0

    5985956          E22/G02             F          120,000.00         ZZ
                                         180        119,637.59          2
                                       7.500          1,112.41         71
                                       7.250          1,112.41
    CHICAGO          IL   60632          1            10/16/01         00
    0413034836                           05           12/01/01          0
    0413034836                           O            11/01/16
    0

    5985968          E22/G02             F           60,000.00         ZZ
                                         180         59,804.45          1
                                       6.625            526.80         80
                                       6.375            526.80
    FT WORTH         TX   76134          1            10/16/01         00
    0413048364                           05           12/01/01          0
    0413048364                           O            11/01/16
    0

    5985980          E22/G02             F          133,000.00         ZZ
                                         180        132,536.69          1
                                       7.250          1,214.11         95
                                       7.000          1,214.11
    HOLLYWOOD        FL   33029          5            10/11/01         04
    0413056052                           09           12/01/01         25
1

    0413056052                           O            11/01/16
    0

    5986018          E22/G02             F           75,000.00         ZZ
                                         180         74,755.56          1
                                       6.625            658.50         69
                                       6.375            658.50
    AUSTIN           TX   78745          5            10/09/01         00
    0413076878                           05           12/01/01          0
    0413076878                           O            11/01/16
    0

    5986338          E82/G02             F          102,000.00         ZZ
                                         180        101,691.95          2
                                       7.500            945.55         69
                                       7.250            945.55
    EAST PROVIDENCE  RI   02915          2            10/04/01         00
    0400491841                           05           12/01/01          0
    0400491841                           N            11/01/16
    0

    5986928          Q73/G02             F           45,000.00         ZZ
                                         180         44,856.48          1
                                       6.875            401.33         90
                                       6.625            401.33
    SENATOBIA        MS   38668          1            10/19/01         01
    0433343811                           05           12/01/01         12
    2856485                              O            11/01/16
    0

    5989406          822/G02             F          102,000.00         ZZ
                                         180        101,326.12          2
                                       6.500            888.53         79
                                       6.250            888.53
    PAWTUCKET        RI   02860          2            09/19/01         00
    0433334901                           05           11/01/01          0
    3806034532                           O            10/01/16
    0

    5992036          H22/G02             F          392,000.00         ZZ
                                         180        390,722.43          1
                                       6.625          3,441.74         67
                                       6.375          3,441.74
    FOREST HILLS     NY   11375          2            01/21/00         00
    0433381746                           05           12/01/01          0
    9911028                              O            11/01/16
    0

1

    5993796          B60/G02             F          397,800.00         ZZ
                                         180        396,475.32          1
                                       6.375          3,437.99         52
                                       6.125          3,437.99
    NAPA             CA   94558          2            10/11/01         00
    0433378312                           05           12/01/01          0
    361711                               O            11/01/16
    0

    5994114          N74/G02             F           43,000.00         ZZ
                                         180         42,870.13          1
                                       7.500            398.62         55
                                       7.250            398.62
    AXTON            VA   24054          5            10/19/01         00
    0433323995                           05           12/01/01          0
    0029433010                           O            11/01/16
    0

    5998560          N74/G02             F           40,500.00         ZZ
                                         180         40,366.58          1
                                       6.500            352.80         90
                                       6.250            352.80
    DANVILLE         VA   24541          5            10/19/01         10
    0433324498                           05           12/01/01         25
    0029436010                           O            11/01/16
    0

    6000176          N74/G02             F           52,500.00         ZZ
                                         180         52,332.56          1
                                       6.875            468.22         68
                                       6.625            468.22
    KEYSVILLE        VA   23947          5            10/22/01         00
    0433344892                           05           12/01/01          0
    0029438010                           O            11/01/16
    0

    6001612          N47/G02             F          117,600.00         ZZ
                                         180        117,244.83          1
                                       7.500          1,090.17         80
                                       7.250          1,090.17
    MACON            GA   31217          5            10/23/01         00
    0433323326                           05           12/01/01          0
    40112418                             O            11/01/16
    0

    6002238          U62/G02             F          160,000.00         ZZ
                                         180        159,484.14          1
                                       6.750          1,415.86         69
                                       6.500          1,415.86
1

    PARKER           CO   80138          5            10/24/01         00
    0433372752                           05           12/01/01          0
    2001303993                           O            11/01/16
    0

    6005310          964/G02             F          307,500.00         ZZ
                                         180        307,500.00          1
                                       6.875          2,742.46         75
                                       6.625          2,742.46
    ROHNERT PARK     CA   94928          5            11/08/01         00
    0433394723                           05           01/01/02          0
    400156030                            O            12/01/16
    0

    6010808          E82/G02             F          135,000.00         ZZ
                                         180        134,555.26          1
                                       6.500          1,175.99         79
                                       6.250          1,175.99
    DYERSBURG        TN   38024          2            10/15/01         00
    0400500229                           05           12/01/01          0
    1720413                              O            11/01/16
    0

    6010816          E82/G02             F          130,800.00         ZZ
                                         180        130,387.33          1
                                       7.000          1,175.67         57
                                       6.750          1,175.67
    TOTOWA           NJ   07512          2            10/15/01         00
    0400493342                           05           12/01/01          0
    0400493342                           O            11/01/16
    0

    6010950          E22/G02             F          227,000.00         ZZ
                                         180        226,276.01          1
                                       6.875          2,024.51         60
                                       6.625          2,024.51
    WEST BLOOMFIELD  MI   48322          2            10/12/01         00
    0413088303                           05           12/01/01          0
    0413088303                           O            11/01/16
    0

    6011526          076/076             F          108,000.00         ZZ
                                         180        107,316.55          1
                                       7.000            970.73         80
                                       6.750            970.73
    BIRMINGHAM       AL   35209          5            09/05/01         00
    5491552                              08           11/01/01          0
    5491552                              O            10/01/16
    0
1

    6011528          076/076             F          467,500.00         ZZ
                                         180        463,464.48          1
                                       8.125          4,501.47         75
                                       7.875          4,501.47
    BLAUVELT         NY   10913          5            08/30/01         00
    5655153                              05           10/01/01          0
    5655153                              O            09/01/16
    0

    6011530          076/076             F          260,000.00         ZZ
                                         180        258,354.65          3
                                       7.000          2,336.95         73
                                       6.750          2,336.95
    QUINCY           MA   02169          1            09/07/01         00
    5813535                              05           11/01/01          0
    5813535                              O            10/01/16
    0

    6011532          076/076             F           80,000.00         T
                                         180         79,254.64          1
                                       7.250            730.29         80
                                       7.000            730.29
    DENT             MN   56528          1            09/06/01         00
    5829763                              05           10/01/01          0
    5829763                              O            09/01/16
    0

    6011534          076/076             F          109,000.00         ZZ
                                         180        107,939.79          1
                                       6.750            964.55         49
                                       6.500            964.55
    WOODHAVEN        NY   11421          2            08/22/01         00
    7091769                              05           10/01/01          0
    7091769                              O            09/01/16
    0

    6011536          076/076             F          275,000.00         ZZ
                                         180        273,221.77          1
                                       6.750          2,433.50         40
                                       6.500          2,433.50
    POINT CLEAR      AL   36564          5            09/06/01         00
    7112475                              05           11/01/01          0
    7112475                              O            10/01/16
    0

    6012136          601/G02             F           96,500.00         ZZ
                                         180         96,500.00          1
1

                                       6.500            840.62         47
                                       6.250            840.62
    DOUGLASVILLE     GA   30135          2            11/02/01         00
    0433396157                           05           01/01/02          0
    6097600                              O            12/01/16
    0

    6014710          J83/G02             F           53,800.00         ZZ
                                         180         53,122.39          1
                                       7.125            487.34         60
                                       6.875            487.34
    BIRMINGHAM       AL   35224          2            07/20/01         00
    0433312907                           05           09/01/01          0
    306897                               O            08/01/16
    0

    6015838          J83/G02             F           29,900.00         ZZ
                                         180         29,523.39          1
                                       7.125            270.85         60
                                       6.875            270.85
    BIRMINGHAM       AL   35205          1            07/03/01         00
    0433309911                           01           09/01/01          0
    308347                               N            08/01/16
    0

    6017450          477/G02             F          337,500.00         ZZ
                                         180        336,435.20          1
                                       7.000          3,033.55         80
                                       6.750          3,033.55
    LAKE FOREST      CA   92630          5            10/26/01         00
    0433393469                           03           12/01/01          0
    115898                               O            11/01/16
    0

    6017458          H76/G02             F           63,900.00         ZZ
                                         180         63,702.74          1
                                       7.250            583.32         90
                                       7.000            583.32
    ROCHESTER        NY   14623          2            10/22/01         01
    0433350840                           01           12/01/01         12
    2001403741                           O            11/01/16
    0

    6018160          U62/G02             F          135,200.00         ZZ
                                         180        134,749.78          1
                                       6.375          1,168.47         80
                                       6.125          1,168.47
    FLOWER MOUND     TX   75028          5            10/24/01         00
    0433357985                           03           12/01/01          0
1

    2001284222                           O            11/01/16
    0

    6019070          601/G02             F          120,500.00         ZZ
                                         180        120,098.73          1
                                       6.375          1,041.43         53
                                       6.125          1,041.43
    MAGNOLIA         TX   77354          5            10/24/01         00
    0433368560                           05           12/01/01          0
    50972924                             O            11/01/16
    0

    6019410          076/076             F          184,000.00         ZZ
                                         180        182,822.95          1
                                       6.875          1,641.01         78
                                       6.625          1,641.01
    HUDSON           WI   54016          2            08/29/01         00
    0175413                              05           11/01/01          0
    0175413                              O            10/01/16
    0

    6022546          964/G02             F          586,850.00         ZZ
                                         180        584,937.39          1
                                       6.625          5,152.51         72
                                       6.375          5,152.51
    AUBURN           WA   98092          5            10/31/01         00
    0433344801                           03           12/01/01          0
    163222                               O            11/01/16
    0

    6023492          X22/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       6.125          1,531.12         80
                                       5.875          1,531.12
    SHALIMAR         FL   32579          2            10/29/01         00
    0433382033                           05           01/01/02          0
    01090236                             O            12/01/16
    0

    6028934          696/G02             F          297,800.00         ZZ
                                         180        296,860.46          1
                                       7.000          2,676.71         80
                                       6.750          2,676.71
    GERMANTOWN       MD   20876          1            10/11/01         00
    0433290434                           03           12/01/01          0
    31201203                             O            11/01/16
    0

1

    6033964          E22/G02             F           79,000.00         ZZ
                                         180         78,750.76          1
                                       7.000            710.07         61
                                       6.750            710.07
    FARMERVILLE      LA   71241          2            10/05/01         00
    0413055377                           05           12/01/01          0
    0413055377                           O            11/01/16
    0

    6033968          E22/G02             F          561,000.00         ZZ
                                         180        559,171.64          1
                                       6.625          4,925.55         25
                                       6.375          4,925.55
    CORAL GABLES     FL   33143          2            10/10/01         00
    0413061193                           05           12/01/01          0
    0413061193                           O            11/01/16
    0

    6034290          E82/G02             F          185,000.00         ZZ
                                         180        184,422.65          1
                                       7.125          1,675.79         75
                                       6.875          1,675.79
    TOMKINS COVE     NY   10986          2            10/16/01         00
    0400492500                           05           12/01/01          0
    1682065                              O            11/01/16
    0

    6034326          E82/G02             F          145,800.00         ZZ
                                         180        143,406.19          1
                                       6.375          1,260.08         54
                                       6.125          1,260.08
    CUDJOE KEY       FL   33042          2            10/16/01         00
    0400513347                           05           12/01/01          0
    0400513347                           O            11/01/16
    0

    6034806          738/G02             F           68,000.00         ZZ
                                         180         67,787.78          1
                                       7.125            615.97         80
                                       6.875            615.97
    JEFFERSON        GA   30549          1            10/25/01         00
    0433391075                           05           12/01/01          0
    00401183410012                       N            11/01/16
    0

    6034980          676/G02             F           83,500.00         ZZ
                                         180         81,583.41          1
                                       6.750            738.90         58
                                       6.500            738.90
1

    HILO             HI   96720          2            04/06/01         00
    0433422599                           05           06/01/01          0
    6000852340                           O            05/01/16
    0

    6044876          994/X14             F          301,150.00         ZZ
                                         180        296,913.26          1
                                       7.000          2,706.82         87
                                       6.750          2,706.82
    ATLANTA          GA   30319          5            07/30/01         04
    218623498                            05           09/01/01         12
    218623498                            O            08/01/16
    0

    6045534          U05/G02             F          230,000.00         ZZ
                                         180        229,250.40          1
                                       6.625          2,019.39         85
                                       6.375          2,019.39
    ELLICOTT CITY    MD   21043          2            10/31/01         10
    0433353620                           05           12/01/01          6
    3173213                              O            11/01/16
    0

    6046966          601/G02             F           76,700.00         ZZ
                                         180         76,452.71          1
                                       6.750            678.73         80
                                       6.500            678.73
    HIRAM            GA   30141          1            10/24/01         00
    0433341237                           05           12/01/01          0
    60900040                             N            11/01/16
    0

    6046998          758/G02             F           96,900.00         ZZ
                                         180         96,584.19          1
                                       6.625            850.78         72
                                       6.375            850.78
    APACHE JUNCTION  AZ   85219          5            10/24/01         00
    0433390598                           05           12/01/01          0
    660290                               O            11/01/16
    0

    6051178          964/G02             F          540,000.00         ZZ
                                         180        540,000.00          1
                                       6.750          4,778.51         79
                                       6.500          4,778.51
    WALNUT CREEK     CA   94596          5            11/02/01         00
    0433416260                           05           01/01/02          0
    162038                               O            12/01/16
    0
1

    6054374          U62/G02             F           51,000.00         ZZ
                                         180         50,828.33          1
                                       6.250            437.29         68
                                       6.000            437.29
    JACKSONVILLE     FL   32210          5            10/26/01         00
    0433371978                           05           12/01/01          0
    2001306785                           O            11/01/16
    0

    6059634          E22/G02             F          223,000.00         ZZ
                                         180        222,288.76          3
                                       6.875          1,988.84         80
                                       6.625          1,988.84
    BRONX            NY   10456          2            10/15/01         00
    0413079104                           05           12/01/01          0
    0413079104                           O            11/01/16
    0

    6059666          E22/G02             F          425,000.00         ZZ
                                         180        423,599.87          1
                                       6.500          3,702.21         79
                                       6.250          3,702.21
    LA MESA          CA   91941          5            10/12/01         00
    0413098815                           05           12/01/01          0
    0413098815                           O            11/01/16
    0

    6059714          E22/G02             F          118,400.00         ZZ
                                         180        118,005.73          1
                                       6.375          1,023.27         80
                                       6.125          1,023.27
    PLANO            TX   75075          5            10/15/01         00
    0413119322                           05           12/01/01          0
    0413119322                           O            11/01/16
    0

    6059734          E22/G02             F           94,250.00         ZZ
                                         180         93,971.55          1
                                       7.750            887.15         80
                                       7.500            887.15
    KATY             TX   77450          1            10/19/01         00
    0413126921                           03           12/01/01          0
    0413126921                           N            11/01/16
    0

    6060058          E82/G02             F          140,000.00         ZZ
                                         180        139,348.63          1
1

                                       6.750          1,238.87         66
                                       6.500          1,238.87
    CLIFTON          NJ   07011          5            10/18/01         00
    0400503751                           05           12/01/01          0
    0400503751                           O            11/01/16
    0

    6073826          U62/G02             F           83,200.00         ZZ
                                         180         82,919.96          1
                                       6.250            713.37         80
                                       6.000            713.37
    HEREFORD         TX   79045          5            10/26/01         00
    0433381167                           05           12/01/01          0
    2001301700                           O            11/01/16
    0

    6074122          W08/G02             F           82,800.00         ZZ
                                         180         82,544.40          1
                                       7.250            755.85         72
                                       7.000            755.85
    CAPE CANAVERAL   FL   32920          2            10/25/01         00
    0433380136                           01           12/01/01          0
    39109182                             N            11/01/16
    0

    6074240          L76/G02             F          280,000.00         ZZ
                                         180        279,077.57          1
                                       6.500          2,439.10         80
                                       6.250          2,439.10
    RICHMOND         MN   56368          5            10/26/01         00
    0433380292                           05           12/01/01          0
    9506188                              O            11/01/16
    0

    6075824          405/405             F          120,000.00         ZZ
                                         180        118,816.73          1
                                       7.000          1,078.60         65
                                       6.250          1,078.60
    LOS ANGELES      CA   91335          5            09/26/01         00
    0017779380                           05           11/01/01          0
    0017779380                           O            10/01/16
    0

    6078704          B28/G02             F          135,000.00         ZZ
                                         180        134,127.05          1
                                       6.750          1,194.63         63
                                       6.500          1,194.63
    BROOMFIELD       CO   80020          2            09/28/01         00
    0433307675                           05           11/01/01          0
1

    01400062                             N            10/01/16
    0

    6080290          X31/G02             F          104,000.00         ZZ
                                         180        103,661.06          1
                                       6.625            913.11         62
                                       6.375            913.11
    LA PUENTE        CA   91746          5            10/22/01         00
    0433421492                           05           12/01/01          0
    40A00066                             O            11/01/16
    0

    6080478          964/G02             F          170,000.00         ZZ
                                         180        169,420.83          1
                                       6.500          1,480.88         75
                                       6.250          1,480.88
    CLACKAMAS        OR   97015          2            10/09/01         00
    0433287786                           05           12/01/01          0
    150396                               O            11/01/16
    0

    6080990          B28/G02             F          146,300.00         ZZ
                                         180        145,353.98          1
                                       6.750          1,294.62         68
                                       6.500          1,294.62
    BROOMFIELD       CO   80020          2            09/28/01         00
    0433316478                           05           11/01/01          0
    01400064                             N            10/01/16
    0

    6083690          E22/G02             F           46,500.00         ZZ
                                         180         46,353.29          1
                                       7.000            417.96         75
                                       6.750            417.96
    MEMPHIS          TN   38114          5            10/22/01         00
    0413077553                           05           12/01/01          0
    0413077553                           N            11/01/16
    0

    6083738          E22/G02             F          109,000.00         ZZ
                                         180        108,663.52          1
                                       7.250            995.02         80
                                       7.000            995.02
    CARROLLTON       TX   75007          5            10/18/01         00
    0413096322                           05           12/01/01          0
    0413096322                           N            11/01/16
    0

1

    6083778          E22/G02             F          128,350.00         ZZ
                                         180        127,945.06          1
                                       7.000          1,153.65         85
                                       6.750          1,153.65
    SCOTTS BLUFF     NE   69361          5            10/16/01         01
    0413116500                           05           12/01/01         12
    0413116500                           O            11/01/16
    0

    6083784          E22/G02             F           44,000.00         ZZ
                                         180         43,853.48          1
                                       6.375            380.27         80
                                       6.125            380.27
    LA PORTE         TX   77571          5            10/16/01         00
    0413118803                           05           12/01/01          0
    0413118803                           O            11/01/16
    0

    6083818          E22/G02             F          254,550.00         ZZ
                                         180        253,693.21          1
                                       6.250          2,182.57         58
                                       6.000          2,182.57
    COLORADO SPRING  CO   80918          2            10/16/01         00
    0413135377                           05           12/01/01          0
    0413135377                           O            11/01/16
    0

    6083848          E22/G02             F           80,000.00         ZZ
                                         180         79,753.04          1
                                       7.250            730.29         80
                                       7.000            730.29
    HUMBLE           TX   77346          5            10/17/01         00
    0413147869                           03           12/01/01          0
    0413147869                           O            11/01/16
    0

    6084084          E82/G02             F           84,000.00         ZZ
                                         180         83,720.28          1
                                       6.375            725.97         31
                                       6.125            725.97
    SCOTTSDALE       AZ   85260          2            10/18/01         00
    0400516340                           09           12/01/01          0
    1556325                              O            11/01/16
    0

    6084098          E82/G02             F          118,600.00         ZZ
                                         180        118,213.47          2
                                       6.625          1,041.30         44
                                       6.375          1,041.30
1

    BOROUGH OF MAYW  NJ   07607          2            10/18/01         00
    0400512372                           05           12/01/01          0
    1539482                              O            11/01/16
    0

    6084112          E82/G02             F          140,500.00         ZZ
                                         180        140,051.89          1
                                       6.875          1,253.06         29
                                       6.625          1,253.06
    CARNELIAN BAY    CA   96140          5            10/19/01         00
    0400514204                           05           12/01/01          0
    0400514204                           O            11/01/16
    0

    6085074          U28/G02             F           77,500.00         ZZ
                                         180         77,252.82          1
                                       6.875            691.19         33
                                       6.625            691.19
    MOLENA           GA   30258          2            10/16/01         00
    0433348943                           05           12/01/01          0
    ANDERSON,JAM                         O            11/01/16
    0

    6095816          W93/G02             F          105,000.00         ZZ
                                         180        104,335.53          1
                                       7.000            943.77         74
                                       6.750            943.77
    RIVERSIDE        CA   92504          2            09/21/01         00
    0433283439                           05           11/01/01          0
    67334123                             O            10/01/16
    0

    6096284          U62/G02             F           72,000.00         ZZ
                                         180         71,762.80          1
                                       6.500            627.20         80
                                       6.250            627.20
    MCALLEN          TX   78501          2            10/26/01         00
    0433370830                           05           12/01/01          0
    2001299092                           O            11/01/16
    0

    6105814          405/405             F          440,000.00         ZZ
                                         180        435,856.02          1
                                       7.125          3,985.66         80
                                       6.375          3,985.66
    BROOKLYN         NY   11204          1            08/23/01         00
    0017694779                           05           10/01/01          0
    0017694779                           O            09/01/16
    0
1

    6105838          405/405             F           83,000.00         ZZ
                                         180         82,175.23          1
                                       6.500            723.02         41
                                       6.250            723.02
    CHATSWORTH       CA   91311          2            08/07/01         00
    0019863588                           01           10/01/01          0
    0019863588                           N            09/01/16
    0

    6105840          405/405             F          150,000.00         ZZ
                                         180        148,231.33          1
                                       6.750          1,327.37         68
                                       6.250          1,327.37
    STOCKTON         CA   95209          5            09/05/01         00
    0019877836                           05           11/01/01          0
    0019877836                           O            10/01/16
    0

    6105846          405/405             F          206,759.00         ZZ
                                         180        204,790.61          1
                                       7.000          1,858.41         90
                                       6.250          1,858.41
    LAS VEGAS        NV   89147          1            08/20/01         11
    0019908615                           03           10/01/01         25
    0019908615                           O            09/01/16
    0

    6105850          405/405             F          375,000.00         ZZ
                                         180        371,352.42          1
                                       6.750          3,318.42         79
                                       6.250          3,318.42
    HUNTINGTON BEAC  CA   92646          5            08/22/01         00
    0019914639                           05           10/01/01          0
    0019914639                           O            09/01/16
    0

    6108180          U62/G02             F          127,500.00         ZZ
                                         180        127,084.47          1
                                       6.625          1,119.44        100
                                       6.375          1,119.44
    GOULDSBORO       PA   18424          2            10/26/01         04
    0433382587                           05           12/01/01         35
    2001298156                           O            11/01/16
    0

    6110916          E22/G02             F          100,000.00         ZZ
                                         180         99,694.66          1
1

                                       7.375            919.92         80
                                       7.125            919.92
    YAKIMA           WA   98902          2            10/12/01         00
    0413052754                           05           12/01/01          0
    0413052754                           O            11/01/16
    0

    6110944          E22/G02             F          232,000.00         ZZ
                                         180        231,299.33          1
                                       7.500          2,150.67         80
                                       7.250          2,150.67
    TROY             MI   48098          5            10/18/01         00
    0413088352                           05           12/01/01          0
    0413088352                           O            11/01/16
    0

    6110958          E22/G02             F           53,200.00         ZZ
                                         180         53,041.08          1
                                       7.625            496.96         80
                                       7.375            496.96
    HOUSTON          TX   77066          5            10/15/01         00
    0413096934                           03           12/01/01          0
    0413096934                           O            11/01/16
    0

    6111022          E22/G02             F          115,000.00         ZZ
                                         180        114,621.15          1
                                       6.500          1,001.77         70
                                       6.250          1,001.77
    CLINTON          MD   20735          2            10/17/01         00
    0413134180                           03           12/01/01          0
    0413134180                           O            11/01/16
    0

    6111040          E22/G02             F          126,000.00         ZZ
                                         180        125,584.90          1
                                       6.500          1,097.60         90
                                       6.250          1,097.60
    WARRIOR          AL   35180          5            10/18/01         04
    0413144387                           05           12/01/01         12
    0413144387                           O            11/01/16
    0

    6111048          E22/G02             F          103,700.00         ZZ
                                         180        103,386.82          1
                                       7.500            961.31         85
                                       7.250            961.31
    PINELLAS PARK    FL   33781          5            10/18/01         04
    0413145962                           05           12/01/01         12
1

    0413145962                           O            11/01/16
    0

    6111092          E22/G02             F           96,500.00         ZZ
                                         180         96,178.66          1
                                       6.375            834.00         46
                                       6.125            834.00
    LITTLETON        CO   80128          5            10/23/01         00
    0413177429                           05           12/01/01          0
    0413177429                           N            11/01/16
    0

    6114654          T68/G02             F           37,000.00         ZZ
                                         180         36,889.47          1
                                       7.625            345.63         78
                                       7.375            345.63
    COOLIDGE         AZ   85228          5            10/26/01         00
    0433409653                           05           12/01/01          0
    1                                    O            11/01/16
    0

    6121334          E23/G02             F          399,000.00         ZZ
                                         180        399,000.00          1
                                       6.375          3,448.36         69
                                       6.125          3,448.36
    SANTA ROSA       CA   95401          2            11/02/01         00
    0433419264                           03           01/01/02          0
    62000196                             O            12/01/16
    0

    6121904          H93/G02             F           30,600.00         ZZ
                                         180         30,507.58          1
                                       7.500            283.67         90
                                       7.250            283.67
    ST JOSEPH        MO   64505          1            10/26/01         04
    0433384468                           05           12/01/01         25
    2001001635                           N            11/01/16
    0

    6123826          H76/G02             F          204,000.00         ZZ
                                         180        204,000.00          1
                                       7.500          1,891.11         80
                                       7.250          1,891.11
    CINCINNATI       OH   45231          5            10/29/01         00
    0433387115                           05           01/01/02          0
    2001404586                           O            12/01/16
    0

1

    6136102          964/G02             F          396,000.00         T
                                         180        394,709.39          1
                                       6.625          3,476.86         80
                                       6.375          3,476.86
    OTIS             OR   97368          1            10/30/01         00
    0433364924                           05           12/01/01          0
    165148                               O            11/01/16
    0

    6136506          E22/G02             F          133,600.00         ZZ
                                         180        133,183.06          1
                                       7.125          1,210.19         80
                                       6.875          1,210.19
    ARLINGTON        TX   76016          5            10/18/01         00
    0413033127                           05           12/01/01          0
    0413033127                           O            11/01/16
    0

    6136574          E22/G02             F          170,000.00         ZZ
                                         180        169,445.95          1
                                       6.625          1,492.59         67
                                       6.375          1,492.59
    WARWICK          RI   02886          5            10/19/01         00
    0413089814                           05           12/01/01          0
    0413089814                           O            11/01/16
    0

    6136576          E22/G02             F          330,000.00         ZZ
                                         180        328,992.37          1
                                       7.375          3,035.75         74
                                       7.125          3,035.75
    TROY             MI   48098          5            10/19/01         00
    0413090093                           05           12/01/01          0
    0413090093                           O            11/01/16
    0

    6136616          E22/G02             F           94,500.00         ZZ
                                         180         94,205.08          1
                                       7.125            856.01         75
                                       6.875            856.01
    MESQUITE         TX   75150          5            10/19/01         00
    0413110818                           05           12/01/01          0
    0413110818                           O            11/01/16
    0

    6136642          E22/G02             F          116,000.00         ZZ
                                         180        115,637.99          1
                                       7.125          1,050.76         90
                                       6.875          1,050.76
1

    TAMPA            FL   33625          5            10/19/01         04
    0413127994                           03           12/01/01         12
    0413127994                           O            11/01/16
    0

    6136650          E22/G02             F          316,000.00         ZZ
                                         180        314,947.72          1
                                       6.375          2,731.03         79
                                       6.125          2,731.03
    VINEMONT         AL   35179          2            10/19/01         00
    0413130451                           05           12/01/01          0
    0413130451                           O            11/01/16
    0

    6136654          E22/G02             F          254,800.00         ZZ
                                         180        253,960.59          1
                                       6.500          2,219.58         80
                                       6.250          2,219.58
    DALLAS           TX   75224          5            10/19/01         00
    0413133315                           05           12/01/01          0
    0413133315                           O            11/01/16
    0

    6137104          E82/G02             F           87,500.00         ZZ
                                         180         87,192.19          1
                                       6.750            774.30         70
                                       6.500            774.30
    RED BLUFF        CA   96080          2            09/27/01         00
    0400491783                           05           12/01/01          0
    1617467                              O            11/01/16
    0

    6137108          E82/G02             F           79,400.00         ZZ
                                         180         79,141.22          1
                                       6.625            697.13         56
                                       6.375            697.13
    BELFAST          ME   04915          2            10/22/01         00
    0400510764                           05           12/01/01          0
    0400510764                           O            11/01/16
    0

    6137120          E82/G02             F          139,000.00         ZZ
                                         180        138,542.08          1
                                       6.500          1,210.84         78
                                       6.250          1,210.84
    AMHERST          NY   14068          2            10/22/01         00
    0400503231                           05           12/01/01          0
    1587466                              O            11/01/16
    0
1

    6137124          E82/G02             F          102,000.00         ZZ
                                         180        101,667.57          1
                                       6.625            895.55         56
                                       6.375            895.55
    NORTH HOLLYWOOD  CA   91606          5            10/15/01         00
    0400496063                           05           12/01/01          0
    0400496063                           O            11/01/16
    0

    6137128          E82/G02             F          113,700.00         ZZ
                                         180        113,345.16          1
                                       7.125          1,029.93         79
                                       6.875          1,029.93
    HOLMDEL          NJ   07733          2            10/22/01         00
    0400508057                           01           12/01/01          0
    0400508057                           N            11/01/16
    0

    6137140          E82/G02             F          252,860.00         ZZ
                                         180        252,044.76          1
                                       6.750          2,237.58         78
                                       6.500          2,237.58
    CORDOVA          TN   38018          2            10/22/01         00
    0400507588                           05           12/01/01          0
    0400507588                           O            11/01/16
    0

    6138780          405/405             F          480,000.00         ZZ
                                         180        475,430.31          1
                                       7.000          4,314.38         80
                                       6.500          4,314.38
    POTOMAC          MD   20854          5            08/27/01         00
    0012416038                           05           10/01/01          0
    0012416038                           O            09/01/16
    0

    6138822          405/405             F          364,000.00         ZZ
                                         180        360,497.22          1
                                       6.875          3,246.35         80
                                       6.375          3,246.35
    WILMETTE         IL   60091          5            08/24/01         00
    0017662248                           05           10/01/01          0
    0017662248                           O            09/01/16
    0

    6144676          N74/G02             F           78,200.00         ZZ
                                         180         77,950.59          1
1

                                       6.875            697.43         73
                                       6.625            697.43
    FERRUM           VA   24088          2            10/29/01         00
    0433356946                           05           12/01/01          0
    0029463010                           N            11/01/16
    0

    6154052          U62/G02             F           96,000.00         ZZ
                                         180         95,683.74          1
                                       6.500            836.26         68
                                       6.250            836.26
    GREENBELT        MD   20770          2            10/30/01         00
    0433371614                           09           12/01/01          0
    2001312741                           N            11/01/16
    0

    6154352          U62/G02             F          162,500.00         ZZ
                                         180        161,964.67          1
                                       6.500          1,415.54         68
                                       6.250          1,415.54
    BOWIE            MD   20720          2            10/30/01         00
    0433355591                           05           12/01/01          0
    2001312745                           N            11/01/16
    0

    6154796          975/G02             F          326,000.00         ZZ
                                         180        324,948.95          1
                                       6.750          2,884.80         80
                                       6.500          2,884.80
    SAN GABRIEL      CA   91775          2            10/09/01         00
    0433400462                           05           12/01/01          0
    2014559                              O            11/01/16
    0

    6161212          E22/G02             F           90,000.00         ZZ
                                         180         89,719.13          1
                                       7.125            815.25         75
                                       6.875            815.25
    HOUSTON          TX   77070          1            10/09/01         00
    0413051483                           05           12/01/01          0
    0413051483                           O            11/01/16
    0

    6161282          E22/G02             F          138,000.00         ZZ
                                         180        137,559.87          1
                                       6.875          1,230.76         80
                                       6.625          1,230.76
    CHICAGO          IL   60622          1            10/25/01         00
    0413132002                           05           12/01/01          0
1

    0413132002                           O            11/01/16
    0

    6161942          E82/G02             F          230,000.00         ZZ
                                         180        229,225.85          1
                                       6.250          1,972.07         54
                                       6.000          1,972.07
    MORRISON         CO   80465          2            10/24/01         00
    0400518536                           03           12/01/01          0
    1783338                              O            11/01/16
    0

    6161950          E82/G02             F          245,450.00         ZZ
                                         180        244,667.16          1
                                       6.875          2,189.06         76
                                       6.625          2,189.06
    RIDGELAND        MS   39157          2            10/23/01         00
    0400510160                           05           12/01/01          0
    4067951                              O            11/01/16
    0

    6161958          E82/G02             F           70,000.00         ZZ
                                         180         69,766.90          1
                                       6.375            604.98         44
                                       6.125            604.98
    CHINO HILLS      CA   91709          2            10/23/01         00
    0400512547                           05           12/01/01          0
    0400512547                           O            11/01/16
    0

    6161974          E82/G02             F           91,850.00         ZZ
                                         180         91,547.41          1
                                       6.500            800.11         72
                                       6.250            800.11
    ELKHART          IN   46516          2            10/24/01         00
    0400513453                           05           12/01/01          0
    1743182                              O            11/01/16
    0

    6162270          H76/G02             F          153,000.00         ZZ
                                         180        152,532.82          1
                                       7.375          1,407.49         58
                                       7.125          1,407.49
    GLOCESTER        RI   02857          2            10/30/01         00
    0433407228                           05           12/01/01          0
    2001402016                           O            11/01/16
    0

1

    6163128          W93/G02             F          229,000.00         ZZ
                                         180        227,597.24          1
                                       7.375          2,106.63         48
                                       7.125          2,106.63
    SANTA CRUZ       CA   95062          2            09/12/01         00
    0433287745                           01           11/01/01          0
    20279368                             O            10/01/16
    0

    6164054          W93/G02             F          115,000.00         ZZ
                                         180        114,264.32          1
                                       6.875          1,025.64         71
                                       6.625          1,025.64
    RIALTO           CA   92377          2            09/10/01         00
    0433288222                           05           11/01/01          0
    67334212                             O            10/01/16
    0

    6168346          025/025             F          469,100.00         ZZ
                                         180        463,191.77          1
                                       7.125          4,249.25         75
                                       6.875          4,249.25
    CORDOVA          TN   38018          5            07/26/01         00
    0139376867                           05           09/01/01          0
    0139376867                           O            08/01/16
    0

    6170568          L16/G02             F          113,050.00         ZZ
                                         180        112,677.56          1
                                       6.500            984.79         85
                                       6.250            984.79
    LAYTON           UT   84041          2            10/31/01         04
    0433387214                           05           12/01/01         30
    R2414                                O            11/01/16
    0

    6171414          F89/G02             F          122,100.00         ZZ
                                         180        121,697.76          1
                                       6.500          1,063.62         67
                                       6.250          1,063.62
    CORONA           CA   92879          2            10/26/01         00
    0433396793                           05           12/01/01          0
    14558                                O            11/01/16
    0

    6174954          N74/G02             F          183,000.00         ZZ
                                         180        183,000.00          1
                                       6.250          1,569.08         80
                                       6.000          1,569.08
1

    FOREST           VA   24551          5            10/31/01         00
    0433393485                           05           01/01/02          0
    0029473010                           O            12/01/16
    0

    6180900          N74/G02             F           64,000.00         ZZ
                                         180         64,000.00          1
                                       7.625            597.84         76
                                       7.375            597.84
    DURHAM           NC   27713          5            10/31/01         00
    0433393188                           05           01/01/02          0
    0029477010                           O            12/01/16
    0

    6183504          N74/G02             F           55,800.00         ZZ
                                         180         55,800.00          1
                                       6.250            478.44         90
                                       6.000            478.44
    STANLEY          VA   22851          5            10/31/01         01
    0433393527                           05           01/01/02         25
    0029478010                           O            12/01/16
    0

    6188424          E22/G02             F           69,000.00         ZZ
                                         180         68,782.31          1
                                       7.000            620.19         69
                                       6.750            620.19
    CUMMING          GA   30041          2            10/22/01         00
    0413142167                           05           12/01/01          0
    0413142167                           O            11/01/16
    0

    6188426          E22/G02             F           82,400.00         ZZ
                                         180         82,137.08          1
                                       6.875            734.89         80
                                       6.625            734.89
    GARLAND          TX   75044          1            10/26/01         00
    0413142266                           05           12/01/01          0
    0413142266                           N            11/01/16
    0

    6188512          E22/G02             F           97,110.00         ZZ
                                         180         96,816.72          1
                                       7.500            900.22         90
                                       7.250            900.22
    SOUTH BURLINGTO  VT   05403          1            10/26/01         04
    0413195942                           01           12/01/01         12
    0413195942                           N            11/01/16
    0
1

    6189170          E82/G02             F          128,000.00         ZZ
                                         180        127,478.31          1
                                       6.500          1,115.02         61
                                       6.250          1,115.02
    BOCA RATON       FL   33486          2            10/22/01         00
    0400504585                           05           12/01/01          0
    0400504585                           O            11/01/16
    0

    6189174          E82/G02             F          137,600.00         ZZ
                                         180        137,156.36          1
                                       6.750          1,217.64         80
                                       6.500          1,217.64
    STOCKBRIDGE      GA   30281          5            10/25/01         00
    0400506606                           05           12/01/01          0
    0400506606                           O            11/01/16
    0

    6192280          M27/G02             F          250,000.00         ZZ
                                         180        250,000.00          1
                                       6.500          2,177.77         56
                                       6.250          2,177.77
    NASHVILLE        TN   37215          5            11/01/01         00
    0433392321                           05           01/01/02          0
    600697629                            O            12/01/16
    0

    6194084          Q73/G02             F          561,200.00         ZZ
                                         180        561,200.00          1
                                       6.000          4,735.72         33
                                       5.750          4,735.72
    FORT SMITH       AR   72908          2            11/13/01         00
    0433406766                           05           01/01/02          0
    2866255                              O            12/01/16
    0

    6195778          369/G02             F          399,950.00         ZZ
                                         180        398,646.52          1
                                       6.625          3,511.54         80
                                       6.375          3,511.54
    MIDDLETON        WI   53562          2            11/02/01         00
    0433396850                           01           12/01/01          0
    18559454                             O            11/01/16
    0

    6200266          H22/G02             F           97,200.00         ZZ
                                         180         97,200.00          1
1

                                       6.875            866.88         90
                                       6.625            866.88
    JACKSON HEIGHTS  NY   11370          1            11/21/01         10
    0433399276                           01           01/01/02         25
    0108008                              N            12/01/16
    0

    6202768          J95/G02             F          103,500.00         ZZ
                                         180        101,655.38          4
                                       7.875            981.65         90
                                       7.625            981.65
    TALLAHASSEE      FL   32304          1            05/29/01         12
    0433317187                           05           07/01/01         25
    0023648629                           N            06/01/16
    0

    6202770          J95/G02             F          345,000.00         ZZ
                                         180        340,883.23          4
                                       7.750          3,247.40         58
                                       7.500          3,247.40
    CHARLESTON       SC   29403          5            07/20/01         00
    0433317484                           05           09/01/01          0
    0020201141                           N            08/01/16
    0

    6202776          J95/G02             F           36,800.00         ZZ
                                         180         36,577.03          1
                                       7.500            341.14         80
                                       7.250            341.14
    CHATTANOOGA      TN   37404          5            09/24/01         00
    0433316965                           05           11/01/01          0
    0023690142                           O            10/01/16
    0

    6202778          J95/G02             F          170,950.00         ZZ
                                         180        169,832.64          1
                                       6.625          1,500.93         60
                                       6.375          1,500.93
    SUNSET BEACH     NC   28468          2            09/06/01         00
    0433317302                           05           11/01/01          0
    0020231056                           O            10/01/16
    0

    6202780          J95/G02             F          108,000.00         ZZ
                                         180        107,338.43          4
                                       7.375            993.52         90
                                       7.125            993.52
    LOUISVILLE       TN   37777          1            09/24/01         12
    0433318011                           05           11/01/01         25
1

    0027515451                           N            10/01/16
    0

    6202782          J95/G02             F          275,000.00         ZZ
                                         180        273,297.05          1
                                       7.250          2,510.37         48
                                       7.000          2,510.37
    FLORENCE         SC   29501          2            09/11/01         00
    0433317500                           05           11/01/01          0
    0020237368                           O            10/01/16
    0

    6206860          Q73/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       6.375            864.25         71
                                       6.125            864.25
    OLIVE BRANCH     MS   38654          2            11/08/01         00
    0433392545                           05           01/01/02          0
    2843647                              O            12/01/16
    0

    6211450          E82/G02             F          174,200.00         ZZ
                                         180        173,619.92          1
                                       6.375          1,505.52         80
                                       6.125          1,505.52
    HIGHLAND PARK    IL   60035          2            10/26/01         00
    0400525754                           05           12/01/01          0
    0400525754                           O            11/01/16
    0

    6211470          E82/G02             F          233,600.00         ZZ
                                         180        232,870.98          1
                                       7.125          2,116.02         80
                                       6.875          2,116.02
    WEST BLOOMFIELD  MI   48322          1            10/31/01         00
    0400503165                           01           12/01/01          0
    0400503165                           O            11/01/16
    0

    6211476          E82/G02             F          225,000.00         ZZ
                                         180        224,290.14          4
                                       7.000          2,022.36         70
                                       6.750          2,022.36
    GOLDEN           CO   80401          2            10/31/01         00
    0400519559                           05           12/01/01          0
    1799945                              N            11/01/16
    0

1

    6211610          163/G02             F          330,000.00         ZZ
                                         180        328,912.84          1
                                       6.500          2,874.66         60
                                       6.250          2,874.66
    AVON             CT   06001          1            11/01/01         00
    0433359536                           05           12/01/01          0
    1000364119                           O            11/01/16
    0

    6213046          A52/G02             F          113,000.00         ZZ
                                         180        113,000.00          1
                                       6.500            984.35         78
                                       6.250            984.35
    SNELLVILLE       GA   30039          5            11/05/01         00
    0433417342                           05           01/01/02          0
    16722                                O            12/01/16
    0

    6213236          E22/G02             F          220,000.00         ZZ
                                         180        219,320.87          1
                                       7.250          2,008.30         80
                                       7.000          2,008.30
    HOUSTON          TX   77008          5            10/23/01         00
    0413094368                           05           12/01/01          0
    0413094368                           O            11/01/16
    0

    6213284          E22/G02             F          170,000.00         ZZ
                                         180        169,445.95          1
                                       6.625          1,492.59         73
                                       6.375          1,492.59
    HOUSTON          TX   77064          5            10/23/01         00
    0413111469                           03           12/01/01          0
    0413111469                           O            11/01/16
    0

    6213354          E22/G02             F          368,000.00         ZZ
                                         180        366,826.31          1
                                       6.875          3,282.02         80
                                       6.625          3,282.02
    HOUSTON          TX   77027          5            10/22/01         00
    0413133455                           07           12/01/01          0
    0413133455                           O            11/01/16
    0

    6213438          E22/G02             F          350,000.00         ZZ
                                         180        348,834.50          1
                                       6.375          3,024.88         59
                                       6.125          3,024.88
1

    SAN FRANCISCO    CA   94132          1            10/15/01         00
    0413159278                           05           12/01/01          0
    0413159278                           O            11/01/16
    0

    6213474          E22/G02             F          120,000.00         ZZ
                                         180        119,604.67          1
                                       6.500          1,045.33         80
                                       6.250          1,045.33
    PUEBLO           CO   81005          2            10/22/01         00
    0413174251                           05           12/01/01          0
    0413174251                           O            11/01/16
    0

    6213504          E22/G02             F          114,000.00         ZZ
                                         180        113,632.45          1
                                       6.750          1,008.80         79
                                       6.500          1,008.80
    SHERMAN          TX   75092          5            10/24/01         00
    0413194846                           05           12/01/01          0
    0413194846                           O            11/01/16
    0

    6217812          U05/G02             F          233,000.00         ZZ
                                         180        233,000.00          1
                                       6.250          1,997.80         67
                                       6.000          1,997.80
    WEST COVINA      CA   91791          5            11/06/01         00
    0433421948                           05           01/01/02          0
    3181736                              O            12/01/16
    0

    6224842          N47/G02             F          315,000.00         ZZ
                                         180        315,000.00          1
                                       6.625          2,765.68         79
                                       6.375          2,765.68
    LOS ANGELES      CA   91344          2            11/02/01         00
    0433392289                           05           01/01/02          0
    30311410                             O            12/01/16
    0

    6226652          P01/G02             F          150,000.00         ZZ
                                         180        149,526.75          1
                                       7.000          1,348.25         80
                                       6.750          1,348.25
    MARIETTA         GA   30068          5            11/02/01         00
    0433382736                           05           12/07/01          0
    01006840                             O            11/07/16
    0
1

    6227306          S43/G02             F           46,500.00         ZZ
                                         180         46,500.00          1
                                       6.625            408.27         44
                                       6.375            408.27
    ALBUQUERQUE      NM   87108          2            11/13/01         00
    0433417854                           05           01/01/02          0
    011811                               N            12/01/16
    0

    6233724          L16/G02             F          267,580.00         ZZ
                                         180        266,717.30          1
                                       6.750          2,367.84         90
                                       6.500          2,367.84
    RANCHO CUCAMONG  CA   91701          1            10/29/01         01
    0433376043                           05           12/01/01         25
    W0109212                             O            11/01/16
    0

    6236878          E22/G02             F           50,000.00         ZZ
                                         180         49,838.80          1
                                       6.750            442.45         59
                                       6.500            442.45
    LIVINGSTON       TX   77351          5            10/25/01         00
    0412949158                           05           12/01/01          0
    0412949158                           O            11/01/16
    0

    6236956          E22/G02             F          136,550.00         ZZ
                                         180        136,100.15          1
                                       6.500          1,189.50         78
                                       6.250          1,189.50
    PEARLAND         TX   77581          5            10/22/01         00
    0413112442                           03           12/01/01          0
    0413112442                           O            11/01/16
    0

    6236984          E22/G02             F           74,000.00         ZZ
                                         120         73,569.52          1
                                       6.875            854.44         34
                                       6.625            854.44
    AMARILLO         TX   79110          5            10/24/01         00
    0413128091                           05           12/01/01          0
    0413128091                           O            11/01/11
    0

    6237036          E22/G02             F          182,300.00         ZZ
                                         180        181,692.74          1
1

                                       6.375          1,575.53         80
                                       6.125          1,575.53
    DALLAS           TX   75218          5            10/25/01         00
    0413146184                           05           12/01/01          0
    0413146184                           O            11/01/16
    0

    6237058          E22/G02             F          328,000.00         ZZ
                                         180        326,965.17          1
                                       7.000          2,948.16         80
                                       6.750          2,948.16
    AUSTIN           TX   78750          5            10/25/01         00
    0413152455                           03           12/01/01          0
    0413152455                           O            11/01/16
    0

    6237084          E22/G02             F          343,200.00         ZZ
                                         180        342,093.49          1
                                       6.750          3,037.01         80
                                       6.500          3,037.01
    TAOS             NM   87514          2            10/25/01         00
    0413166513                           05           12/01/01          0
    0413166513                           O            11/01/16
    0

    6247098          738/G02             F          368,000.00         ZZ
                                         180        368,000.00          1
                                       6.375          3,180.45         79
                                       6.125          3,180.45
    WOODSTOCK        GA   30189          2            11/02/01         00
    0433403847                           03           01/01/02          0
    00401511590008                       O            12/01/16
    0

    6257548          624/G02             F          489,000.00         ZZ
                                         180        489,000.00          1
                                       6.500          4,259.72         71
                                       6.250          4,259.72
    PENRYN           CA   95663          5            11/02/01         00
    0433396074                           05           01/01/02          0
    38800612163F                         O            12/01/16
    0

    6262964          E82/G02             F          117,800.00         ZZ
                                         180        117,411.92          1
                                       6.500          1,026.16         62
                                       6.250          1,026.16
    REDWOOD VALLEY   CA   95470          2            10/16/01         00
    0400506952                           05           12/01/01          0
1

    1925643                              O            11/01/16
    0

    6262986          E82/G02             F          138,750.00         ZZ
                                         180        138,292.90          1
                                       6.500          1,208.66         68
                                       6.250          1,208.66
    BURLISON         TN   38015          2            10/29/01         00
    0400518437                           05           12/01/01          0
    0400518437                           O            11/01/16
    0

    6263002          E82/G02             F          280,000.00         ZZ
                                         180        279,097.25          1
                                       6.750          2,477.75         80
                                       6.500          2,477.75
    LAS VEGAS        NV   89124          2            10/29/01         00
    0400495743                           05           12/01/01          0
    0400495743                           O            11/01/16
    0

    6263006          E82/G02             F          131,100.00         ZZ
                                         180        130,681.87          1
                                       6.875          1,169.22         80
                                       6.625          1,169.22
    MESA             AZ   85203          5            10/29/01         00
    0400508024                           03           12/01/01          0
    0400508024                           O            11/01/16
    0

    6263008          E82/G02             F          108,600.00         ZZ
                                         180        108,600.00          1
                                       7.125            983.73         69
                                       6.875            983.73
    IDAHO SPRINGS    CO   80452          2            11/01/01         00
    0400507349                           05           01/01/02          0
    0400507349                           N            12/01/16
    0

    6264580          E22/G02             F           65,120.00         ZZ
                                         180         64,912.30          1
                                       6.875            580.78         80
                                       6.625            580.78
    COLDSPRING       TX   77331          5            10/26/01         00
    0413000597                           05           12/01/01          0
    0413000597                           O            11/01/16
    0

1

    6264634          E22/G02             F          116,550.00         ZZ
                                         180        116,182.29          1
                                       7.000          1,047.58         90
                                       6.750          1,047.58
    WARETOWN         NJ   08758          5            10/26/01         04
    0413090291                           05           12/01/01         25
    0413090291                           O            11/01/16
    0

    6264698          E22/G02             F          100,000.00         ZZ
                                         180         99,677.59          1
                                       6.750            884.91         60
                                       6.500            884.91
    HOUSTON          TX   77068          5            10/26/01         00
    0413119777                           03           12/01/01          0
    0413119777                           O            11/01/16
    0

    6264714          E22/G02             F          249,600.00         ZZ
                                         180        248,768.83          1
                                       6.375          2,157.17         76
                                       6.125          2,157.17
    NORTH POTOMAC    MD   20878          5            10/26/01         00
    0413126822                           05           12/01/01          0
    0413126822                           O            11/01/16
    0

    6264770          E22/G02             F           71,100.00         T
                                         180         70,863.24          1
                                       6.375            614.48         90
                                       6.125            614.48
    HAY TOWNSHIP     MI   48624          1            10/31/01         04
    0413144023                           05           12/01/01         25
    0413144023                           O            11/01/16
    0

    6264776          E22/G02             F          527,500.00         ZZ
                                         180        525,853.77          1
                                       7.125          4,778.26         80
                                       6.875          4,778.26
    PLANO            TX   75093          2            10/26/01         00
    0413147778                           03           12/01/01          0
    0413147778                           O            11/01/16
    0

    6264804          E22/G02             F          179,920.00         ZZ
                                         180        179,346.17          1
                                       6.875          1,604.62         80
                                       6.625          1,604.62
1

    PEMBROKE PINES   FL   33028          1            10/29/01         00
    0413158734                           03           12/01/01          0
    0413158734                           O            11/01/16
    0

    6264844          E22/G02             F           70,000.00         ZZ
                                         180         69,630.21          1
                                       7.375            643.95         64
                                       7.125            643.95
    KINGSBURG        CA   93631          2            10/26/01         00
    0413170572                           05           12/01/01          0
    0413170572                           N            11/01/16
    0

    6264964          E22/G02             F          176,000.00         ZZ
                                         180        175,462.60          1
                                       7.375          1,619.07         80
                                       7.125          1,619.07
    SACRAMENTO       CA   95831          2            10/26/01         00
    0413199324                           05           12/01/01          0
    0413199324                           N            11/01/16
    0

    6267014          076/076             F           83,250.00         ZZ
                                         180         82,745.57          4
                                       7.500            771.74         90
                                       7.250            771.74
    GRAND FORKS      ND   58201          1            09/11/01         10
    0228630                              05           11/01/01         25
    0228630                              N            10/01/16
    0

    6267016          076/076             F           83,250.00         ZZ
                                         180         82,745.57          4
                                       7.500            771.74         90
                                       7.250            771.74
    GRAND FORKS      ND   58201          1            09/11/01         10
    0228652                              05           11/01/01         25
    0228652                              N            10/01/16
    0

    6267018          076/076             F          232,500.00         ZZ
                                         180        231,028.66          1
                                       7.000          2,089.78         73
                                       6.750          2,089.78
    OKLAHOMA CITY    OK   73099          2            09/19/01         00
    0424981                              03           11/01/01          0
    0424981                              O            10/01/16
    0
1

    6267020          076/076             F          340,000.00         ZZ
                                         180        337,917.22          1
                                       7.750          3,200.34         80
                                       7.500          3,200.34
    GLEN MILLS       PA   19342          5            09/26/01         00
    5569465                              03           11/01/01          0
    5569465                              O            10/01/16
    0

    6267026          076/076             F          125,650.00         ZZ
                                         180        124,414.68          1
                                       6.625          1,103.20         70
                                       6.375          1,103.20
    CLINTON          AR   72031          2            08/30/01         00
    7140652                              05           10/01/01          0
    7140652                              O            09/01/16
    0

    6270644          462/G02             F          400,000.00         ZZ
                                         180        398,667.99          1
                                       6.375          3,457.01         78
                                       6.125          3,457.01
    MIAMI            FL   33178          1            10/11/01         00
    0433331964                           03           12/01/01          0
    0005224217                           O            11/01/16
    0

    6270844          Q51/G02             F          416,000.00         ZZ
                                         180        414,673.22          1
                                       6.875          3,710.11         79
                                       6.625          3,710.11
    PLACENTIA        CA   92870          5            10/19/01         00
    0433331675                           03           12/01/01          0
    1092121                              O            11/01/16
    0

    6271338          E84/G02             F          156,600.00         ZZ
                                         180        156,600.00          1
                                       6.250          1,342.72         77
                                       6.000          1,342.72
    ARVADA           CO   80005          2            11/06/01         00
    0433417557                           05           01/01/02          0
    32801944                             O            12/01/16
    0

    6282880          L76/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
1

                                       6.375            432.13         33
                                       6.125            432.13
    CHAMPLIN         MN   55316          5            11/08/01         00
    0433380896                           05           01/01/02          0
    9506144                              O            12/01/16
    0

    6290892          E22/G02             F          496,000.00         ZZ
                                         180        494,452.08          2
                                       7.125          4,492.92         67
                                       6.875          4,492.92
    SAN FRANCISCO    CA   94118          2            10/23/01         00
    0413161282                           05           12/01/01          0
    0413161282                           O            11/01/16
    0

    6291500          E82/G02             F          191,000.00         ZZ
                                         180        190,370.76          1
                                       6.500          1,663.82         61
                                       6.250          1,663.82
    MILWOOD          NY   10546          2            11/01/01         00
    0400512166                           05           12/01/01          0
    0400512166                           O            11/01/16
    0

    6291508          E82/G02             F          101,300.00         ZZ
                                         180        100,966.28          1
                                       6.500            882.43         74
                                       6.250            882.43
    PINE BUSH        NY   12566          2            10/30/01         00
    0400517637                           05           12/01/01          0
    2951976                              O            11/01/16
    0

    6291510          E82/G02             F           89,900.00         ZZ
                                         180         89,398.06          1
                                       6.625            789.32         68
                                       6.375            789.32
    NORTH MIAMI BEA  FL   33160          2            10/29/01         00
    0400507356                           01           12/01/01          0
    0400507356                           O            11/01/16
    0

    6291518          E82/G02             F          117,500.00         ZZ
                                         180        117,121.17          1
                                       6.750          1,039.77         60
                                       6.500          1,039.77
    SAN ANTONIO      TX   78248          2            10/31/01         00
    0400498135                           05           12/01/01          0
1

    0400498135                           O            11/01/16
    0

    6291522          E82/G02             F          230,000.00         ZZ
                                         180        230,000.00          1
                                       6.500          2,003.55         70
                                       6.250          2,003.55
    SUSSEX           NJ   07461          5            10/30/01         00
    0400509824                           05           01/01/02          0
    0400509824                           O            12/01/16
    0

    6291526          E82/G02             F           87,200.00         ZZ
                                         180         87,200.00          1
                                       6.375            753.63         74
                                       6.125            753.63
    FRESNO           CA   93722          2            10/31/01         00
    0400520755                           05           01/01/02          0
    1601293                              O            12/01/16
    0

    6291530          E82/G02             F          170,000.00         ZZ
                                         180        169,451.90          1
                                       6.750          1,504.35         67
                                       6.500          1,504.35
    SCHAUMBURG       IL   60193          5            10/30/01         00
    0400508149                           05           12/01/01          0
    0400508149                           O            11/01/16
    0

    6291548          E82/G02             F          115,200.00         ZZ
                                         180        114,824.55          2
                                       6.625          1,011.45         78
                                       6.375          1,011.45
    COLUMBUS         OH   43231          2            10/30/01         00
    0400517579                           05           12/01/01          0
    4117901                              O            11/01/16
    0

    6309508          W39/G02             F           64,750.00         ZZ
                                         180         64,750.00          1
                                       6.500            564.04         87
                                       6.250            564.04
    BRANDON          MS   39042          2            11/06/01         01
    0433408119                           05           01/01/02         25
    99235                                O            12/01/16
    0

1

    6311010          E84/G02             F          400,000.00         ZZ
                                         180        398,696.35          1
                                       6.625          3,511.98         60
                                       6.375          3,511.98
    PARKER           CO   80134          2            10/19/01         00
    0433338399                           03           12/01/01          0
    81080634                             O            11/01/16
    0

    6315226          E84/G02             F          396,000.00         ZZ
                                         180        394,695.41          1
                                       6.500          3,449.59         73
                                       6.250          3,449.59
    COLUMBUS         GA   31904          2            10/09/01         00
    0433343092                           05           12/01/01          0
    15403252                             O            11/01/16
    0

    6319632          E22/G02             F           41,500.00         ZZ
                                         180         41,361.81          1
                                       6.375            358.66         61
                                       6.125            358.66
    WYLIE            TX   75098          2            10/31/01         00
    0413098930                           05           12/01/01          0
    0413098930                           N            11/01/16
    0

    6319638          E22/G02             F          135,000.00         ZZ
                                         180        134,569.44          1
                                       6.875          1,204.00         79
                                       6.625          1,204.00
    HIALEAH          FL   33013          2            10/29/01         00
    0413105404                           05           12/01/01          0
    0413105404                           O            11/01/16
    0

    6319658          E22/G02             F          160,000.00         ZZ
                                         180        159,461.45          1
                                       6.250          1,371.88         80
                                       6.000          1,371.88
    BONITA SPRINGS   FL   34135          5            10/29/01         00
    0413127481                           05           12/01/01          0
    0413127481                           O            11/01/16
    0

    6319676          E22/G02             F           57,800.00         ZZ
                                         180         57,623.51          1
                                       7.375            531.72         85
                                       7.125            531.72
1

    OKLAHOMA CITY    OK   73119          5            10/29/01         04
    0413146531                           05           12/01/01          6
    0413146531                           O            11/01/16
    0

    6319714          E22/G02             F          389,000.00         ZZ
                                         120        386,674.24          1
                                       6.375          4,392.32         56
                                       6.125          4,392.32
    HAWTHORN WOODS   IL   60047          5            10/29/01         00
    0413168238                           05           12/01/01          0
    0413168238                           O            11/01/11
    0

    6319746          E22/G02             F          137,500.00         ZZ
                                         180        137,047.02          1
                                       6.500          1,197.77         77
                                       6.250          1,197.77
    MIAMI            FL   33175          2            10/29/01         00
    0413182676                           05           12/01/01          0
    0413182676                           O            11/01/16
    0

    6319828          E22/G02             F          153,800.00         ZZ
                                         180        153,309.48          1
                                       6.875          1,371.67         60
                                       6.625          1,371.67
    FLORENCE         AL   35630          1            11/02/01         00
    0413222787                           05           12/01/01          0
    0413222787                           O            11/01/16
    0

    6320408          E82/G02             F          245,700.00         ZZ
                                         180        244,390.57          1
                                       6.500          2,140.31         52
                                       6.250          2,140.31
    LAGUNA NIGUEL    CA   92677          2            10/30/01         00
    0400509170                           03           12/01/01          0
    1807250                              O            11/01/16
    0

    6320412          E82/G02             F           87,800.00         ZZ
                                         180         87,800.00          1
                                       6.375            758.81         76
                                       6.125            758.81
    ALPHARETTA       GA   30004          2            11/01/01         00
    0400527172                           05           01/01/02          0
    1944396                              O            12/01/16
    0
1

    6320614          H76/G02             F          183,000.00         ZZ
                                         180        182,416.34          3
                                       6.875          1,632.10         77
                                       6.625          1,632.10
    NEWPORT          RI   02840          2            11/01/01         00
    0433360658                           05           12/01/01          0
    2001402146                           O            11/01/16
    0

    6326084          E84/G02             F          570,000.00         ZZ
                                         180        564,631.65          1
                                       7.125          5,163.24         70
                                       6.875          5,163.24
    OKLAHOMA CITY    OK   73120          2            08/06/01         00
    0433387065                           05           10/01/01          0
    32800761                             O            09/01/16
    0

    6330006          601/G02             F          108,000.00         ZZ
                                         180        107,636.48          2
                                       6.250            926.02         27
                                       6.000            926.02
    OCEANSIDE        NY   11572          5            10/24/01         00
    0433349941                           05           12/01/01          0
    60875622                             O            11/01/16
    0

    6331120          L76/G02             F          115,250.00         ZZ
                                         180        115,250.00          1
                                       6.000            972.54         64
                                       5.750            972.54
    EAGAN            MN   55123          2            11/13/01         00
    0433399458                           05           01/01/02          0
    9506120                              O            12/01/16
    0

    6334826          U05/G02             F          330,000.00         ZZ
                                         180        330,000.00          1
                                       6.375          2,852.03         74
                                       6.125          2,852.03
    VANCOUVER        WA   98685          5            11/08/01         00
    0433421906                           05           01/01/02          0
    3184178                              O            12/01/16
    0

    6336060          P01/G02             F          202,000.00         ZZ
                                         180        202,000.00          1
1

                                       6.875          1,801.55         75
                                       6.625          1,801.55
    SHELTON          CT   06484          5            11/10/01         00
    0433398534                           05           01/01/02          0
    01006841                             O            12/01/16
    0

    6337742          286/286             F          154,000.00         ZZ
                                         180        153,035.92          3
                                       7.125          1,394.99         80
                                       6.875          1,394.99
    CLINTON          MA   01510          1            09/21/01         00
    510297                               05           11/01/01          0
    510297                               N            10/01/16
    0

    6337744          286/286             F          256,000.00         ZZ
                                         180        254,397.40          4
                                       7.125          2,318.93         80
                                       6.875          2,318.93
    CLINTON          MA   01510          1            09/21/01         00
    510272                               05           11/01/01          0
    510272                               N            10/01/16
    0

    6337746          286/286             F           66,000.00         ZZ
                                         180         65,398.26          2
                                       7.500            611.83         16
                                       7.250            611.83
    SOUTH BOSTON     MA   02127          5            08/29/01         00
    319907                               05           10/01/01          0
    319907                               N            09/01/16
    0

    6337748          286/286             F           55,620.00         ZZ
                                         180         55,275.56          3
                                       7.250            507.74         90
                                       7.000            507.74
    WARREN           OH   44482          1            09/04/01         11
    507263                               05           11/01/01         20
    507263                               N            10/01/16
    0

    6337750          286/286             F          146,400.00         ZZ
                                         180        145,473.53          1
                                       7.000          1,315.89         80
                                       6.750          1,315.89
    ST LOUIS PARK    MN   55426          5            09/21/01         00
    520938                               05           11/01/01          0
1

    520938                               O            10/01/16
    0

    6337752          286/286             F           48,000.00         ZZ
                                         180         47,581.09          1
                                       8.000            458.71         80
                                       7.730            458.71
    INDIANAPOLIS     IN   46203          5            08/31/01         00
    423133                               05           10/01/01          0
    423133                               N            09/01/16
    0

    6337754          286/286             F           20,000.00         ZZ
                                         180         19,884.00          1
                                       8.000            191.14         80
                                       7.730            191.14
    NORTH LITTLE RO  AR   72118          5            09/11/01         00
    544177                               05           11/01/01          0
    544177                               N            10/01/16
    0

    6337758          286/286             F           99,200.00         ZZ
                                         180         98,491.72          3
                                       7.375            912.57         70
                                       7.125            912.57
    PAWTUCKET        RI   02860          5            09/06/01         00
    551646                               05           11/01/01          0
    551646                               N            10/01/16
    0

    6337760          286/286             F          311,250.00         T
                                         180        307,371.74          1
                                       7.250          2,841.29         75
                                       7.000          2,841.29
    KEY LARGO        FL   33037          1            08/01/01         00
    316271                               01           09/01/01          0
    316271                               O            08/01/16
    0

    6337762          286/286             F          123,500.00         ZZ
                                         180        122,718.44          1
                                       7.000          1,110.06         90
                                       6.750          1,110.06
    LAS VEGAS        NV   89135          1            09/13/01         12
    502675                               03           11/01/01         25
    502675                               N            10/01/16
    0

1

    6337764          286/286             F          177,000.00         ZZ
                                         180        175,867.71          1
                                       6.875          1,578.59         76
                                       6.625          1,578.59
    ALEXANDRIA       VA   22311          2            09/06/01         00
    534986                               05           11/01/01          0
    534986                               O            10/01/16
    0

    6337768          286/286             F           30,600.00         ZZ
                                         180         30,422.55          1
                                       8.000            292.43         90
                                       7.730            292.43
    MASONTOWN        PA   15461          1            09/19/01         10
    146503                               05           11/01/01         12
    146503                               O            10/01/16
    0

    6337770          286/286             F          464,000.00         ZZ
                                         180        459,676.91          1
                                       7.250          4,235.69         75
                                       7.000          4,235.69
    HUNTINGTON       NY   11743          5            08/30/01         00
    539853                               05           10/01/01          0
    539853                               O            09/01/16
    0

    6337772          286/286             F           34,000.00         ZZ
                                         180         33,699.98          1
                                       7.875            322.48         80
                                       7.625            322.48
    CASSELBERRY      FL   32707          1            09/05/01         00
    542980                               01           10/01/01          0
    542980                               O            09/01/16
    0

    6337774          286/286             F           44,500.00         ZZ
                                         180         44,227.40          1
                                       7.375            409.37         55
                                       7.125            409.37
    INDIANAPOLIS     IN   46227          2            09/07/01         00
    548193                               05           11/01/01          0
    548193                               N            10/01/16
    0

    6337776          286/286             F          154,600.00         ZZ
                                         180        153,578.60          1
                                       6.500          1,346.74         60
                                       6.250          1,346.74
1

    LAKE CHARLES     LA   70605          2            09/14/01         00
    549314                               05           11/01/01          0
    549314                               O            10/01/16
    0

    6337778          286/286             F          104,000.00         ZZ
                                         180        103,334.70          1
                                       6.875            927.53         68
                                       6.625            927.53
    ALLENTOWN        PA   18103          1            09/11/01         00
    479310                               05           11/01/01          0
    479310                               O            10/01/16
    0

    6337780          286/286             F           52,500.00         ZZ
                                         180         51,799.33          1
                                       6.500            457.34         75
                                       6.250            457.34
    ST PETERSBURG    FL   33702          1            09/19/01         00
    577414                               05           11/01/01          0
    577414                               N            10/01/16
    0

    6337782          286/286             F           42,500.00         ZZ
                                         180         42,199.95          1
                                       7.250            387.97         46
                                       7.000            387.97
    RESTON           VA   22094          2            09/25/01         00
    146586                               01           11/01/01          0
    146586                               N            10/01/16
    0

    6337784          286/286             F          116,000.00         ZZ
                                         180        115,241.79          1
                                       6.625          1,018.48         54
                                       6.375          1,018.48
    CENTREVILLE      VA   22020          2            09/25/01         00
    563684                               03           11/01/01          0
    563684                               N            10/01/16
    0

    6337786          286/286             F          240,000.00         ZZ
                                         180        238,497.55          2
                                       7.125          2,174.00         80
                                       6.875          2,174.00
    DORCHESTER       MA   02124          5            08/29/01         00
    319988                               05           11/01/01          0
    319988                               O            10/01/16
    0
1

    6337788          286/286             F           54,500.00         ZZ
                                         180         54,003.10          1
                                       7.500            505.23         68
                                       7.250            505.23
    NORFOLK          VA   23505          2            08/31/01         00
    477593                               05           10/01/01          0
    477593                               N            09/01/16
    0

    6337790          286/286             F           52,500.00         ZZ
                                         180         52,021.33          1
                                       7.500            486.69         66
                                       7.250            486.69
    NORFOLK          VA   23505          2            08/31/01         00
    477596                               05           10/01/01          0
    477596                               N            09/01/16
    0

    6337792          286/286             F           64,000.00         ZZ
                                         180         63,416.50          1
                                       7.500            593.29         80
                                       7.250            593.29
    MEDFORD          OR   97504          1            08/09/01         00
    517731                               05           10/01/01          0
    517731                               N            09/01/16
    0

    6337796          286/286             F          205,000.00         ZZ
                                         180        203,716.66          1
                                       7.125          1,856.96         69
                                       6.875          1,856.96
    SCOTTSDALE       AZ   85260          2            09/13/01         00
    566918                               05           11/01/01          0
    566918                               O            10/01/16
    0

    6337798          286/286             F          296,000.00         ZZ
                                         180        294,166.98          1
                                       7.250          2,702.08         80
                                       7.000          2,702.08
    BLOOMFIELD TWP   MI   48301          1            09/07/01         00
    322978                               05           11/01/01          0
    322978                               N            10/01/16
    0

    6337800          286/286             F          300,000.00         ZZ
                                         180        298,142.22          1
1

                                       7.250          2,738.59         80
                                       7.000          2,738.59
    BLOOMFIELD TWP   MI   48301          1            09/07/01         00
    323005                               05           11/01/01          0
    323005                               N            10/01/16
    0

    6337802          286/286             F           93,600.00         ZZ
                                         180         93,045.13          1
                                       7.750            881.04         80
                                       7.500            881.04
    CEDAR PARK       TX   78613          1            09/05/01         00
    544759                               05           11/01/01          0
    544759                               N            10/01/16
    0

    6337804          286/286             F          113,600.00         T
                                         180        112,505.38          1
                                       7.500          1,053.09         80
                                       7.250          1,053.09
    DEERFIELD        OH   44411          1            08/30/01         00
    519003                               05           10/01/01          0
    519003                               O            09/01/16
    0

    6337808          286/286             F          525,000.00         ZZ
                                         180        521,887.83          1
                                       7.750          4,941.70         70
                                       7.500          4,941.70
    CANTON           OH   44708          5            09/17/01         00
    557432                               05           11/01/01          0
    557432                               O            10/01/16
    0

    6337810          286/286             F           55,000.00         ZZ
                                         180         54,451.38          1
                                       7.000            494.36         70
                                       6.750            494.36
    BOWLING GREEN    KY   42101          5            08/31/01         00
    506150                               05           10/01/01          0
    506150                               N            09/01/16
    0

    6337812          286/286             F           61,650.00         ZZ
                                         180         61,093.98          1
                                       7.625            575.90         90
                                       7.375            575.90
    KANSAS CITY      MO   64132          1            08/31/01         11
    539625                               05           10/01/01         25
1

    539625                               O            09/01/16
    0

    6337814          286/286             F          130,000.00         ZZ
                                         180        129,203.66          1
                                       7.375          1,195.91         77
                                       7.125          1,195.91
    SAN DIEGO        CA   92113          5            09/17/01         00
    555473                               05           11/01/01          0
    555473                               O            10/01/16
    0

    6337816          286/286             F           32,621.00         ZZ
                                         180         32,429.73          1
                                       7.875            309.40         80
                                       7.625            309.40
    CHICAGO          IL   60644          1            09/24/01         00
    540300                               05           11/01/01          0
    540300                               N            10/01/16
    0

    6337818          286/286             F          177,200.00         ZZ
                                         180        176,102.66          1
                                       7.250          1,617.60         90
                                       7.000          1,617.60
    LAWRENCE         KS   66047          1            09/07/01         12
    533036                               05           11/01/01         25
    533036                               O            10/01/16
    0

    6337820          286/286             F           74,250.00         ZZ
                                         180         73,800.10          1
                                       7.500            688.31         75
                                       7.250            688.31
    FLINT            TX   75762          1            09/07/01         00
    549714                               05           11/01/01          0
    549714                               N            10/01/16
    0

    6337822          286/286             F           53,740.00         ZZ
                                         180         53,421.42          1
                                       7.750            505.85         64
                                       7.500            505.85
    FORT WAYNE       IN   46802          2            09/24/01         00
    499667                               05           11/01/01          0
    499667                               O            10/01/16
    0

1

    6337824          286/286             F          200,000.00         ZZ
                                         180        198,774.88          1
                                       7.375          1,839.85         80
                                       7.125          1,839.85
    DEERFIELD        IL   60015          5            09/14/01         00
    520447                               05           11/01/01          0
    520447                               O            10/01/16
    0

    6337826          286/286             F          110,000.00         ZZ
                                         180        109,326.18          1
                                       7.375          1,011.92         80
                                       7.125          1,011.92
    COLORADO SPRING  CO   80917          1            09/14/01         00
    322899                               05           11/01/01          0
    322899                               N            10/01/16
    0

    6337828          286/286             F           51,500.00         ZZ
                                         180         51,014.95          1
                                       7.125            466.51         80
                                       6.875            466.51
    HOPE             IN   47246          2            09/04/01         00
    518120                               05           10/01/01          0
    518120                               N            09/01/16
    0

    6337830          286/286             F           94,900.00         ZZ
                                         180         94,331.24          2
                                       7.625            886.49         65
                                       7.375            886.49
    LAWRENCEVILLE    GA   30044          5            09/12/01         00
    9894306                              05           11/01/01          0
    9894306                              N            10/01/16
    0

    6337832          286/286             F           68,250.00         ZZ
                                         180         67,654.36          2
                                       8.000            652.23         65
                                       7.730            652.23
    DOYLE            CA   96109          5            08/28/01         00
    9889967                              05           10/01/01          0
    9889967                              N            09/01/16
    0

    6337834          286/286             F           81,000.00         ZZ
                                         180         80,293.07          4
                                       8.000            774.08         90
                                       7.730            774.08
1

    JACKSONVILLE     FL   32299          1            08/31/01         01
    9892029                              05           10/01/01         20
    9892029                              N            09/01/16
    0

    6337836          286/286             F           49,500.00         ZZ
                                         180         49,212.95          1
                                       8.000            473.05         90
                                       7.730            473.05
    LINCOLN          NE   68508          1            09/05/01         11
    9887325                              05           11/01/01         25
    9887325                              N            10/01/16
    0

    6337838          286/286             F          210,450.00         ZZ
                                         180        209,103.74          1
                                       6.875          1,876.91         89
                                       6.625          1,876.91
    OAKDALE          CA   95361          1            08/12/01         12
    9935018                              05           11/01/01         25
    9935018                              O            10/01/16
    0

    6337840          286/286             F           49,400.00         ZZ
                                         180         49,113.53          3
                                       8.000            472.09         90
                                       7.730            472.09
    BRIDGEPORT       CT   06605          1            09/17/01         14
    9886501                              05           11/01/01         25
    9886501                              O            10/01/16
    0

    6337842          286/286             F          376,000.00         ZZ
                                         180        373,671.60          1
                                       7.250          3,432.36         80
                                       7.000          3,432.36
    HERCULES         CA   94547          5            09/17/01         00
    9887928                              03           11/01/01          0
    9887928                              O            10/01/16
    0

    6337844          286/286             F          181,500.00         ZZ
                                         180        180,150.25          1
                                       7.000          1,631.37         73
                                       6.750          1,631.37
    CLANCY           MT   59634          2            09/07/01         00
    9879445                              05           11/01/01          0
    9879445                              O            10/01/16
    0
1

    6337846          286/286             F           72,000.00         ZZ
                                         180         71,534.43          1
                                       6.750            637.13         63
                                       6.500            637.13
    ALLEN            TX   75002          2            09/07/01         00
    9889342                              05           11/01/01          0
    9889342                              N            10/01/16
    0

    6337848          286/286             F          105,800.00         ZZ
                                         180        105,144.83          1
                                       7.250            965.81         57
                                       7.000            965.81
    PROVO            UT   84604          5            09/14/01         00
    9891936                              05           11/01/01          0
    9891936                              O            10/01/16
    0

    6337850          286/286             F          123,500.00         ZZ
                                         180        122,311.56          1
                                       6.875          1,101.44         65
                                       6.625          1,101.44
    GLENDALE         CA   91202          2            08/22/01         00
    9876300                              01           10/01/01          0
    9876300                              N            09/01/16
    0

    6344956          H22/G02             F          255,000.00         ZZ
                                         180        255,000.00          1
                                       6.500          2,221.32         72
                                       6.250          2,221.32
    BAYSIDE          NY   11361          1            11/15/01         00
    0433397775                           05           01/01/02          0
    0110011                              O            12/01/16
    0

    6345018          E22/G02             F          165,000.00         ZZ
                                         180        164,507.13          1
                                       7.625          1,541.31         74
                                       7.375          1,541.31
    HOUSTON          TX   77077          5            10/29/01         00
    0412926313                           03           12/01/01          0
    0412926313                           O            11/01/16
    0

    6345026          E22/G02             F           70,000.00         ZZ
                                         180         69,781.55          1
1

                                       7.125            634.08         43
                                       6.875            634.08
    HOUSTON          TX   77062          5            10/31/01         00
    0413011990                           03           12/01/01          0
    0413011990                           O            11/01/16
    0

    6345188          E22/G02             F          146,400.00         ZZ
                                         180        145,933.08          1
                                       6.875          1,305.67         80
                                       6.625          1,305.67
    LONG BRANCH      NJ   07740          5            10/30/01         00
    0413168824                           05           12/01/01          0
    0413168824                           O            11/01/16
    0

    6345196          E22/G02             F           48,972.00         ZZ
                                         180         48,824.10          1
                                       7.500            453.98         80
                                       7.250            453.98
    ARLINGTON        TX   76014          1            11/05/01         00
    0413171893                           05           12/01/01          0
    0413171893                           N            11/01/16
    0

    6345200          E22/G02             F          144,900.00         ZZ
                                         180        144,462.39          1
                                       7.500          1,343.24         54
                                       7.250          1,343.24
    ROCKWALL         TX   75032          5            10/31/01         00
    0413175688                           05           12/01/01          0
    0413175688                           O            11/01/16
    0

    6345284          E22/G02             F          216,000.00         ZZ
                                         180        215,288.41          1
                                       6.500          1,881.59         51
                                       6.250          1,881.59
    PLEASANTON       CA   94588          2            10/29/01         00
    0413209321                           05           12/01/01          0
    0413209321                           N            11/01/16
    0

    6349102          E84/G02             F          206,400.00         ZZ
                                         180        205,720.03          1
                                       6.500          1,797.97         72
                                       6.250          1,797.97
    CEDAR CITY       UT   84720          5            10/22/01         00
    0433387347                           05           12/01/01          0
1

    81900005                             O            11/01/16
    0

    6369846          L60/F27             F           45,000.00         ZZ
                                         180         44,209.23          1
                                       8.000            430.05         50
                                       7.750            430.05
    WILMINGTON       NC   28403          1            08/23/01         00
    6990421534                           01           10/01/01          0
    6990421534                           O            09/01/16
    0

    6369876          L60/F27             F           79,200.00         ZZ
                                         180         78,832.81          1
                                       7.000            711.87         80
                                       6.750            711.87
    BALTIMORE        MD   21214          1            10/12/01         00
    6920156302                           05           12/01/01          0
    6920156302                           O            11/01/16
    0

    6369884          L60/F27             F           90,000.00         ZZ
                                         180         88,870.51          1
                                       6.750            796.42         54
                                       6.500            796.42
    LONGS            SC   29568          2            08/29/01         00
    6610826928                           03           10/01/01          0
    6610826928                           O            09/01/16
    0

    6369976          L60/F27             F          417,500.00         ZZ
                                         180        413,652.07          1
                                       7.375          3,840.68         79
                                       7.125          3,840.68
    ELLICOTT CITY    MD   21042          5            08/20/01         00
    6960218831                           05           10/01/01          0
    6960218831                           O            09/01/16
    0

    6369986          L60/F27             F          425,000.00         ZZ
                                         180        422,251.81          1
                                       6.750          3,760.87         85
                                       6.500          3,760.87
    LUSBY            MD   20657          5            09/25/01         11
    6960221875                           05           11/01/01          6
    6960221875                           O            10/01/16
    0

1

    6369990          L60/F27             F          430,000.00         ZZ
                                         180        427,278.83          1
                                       7.000          3,864.96         76
                                       6.750          3,864.96
    JACKSON          MS   39211          5            09/06/01         00
    6960211241                           05           11/01/01          0
    6960211241                           O            10/01/16
    0

    6370014          L60/F27             F          468,750.00         T
                                         180        464,287.41          1
                                       7.000          4,213.26         78
                                       6.750          4,213.26
    SURFSIDE BEACH   SC   29575          2            08/20/01         00
    6610815896                           03           10/01/01          0
    6610815896                           O            09/01/16
    0

    6370064          L60/F27             F          536,250.00         ZZ
                                         180        532,782.43          1
                                       6.750          4,745.33         75
                                       6.500          4,745.33
    MARIETTA         GA   30067          5            09/19/01         00
    6960229388                           05           11/01/01          0
    6960229388                           O            10/01/16
    0

    6370080          L60/F27             F          589,800.00         ZZ
                                         180        584,124.32          1
                                       6.875          5,260.16         71
                                       6.625          5,260.16
    ROCKVILLE        MD   20855          2            08/29/01         00
    6990421607                           05           10/01/01          0
    6990421607                           O            09/01/16
    0

    6370090          L60/F27             F          620,000.00         T
                                         180        614,097.49          1
                                       7.000          5,572.74         50
                                       6.750          5,572.74
    LAKE LURE        NC   28746          2            08/27/01         00
    6990392941                           05           10/01/01          0
    6990392941                           O            09/01/16
    0

    6370108          L60/F27             F          886,000.00         T
                                         180        880,453.52          1
                                       7.125          8,025.66         80
                                       6.875          8,025.66
1

    HILTON HEAD ISL  SC   29928          5            09/14/01         00
    6610844357                           05           11/01/01          0
    6610844357                           O            10/01/16
    0

    6370134          L60/F27             F          125,000.00         ZZ
                                         180        124,182.98          1
                                       6.625          1,097.49         75
                                       6.375          1,097.49
    GREER            SC   29650          2            09/20/01         00
    6610854387                           05           11/01/01          0
    6610854387                           O            10/01/16
    0

    6370142          L60/F27             F          133,600.00         ZZ
                                         180        132,368.65          1
                                       7.375          1,229.02         80
                                       7.125          1,229.02
    BURTONSVILLE     MD   20866          5            08/13/01         00
    6920077496                           05           10/01/01          0
    6920077496                           O            09/01/16
    0

    6370158          L60/F27             F          162,000.00         ZZ
                                         180        160,424.27          1
                                       6.750          1,433.55         65
                                       6.500          1,433.55
    ROSWELL          GA   30076          5            08/27/01         00
    6610823929                           05           10/01/01          0
    6610823929                           O            09/01/16
    0

    6370160          L60/F27             F          167,900.00         T
                                         180        166,301.58          1
                                       7.000          1,509.13         70
                                       6.750          1,509.13
    MYRTLE BEACH     SC   29572          1            08/30/01         00
    6610814199                           01           10/01/01          0
    6610814199                           O            09/01/16
    0

    6370298          L60/F27             F          337,539.00         ZZ
                                         168        335,083.08          1
                                       6.625          3,088.08         64
                                       6.375          3,088.08
    GREENSBORO       NC   27455          2            08/29/01         00
    6610843563                           05           11/01/01          0
    6610843563                           O            10/01/15
    0
1

    6370300          L60/F27             F          340,000.00         ZZ
                                         180        337,801.45          1
                                       6.750          3,008.69         77
                                       6.500          3,008.69
    MINERAL BLUFF    GA   30559          5            08/30/01         00
    6610813583                           05           11/01/01          0
    6610813583                           O            10/01/16
    0

    6370324          L60/F27             F          346,400.00         ZZ
                                         180        344,160.06          1
                                       6.750          3,065.33         80
                                       6.500          3,065.33
    CHARLOTTE        NC   28270          5            09/06/01         00
    6610826766                           05           11/01/01          0
    6610826766                           O            10/01/16
    0

    6370348          L60/F27             F          355,000.00         ZZ
                                         180        351,583.79          1
                                       6.875          3,166.09         78
                                       6.625          3,166.09
    SPARTANBURG      SC   29302          5            08/27/01         00
    6990416557                           05           10/01/01          0
    6990416557                           O            09/01/16
    0

    6371636          S43/G02             F           94,500.00         ZZ
                                         180         94,500.00          1
                                       6.500            823.20         70
                                       6.250            823.20
    ALBUQUERQUE      NM   87108          2            11/13/01         00
    0433389525                           05           01/01/02          0
    019001                               N            12/01/16
    0

    6371766          E84/G02             F           50,100.00         ZZ
                                         180         49,489.09          1
                                       7.500            464.43         74
                                       7.250            464.43
    HALLANDALE       FL   33009          1            08/01/01         00
    0433424231                           01           09/01/01          0
    69610050                             N            08/01/16
    0

    6372472          K15/G02             F          116,000.00         ZZ
                                         180        116,000.00          1
1

                                       6.375          1,002.53         63
                                       6.125          1,002.53
    CENTRAL ISLIP    NY   11722          5            11/10/01         00
    0433395548                           05           01/01/02          0
    002080005303001                      O            12/01/16
    0

    6376088          E22/G02             F          353,500.00         ZZ
                                         180        352,408.76          1
                                       7.250          3,226.97         30
                                       7.000          3,226.97
    DALLAS           TX   75209          5            10/31/01         00
    0413131210                           05           12/01/01          0
    0413131210                           O            11/01/16
    0

    6376218          E22/G02             F          546,500.00         ZZ
                                         180        544,699.61          1
                                       6.500          4,760.60         65
                                       6.250          4,760.60
    UNIVERSITY PARK  TX   75225          5            10/31/01         00
    0413220500                           05           12/01/01          0
    0413220500                           O            11/01/16
    0

    6376744          E82/G02             F           85,400.00         ZZ
                                         180         85,400.00          1
                                       6.500            743.93         51
                                       6.250            743.93
    MURRIETA         CA   92562          2            11/01/01         00
    0400516589                           05           01/01/02          0
    1593427                              O            12/01/16
    0

    6376746          E82/G02             F          107,150.00         ZZ
                                         180        107,150.00          1
                                       6.500            933.39         48
                                       6.250            933.39
    DENVER           CO   80220          2            11/02/01         00
    0400509469                           05           01/01/02          0
    0400509469                           O            12/01/16
    0

    6376778          E82/G02             F           74,000.00         ZZ
                                         180         74,000.00          1
                                       6.375            639.55         70
                                       6.125            639.55
    DELAND           FL   32720          2            11/02/01         00
    0400524138                           05           01/01/02          0
1

    0400524138                           O            12/01/16
    0

    6376780          E82/G02             F           83,000.00         ZZ
                                         180         83,000.00          1
                                       6.625            728.73         69
                                       6.375            728.73
    BULLHEAD CITY    AZ   86442          2            11/02/01         00
    0400515144                           03           01/01/02          0
    1600006                              O            12/01/16
    0

    6376794          E82/G02             F          181,000.00         ZZ
                                         180        181,000.00          1
                                       6.250          1,551.94         79
                                       6.000          1,551.94
    BRECKSVILLE      OH   44141          2            11/02/01         00
    0400524195                           05           01/01/02          0
    1716181                              O            12/01/16
    0

    6376812          E82/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       6.375            864.25         79
                                       6.125            864.25
    WELLINGTON       FL   33414          2            11/02/01         00
    0400519419                           09           01/01/02          0
    0400519419                           O            12/01/16
    0

    6388900          X05/G02             F          341,500.00         ZZ
                                         180        341,500.00          1
                                       6.375          2,951.41         59
                                       6.125          2,951.41
    CHULA VISTA      CA   91910          5            11/06/01         00
    0433420114                           05           01/01/02          0
    01110129                             O            12/01/16
    0

    6395890          477/G02             F          213,700.00         ZZ
                                         180        213,700.00          1
                                       6.625          1,876.27         94
                                       6.375          1,876.27
    AURORA           CO   80013          5            11/02/01         10
    0433395845                           05           01/01/02         30
    131675                               O            12/01/16
    0

1

    6401350          E82/G02             F           98,200.00         ZZ
                                         180         98,200.00          1
                                       6.375            848.69         79
                                       6.125            848.69
    RENO             NV   89502          2            11/09/01         00
    0400532396                           05           01/01/02          0
    1671882                              N            12/01/16
    0

    6401358          E82/G02             F          147,800.00         ZZ
                                         180        147,800.00          1
                                       6.625          1,297.67         70
                                       6.375          1,297.67
    GARDEN GROVE     CA   92845          2            11/05/01         00
    0400519138                           05           01/01/02          0
    0400519138                           O            12/01/16
    0

    6401364          E82/G02             F           56,100.00         ZZ
                                         180         56,100.00          1
                                       6.875            500.33         75
                                       6.625            500.33
    OVERLAND PARK    KS   66204          2            11/26/01         00
    0400534012                           05           01/01/02          0
    1667424                              N            12/01/16
    0

    6401370          E82/G02             F          249,000.00         ZZ
                                         180        248,188.49          1
                                       6.625          2,186.20         50
                                       6.375          2,186.20
    STONINGTON       CT   06378          2            11/05/01         00
    0400508172                           05           12/01/01          0
    1775530                              O            11/01/16
    0

    6408362          E22/G02             F          303,500.00         ZZ
                                         180        302,510.86          1
                                       6.625          2,664.71         79
                                       6.375          2,664.71
    FREDERICKSBURG   TX   78624          5            11/02/01         00
    0413125634                           05           12/01/01          0
    0413125634                           O            11/01/16
    0

    6408440          E22/G02             F          123,350.00         ZZ
                                         180        122,943.64          1
                                       6.500          1,074.51         34
                                       6.250          1,074.51
1

    AUSTIN           TX   78731          5            11/02/01         00
    0413182148                           05           12/01/01          0
    0413182148                           O            11/01/16
    0

    6408494          E22/G02             F          128,000.00         ZZ
                                         180        127,613.42          1
                                       7.500          1,186.58         79
                                       7.250          1,186.58
    PLANO            TX   75075          5            10/30/01         00
    0413212796                           05           12/01/01          0
    0413212796                           O            11/01/16
    0

    6408514          E22/G02             F          129,600.00         ZZ
                                         180        129,600.00          1
                                       6.750          1,146.84         80
                                       6.500          1,146.84
    ROCKWALL         TX   75032          5            11/02/01         00
    0413220732                           05           01/01/02          0
    0413220732                           O            12/01/16
    0

    6408532          E22/G02             F           63,200.00         ZZ
                                         180         63,200.00          1
                                       7.250            576.93         79
                                       7.000            576.93
    GLADE HILL       VA   24092          5            11/02/01         00
    0413228834                           05           01/01/02          0
    0413228834                           O            12/01/16
    0

    6408546          E22/G02             F          152,000.00         ZZ
                                         180        152,000.00          1
                                       6.000          1,282.66         80
                                       5.750          1,282.66
    ROCKWALL         TX   75087          5            11/02/01         00
    0413233495                           05           01/01/02          0
    0413233495                           O            12/01/16
    0

    6420888          U05/G02             F          198,000.00         ZZ
                                         180        198,000.00          1
                                       6.625          1,738.43         78
                                       6.375          1,738.43
    STUART           FL   34996          1            11/16/01         00
    0433394111                           05           01/01/02          0
    3176738                              O            12/01/16
    0
1

    6425818          Q51/G02             F          500,000.00         ZZ
                                         180        498,439.59          1
                                       7.125          4,529.16         72
                                       6.875          4,529.16
    CASTAIC AREA     CA   91384          5            10/29/01         00
    0433387420                           05           12/01/01          0
    0505198R1101909                      O            11/01/16
    0

    6433118          E22/G02             F          163,200.00         ZZ
                                         180        162,673.83          2
                                       6.750          1,444.17         80
                                       6.500          1,444.17
    METAIRIE         LA   70001          2            11/02/01         00
    0412858433                           05           12/01/01          0
    0412858433                           O            11/01/16
    0

    6433164          E22/G02             F           40,000.00         ZZ
                                         180         39,865.36          1
                                       6.250            342.97         50
                                       6.000            342.97
    SAN ANTONIO      TX   78217          1            11/06/01         00
    0413164054                           01           12/01/01          0
    0413164054                           O            11/01/16
    0

    6433182          E22/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       6.750          1,238.87         74
                                       6.500          1,238.87
    SAN ANTONIO      TX   78255          5            11/02/01         00
    0413177148                           03           01/01/02          0
    0413177148                           O            12/01/16
    0

    6434126          B28/G02             F          160,000.00         ZZ
                                         180        159,467.20          1
                                       6.375          1,382.80         72
                                       6.125          1,382.80
    LOUISVILLE       CO   80027          5            10/25/01         00
    0433396702                           05           12/01/01          0
    01400097                             O            11/01/16
    0

    6450784          076/076             F          169,200.00         ZZ
                                         180        168,677.69          1
1

                                       7.250          1,544.56         80
                                       7.000          1,544.56
    STAFFORD TWP     NJ   08050          2            10/04/01         00
    0451756                              05           12/01/01          0
    0451756                              O            11/01/16
    0

    6459156          Q99/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       6.250          1,286.13         66
                                       6.000          1,286.13
    MALDEN           MA   02148          5            11/20/01         00
    0433390176                           05           01/01/02          0
    025349960                            O            12/01/16
    0

    6460770          E22/G02             F          101,600.00         ZZ
                                         180        101,600.00          1
                                       6.750            899.07         80
                                       6.500            899.07
    IRVING           TX   75061          5            11/05/01         00
    0413081589                           05           01/01/02          0
    0413081589                           O            12/01/16
    0

    6460800          E22/G02             F          322,500.00         ZZ
                                         180        322,500.00          1
                                       7.125          2,921.31         75
                                       6.875          2,921.31
    TRABUCO CANYON   CA   92679          5            10/29/01         00
    0413129032                           05           01/01/02          0
    0413129032                           O            12/01/16
    0

    6460830          E22/G02             F          325,000.00         ZZ
                                         180        325,000.00          1
                                       6.875          2,898.53         74
                                       6.625          2,898.53
    HOUSTON          TX   77041          5            11/05/01         00
    0413164278                           03           01/01/02          0
    0413164278                           O            12/01/16
    0

    6460902          E22/G02             F           84,600.00         ZZ
                                         180         84,338.85          4
                                       7.250            772.28         90
                                       7.000            772.28
    TRENTON          NJ   08611          1            11/08/01         01
    0413192022                           05           12/01/01         25
1

    0413192022                           N            11/01/16
    0

    6460950          E22/G02             F          261,700.00         ZZ
                                         180        261,700.00          1
                                       7.000          2,352.23         48
                                       6.750          2,352.23
    GLEN ELLYN       IL   60137          5            11/05/01         00
    0413221094                           05           01/01/02          0
    0413221094                           O            12/01/16
    0

    6461012          E22/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       7.000          1,150.50         90
                                       6.750          1,150.50
    TAYLOR           MI   48180          1            11/09/01         01
    0413260886                           05           01/01/02         12
    0413260886                           O            12/01/16
    0

    6461950          E82/G02             F           94,000.00         ZZ
                                         180         94,000.00          1
                                       6.375            812.40         67
                                       6.125            812.40
    PHELAN           CA   92371          2            11/05/01         00
    0400518684                           05           01/01/02          0
    2859086                              O            12/01/16
    0

    6461956          E82/G02             F           97,000.00         ZZ
                                         180         97,000.00          1
                                       6.250            831.70         42
                                       6.000            831.70
    HOUSTON          TX   77077          2            11/06/01         00
    0400531240                           03           01/01/02          0
    1751808                              O            12/01/16
    0

    6461966          W56/M32             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       6.750          1,238.87         50
                                       6.500          1,238.87
    KENNEBUNK        ME   04043          2            11/07/01         00
    0400485702                           05           01/01/02          0
    0400485702                           O            12/01/16
    0

1

    6465594          U62/G02             F          327,500.00         ZZ
                                         180        326,409.42          1
                                       6.375          2,830.42         77
                                       6.125          2,830.42
    LAS FLORES AREA  CA   92688          2            10/17/01         00
    0433380946                           03           12/01/01          0
    2001300622                           O            11/01/16
    0

    6471560          225/G02             F          512,000.00         ZZ
                                         180        506,684.44          1
                                       6.625          4,495.33         74
                                       6.375          4,495.33
    BATON ROUGE      LA   70808          2            08/30/01         00
    0433409497                           05           10/01/01          0
    7294880                              O            09/01/16
    0

    6489812          N74/G02             F          130,420.00         ZZ
                                         180        130,420.00          1
                                       6.750          1,154.10         67
                                       6.500          1,154.10
    MABANK           TX   75147          2            11/15/01         00
    0433406139                           05           01/01/02          0
    0029526010                           O            12/01/16
    0

    6489970          H93/G02             F           28,350.00         ZZ
                                         180         28,262.48          1
                                       7.250            258.80         90
                                       7.000            258.80
    ST JOSEPH        MO   64505          1            10/31/01         04
    0433393899                           05           12/01/01         25
    2001001614                           N            11/01/16
    0

    6492288          E23/G02             F          345,000.00         ZZ
                                         180        345,000.00          1
                                       6.625          3,029.08         77
                                       6.375          3,029.08
    SEDALIA          CO   80135          5            11/20/01         00
    0433424348                           03           01/01/02          0
    71002595                             O            12/01/16
    0

    6493616          M37/G02             F          184,300.00         ZZ
                                         180        184,300.00          1
                                       6.250          1,580.23         70
                                       6.000          1,580.23
1

    LITTLETON        CO   80130          5            11/16/01         00
    0433408325                           03           01/01/02          0
    604304                               O            12/01/16
    0

    6513940          E22/G02             F          275,000.00         ZZ
                                         180        275,000.00          1
                                       6.625          2,414.48         63
                                       6.375          2,414.48
    GRANITE SHOALS   TX   78654          5            11/05/01         00
    0413099409                           03           01/01/02          0
    0413099409                           O            12/01/16
    0

    6513944          E22/G02             F          410,500.00         ZZ
                                         180        410,500.00          1
                                       6.625          3,604.16         80
                                       6.375          3,604.16
    DALLAS           TX   75252          5            11/06/01         00
    0413102492                           03           01/01/02          0
    0413102492                           O            12/01/16
    0

    6513952          E22/G02             F           91,000.00         ZZ
                                         180         91,000.00          1
                                       6.000            767.91         65
                                       5.750            767.91
    RICHARDSON       TX   75081          5            11/07/01         00
    0413110156                           05           01/01/02          0
    0413110156                           O            12/01/16
    0

    6513986          E22/G02             F          113,600.00         ZZ
                                         180        113,600.00          1
                                       6.500            989.58         72
                                       6.250            989.58
    SAN ANTONIO      TX   78213          5            11/06/01         00
    0413136607                           05           01/01/02          0
    0413136607                           O            12/01/16
    0

    6514042          E22/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       6.875            936.45         59
                                       6.625            936.45
    WICHITA          KS   67205          5            11/07/01         00
    0413179508                           05           01/01/02          0
    0413179508                           O            12/01/16
    0
1

    6514112          E22/G02             F           72,000.00         ZZ
                                         180         72,000.00          2
                                       7.500            667.45         80
                                       7.250            667.45
    NEW ORLEANS      LA   70117          1            11/12/01         00
    0413202540                           05           01/01/02          0
    0413202540                           N            12/01/16
    0

    6514130          E22/G02             F          324,500.00         ZZ
                                         180        324,500.00          1
                                       6.250          2,782.34         65
                                       6.000          2,782.34
    CORAL GABLES     FL   33146          2            11/08/01         00
    0413207978                           05           01/01/02          0
    0413207978                           O            12/01/16
    0

    6514140          E22/G02             F          500,000.00         ZZ
                                         180        500,000.00          1
                                       7.375          4,599.62         67
                                       7.125          4,599.62
    BALTIMORE        MD   21210          5            11/06/01         00
    0413210485                           05           01/01/02          0
    0413210485                           O            12/01/16
    0

    6514156          E22/G02             F          208,000.00         ZZ
                                         180        208,000.00          1
                                       6.375          1,797.64         80
                                       6.125          1,797.64
    LONGVIEW         TX   75604          5            11/07/01         00
    0413214958                           03           01/01/02          0
    0413214958                           O            12/01/16
    0

    6514168          E22/G02             F          118,500.00         ZZ
                                         180        118,500.00          1
                                       6.000            999.97         67
                                       5.750            999.97
    HOLLYWOOD        FL   33026          5            11/07/01         00
    0413220583                           05           01/01/02          0
    0413220583                           O            12/01/16
    0

    6514254          E22/G02             F          197,000.00         T
                                         180        197,000.00          1
1

                                       6.750          1,743.27         71
                                       6.500          1,743.27
    MONTGOMERY       TX   77356          5            11/13/01         00
    0413274325                           03           01/01/02          0
    0413274325                           O            12/01/16
    0

    6515178          E82/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       6.500            653.33         38
                                       6.250            653.33
    EAST POINT       GA   30344          2            11/09/01         00
    0400516183                           05           01/01/02          0
    3802244                              O            12/01/16
    0

    6515206          E82/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       6.250          1,157.52         57
                                       6.000          1,157.52
    SPRINGFIELD      MO   65807          2            11/09/01         00
    0400520037                           05           01/01/02          0
    0400520037                           O            12/01/16
    0

    6515218          E82/G02             F          210,700.00         ZZ
                                         180        210,700.00          1
                                       6.875          1,879.14         68
                                       6.625          1,879.14
    GAINESVILLE      FL   32606          2            11/08/01         00
    0400489886                           05           01/01/02          0
    1797274                              O            12/01/16
    0

    6515242          E82/G02             F          122,200.00         ZZ
                                         180        122,200.00          1
                                       6.750          1,081.36         67
                                       6.500          1,081.36
    CHINO            CA   91710          2            11/07/01         00
    0400508495                           05           01/01/02          0
    0400508495                           O            12/01/16
    0

    6542016          E82/G02             F          170,400.00         ZZ
                                         180        170,400.00          1
                                       6.500          1,484.37         69
                                       6.250          1,484.37
    HUNTINGTON BEAC  CA   92646          2            11/08/01         00
    0400519260                           05           01/01/02          0
1

    1669961                              O            12/01/16
    0

    6542028          E82/G02             F          119,600.00         ZZ
                                         180        119,600.00          1
                                       6.625          1,050.08         80
                                       6.375          1,050.08
    CHARLOTTE        NC   28210          2            11/16/01         00
    0400531216                           05           01/01/02          0
    1695423                              N            12/01/16
    0

    6544476          E22/G02             F           85,000.00         ZZ
                                         180         85,000.00          1
                                       6.750            752.17         78
                                       6.500            752.17
    LAKE WORTH       FL   33461          2            11/09/01         00
    0413156936                           05           01/01/02          0
    0413156936                           O            12/01/16
    0

    6544532          E22/G02             F          475,000.00         T
                                         180        475,000.00          1
                                       6.375          4,105.19         44
                                       6.125          4,105.19
    TAHOE CITY       CA   96145          2            11/01/01         00
    0413206731                           05           01/01/02          0
    0413206731                           O            12/01/16
    0

    6544546          E22/G02             F           39,000.00         ZZ
                                         180         39,000.00          1
                                       6.875            347.82         60
                                       6.625            347.82
    PORT ST. LUCIE   FL   34984          1            11/14/01         00
    0413215005                           05           01/01/02          0
    0413215005                           O            12/01/16
    0

    6544550          E22/G02             F           92,650.00         ZZ
                                         180         92,650.00          1
                                       7.250            845.77         78
                                       7.000            845.77
    BAYTOWN          TX   77520          2            11/14/01         00
    0413215559                           05           01/01/02          0
    0413215559                           N            12/01/16
    0

1

    6544584          E22/G02             F           91,000.00         ZZ
                                         180         91,000.00          1
                                       7.250            830.71         79
                                       7.000            830.71
    AMARILLO         TX   79109          5            11/07/01         00
    0413233388                           05           01/01/02          0
    0413233388                           O            12/01/16
    0

    6544610          E22/G02             F          101,600.00         ZZ
                                         180        101,600.00          1
                                       7.250            927.47         80
                                       7.000            927.47
    SODDY DAISY      TN   37379          2            11/08/01         00
    0413242280                           05           01/01/02          0
    0413242280                           O            12/01/16
    0

    6544612          E22/G02             F          354,000.00         ZZ
                                         180        354,000.00          1
                                       6.500          3,083.72         80
                                       6.250          3,083.72
    LOOMIS           CA   95650          5            11/06/01         00
    0413242371                           05           01/01/02          0
    0413242371                           O            12/01/16
    0

    6544626          E22/G02             F          164,000.00         ZZ
                                         120        164,000.00          1
                                       6.375          1,851.77         49
                                       6.125          1,851.77
    DALLAS           TX   75214          5            11/08/01         00
    0413245648                           05           01/01/02          0
    0413245648                           O            12/01/11
    0

    6549134          U05/G02             F           98,400.00         ZZ
                                         180         98,400.00          1
                                       7.375            905.20         80
                                       7.125            905.20
    LUBBOCK          TX   79413          5            11/01/01         00
    0433409000                           05           01/01/02          0
    3169843                              O            12/01/16
    0

    6553266          A21/G02             F          385,000.00         ZZ
                                         180        385,000.00          1
                                       6.500          3,353.77         62
                                       6.250          3,353.77
1

    MONTVALE         NJ   07645          5            11/12/01         00
    0433400009                           05           01/01/02          0
    011022910                            O            12/01/16
    0

    6565222          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       6.500            940.80         50
                                       6.250            940.80
    ROYSE CITY       TX   75189          2            11/09/01         00
    0413173873                           05           01/01/02          0
    0413173873                           O            12/01/16
    0

    6565248          E22/G02             F           46,400.00         ZZ
                                         180         46,400.00          1
                                       7.500            430.13         80
                                       7.250            430.13
    MONTGOMERY       TX   77356          5            11/08/01         00
    0413184433                           01           01/01/02          0
    0413184433                           O            12/01/16
    0

    6565278          E22/G02             F          148,000.00         ZZ
                                         180        148,000.00          1
                                       6.375          1,279.09         80
                                       6.125          1,279.09
    GODLEY           TX   76044          5            11/09/01         00
    0413206673                           05           01/01/02          0
    0413206673                           O            12/01/16
    0

    6565320          E22/G02             F          156,750.00         ZZ
                                         180        156,750.00          1
                                       6.625          1,376.26         95
                                       6.375          1,376.26
    HENDERSON        TN   38340          5            11/09/01         01
    0413229659                           05           01/01/02         30
    0413229659                           O            12/01/16
    0

    6565324          E22/G02             F           86,000.00         ZZ
                                         180         86,000.00          1
                                       6.875            766.99         80
                                       6.625            766.99
    GARLAND          TX   75044          1            11/15/01         00
    0413230467                           03           01/01/02          0
    0413230467                           N            12/01/16
    0
1

    6565346          E22/G02             F           28,500.00         ZZ
                                         180         28,500.00          1
                                       7.625            266.23         52
                                       7.375            266.23
    TOMBALL          TX   77375          5            11/13/01         00
    0413243486                           05           01/01/02          0
    0413243486                           N            12/01/16
    0

    6565384          E22/G02             F          145,800.00         ZZ
                                         180        145,800.00          1
                                       7.125          1,320.70         90
                                       6.875          1,320.70
    GRAND JUNCTION   CO   81504          1            11/15/01         01
    0413261041                           05           01/01/02         25
    0413261041                           O            12/01/16
    0

    6565392          E22/G02             F           50,350.00         ZZ
                                         180         50,350.00          1
                                       7.250            459.63         95
                                       7.000            459.63
    BALTIMORE        MD   21215          5            11/09/01         01
    0413265125                           05           01/01/02         25
    0413265125                           O            12/01/16
    0

    6565970          E82/G02             F          134,800.00         ZZ
                                         180        134,800.00          1
                                       6.250          1,155.81         80
                                       6.000          1,155.81
    PRESCOTT         AZ   86303          2            11/14/01         00
    0400539912                           03           01/01/02          0
    3144214                              O            12/01/16
    0

    6573818          N74/G02             F           92,500.00         ZZ
                                         180         92,500.00          1
                                       6.500            805.77         75
                                       6.250            805.77
    DRY FORK         VA   24549          5            11/20/01         00
    0433410230                           05           01/01/02          0
    A0029553010                          O            12/01/16
    0

    6579380          U62/G02             F           65,550.00         ZZ
                                         180         65,340.94          1
1

                                       6.875            584.61         95
                                       6.625            584.61
    PULASKI          TN   38478          2            10/26/01         04
    0433382959                           05           12/01/01         30
    2001308786                           O            11/01/16
    0

    6586890          E22/G02             F          416,000.00         ZZ
                                         180        416,000.00          1
                                       6.875          3,710.11         80
                                       6.625          3,710.11
    SACRAMENTO       CA   95829          5            11/05/01         00
    0413169590                           03           01/01/02          0
    0413169590                           O            12/01/16
    0

    6586896          E22/G02             F          123,500.00         ZZ
                                         180        123,500.00          1
                                       7.500          1,144.86         94
                                       7.250          1,144.86
    BAKERSFIELD      CA   93312          5            11/05/01         01
    0413177486                           05           01/01/02         25
    0413177486                           O            12/01/16
    0

    6586910          E22/G02             F           40,000.00         ZZ
                                         180         40,000.00          2
                                       7.250            365.15         67
                                       7.000            365.15
    MOBILE           AL   36605          5            11/16/01         00
    0413190083                           05           01/01/02          0
    0413190083                           N            12/01/16
    0

    6586930          E22/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       6.375          1,642.08         75
                                       6.125          1,642.08
    UPLAND           CA   91786          5            11/09/01         00
    0413196270                           05           01/01/02          0
    0413196270                           O            12/01/16
    0

    6586950          E22/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       6.500            522.66         60
                                       6.250            522.66
    IRVING           TX   75062          5            11/12/01         00
    0413207903                           05           01/01/02          0
1

    0413207903                           O            12/01/16
    0

    6587018          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       7.125            724.66         80
                                       6.875            724.66
    TEXAS CITY       TX   77590          5            11/09/01         00
    0413240722                           05           01/01/02          0
    0413240722                           O            12/01/16
    0

    6587070          E22/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       6.250          1,200.39         76
                                       6.000          1,200.39
    TROPHY CLUB      TX   76262          5            11/12/01         00
    0413266396                           03           01/01/02          0
    0413266396                           O            12/01/16
    0

    6587604          E82/G02             F          158,500.00         ZZ
                                         180        158,500.00          1
                                       6.375          1,369.84         71
                                       6.125          1,369.84
    SEATTLE          WA   98115          2            11/13/01         00
    0400521530                           05           01/01/02          0
    0400521530                           O            12/01/16
    0

    6587606          E82/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       7.000            449.41         61
                                       6.750            449.41
    HOUSTON          TX   77077          2            11/15/01         00
    0400515680                           03           01/01/02          0
    0400515680                           O            12/01/16
    0

    6604356          E22/G02             F          169,000.00         ZZ
                                         180        169,000.00          1
                                       6.500          1,472.17         38
                                       6.250          1,472.17
    WALNUT CREEK     CA   94598          2            11/05/01         00
    0413110693                           05           01/01/02          0
    0413110693                           O            12/01/16
    0

1

    6604424          E22/G02             F          124,800.00         ZZ
                                         180        124,800.00          1
                                       7.000          1,121.74         80
                                       6.750          1,121.74
    PORT NECHES      TX   77651          5            11/13/01         00
    0413191073                           05           01/01/02          0
    0413191073                           O            12/01/16
    0

    6604432          E22/G02             F           72,900.00         ZZ
                                         180         72,900.00          2
                                       6.125            620.11         64
                                       5.875            620.11
    FOLEY            AL   36535          2            11/19/01         00
    0413196841                           05           01/01/02          0
    0413196841                           N            12/01/16
    0

    6604464          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       6.500          1,175.99         75
                                       6.250          1,175.99
    CARROLLTON       TX   75007          5            11/13/01         00
    0413205964                           03           01/01/02          0
    0413205964                           O            12/01/16
    0

    6604480          E22/G02             F           90,000.00         ZZ
                                         180         90,000.00          2
                                       6.500            784.00         61
                                       6.250            784.00
    PIGEON FORGE     TN   37863          5            11/13/01         00
    0413222761                           05           01/01/02          0
    0413222761                           O            12/01/16
    0

    6608164          E82/G02             F           92,500.00         ZZ
                                         180         92,500.00          1
                                       6.500            805.77         66
                                       6.250            805.77
    SAN FRANCISCO    CA   94134          2            11/21/01         00
    0400530127                           05           01/01/02          0
    0400530127                           N            12/01/16
    0

    6608176          E82/G02             F          123,400.00         ZZ
                                         180        123,400.00          1
                                       6.750          1,091.98         80
                                       6.500          1,091.98
1

    WILMINGTON       DE   19810          2            11/14/01         00
    0400504387                           05           01/01/02          0
    1720626                              O            12/01/16
    0

    6622780          N74/G02             F           20,000.00         ZZ
                                         180         20,000.00          1
                                       7.000            179.77         26
                                       6.750            179.77
    DANVILLE         VA   24540          5            11/26/01         00
    0433423951                           05           01/01/02          0
    319                                  O            12/01/16
    0

    6639912          E22/G02             F          138,000.00         ZZ
                                         180        138,000.00          1
                                       6.125          1,173.86         66
                                       5.875          1,173.86
    SAN ANTONIO      TX   78212          5            11/12/01         00
    0413042771                           05           01/01/02          0
    0413042771                           O            12/01/16
    0

    6639974          E22/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       6.500          1,001.77         80
                                       6.250          1,001.77
    FORT WORTH       TX   76110          5            11/09/01         00
    0413179870                           05           01/01/02          0
    0413179870                           O            12/01/16
    0

    6640048          E22/G02             F          173,000.00         ZZ
                                         180        173,000.00          1
                                       7.250          1,579.25         89
                                       7.000          1,579.25
    MIAMI            FL   33144          2            11/15/01         01
    0413237306                           05           01/01/02         12
    0413237306                           O            12/01/16
    0

    6640076          E22/G02             F          126,000.00         ZZ
                                         180        126,000.00          1
                                       6.750          1,114.99         41
                                       6.500          1,114.99
    HAYWARD          CA   94544          5            11/09/01         00
    0413248535                           05           01/01/02          0
    0413248535                           O            12/01/16
    0
1

    6640088          E22/G02             F           68,800.00         ZZ
                                         180         68,800.00          1
                                       7.250            628.05         80
                                       7.000            628.05
    GRAND PRAIRIE    TX   75052          5            11/15/01         00
    0413253592                           05           01/01/02          0
    0413253592                           O            12/01/16
    0

    6640122          E22/G02             F          260,000.00         ZZ
                                         180        260,000.00          1
                                       6.250          2,229.30         78
                                       6.000          2,229.30
    AUSTIN           TX   78746          5            11/15/01         00
    0413278326                           05           01/01/02          0
    0413278326                           O            12/01/16
    0

    6640136          E22/G02             F          112,000.00         ZZ
                                         180        112,000.00          1
                                       6.500            975.64         80
                                       6.250            975.64
    TERRELL          TX   75160          5            11/14/01         00
    0413283797                           03           01/01/02          0
    0413283797                           O            12/01/16
    0

    6640164          E22/G02             F           57,600.00         ZZ
                                         180         57,600.00          1
                                       7.250            525.81         80
                                       7.000            525.81
    STRASBURG        VA   22657          1            11/20/01         00
    0413305079                           05           01/01/02          0
    0413305079                           N            12/01/16
    0

    6640502          E82/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       6.625          1,755.99         51
                                       6.375          1,755.99
    CHAPPAQUA        NY   10514          2            11/16/01         00
    0400518635                           01           01/01/02          0
    4418442                              O            12/01/16
    0

    6640506          E82/G02             F          223,700.00         ZZ
                                         180        223,700.00          1
1

                                       6.875          1,995.08         78
                                       6.625          1,995.08
    EAST GREENBUSH   NY   12061          2            11/09/01         00
    0400507075                           05           01/01/02          0
    4928143                              O            12/01/16
    0

    6640596          E82/G02             F          101,000.00         ZZ
                                         180        101,000.00          3
                                       6.875            900.77         58
                                       6.625            900.77
    MARGATE          NJ   08402          2            11/16/01         00
    0400503926                           05           01/01/02          0
    2878321                              O            12/01/16
    0

    6640600          E82/G02             F          238,400.00         T
                                         180        238,400.00          1
                                       6.875          2,126.18         79
                                       6.625          2,126.18
    MAMMOTH LAKES    CA   93546          2            11/12/01         00
    0400517298                           01           01/01/02          0
    0400517298                           O            12/01/16
    0

    6641998          822/G02             F           95,000.00         ZZ
                                         180         94,697.00          2
                                       6.875            847.27         41
                                       6.625            847.27
    DORCHESTER       MA   02125          5            10/23/01         00
    0433394913                           05           12/01/01          0
    3446013253                           O            11/01/16
    0

    6642382          Q51/G02             F          178,750.00         ZZ
                                         180        178,750.00          1
                                       6.500          1,557.10         65
                                       6.250          1,557.10
    WEST COVINA      CA   91790          5            11/09/01         00
    0433396892                           05           01/01/02          0
    0510167W1102511                      O            12/01/16
    0

    6642990          N74/G02             F           36,000.00         ZZ
                                         180         36,000.00          1
                                       6.375            311.13         72
                                       6.125            311.13
    MEMPHIS          TN   38128          2            11/16/01         00
    0433409448                           05           01/01/02          0
1

    0029541010                           O            12/01/16
    0

    6661120          E22/G02             F          110,000.00         ZZ
                                         180        110,000.00          1
                                       6.875            981.04         59
                                       6.625            981.04
    MIAMI            FL   33165          5            11/16/01         00
    0413196965                           05           01/01/02          0
    0413196965                           O            12/01/16
    0

    6661182          E22/G02             F           66,000.00         ZZ
                                         180         66,000.00          1
                                       7.000            593.23         84
                                       6.750            593.23
    FORREST CITY     AR   72335          2            11/16/01         04
    0413235433                           05           01/01/02         12
    0413235433                           O            12/01/16
    0

    6661198          E22/G02             F           85,440.00         ZZ
                                         180         85,440.00          1
                                       6.875            762.00         80
                                       6.625            762.00
    LEWISVILLE       TX   75067          5            11/13/01         00
    0413240060                           05           01/01/02          0
    0413240060                           O            12/01/16
    0

    6661268          E22/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       6.375            993.89         77
                                       6.125            993.89
    WILLIS           TX   77318          5            11/15/01         00
    0413282625                           03           01/01/02          0
    0413282625                           O            12/01/16
    0

    6661272          E22/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       6.750            601.74         53
                                       6.500            601.74
    FLOWER MOUND     TX   75028          5            11/15/01         00
    0413283334                           05           01/01/02          0
    0413283334                           O            12/01/16
    0

1

    6661296          E22/G02             F          143,000.00         ZZ
                                         180        143,000.00          1
                                       6.250          1,226.11         80
                                       6.000          1,226.11
    BRIERFIELD       AL   35035          2            11/16/01         00
    0413291923                           05           01/01/02          0
    0413291923                           O            12/01/16
    0

    6661310          E22/G02             F          106,650.00         ZZ
                                         180        106,650.00          1
                                       7.250            973.57         90
                                       7.000            973.57
    HOUSTON          TX   77092          1            11/21/01         04
    0413306861                           05           01/01/02         12
    0413306861                           O            12/01/16
    0

    6679966          822/G02             F           90,650.00         ZZ
                                         180         90,076.33          3
                                       7.000            814.79         70
                                       6.750            814.79
    WARWICK          RI   02886          1            09/27/01         00
    0433399664                           05           11/01/01          0
    1                                    N            10/01/16
    0

    6683564          E22/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       6.250          1,371.88         61
                                       6.000          1,371.88
    AUSTIN           TX   78750          5            11/19/01         00
    0413252594                           05           01/01/02          0
    0413252594                           O            12/01/16
    0

    6683588          E22/G02             F          275,000.00         ZZ
                                         180        275,000.00          1
                                       6.375          2,376.69         74
                                       6.125          2,376.69
    FOLSOM           CA   95630          5            11/15/01         00
    0413263302                           05           01/01/02          0
    0413263302                           O            12/01/16
    0

    6683620          E22/G02             F          395,000.00         ZZ
                                         180        395,000.00          1
                                       6.375          3,413.79         79
                                       6.125          3,413.79
1

    WALNUT CREEK     CA   94598          5            11/12/01         00
    0413273251                           05           01/01/02          0
    0413273251                           O            12/01/16
    0

    6683652          E22/G02             F          470,900.00         ZZ
                                         180        470,900.00          1
                                       6.250          4,037.60         78
                                       6.000          4,037.60
    ATLANTA          GA   30328          5            11/15/01         00
    0413286899                           03           01/01/02          0
    0413286899                           O            12/01/16
    0

    6683704          E22/G02             F           70,000.00         T
                                         180         70,000.00          1
                                       7.500            648.91         53
                                       7.250            648.91
    BOCA RATON       FL   33433          1            11/26/01         00
    0413330945                           09           01/01/02          0
    0413330945                           O            12/01/16
    0

    6707194          E22/G02             F          243,000.00         ZZ
                                         180        243,000.00          1
                                       6.375          2,100.13         70
                                       6.125          2,100.13
    CRESTWOOD        KY   40014          2            11/21/01         00
    0413138470                           05           01/01/02          0
    0413138470                           O            12/01/16
    0

    6707230          E22/G02             F          211,500.00         ZZ
                                         180        211,500.00          1
                                       6.000          1,784.76         75
                                       5.750          1,784.76
    WELLINGTON       FL   33414          2            11/21/01         00
    0413193988                           05           01/01/02          0
    0413193988                           O            12/01/16
    0

    6707240          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       7.625          1,008.86         87
                                       7.375          1,008.86
    HUMBLE           TX   77346          2            11/16/01         11
    0413201187                           03           01/01/02         12
    0413201187                           O            12/01/16
    0
1

    6707288          E22/G02             F           45,000.00         ZZ
                                         180         45,000.00          1
                                       7.500            417.16         73
                                       7.250            417.16
    LOUISVILLE       KY   40208          5            11/27/01         00
    0413240763                           05           01/01/02          0
    0413240763                           N            12/01/16
    0

    6707336          E22/G02             F          162,350.00         ZZ
                                         180        162,350.00          1
                                       6.375          1,403.11         85
                                       6.125          1,403.11
    PELHAM           AL   35124          5            11/21/01         04
    0413257031                           05           01/01/02          6
    0413257031                           O            12/01/16
    0

    6707442          E22/G02             F           33,750.00         ZZ
                                         180         33,750.00          1
                                       7.250            308.09         75
                                       7.000            308.09
    GREAT FALLS      MT   59401          5            11/27/01         00
    0413315854                           05           01/01/02          0
    0413315854                           N            12/01/16
    0

    6707450          E22/G02             F           43,500.00         ZZ
                                         180         43,500.00          1
                                       7.500            403.25         75
                                       7.250            403.25
    LOUISVILLE       KY   40208          5            11/27/01         00
    0413317728                           05           01/01/02          0
    0413317728                           N            12/01/16
    0

    6731188          E82/G02             F          343,000.00         ZZ
                                         180        343,000.00          1
                                       6.875          3,059.06         78
                                       6.625          3,059.06
    PHOENIX          AZ   85007          2            11/20/01         00
    0400498804                           05           01/01/02          0
    0400498804                           O            12/01/16
    0

    6732700          E22/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
1

                                       6.125          1,701.25         80
                                       5.875          1,701.25
    SEATTLE          WA   98178          5            11/21/01         00
    0413308065                           05           01/01/02          0
    0413308065                           O            12/01/16
    0

    6752112          E22/G02             F          110,000.00         ZZ
                                         120        110,000.00          1
                                       6.250          1,235.08         64
                                       6.000          1,235.08
    PEARLAND         TX   77581          5            11/21/01         00
    0413223868                           05           01/01/02          0
    0413223868                           O            12/01/11
    0

    6752196          E22/G02             F           50,320.00         ZZ
                                         180         50,320.00          1
                                       6.250            431.46         80
                                       6.000            431.46
    MESQUITE         TX   75149          1            11/28/01         00
    0413322728                           05           01/01/02          0
    0413322728                           N            12/01/16
    0

    6770164          E22/G02             F          148,800.00         ZZ
                                         180        148,800.00          1
                                       6.875          1,327.08         80
                                       6.625          1,327.08
    LIBERTY HILL     TX   78642          5            11/15/01         00
    0413209735                           05           01/01/02          0
    0413209735                           O            12/01/16
    0

    6770200          E22/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       6.875            802.67         71
                                       6.625            802.67
    MESQUITE         TX   75149          5            11/26/01         00
    0413243452                           05           01/01/02          0
    0413243452                           O            12/01/16
    0

    6770334          E22/G02             F          176,700.00         ZZ
                                         180        176,700.00          1
                                       6.500          1,539.25         95
                                       6.250          1,539.25
    ALBUQUERQUE      NM   87106          5            11/21/01         04
    0413294455                           05           01/01/02         30
1

    0413294455                           O            12/01/16
    0

    6770346          E22/G02             F           72,000.00         ZZ
                                         180         72,000.00          1
                                       7.500            667.45         80
                                       7.250            667.45
    JONESBORO        GA   30236          2            11/30/01         00
    0413298852                           05           01/01/02          0
    0413298852                           N            12/01/16
    0

    6770370          E22/G02             F          161,000.00         ZZ
                                         180        161,000.00          1
                                       6.375          1,391.44         80
                                       6.125          1,391.44
    WEATHERFORD      TX   76088          5            11/20/01         00
    0413305681                           05           01/01/02          0
    0413305681                           O            12/01/16
    0

    6770392          E22/G02             F          203,000.00         ZZ
                                         180        203,000.00          1
                                       6.250          1,740.57         48
                                       6.000          1,740.57
    RANDOLPH         NJ   07869          2            11/26/01         00
    0413311754                           05           01/01/02          0
    0413311754                           O            12/01/16
    0

    6793252          E22/G02             F          106,000.00         ZZ
                                         180        106,000.00          1
                                       6.500            923.37         59
                                       6.250            923.37
    LAFAYETTE        CO   80026          5            11/20/01         00
    0413157090                           05           01/01/02          0
    0413157090                           O            12/01/16
    0

    6793320          E22/G02             F           84,500.00         ZZ
                                         180         84,500.00          1
                                       6.500            736.09         69
                                       6.250            736.09
    BAY ST LOUIS     MS   39520          2            11/27/01         00
    0413233990                           05           01/01/02          0
    0413233990                           O            12/01/16
    0

1

    6793804          E82/G02             F          168,000.00         ZZ
                                         180        168,000.00          1
                                       6.750          1,486.65         80
                                       6.500          1,486.65
    MILFORD          PA   18337          2            11/27/01         00
    0400507422                           05           01/01/02          0
    0400507422                           O            12/01/16
    0

    6802034          E82/G02             F           93,700.00         ZZ
                                         180         93,700.00          4
                                       7.000            842.20         63
                                       6.750            842.20
    BIRMINGHAM       AL   35205          2            12/03/01         00
    0400518338                           05           01/01/02          0
    0400518338                           N            12/01/16
    0

    6813286          E22/G02             F           86,000.00         ZZ
                                         120         86,000.00          1
                                       7.000            998.53         69
                                       6.750            998.53
    HOUSTON          TX   77066          5            11/28/01         00
    0413282435                           05           01/01/02          0
    0413282435                           O            12/01/11
    0

    6813320          E22/G02             F           60,000.00         ZZ
                                         120         60,000.00          1
                                       7.250            704.41         95
                                       7.000            704.41
    OKLAHOMA CITY    OK   73179          5            11/29/01         01
    0413304619                           07           02/01/02         30
    0413304619                           O            01/01/12
    0

    6836414          E22/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       7.000            808.95         75
                                       6.750            808.95
    SPRING           TX   77386          5            11/30/01         00
    0413282054                           05           01/01/02          0
    0413282054                           O            12/01/16
    0
1

   TOTAL NUMBER OF LOANS   :      1,121

   TOTAL ORIGINAL BALANCE  :   208,591,837.00

   TOTAL PRINCIPAL BALANCE :   206,860,917.83

   TOTAL ORIGINAL P+I      :     1,878,263.90

   TOTAL CURRENT P+I       :     1,878,263.90

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate Discount Fraction  PO Balance
6513952 "$91,000.00 "   0.0572  0.046666667     "$4,246.67 "
6194084 "$561,200.00 "  0.0572  0.046666667     "$26,189.33 "
6707230 "$211,500.00 "  0.0572  0.046666667     "$9,870.00 "
6331120 "$115,250.00 "  0.0572  0.046666667     "$5,378.33 "
5803632 "$172,405.13 "  0.0572  0.046666667     "$8,045.57 "
6408546 "$152,000.00 "  0.0572  0.046666667     "$7,093.33 "
6514168 "$118,500.00 "  0.0572  0.046666667     "$5,530.00 "
6639912 "$138,000.00 "  0.05845 0.025833333     "$3,565.00 "
6023492 "$180,000.00 "  0.05845 0.025833333     "$4,650.00 "
5975476 "$428,935.74 "  0.05845 0.025833333     "$11,080.84 "
6604432 "$72,900.00 "   0.05845 0.025833333     "$1,883.25 "
6732700 "$200,000.00 "  0.05845 0.025833333     "$5,166.67 "
6083818 "$253,693.21 "  0.0597  0.005   "$1,268.47 "
6161942 "$229,225.85 "  0.0597  0.005   "$1,146.13 "
6054374 "$50,828.33 "   0.0597  0.005   $254.14
6174954 "$183,000.00 "  0.0597  0.005   $915.00
6183504 "$55,800.00 "   0.0597  0.005   $279.00
6073826 "$82,919.96 "   0.0597  0.005   $414.60
5907656 "$167,434.53 "  0.0597  0.005   $837.17
5849850 "$59,150.23 "   0.0597  0.005   $295.75
5800558 "$63,784.58 "   0.0597  0.005   $318.92
5779194 "$65,777.85 "   0.0597  0.005   $328.89
5751400 "$43,851.90 "   0.0597  0.005   $219.26
5696515 "$73,003.91 "   0.0597  0.005   $365.02
5693250 "$494,330.51 "  0.0597  0.005   "$2,471.65 "
5685892 "$227,232.58 "  0.0597  0.005   "$1,136.16 "
5894404 "$119,596.09 "  0.0597  0.005   $597.98
6493616 "$184,300.00 "  0.0597  0.005   $921.50
6752196 "$50,320.00 "   0.0597  0.005   $251.60
6752112 "$110,000.00 "  0.0597  0.005   $550.00
6683652 "$470,900.00 "  0.0597  0.005   "$2,354.50 "
6683564 "$160,000.00 "  0.0597  0.005   $800.00
6661296 "$143,000.00 "  0.0597  0.005   $715.00
6640122 "$260,000.00 "  0.0597  0.005   "$1,300.00 "
6587070 "$140,000.00 "  0.0597  0.005   $700.00
6565970 "$134,800.00 "  0.0597  0.005   $674.00
6319658 "$159,461.45 "  0.0597  0.005   $797.31
6514130 "$324,500.00 "  0.0597  0.005   "$1,622.50 "
6217812 "$233,000.00 "  0.0597  0.005   "$1,165.00 "
6461956 "$97,000.00 "   0.0597  0.005   $485.00
6459156 "$150,000.00 "  0.0597  0.005   $750.00
6433164 "$39,865.36 "   0.0597  0.005   $199.33
6376794 "$181,000.00 "  0.0597  0.005   $905.00
6770392 "$203,000.00 "  0.0597  0.005   "$1,015.00 "
6330006 "$107,636.48 "  0.0597  0.005   $538.18
5662027 "$202,815.04 "  0.0597  0.005   "$1,014.08 "
6271338 "$156,600.00 "  0.0597  0.005   $783.00
6515206 "$135,000.00 "  0.0597  0.005   $675.00

48      "$8,254,518.73 "                1.47510884%     "$121,763.14 "

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the 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) on the basis of the most recent reports furnished to it by Sub-Servicers,
the  number  and  aggregate  principal  balances  of  Mortgage  Loans  that  are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure;

(ix)  the  number,  aggregate  principal  balance  and  book  value  of any  REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the  Pass-Through  Rates on the Floater  Certificates and Inverse Floater
Certificates for such Distribution Date,  separately  identifying LIBOR for such
Distribution Date;

<PAGE>

(xiv)  the  Notional  Amount  with  respect  to  each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

(xv)    the occurrence of the Credit Support Depletion Date;

(xvi) the related Senior Accelerated  Distribution Percentage applicable to such
distribution;

(xvii)  the related Senior Percentage for such Distribution Date;

(xviii) the aggregate amount of Realized Losses for such Distribution Date;

(xix) the aggregate amount of any recoveries on previously foreclosed loans from
Sellers due to a breach of a representation  or warranty assigned to the Trustee
pursuant to Section 2.04;

(xx) the weighted average remaining term to maturity of the Mortgage Loans after
giving effect to the amounts distributed on such Distribution Date; and

(xxi) the weighted  average  Mortgage  Rates of the Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The   Trustee's   internet   website   will   initially  be  located  at
http://www-apps.gis.deutsche-bank.com/invr.  Assistance in using the website can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................30

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........31

        Section 2.01. Conveyance of Mortgage Loans.........................................31

        Section 2.02. Acceptance by Trustee................................................36

        Section 2.03. Representations, Warranties and Covenants of the Master
               Servicer
               and the Company.............................................................38

        Section 2.04. Representations and Warranties of Sellers............................40

        Section 2.05. Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................41

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............42

        Section 2.08. Purposes and Powers of the Trust.....................................42

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................43

        Section 3.01. Master Servicer to Act as Servicer...................................43

        Section 3.02. Subservicing Agreements Between Master Servicer and
               Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........44

        Section 3.03. Successor Subservicers...............................................45

        Section 3.04. Liability of the Master Servicer.....................................46

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................46

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee........
               46

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
               Custodial Account...........................................................47

        Section 3.08. Subservicing Accounts; Servicing Accounts............................49

        Section 3.09. Access to Certain Documentation and  Information Regarding the
               Mortgage Loans..............................................................50

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................51

                                    i
<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................53

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
               Coverage....................................................................53

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
               Modification Agreements; Certain Assignments................................55

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................57

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................60

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............62

        Section 3.17. Reports to the Trustee and the Company...............................63

        Section 3.18. Annual Statement as to Compliance....................................63

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............63

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............64

        Section 3.21. Administration of Buydown Funds......................................64

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................66

        Section 4.01. Certificate Account..................................................66

        Section 4.02. Distributions........................................................66

        Section 4.03. Statements to Certificateholders.....................................66

        Section 4.04. Distribution of Reports to the Trustee and  the Company;
               Advances by the Master Servicer.............................................67

        Section 4.05. Allocation of Realized Losses........................................69

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69

        Section 4.08. Surety Bond..........................................................69

Article V         THE CERTIFICATES.........................................................71

        Section 5.01. The Certificates.....................................................71

        Section 5.02. Registration of Transfer and Exchange of Certificates................73

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78

        Section 5.04. Persons Deemed Owners................................................79

        Section 5.05. Appointment of Paying Agent..........................................79

                                       ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................80

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........80

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............80

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer
               and Others....................................................................
               81

        Section 6.04. Company and Master Servicer Not to Resign............................82

Article VII       DEFAULT..................................................................83

        Section 7.01. Events of Default....................................................83

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................85

        Section 7.03. Notification to Certificateholders...................................86

        Section 7.04. Waiver of Events of Default..........................................86

Article VIII      CONCERNING THE TRUSTEE...................................................87

        Section 8.01. Duties of Trustee....................................................87

        Section 8.02. Certain Matters Affecting the Trustee................................88

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................90

        Section 8.04. Trustee May Own Certificates.........................................90

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................90

        Section 8.06. Eligibility Requirements for Trustee.................................91

        Section 8.07. Resignation and Removal of the Trustee...............................91

        Section 8.08. Successor Trustee....................................................92

        Section 8.09. Merger or Consolidation of Trustee...................................93

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................93

        Section 8.11. Appointment of Custodians............................................94

        Section 8.12. Appointment of Office or Agency......................................94

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................96

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
               Termination Upon Purchase by the Master Servicer or Liquidation of All
               Mortgage Loans..............................................................96

                                     iii
<PAGE>

        Section 9.02. Additional Termination Requirements..................................99

        Section 9.03. Termination of Multiple REMICs......................................100

Article X         REMIC PROVISIONS........................................................101

        Section 10.01.REMIC Administration................................................101

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....104

        Section 10.03.Designation of REMIC(s).............................................105

Article XI        MISCELLANEOUS PROVISIONS................................................106

        Section 11.01.Amendment...........................................................106

        Section 11.02.Recordation of Agreement; Counterparts..............................108

        Section 11.03.Limitation on Rights of Certificateholders..........................109

        Section 11.04.Governing Law.......................................................109

        Section 11.05.Notices.............................................................110

        Section 11.06.Required Notices to Rating Agency and Subservicer...................110

        Section 11.07.Severability of Provisions..........................................110

        Section 11.08.Supplemental Provisions for Resecuritization........................111

        Section 11.09.Allocation of Voting Rights.........................................111

        Section 11.10.No Petition.........................................................111

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to
                      Section 11.01(e) for a Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form

</TABLE>

                                        v
<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

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

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

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

                                       2
<PAGE>

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

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the

                                       4
<PAGE>

immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the  immediately  preceding  Determination  Date of (w)
aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution,  and
(y) amounts  permitted to be withdrawn by the Master Servicer from the Custodial
Account  in  respect  of  the  Mortgage  Loans  pursuant  to  clauses  (ii)-(x),
inclusive,  of Section 3.10(a).  Such amount shall be determined  separately for
each  Loan  Group.  Additionally,  with  respect  to any  Mortgage  Pool that is
comprised of two or more Loan Groups,  if on any Distribution  Date Compensating
Interest  provided  pursuant  to this  Section  3.16(e) is less than  Prepayment
Interest  Shortfalls incurred on the Mortgage Loans in connection with Principal
Prepayments  in Full and  Curtailments  made in the prior calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

                                       6
<PAGE>

         (ii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iii) the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

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

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

                                       7
<PAGE>

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

                                       8
<PAGE>

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.
        ---------

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

                                       9
<PAGE>

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and

                                       10
<PAGE>

"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate

                                       11
<PAGE>

Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.   by any  government  or  sovereign  power,  de jure or de  facto,  or by any
     authority maintaining or using military, naval or air forces; or

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)  any weapon of war employing atomic fission or radioactive  force whether in
     time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

                                       12
<PAGE>

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

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

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

                                       13
<PAGE>

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged

                                       14
<PAGE>

Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

                                       15
<PAGE>

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

                                       16
<PAGE>

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                       17
<PAGE>

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)  obligations  of or  guaranteed  as to principal  and interest by the United
     States or any agency or  instrumentality  thereof when such obligations are
     backed by the full faith and credit of the United States;

(ii) repurchase  agreements on obligations  specified in clause (i) maturing not
     more than one month from the date of acquisition thereof, provided that the
     unsecured  obligations of the party agreeing to repurchase such obligations
     are at the time  rated by each  Rating  Agency  in its  highest  short-term
     rating available;

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv) commercial paper and demand notes (having  original  maturities of not more
     than 365 days) of any corporation incorporated under the laws of the United
     States or any state thereof which on the date of acquisition has been rated
     by each Rating Agency in its highest short-term rating available;  provided
     that such commercial paper shall have a remaining maturity of not more than
     30 days;

                                       18
<PAGE>

(v)  a money  market  fund or a qualified  investment  fund rated by each Rating
     Agency in its highest long-term rating available; and

(vi) other  obligations or securities  that are acceptable to each Rating Agency
     as a Permitted Investment hereunder and will not reduce the rating assigned
     to any Class of  Certificates  by such Rating Agency below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency, as evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

                                       19
<PAGE>

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

                                       20
<PAGE>

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated

                                       21
<PAGE>

pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

                                       22
<PAGE>

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

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

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

                                       23
<PAGE>

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

                                       24
<PAGE>

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       25
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage: As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                       26
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the

                                       27
<PAGE>

Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond

                                       28
<PAGE>

covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

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

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

                                       29
<PAGE>

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       30
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.

(a) The Company,  concurrently  with the  execution  and delivery  hereof,  does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

(b) In connection with such  assignment,  except as set forth in Section 2.01(c)
and subject to Section  2.01(d)  below,  the Company does hereby deliver to, and
deposit with, the Trustee,  or to and with one or more  Custodians,  as the duly
appointed  agent or  agents  of the  Trustee  for such  purpose,  the  following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       31
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv) The original  recognition  agreement by the Cooperative of the interests of
     the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c) The Company may, in lieu of  delivering  the original of the  documents  set
forth in Section  2.01(b)(I)(ii),  (iii), (iv) and (v) and Section  (b)(II)(ii),

                                       32
<PAGE>

(iv), (vii), (ix) and (x) (or copies thereof as permitted by Section 2.01(b)) to
the Trustee or the Custodian or Custodians, deliver such documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future  Certificateholders  until such time as is
set forth in the next  sentence.  Within  thirty  Business  Days  following  the
earlier  of (i)  the  receipt  of the  original  of  all  of  the  documents  or
instruments set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted by such
Section)  for any  Mortgage  Loan and (ii) a written  request by the  Trustee to
deliver those  documents  with respect to any or all of the Mortgage  Loans then
being held by the Master Servicer,  the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.

(d)  Notwithstanding  the provisions of Section 2.01(c),  in connection with any
Mortgage Loan, if the Company  cannot deliver the original of the Mortgage,  any
assignment,  modification,  assumption agreement or preferred loan agreement (or
copy thereof as permitted by Section 2.01(b)) with evidence of recording thereon
concurrently  with the execution and delivery of this Agreement because of (i) a
delay caused by the public  recording  office where such  Mortgage,  assignment,
modification,  assumption  agreement or preferred loan agreement as the case may
be,  has been  delivered  for  recordation,  or (ii) a delay in the  receipt  of
certain information  necessary to prepare the related  assignments,  the Company
shall  deliver  or  cause  to be  delivered  to the  Trustee  or the  respective
Custodian  a  copy  of  such  Mortgage,  assignment,  modification,   assumption
agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage

                                       33
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,

                                       34
<PAGE>

including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate and Cooperative Lease, (ii) with respect to each Mortgage Loan other
than a Cooperative  Loan, the related Mortgage Note and Mortgage,  and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       35
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section

                                       36
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the

                                       37
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

(a) The Master  Servicer  hereby  represents and warrants to the Trustee for the
benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

(ii)    The execution and delivery of this Agreement by the Master  Servicer and
        its performance and compliance with the terms of this Agreement will not
        violate the Master Servicer's  Certificate of Incorporation or Bylaws or
        constitute a material  default (or an event which,  with notice or lapse
        of time, or both, would constitute a material  default) under, or result
        in the  material  breach of, any material  contract,  agreement or other
        instrument  to which  the  Master  Servicer  is a party or which  may be
        applicable to the Master Servicer or any of its assets;

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       38
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       39
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the

                                       40
<PAGE>

Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       41
<PAGE>

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

               As provided in Section 2.06 of the Series Supplement.

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

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b)     to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       42
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC

                                       43
<PAGE>

formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer

                                       44
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,

                                       45
<PAGE>

in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                       46
<PAGE>

Section 3.07.  Collection of Certain Mortgage Loan Payments;
                      Deposits to Custodial Account.

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

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

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<PAGE>

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

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

(iii)Insurance  Proceeds and Liquidation  Proceeds (net of any related  expenses
     of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

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<PAGE>

(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer
shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

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<PAGE>

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable

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<PAGE>

request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances or expenses made pursuant to Sections 3.01,  3.07(a),  3.08, 3.11,
     3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to the terms of
     this Agreement,  such withdrawal right being limited to amounts received on
     particular  Mortgage  Loans  (including,  for this  purpose,  REO Proceeds,
     Insurance Proceeds,  Liquidation Proceeds and proceeds from the purchase of
     a  Mortgage  Loan  pursuant  to Section  2.02,  2.03,  2.04 or 4.07)  which
     represent  (A) Late  Collections  of  Monthly  Payments  for which any such
     advance was made in the case of Subservicer  Advances or Advances  pursuant
     to  Section  4.04 and (B)  recoveries  of  amounts in respect of which such
     advances were made in the case of Servicing Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

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<PAGE>

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection (c) below, any Advance made in connection with a modification
        of a Mortgage  Loan that is in default or, in the judgment of the Master
        Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
        to  the  extent  the  amount  of  the  Advance  has  been  added  to the
        outstanding  principal  balance of the  Mortgage  Loan,  or any  Advance
        reimbursable to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)  to withdraw  any amount  deposited  in the  Custodial  Account that was not
     required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

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<PAGE>

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;

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<PAGE>

provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

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<PAGE>

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant

                                       55
<PAGE>

modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

(d) Subject to any other applicable terms and conditions of this Agreement,  the
Trustee and Master  Servicer  shall be entitled to approve an assignment in lieu
of  satisfaction  with respect to any Mortgage  Loan,  provided the obligee with
respect to such Mortgage Loan  following such proposed  assignment  provides the
Trustee and Master  Servicer  with a "Lender  Certification  for  Assignment  of
Mortgage  Loan" in the form attached  hereto as Exhibit M, in form and substance

                                       56
<PAGE>

satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such  Mortgage;  (ii) that the Mortgage Loan  following the proposed  assignment
will have a rate of  interest at least 0.25  percent  below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such  assignment  is at the request of the borrower  under the related  Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant  to  Section  3.07.  In  connection  with  such  foreclosure  or  other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing

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<PAGE>

loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter

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<PAGE>

such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property

                                       59
<PAGE>

acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The

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<PAGE>

Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

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<PAGE>

Section 3.16.  Servicing and Other Compensation; Compensating Interest.

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

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Section 3.17.  Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements

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for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in

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the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

Section 4.02.  Distributions.

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03.  Statements to Certificateholders.

     (a) Concurrently with each distribution  charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee  shall either  forward by mail or make  available to
each Holder and the Company,  via the Trustee's  internet  website,  a statement
(and at its option,  any additional  files containing the same information in an
alternative  format) setting forth information as to each Class of Certificates,
the  Mortgage  Pool and, if the  Mortgage  Pool is comprised of two or more Loan
Groups,  each Loan Group, to the extent applicable.  This statement will include
the information set forth in an exhibit to the Series  Supplement.  Such exhibit

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shall set forth the Trustee's  internet  website  address  together with a phone
number.  The Trustee  shall mail to each  Holder  that  requests a paper copy by
telephone  a paper  copy via first  class  mail.  The  Trustee  may  modify  the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

     (b) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year was the  Holder  of a  Certificate,  other  than a Class R  Certificate,  a
statement  containing the  information  set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or applicable  portion  thereof  during which such Person
was a Certificateholder.  Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

     (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year  was the  Holder  of a Class R  Certificate,  a  statement  containing  the
applicable  distribution  information  provided  pursuant to this  Section  4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (d) Upon the written request of any Certificateholder, the Master Servicer,
as   soon   as   reasonably   practicable,    shall   provide   the   requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

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

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

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(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with

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Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

Section 4.05.  Allocation of Realized Losses.

     As provided in Section 4.05 of the Series Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The

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Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.
(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law

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and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of

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<PAGE>

Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be required in connection  with any transfer of
any such  Certificate by the Company or any Affiliate  thereof to the Company or
an Affiliate of the Company,  and the Trustee shall be entitled to  conclusively
rely upon a representation  (which, upon the request of the Trustee,  shall be a
written representation) from the Company, of the status of such transferee as an
Affiliate  of  the  Company  or  (ii)  the  prospective  transferee  of  such  a
Certificate shall be required to provide the Trustee, the Company and the Master
Servicer  with an  investment  letter  substantially  in the form of  Exhibit  J
attached hereto (or such other form as the Company in its sole discretion  deems
acceptable), which investment letter shall not be an expense of the Trustee, the
Company or the Master Servicer,  and which investment  letter states that, among
other  things,  such  transferee  (A) is a  "qualified  institutional  buyer" as
defined  under Rule 144A,  acting for its own  account or the  accounts of other
"qualified  institutional  buyers" as defined under Rule 144A,  and (B) is aware
that the proposed  transferor intends to rely on the exemption from registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any Class B or Class R  Certificate  presented  for
          registration  in the name of any Person,  either (A) the Trustee shall
          require an Opinion of Counsel  acceptable to and in form and substance
          satisfactory  to the Trustee,  the Company and the Master  Servicer to
          the  effect  that the  purchase  or holding of such Class B or Class R
          Certificate is permissible  under  applicable law, will not constitute
          or result in any non-exempt  prohibited  transaction under Section 406
          of the Employee  Retirement  Income  Security Act of 1974,  as amended
          ("ERISA"),  or Section 4975 of the Code (or  comparable  provisions of
          any  subsequent  enactments),  and will not subject the  Trustee,  the
          Company  or  the  Master  Servicer  to  any  obligation  or  liability
          (including  obligations or liabilities  under ERISA or Section 4975 of
          the Code) in addition to those  undertaken  in this  Agreement,  which
          Opinion of Counsel shall not be an expense of the Trustee, the Company
          or the Master  Servicer  or (B) the  prospective  Transferee  shall be
          required to provide the Trustee,  the Company and the Master  Servicer
          with a  certification  to the  effect  set forth in  paragraph  six of
          Exhibit H (with  respect  to any  Class B  Certificate)  or  paragraph
          fourteen  of Exhibit  G-1 (with  respect to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the
          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.

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<PAGE>

          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,
               65 Fed. Reg. 67765 (November 13, 2000) (the "RFC Exemption"), and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

(B)  If any purported  Transferee shall become a Holder of a Class R Certificate
     in violation of the  restrictions in this Section 5.02(f) and to the extent
     that the retroactive  restoration of the rights of the Holder of such Class
     R  Certificate  as  described  in clause  (iii)(A)  above shall be invalid,
     illegal or  unenforceable,  then the Master  Servicer shall have the right,
     without  notice  to  the  holder  or any  prior  holder  of  such  Class  R
     Certificate,  to sell such Class R Certificate  to a purchaser  selected by
     the Master Servicer on such terms as the Master  Servicer may choose.  Such
     purported  Transferee  shall  promptly  endorse  and  deliver  each Class R
     Certificate in accordance  with the  instructions  of the Master  Servicer.
     Such  purchaser may be the Master  Servicer  itself or any Affiliate of the
     Master Servicer.  The proceeds of such sale, net of the commissions  (which
     may include  commissions payable to the Master Servicer or its Affiliates),
     expenses and taxes due, if any, will be remitted by the Master  Servicer to
     such purported Transferee.  The terms and conditions of any sale under this
     clause  (iii)(B)  shall be determined in the sole  discretion of the Master
     Servicer,  and the Master Servicer shall not be liable to any Person having
     an Ownership  Interest in a Class R Certificate as a result of its exercise
     of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified

                                       77
<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

(A)  written  notification  from  each  Rating  Agency  to the  effect  that the
     modification,  addition to or elimination of such provisions will not cause
     such Rating Agency to downgrade its  then-current  ratings,  if any, of any
     Class of the Senior, Class M or Class B Certificates below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency; and

(B)  subject  to  Section  10.01(f),  an  Officers'  Certificate  of the  Master
     Servicer  stating  that the  Master  Servicer  has  received  an Opinion of
     Counsel, in form and substance  satisfactory to the Master Servicer, to the
     effect that such  modification,  addition to or absence of such  provisions
     will not cause any portion of any REMIC formed under the Series  Supplement
     to cease to  qualify  as a REMIC and will not cause (x) any  portion of any
     REMIC formed under the Series  Supplement to be subject to an  entity-level
     tax caused by the Transfer of any Class R Certificate to a Person that is a
     Disqualified  Organization or (y) a Certificateholder  or another Person to
     be  subject to a  REMIC-related  tax  caused by the  Transfer  of a Class R
     Certificate to a Person that is not a Permitted Transferee.

(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class,  but the Trustee may require  payment of a sum sufficient to cover
any tax or  governmental  charge  that may be  imposed  in  connection  with any
transfer or exchange of Certificates.

(h) All Certificates surrendered for transfer and exchange shall be destroyed by
the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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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.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

                                       80
<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.

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Section 6.04.  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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                                  ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)  the Master  Servicer shall fail to distribute or cause to be distributed to
     the Holders of  Certificates of any Class any  distribution  required to be
     made under the terms of the  Certificates  of such Class and this Agreement
     and, in either case, such failure shall continue unremedied for a period of
     5 days after the date upon which written notice of such failure,  requiring
     such failure to be remedied,  shall have been given to the Master  Servicer
     by the  Trustee or the Company or to the Master  Servicer,  the Company and
     the  Trustee  by the  Holders  of  Certificates  of such  Class  evidencing
     Percentage Interests aggregating not less than 25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

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<PAGE>

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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Section 7.02.  Trustee or Company to Act; Appointment of Successor.

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate

                                       85
<PAGE>

with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company

                                       87
<PAGE>

     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

(ii)    The Trustee shall not be personally liable for an error of judgment made
        in good faith by a Responsible  Officer or  Responsible  Officers of the
        Trustee,  unless it shall be proved that the Trustee  was  negligent  in
        ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d) The Trustee shall timely pay, from its own funds,  the amount of any and all
federal,  state and local  taxes  imposed  on the  Trust  Fund or its  assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code,  if, when and as the same shall be
due and payable,  (B) any tax on contributions to a REMIC after the Closing Date
imposed  by  Section  860G(d)  of the Code and (C) any tax on "net  income  from
foreclosure  property"  as defined in Section  860G(c) of the Code,  but only if
such taxes  arise out of a breach by the Trustee of its  obligations  hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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(ii)    The Trustee may consult with counsel and any Opinion of Counsel shall be
        full and complete  authorization and protection in respect of any action
        taken or  suffered  or  omitted  by it  hereunder  in good  faith and in
        accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv)    The  Trustee  shall  not be  personally  liable  for any  action  taken,
        suffered  or  omitted  by it in  good  faith  and  believed  by it to be
        authorized or within the  discretion or rights or powers  conferred upon
        it by this Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi)    The Trustee may execute any of the trusts or powers hereunder or perform
        any  duties  hereunder  either  directly  or by  or  through  agents  or
        attorneys; and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax
     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

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(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The

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Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans

(a) Subject to Section 9.02, the respective  obligations and responsibilities of
the Company,  the Master  Servicer and the Trustee  created hereby in respect of
the  Certificates  (other than the  obligation  of the  Trustee to make  certain
payments  after  the  Final  Distribution  Date  to  Certificateholders  and the
obligation  of the Company to send  certain  notices as  hereinafter  set forth)
shall  terminate upon the last action required to be taken by the Trustee on the
Final Distribution Date pursuant to this Article IX following the earlier of:

(i)  the later of the final  payment or other  liquidation  (or any Advance with
     respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund or
     the disposition of all property  acquired upon  foreclosure or deed in lieu
     of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of 21 years  from the  death of the last  survivor  of the
     descendants of Joseph P. Kennedy,  the late ambassador of the United States
     to the Court of St. James,  living on the date hereof and provided  further
     that the purchase price set forth above shall be increased as is necessary,
     as  determined by the Master  Servicer,  to avoid  disqualification  of any
     portion of any REMIC formed under the Series Supplement as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

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

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of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated or, in the case of the purchase by the Master Servicer of the
        outstanding  Certificates,  the Distribution Date on which such purchase
        is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its

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right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate

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Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during

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        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

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(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an

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Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

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(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not be
     materially  inconsistent  with the provisions of this  Agreement,  provided
     that such  action  shall  not,  as  evidenced  by an  Opinion  of  Counsel,
     adversely   affect  in  any   material   respect  the   interests   of  any
     Certificateholder or

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<PAGE>

(vii)to amend any  provision  herein or therein  that is not  material to any of
     the Certificateholders.

(b) This  Agreement or any Custodial  Agreement may also be amended from time to
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests  of each Class of  Certificates  affected  thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial  Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve

                                      107
<PAGE>

fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      108
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      109
<PAGE>

Section 11.05. Notices.

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)  the termination or appointment of a successor Master Servicer or Trustee or
     a change in the majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)  the  statement  required  to be  delivered  to the Holders of each Class of
     Certificates pursuant to Section 4.03,

(f)  the statements required to be delivered pursuant to Sections 3.18 and 3.19,

(g)  a change  in the  location  of the  Custodial  Account  or the  Certificate
     Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date, and

(j)     the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

Section 11.07. Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the

                                      110
<PAGE>

remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.

                                      111
<PAGE>

                                    EXHIBIT A

FORM  OF  CLASS  A  CERTIFICATE,  [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
[INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                     A-1
<PAGE>

Certificate No. ________          [________%][Variable] Pass-Through Rate
                                  [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing     [Percentage Interest:________%]
Agreement and Cut-off Date:
___________ 1, ____               Aggregate Initial [Certificate Principal
                                  Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:          Amount] [Subclass Notional Amount] of the
_________ 25, ____                Class A- ___ Certificates:

Master Servicer:                  [Initial] [Certificate Principal
Residential Funding               Balance] [Interest Only/Class A-V] [Subclass]
Corporation                       Notional Amount] of this Certificate:
                                  $ _______________________]
Assumed Final
Distribution Date:                CUSIP 76110F-
___________ 25, ____
                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that ____________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the

                                        A-2
<PAGE>

Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                        A-3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                        A-4
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        A-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-6
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly,  on behalf of or purchasing
any Certificate with "plan assets" of any Plan (a "plan  investor"),  (B) it has
acquired and is holding such  Certificate in reliance on Prohibited  Transaction

<PAGE>

Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE
97-34, 62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,  65 Fed. Reg. 67765
(November 13, 2000) (the "RFC  Exemption"),  and that it understands  that there
are certain  conditions to the availability of the RFC Exemption  including that
such Certificate  must be rated, at the time of purchase,  not lower than "BBB-"
(or its  equivalent)  by  Standard  & Poor's,  Fitch or  Moody's  or (C) (I) the
transferee is an insurance company, (II) the source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of U.S.  Department  of Labor  Prohibited  Transaction  Class  Exemption
("PTCE")  95-60),  and (iii) the  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"cOMPLYING INSURANCE COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

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

                                        B-2
<PAGE>

Certificate No. _______                           [_______]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $__________________
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $_____________________

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that  ______________________  is the registered owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set

                                        B-3

<PAGE>

forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more

                                        B-4

<PAGE>

specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                        B-5

<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        B-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        B-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

<PAGE>

Certificate No. ______                            [______]% Pass-Through Rate

Class B- ___ Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-___
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $____________________
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $__________________
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies that  Residential  Accredit  Loans,  Inc. is the registered
owner of the  Percentage  Interest  evidenced by this  Certificate  (obtained by
dividing the Certificate  Principal Balance of this Certificate by the aggregate
Certificate Principal Balance of all Class B-___ Certificates, both as specified
above)  in  certain  distributions  with  respect  to a  Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of

                                        C-2

<PAGE>

which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                        C-3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                        C-4

<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        C-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [_______________________________],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        C-6

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                           DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.________                           [______]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $__________________

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                    _________________ %

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

                                        D-2

<PAGE>

     This certifies that  _____________________  is the registered  owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Initial  Certificate  Principal  Balance of this  Certificate  by the  aggregate
Initial  Certificate  Principal  Balance  of all Class R  Certificates,  both as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to

                                        D-3
<PAGE>

zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                        D-4

<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                                        D-5
<PAGE>

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        D-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By: __________________________
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [______________________________],
                                                 as Certificate Registrar

                                            By: _____________________________
                                                 Authorized Signatory

                                        D-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ___________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                 EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

     This Seller/Servicer Contract (as may be amended, supplemented or otherwise
modified from time to time, this "Contract") is made this  _____________  day of
__________, 20__, by and between Residential Funding Corporation, its successors
and   assigns   ("Residential   Funding")   and    _____________________    (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

<PAGE>

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:________________________________________
      Telefacsimile Number:  (_____)___________ - _______________

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                        E-3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                        E-4

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= =======================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                        E-5

<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

________________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ] Primary Insurance Policy
                             [ ] Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of  _______________]  [the United States],
on behalf of which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is a citizen or  resident  of the  United  States,  a  corporation,
partnership  or other entity  created or organized in, or under the laws of, the
United  States or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9.      The Owner's Taxpayer Identification Number is ______________________ .

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to

                                        G-1-2

<PAGE>

and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

13. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

14. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"),  or an investment  manager,  named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

                                        G-1-3

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this _____ day of _____, 200__.

                                            [NAME OF OWNER]

                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

______________________________
[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ________ day of _____, 200_.

                                                 NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------
                My Commission  expires the ____ day of ____, 20___.

                                        G-1-4

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                      _______________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
____________________  (the "Seller") to  _________________  (the "Purchaser") of
$______________  Initial Certificate  Principal Balance of Mortgage Asset-Backed
Pass-Through  Certificates,  Series  ____-___,  Class  R  (the  "Certificates"),
pursuant to Section 5.02 of the Pooling and  Servicing  Agreement  (the "Pooling
and Servicing  Agreement"),  dated as of ___________  1, ____ among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the

<PAGE>

Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                               Very truly yours,

                                   (Seller)

                               By:
                                  ----------------------------------------
                               Name:
                                    --------------------------------------
                               Title:
                                     -------------------------------------

                                        G-2-2

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                                , 20
                                    ----------------------------    ----

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     ____________________   (the   "Purchaser")   intends   to   purchase   from
____________________   (the  "Seller")   $_______________   Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and __________________,  as trustee (the "Trustee"). All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement

<PAGE>

     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private Placement Memorandum,  dated ______________,  20
     ___,  relating to the Certificates (b)] a copy of the Pooling and Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any

                                        H-2

<PAGE>

     other action,  that (as to any of (a) through (e) above) would constitute a
     distribution  of any  Certificate  under the Act,  that  would  render  the
     disposition  of any  Certificate a violation of Section 5 of the Act or any
     state  securities law, or that would require  registration or qualification
     pursuant thereto.  The Purchaser will not sell or otherwise transfer any of
     the  Certificates,  except in compliance with the provisions of the Pooling
     and Servicing Agreement.

6.      The Purchaser

(a)  is  not an  employee  benefit  or  other  plan  subject  to the  prohibited
     transaction  provisions of the Employee  Retirement  Income Security Act of
     1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
     1986, as amended (a "Plan"),  or any other person  (including an investment
     manager,  a named  fiduciary or a trustee of any Plan) acting,  directly or
     indirectly,  on behalf of or purchasing any Certificate  with "plan assets"
     of  any  Plan  within  the  meaning  of the  Department  of  Labor  ("DOL")
     regulation at 29 C.F.R. ss.2510.3-101; or

(b)  is an insurance  company,  the source of funds to be used by it to purchase
     the  Certificates  is an "insurance  company general  account"  (within the
     meaning of DOL Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
     the  purchase  is  being  made in  reliance  upon the  availability  of the
     exemptive relief afforded under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                            Very truly yours,

                                            By:
                                               -------------------------------
                                            Name:
                                                 -----------------------------
                                            Title:
                                                  ----------------------------

                                        H-3

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                       __________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     In connection with the sale by ___________  (the "Seller") to _____________
(the  "Purchaser")  of $___________  Initial  Certificate  Principal  Balance of
Mortgage Asset-Backed  Pass-Through  Certificates,  Series ____-___,  Class (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling  and  Servicing  Agreement"),  dated as of  ___________  1, ____  among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  The  Seller  hereby  certifies,  represents  and  warrants  to, and
covenants with, the Company and the Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

<PAGE>

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        I-2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

<PAGE>

(c)     The Buyer has been  furnished  with all  information  regarding the Rule
        144A  Securities  that it has requested from the Seller,  the Trustee or
        the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3.    The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

               4. This document may be executed in one or more  counterparts and
        by the different parties hereto on separate counterparts, each of which,
        when so executed,  shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.

                                        J-2

<PAGE>

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------

                                        J-3

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $_____________  in  securities  (except  for the  excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year (such amount being  calculated in  accordance  with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

--   Corporation,  etc. The Buyer is a corporation  (other than a bank,  savings
     and loan  association  or similar  institution),  Massachusetts  or similar
     business  trust,  partnership,  or  charitable  organization  described  in
     Section 501(c)(3) of the Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                        J-2

<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                                            Print Name of Buyer

                                            By:________________________
                                                 Name:
                                                 Title:

                                            Date: _______________________

                                        J-3

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--   The  Buyer  owned  $_________  in  securities   (other  than  the  excluded
     securities  referred  to below) as of the end of the  Buyer's  most  recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

--   The Buyer is part of a Family of  Investment  Companies  which owned in the
     aggregate $ _____________ in securities (other than the excluded securities
     referred  to below) as of the end of the Buyer's  most  recent  fiscal year
     (such amount being calculated in accordance with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                        j-4

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                            Print Name of Buyer

                                            By: _____________________________
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------

                                            IF AN ADVISER:

                                            ______________________
                                            Print Name of Buyer

                                        j-5

<PAGE>

                                    EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                   ARTICLE XII

                   Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b)....Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c)....Demands  for payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>

previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d)....The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f)....The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                        K-2

<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                        K-3

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                                  ___________, 200___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of , with respect to the Mortgage Asset-Backed Pass-Through Certificates, Series
____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

1.  Provision  of  Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to

<PAGE>

perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b)....The  agreement set forth in the preceding clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                        L-2

<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

Acknowledged by:

__________________________,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                        L-3

<PAGE>

                                    EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                              _______________, 20_____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
________________  (the  "Trustee") to  _________________  (the "Lender") of (the
"Mortgage  Loan")  pursuant  to Section  3.13(d) of the  Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement"),  dated as of ___________ 1,
____  among  Residential  Accredit  Loans,  Inc.,  as  seller  (the  "Company"),
Residential Funding Corporation,  as master servicer, and the Trustee. All terms
used herein and not  otherwise  defined shall have the meanings set forth in the
Pooling and Servicing  Agreement.  The Lender hereby  certifies,  represents and
warrants to, and covenants with, the Master Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

<PAGE>

                                            Very truly yours,

                                    (Lender)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        M-2

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                              [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.  [Interest  Only/Class  A-V]-  Certificates,  corresponding  to the following
Uncertificated  REMIC  Regular  Interests:  [List numbers  corresponding  to the
related loans and Pool Strip Rates from the Mortgage Loan Schedule]. The initial
Subclass  Notional  Amount and the Initial  Pass-Through  Rate on the  [Interest
Only/Class A-V]- Certificates will be $_________ and _____%, respectively.

2. [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By: ______________________________
                                      Name:
                                     Title:

<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                      AGGREGATE PLANNED PRINCIPAL BALANCES

                                                      AGGREGATE PLANNED
                                                     PRINCIPAL BALANCES
                                                      FOR CLASS A-1 AND
                                                          CLASS A-2
                         DISTRIBUTION DATE CERTIFICATES

                       Initial Balance.............
                                                     $128,837,469.00
                       January 2002 ...............       127,023,770.27
                       February 2002 ..............       125,223,443.94
                       March 2002 .................       123,436,484.59
                       April 2002 .................       121,662,800.17
                       May 2002 ...................       119,902,299.28
                       June 2002 ..................       118,154,891.16
                       July 2002 ..................       116,420,485.69
                       August 2002 ................       114,698,993.39
                       September 2002..............       112,990,325.39
                       October 2002................       111,294,393.46
                       November 2002...............       109,611,109.98
                       December 2002...............       107,940,387.94
                       January 2003................       106,282,140.96
                       February 2003...............       104,636,283.26
                       March 2003..................       103,002,729.66
                       April 2003..................       101,381,395.57
                       May 2003....................        99,772,197.01
                       June 2003...................        98,175,050.59
                       July 2003...................        96,589,873.49
                       August 2003 ................        95,016,583.50
                       September 2003..............        93,455,098.96
                       October 2003................        91,905,338.80
                       November 2003...............        90,367,222.52
                       December 2003...............        88,840,670.18
                       January 2004................        87,325,602.41
                       February 2004...............        85,821,940.40
                       March 2004..................        84,329,605.89
                       April 2004..................        82,848,521.17
                       May 2004....................        81,378,609.09
                       June 2004...................        79,919,793.03
                       July 2004...................        78,471,996.91
                       August 2004 ................        77,035,145.20
                       September 2004..............        75,609,162.90
                       October 2004................        74,193,975.53
                       November 2004...............        72,789,509.13
                       December 2004...............        71,395,690.28
                       January 2005................        70,012,446.07
                       February 2005...............        68,639,704.11
                       March 2005..................        67,277,392.51
                       April 2005..................        65,925,439.90
                       May 2005....................        64,583,775.41
                       June 2005...................        63,252,328.67
                       July 2005...................        61,931,029.80
                       August 2005 ................        60,619,809.43
                       September 2005..............        59,318,598.67
<PAGE>

                       October 2005................       $58,027,329.13
                       November 2005...............        56,745,932.89
                       December 2005...............        55,474,342.51
                       January 2006................        54,212,491.03
                       February 2006...............        52,960,311.98
                       March 2006..................        51,717,739.34
                       April 2006..................        50,484,707.58
                       May 2006....................        49,261,151.61
                       June 2006...................        48,047,006.82
                       July 2006...................        46,842,209.04
                       August 2006 ................        45,646,694.58
                       September 2006..............        44,468,315.14
                       October 2006................        43,315,808.93
                       November 2006...............        42,188,657.21
                       December 2006...............        41,086,351.39
                       January 2007................        40,031,232.75
                       February 2007...............        38,999,570.21
                       March 2007..................        37,990,885.10
                       April 2007..................        37,004,708.12
                       May 2007....................        36,040,579.18
                       June 2007...................        35,098,047.22
                       July 2007...................        34,176,670.05
                       August 2007.................        33,276,014.15
                       September 2007..............        32,395,654.53
                       October 2007................        31,535,174.56
                       November 2007...............        30,694,165.80
                       December 2007...............        29,872,227.85
                       January 2008................        29,075,556.69
                       February 2008...............        28,297,002.13
                       March 2008..................        27,536,188.77
                       April 2008..................        26,792,748.65
                       May 2008....................        26,066,321.08
                       June 2008...................        25,356,552.52
                       July 2008...................        24,663,096.43
                       August 2008.................        23,985,613.12
                       September 2008..............        23,323,769.65
                       October 2008................        22,677,239.69
                       November 2008...............        22,045,703.36
                       December 2008...............        21,428,847.16
                       January 2009................        20,837,372.24
                       February 2009...............        20,259,586.28
                       March 2009..................        19,695,200.36
                       April 2009..................        19,143,931.34
                       May 2009....................        18,605,501.76
                       June 2009...................        18,079,639.74
                       July 2009...................        17,566,078.85
                       August 2009.................        17,064,558.01
                       September 2009..............        16,574,821.40
                       October 2009................        16,096,618.34
                       November 2009...............        15,629,703.19
                       December 2009...............        15,173,835.28
                       January 2010................        14,737,428.17
                       February 2010...............        14,311,210.17
                       March 2010..................        13,894,964.28
<PAGE>

                       April 2010..................       $13,488,477.89
                       May 2010....................        13,091,542.68
                       June 2010...................        12,703,954.58
                       July 2010...................        12,325,513.63
                       August 2010.................        11,956,023.94
                       September 2010..............        11,595,293.60
                       October 2010................        11,243,134.60
                       November 2010...............        10,899,362.75
                       December 2010...............        10,563,797.60
                       January 2011................        10,242,617.16
                       February 2011...............         9,928,932.51
                       March 2011..................         9,622,585.47
                       April 2011..................         9,323,421.01
                       May 2011....................         9,031,287.22
                       June 2011...................         8,746,035.24
                       July 2011...................         8,467,519.20
                       August 2011.................         8,195,596.15
                       September 2011..............         7,930,126.02
                       October 2011................         7,670,971.57
                       November 2011...............         7,417,998.30
                       December 2011...............         7,171,074.43
                       January 2012................         6,930,070.83
                       February 2012...............         6,694,860.98
                       March 2012..................         6,465,320.92
                       April 2012..................         6,241,329.18
                       May 2012....................         6,022,766.74
                       June 2012...................         5,809,517.01
                       July 2012...................         5,601,465.73
                       August 2012.................         5,398,500.98
                       September 2012..............         5,200,513.09
                       October 2012................         5,007,394.62
                       November 2012...............         4,819,040.30
                       December 2012...............         4,635,347.02
                       January 2013................         4,456,213.74
                       February 2013...............         4,281,541.49
                       March 2013..................         4,111,233.31
                       April 2013..................         3,945,194.22
                       May 2013....................         3,783,331.16
                       June 2013...................         3,625,552.98
                       July 2013...................         3,471,770.39
                       August 2013.................         3,321,895.91
                       September 2013..............         3,175,843.87
                       October 2013................         3,033,530.34
                       November 2013...............         2,894,873.11
                       December 2013...............         2,759,791.65
                       January 2014................         2,628,207.09
                       February 2014...............         2,500,042.17
                       March 2014..................         2,375,221.22
                       April 2014..................         2,253,670.13
                       May 2014....................         2,135,316.31
                       June 2014...................         2,020,088.66
                       July 2014...................         1,907,917.55
                       August 2014.................         1,798,734.79

<PAGE>

                       September 2014..............         1,692,473.59
                       October 2014................        $1,589,068.55
                       November 2014...............         1,488,455.60
                       December 2014...............         1,390,572.03
                       January 2015................         1,295,356.40
                       February 2015...............         1,202,748.55
                       March 2015..................         1,112,689.58
                       April 2015..................         1,025,121.81
                       May 2015....................           939,988.75
                       June 2015...................           857,235.09
                       July 2015...................           776,806.67
                       August 2015.................           698,650.47
                       September 2015..............           622,714.56
                       October 2015................           548,948.11
                       November 2015...............           477,301.34
                       December 2015...............           407,725.52
                       January 2016................           340,172.94
                       February 2016...............           274,596.89
                       March 2016..................           210,951.64
                       April 2016..................           149,192.42
                       May 2016....................            89,275.40
                       June 2016...................            31,157.68
                       July 2016 and thereafter....                 0.00
<PAGE>EXHIBIT 10.18

                         VANGUARD HEALTH SYSTEMS, INC.
                           2001 ANNUAL INCENTIVE PLAN

1.   Purpose

     The purpose of the Vanguard Health Systems, Inc. 2001 Annual Incentive
Plan is to provide an incentive to enhance shareholder value and promote the
attainment of significant business objectives of the Company by basing a
portion of a selected Officer's compensation on the performance of such
Officer, the Company and/or a Business Unit.

2.   Definitions

          (a) "Award" means any annual incentive award, payable in cash, made
     under the Plan, which award may be based on (1) the change (measured as a
     percentage or an amount) in or of any one Performance Criterion or two or
     more Performance Criteria from one measurement period to another, (2) the
     difference (measured as a percentage or an amount) between (A) a specified
     target or budget amount of any one Performance Criterion or two or more
     Performance Criteria and (B) the actual amount of that Performance
     Criterion or two or more Performance Criteria, during any measurement
     period, (3) the extent to which a specified target or budget amount for
     any one Performance Criterion or two or more Performance Criteria is met
     or exceeded during any measurement period, or (4) any other award,
     including a discretionary award, that may be paid from time to time under
     the Plan.

          (b) "Award Schedule" means the Award Schedule established pursuant to
     Section 5.

          (c) "Board" means the Board of Directors of the Company.

          (d) "Business Unit" means any existing or future facility, region,
     division, group, subsidiary or other unit within the Company.

          (e) "Code" means the Internal Revenue Code of 1986, as amended, and
     any successor statute and the regulations promulgated thereunder, as it or
     they may be amended from time to time.

          (f) "Code Section 162(m) Award" means an Award intended to satisfy
     the requirements of Code Section 162(m) and designated as such in an Award
     Agreement.

          (g) "Committee" means either (i) the Compensation Committee of the
     Board or (ii) prior to establishment of the Compensation Committee of the
     Board, the Board.

          (h) "Company" means Vanguard Health Systems, Inc., a Delaware
     corporation.

          (i) "Covered Employee" means a Covered Employee within the meaning of
     Code Section 162(m)(3) or a person designated as a Covered Employee by the
     Committee.

          (j) "Officer " means any officer of the Company.

          (k) "Participant" means any Officer selected to receive an Award
     pursuant to the Plan for any Year.

          (l) "Performance Criterion" and "Performance Criteria" means any one
     or more of the following performance measures, taken alone or in
     conjunction with each other, each of which may be adjusted by the
     Committee to exclude the before-tax or after-tax effects of any
     significant acquisitions or

                                      -1-
<PAGE>

     dispositions not included in the calculations made in connection with
     setting the Performance Criterion or Performance Criteria for the related
     Award:

               (1) (A) Basic or diluted earnings per share of common stock,
          which may be calculated

               (i) as income calculated in accordance with Section 2(l)(1)(D),
          divided by (x) the weighted average number of shares, in the case of
          basic earnings per share, and (y) the weighted average number of
          shares and share equivalents of common stock, in the case of diluted
          earnings per share, or (ii) using such other method as may be
          specified by the Committee;

               (B) Cash flow, which may be calculated or measured in any manner
          specified by the Committee;

               (C) Economic value added, which is after-tax operating profit
          less the annual total cost of capital;

               (D) Income, which may include, without limitation, net income
          and operating income and may be calculated or measured (i) before or
          after income taxes, including or excluding interest, depreciation and
          amortization, non-cash stock compensation, minority interests,
          extraordinary items and other material non-recurring expenses and
          restructuring and impairment charges, discontinued operations, the
          cumulative effect of changes in accounting policies and the effects
          of any tax law changes; or (ii) using such other method as may be
          specified by the Committee;

               (E) Quality of service and/or patient care which may be measured
          by (i) the extent to which the Company achieves pre-set quality
          objectives including, without limitation, patient satisfaction
          objectives, or (ii) such other method as may be specified by the
          Committee;

               (F) Return measures (including, but not limited to, return on
          assets, capital, equity, or sales), which may be calculated or
          measured in any manner specified by the Committee; or

               (G) The price of the Company's common or preferred stock
          (including, but not limited to, growth measures and total shareholder
          return), which may be calculated or measured in any manner specified
          by the Committee.

          (2) Except for Code Section 162(m) Awards, any other criteria related
     to performance, including the performance of one or more of the Business
     Units, individual performance or any other category of performance
     selected by the Committee.

     (m) "Performance Goals" means the performance objectives with respect to
one Performance Criterion or two or more Performance Criteria established by
the Committee for the Company, a Business Unit or an individual for the purpose
of determining whether, and the extent to which, payments will be made for that
Year or other measurement period with respect to an Award under the Plan.

     (n) "Plan" means the Vanguard Health Systems, Inc. 2001 Annual Incentive
Plan as set forth herein, as it has been or may be amended and/or restated from
time to time.

     (o) "Target Award" means the amount, which may be expressed as a dollar
amount or as a percentage of a Participant's salary, payable to a Participant
when actual performance with respect to any one Performance Criterion or any
two or more Performance Criteria equals the Performance Goals for that
Performance Criterion or those Performance Criteria established by the
Committee.

                                      -2-
<PAGE>

          (p) "Year" means the Company's fiscal year.

3.   Administration

          (a) The Plan shall be administered by the Committee, which will
     consist of two or more persons (1) who (after the Company is subject to
     the provisions of Section 16 of the Securities Exchange Act of 1934 (the
     "Exchange Act") ) satisfy the requirement of a "nonemployee director" for
     purposes of Rule 16b-3 under the Exchange Act, and (2) who (after the
     Company is subject to the deduction limit under Code Section 162(m) )
     satisfy the requirements of an "outside director" for purposes of Code
     Section 162(m). The Committee's determinations under the Plan need not be
     uniform and may be made by it selectively among persons who receive or are
     eligible to receive Awards under the Plan, whether or not any Awards are
     the same or such persons are similarly situated. Without limiting the
     generality of the foregoing, the Committee will be entitled, among other
     things, to make non-uniform and selective determinations and to establish
     non-uniform and selective Performance Criterion, Performance Criteria,
     Performance Goals, the weightings thereof, and Target Awards. Whenever the
     Plan refers to a determination being made by the Committee, it shall be
     deemed to mean a determination by the Committee in its sole discretion.
     Without limiting the generality of the foregoing, the Committee may
     establish a Target Award for any Participant based on any one Performance
     Criterion or any two or more Performance Criteria.

          (b) It is the intent of the Company that this Plan and Code Section
     162(m) Awards hereunder satisfy, and be interpreted in a manner that
     satisfy, in the case of Participants who are or may be Covered Employees,
     the applicable requirements of Code Section 162(m), including the
     administration requirement of Code Section 162(m)(4)(C), so that the
     Company's tax deduction for remuneration in respect of Code Section 162(m)
     Awards for services performed by such Covered Employees is not disallowed
     in whole or in part by the operation of such Code section. If any
     provision of this Plan would otherwise frustrate or conflict with the
     intent expressed in this Section, that provision, to the extent possible,
     shall be interpreted and deemed amended so as to avoid such conflict. To
     the extent of any remaining irreconcilable conflict with such intent, such
     provision shall be deemed void as applicable to Covered Employees with
     respect to whom such conflict exists. Nothing herein shall be interpreted
     so as to preclude a Participant who is or may be a Covered Employee from
     receiving an Award that is not a Code Section 162(m) Award.

          (c) The Committee shall have the discretion, subject to the
     limitations described herein, including in Section 4 below relating to
     Code 162(m) Awards, to, among other actions, (1) determine the Plan
     Participants; (2) determine who will be treated as a Covered Employee and
     designate whether an Award will be a Code Section 162(m) Award; (3)
     determine the measurement period; (4) determine Performance Criterion,
     Performance Criteria, Performance Goals and Target Awards for each Year or
     other measurement period; (5) determine how Performance Criterion or
     Performance Criteria will be calculated and/or adjusted; (6) establish an
     Award Schedule; (7) establish performance thresholds for the payment of
     any Awards; (8) determine whether and to what extent the Performance Goals
     have been met or exceeded; (9) pay discretionary Awards, including awards
     from an exceptional performance fund, as may be appropriate in order to
     assure the proper motivation and retention of personnel and attainment of
     business goals; (10) make adjustments to Performance Goals and thresholds;
     and (11) determine the total amount of funds available for payment of
     Awards with respect to each Year or other measurement period.

          (d) Subject to the provisions of the Plan, the Committee shall be
     authorized to interpret the Plan, make, amend and rescind such rules as it
     deems necessary for the proper administration of the Plan, make all other
     determinations necessary or advisable for the administration of the Plan
     and correct any defect or supply any omission or reconcile any
     inconsistency in the Plan in the manner and to the extent the Committee
     deems desirable to carry the Plan into effect. Any action taken or
     determination made by the Committee shall be conclusive and binding on all
     parties. In the event of any conflict between an Award Schedule and the
     Plan, the terms of the Plan shall govern.

                                      -3-
<PAGE>

4.   Code Section 162(m) Awards

     A Participant who is or may be a Covered Employee may receive a Code
Section 162(m) Award and/or an Award that is not a Code Section 162(m) Award.
Notwithstanding anything elsewhere in the Plan to the contrary, as and to the
extent required by Code Section 162(m), the grant of a Code Section 162(m)
Award to a Participant must state, in terms of an objective formula or
standard, the method of computing the amount of compensation payable to each
Covered Employee and must preclude discretion to increase the amount of
compensation payable that would otherwise be due upon attainment of such goals.
All determinations made by the Committee pursuant to Section 3 above related to
a Code Section 162(m) Award will be made in a timely manner, as required by
Code Section 162(m), including, without limitation, the requirements that the
Performance Goals, Performance Criteria and Award Schedules be established not
later than 90 days after the commencement of any fiscal year of the Company. An
Award Schedule for a Covered Employee shall set forth for each Code Section
162(m) Award, the terms and conditions applicable to the Award, as determined
by the Committee, not inconsistent with the terms of the Plan, and shall
specify that such Award is a Code Section 162(m) Award. Before any Code Section
162(m) Award is paid, the Committee shall certify that the Performance Goals
and any other material terms of such Award have been satisfied. Notwithstanding
the foregoing, the Performance Criteria with respect to Code Section 162(m)
Awards shall be limited to the Performance Criteria set forth in Section
2(l)(1).

5.   Awards

     The Committee may establish a Performance Criterion and/or two or more
Performance Criteria and Performance Goals for each Year or other measurement
period. If the Committee establishes two or more Performance Criteria, the
Committee may in its discretion determine the weight to be given to each
Performance Criteria in determining Awards. The Committee shall establish an
Award Schedule for each Participant for each Year, which Award Schedule shall
set forth the Target Award for such Participant payable at specified levels of
performance, based on the Performance Goal for each Performance Criterion and
the weighting, if any, established for such criterion. The Committee may vary
the Performance Criteria, Performance Goals and weightings, if any, from
Participant to Participant, Award to Award, Year to Year and measurement period
to measurement period.

6.   Eligible Persons

     Any Officer shall be eligible to participate in the Plan. No Officer shall
have a right to be selected to participate in the Plan, or, having once been
selected, to be selected again.

7.   Amount Available for Awards

     The Committee shall determine the amount available for payment of Awards
in any Year or any other measurement period. Notwithstanding anything else in
this Plan to the contrary, the aggregate maximum amount that may be paid to a
Participant during any Year with respect to all Awards under the Plan shall be
$5,000,000.

8.   Determination of Awards

          (a) The Committee shall select the Participants and determine which
     Participants, if any, are to be treated as Covered Employees and which
     Awards, if any, are to be Code Section 162(m) Awards. Except in the case
     of Code Section 162(m) Awards, the Committee shall determine the actual
     Award to each Participant for each Year or other measurement period,
     taking into consideration, as it deems appropriate, the performance of the
     Company and/or a Business Unit, as the case may be, for the Year or other
     measurement period in relation to the Performance Goals theretofore
     established by the Committee, and the performance of the respective
     Participants during the Year or other measurement period. The fact that an
     Employee is selected as a Participant for any Year or other measurement
     period shall not mean that such Employee necessarily will receive an Award
     for that Year or other measurement period. Notwithstanding any other
     provisions of the Plan to the contrary, the Committee may make
     discretionary Awards as it sees fit under the Plan, except in the case of
     Code Section 162(m) Awards, which may be adjusted only downward.

                                      -4-
<PAGE>

          (b) Code Section 162(m) Awards shall be determined according to a
     Covered Employee's Award Schedule based on the level of performance
     achieved and such Covered Employee's Target Award. All such determinations
     regarding the achievement of Performance Goals and the determination of
     actual Code Section 162(m) Awards will be made by the Committee; provided,
     however, that the Committee may decrease, but not increase, the amount of
     the Code Section 162(m) Award that otherwise would be payable.

9.   Distribution of Awards

          (a) Unless otherwise determined by the Committee, Awards under the
     Plan for a particular Year or other measurement period shall be paid as
     soon as practicable after the end of that Year, unless the time of payment
     is otherwise specified in an Award Schedule.

          (b) To the extent that the Company's tax deduction for remuneration
     in respect of the payment of an Award to a Covered Employee would be
     disallowed under Code Section 162(m) by reason of the fact that such
     Covered Employee's applicable employee remuneration, as defined in Code
     Section 162(m)(4), either exceeds or, if such Award were paid, would
     exceed the $1,000,000 limitation in Code Section 162(m)(1), the Committee
     may, in its sole discretion, defer the payment of such Award; provided
     that the Committee may at any time accelerate the payment of previously
     deferred Awards. Deferred awards will be deemed credited at a rate
     determined by the Committee from time to time.

10.  Termination of Employment

     A Participant must be actively employed by the Company on the date the
amount payable with respect to his/her Award is determined by the Committee
(the "Determination Date") in order to be entitled to payment of any Award for
that Year or other measurement period. In the event active employment of a
Participant shall be terminated before the Determination Date for any reason
other than discharge for cause or voluntary resignation, such Participant may
receive such portion of his/her Award for the Year or other measurement period
as may be determined by the Committee. A Participant discharged for cause shall
not be entitled to receive any Award for the Year or other measurement period.
A Participant who voluntarily resigns prior to the Determination Date shall not
be entitled to receive payment of any Award for the Year or for any past
measurement period, including any amount with respect to the portion of any
Award remaining to be paid over more than one Year or other measurement period,
unless otherwise determined by the Committee.

11.  Miscellaneous

          (a) Nonassignability. No Award will be assignable or transferable
     without the written consent of the Committee in its sole discretion,
     except by will or by the laws of descent and distribution.

          (b) Withholding Taxes. Whenever payments under the Plan are to be
     made, the Company will withhold therefrom an amount sufficient to satisfy
     any applicable governmental withholding tax requirements related thereto.

          (c) Amendment or Termination of the Plan. The Committee may at any
     time amend, suspend or discontinue the Plan, in whole or in part. The
     Committee may at any time alter or amend any or all Award Schedules under
     the Plan to the extent permitted by law. No such action may be effective
     with respect to any Code Section 162(m) Award to any Covered Employee
     without approval of the Company's shareholders if such approval is
     required by Code Section 162(m)(4)(C).

          (d) Other Payments or Awards. Nothing contained in the Plan will be
     deemed in any way to limit or restrict the Company from making any Award
     or payment to any person under any other plan, arrangement or
     understanding, whether now existing or hereafter in effect.

                                      -5-
<PAGE>

          (e) Payments to Other Persons. If payments are legally required to be
     made to any person other than the person to whom any amount is available
     under the Plan, payments will be made accordingly. Any such payment will
     be a complete discharge of the liability of the Company.

          (f) Limits of Liability.

               (1) Any liability of the Company to any Participant with respect
          to an Award shall be based solely upon the obligations, if any,
          created by the Plan and the Award Schedule.

               (2) Neither the Company, nor any member of its Board or of the
          Committee, nor any other person participating in any determination of
          any question under the Plan, or in the interpretation, administration
          or application of the Plan, shall have any liability to any party for
          any action taken or not taken in good faith under the Plan.

          (g) Rights of Officers.

               (1) Status as an Officer eligible to receive an Award under the
          Plan shall not be construed as a commitment that any Award will be
          made under this Plan to such Officer.

               (2) Nothing contained in this Plan or in any Award Schedule (or
          in any other documents related to this Plan or to any Award or Award
          Schedule) shall confer upon any Officer or Participant any right to
          continue in the employ or other service of the Company or constitute
          a contract or limit in any way the right of the Company to change
          such person's compensation or other benefits or to terminate the
          employment or other service of such person with or without cause.

          (h) Section Headings. The section headings contained herein are for
     the purposes of convenience only, and in the event of any conflict, the
     text of the Plan, rather than the section headings, will control.

          (i) Invalidity. If any term or provision contained herein will to any
     extent be invalid or unenforceable, such term or provision will be
     reformed so that it is valid, and such invalidity or unenforceability will
     not affect any other provision or part hereof.

          (j) Applicable Law. The Plan, Awards and Award Schedules and all
     actions taken hereunder or thereunder shall be governed by, and construed
     in accordance with, the laws of the state of Delaware without regard to
     the conflict of law principles thereof.

          (k) Effective Date. The Plan will become effective upon adoption by
     the Board.

          (l) Post-Public Shareholder Approval. In the event that (i) the
     Company registers a class of its common equity securities under Section 12
     of the Exchange Act and (ii) the Committee issues or wishes to issue a
     Code Section 162(m) Award, then the Plan (or the material terms of the
     Performance Criteria) shall be submitted to the Company's shareholders for
     approval (A) no later than the date of the first meeting of shareholders
     at which directors are to be elected that occurs either (x) after the
     close of the third calendar year following the calendar year in which the
     Company's initial public offering occurs or (y) in case the Company
     becomes publicly held without an initial public offering, during the first
     calendar year following the calendar year in which the Company becomes
     publicly held and (B) no later than the first shareholders meeting that
     occurs in the fifth year following the year in which the shareholders
     previously approved the Plan (or the material terms of the Performance
     Criteria).

                                      -6-

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